Home Blog Page 13

Lagos Plans Industrial Innovation Zone To Boost Local Production

0

From Rotimi Asher Lagos 

Lagos State Government is planning to establish an industrial innovation zone as part of efforts to significantly boost local production. The government also re-affirmed commitment to boosting investor confidence and improving ease of doing business through a range of initiatives.

Mrs Folasade Ambrose-Medebem, the state Commissioner for Commerce, Cooperatives, Trade and Investment, gave the assurance  on Tuesday at the Lagos State 2025 Ministerial Press Briefing at Alausa, Ikeja.

The briefing is in commemoration of Gov. Babajide the Sanwo-Olu’s second year of second term in office. The commissioner said that the government had begun operations at the Lekki Deep Sea Port.

She urged residents of the state to support the local economy by patronising locally-made goods. “Our goal is to create an enabling environment that builds investor trust and encourages citizens to support home-grown businesses.

” We are focused on driving investment to Lagos State both locally and internationally; so, we are putting all hands on deck to ensure ease of doing business in Lagos State.

“The innovation zone will be a game-changer, providing a hub for manufacturing, technology, and talent development.

“With the Lekki Deep Sea Port now operational, we are positioning Lagos as West Africa’s gateway for commerce”, she said.

The commissioner said that the state government had strengthened trade and bilateral relations with countries such as Germany, India and United Arab Emirates to attract investment and enhance business processes.

“We are deepening global partnerships to open new doors for local businesses and facilitate meaningful economic exchanges”, she said.

Highlighting the state’s financial achievements, she said that Lagos State secured over four million dollars under the World Bank-supported State Action on Business Enabling Reforms ,SABER, initiative.

She added that the state engaged with diaspora and local business leaders, as well as business membership organisations, to further drive development.

“The SABER initiative has equipped us with resources to remove bottlenecks in our business environment.

“Our ongoing engagements with key stakeholders reflect our collaborative approach to progress”, the Commissioner said.

She said that in the past one year, Lagos State Consumer Protection Agency received 1,678 consumer complaints, of which 1,488 were resolved, 23 referred and 160 were pending.

“Consumer satisfaction is a top priority. These numbers show that we are actively protecting residents’ rights while holding service providers accountable”, the Commissioner said.

She said that the ministry was laying strong foundations for an industrial policy designed to deliver results in the short, medium and long terms.

According to the official, targets include creation of 50,000 new direct jobs on the Lekki corridor and disbursement of loans to some micro, small and medium enterprises  and cooperatives through the Lagos State Micro-Enterprise and Cooperative Initiative.

“We are focused on job creation, enterprise support, and sustainable industrial growth.

“The Lekki corridor holds massive potential, and we are committed to unlocking it for the benefit of our people”, the commissioner said.

Tinubu Seeks Senate’s Approval For N1.7trn 2025 FCT Budget

0

By Blessing Bature 

President Bola Tinubu has sought the approval of the Senate for the Federal Capital Territory Administration’s 2025 appropriation bill.

President Tinubu’s request is contained in a letter addressed to the Senate President, Godswill Akpabio, and read at plenary yesterday.

“Pursuant to section 299 of the Constitution of the Federal Republic of Nigeria, as amended, which vests legislative powers over the Federal Capital Territory in the National Assembly, I hereby present the 2025 FCT budget proposal to the Senate for consideration.

“The 2025 FCT Budget Proposal prioritises investment in health care services, job creation, youth empowerment, social welfare services, and education infrastructure, as well as increasing productivity in agriculture”, the letter read in part.

The president said that the budget was aimed at lifting as many citizens as possible out of poverty, adding that a total expenditure of N1.7 trillion was proposed for the 2025 fiscal year.

He said that 85% of the capital expenditure was dedicated to the completion of ongoing projects, while 15 per cent was earmarked for new capital projects.

“This is to sustain the ongoing efforts at providing basic infrastructure and social amenities in the FCT”, he said.

Tinubu expressed the hope that the budget proposal would receive the expeditious consideration and passage by the senate.

BPP, NADDC Strategize To Drive Automotive Sector Growth

0

By Aliyu Galadima 

Bureau of Public Procurement ,BPP, and the National Automotive Design and Development Council ,NADDC, are strengthening collaboration to revitalise Nigeria’s automotive industry and boost local content production.

During a courtesy visit to the BPP headquarters in Abuja, the Director-General of NADDC, Mr. Oluwemimo Osanipin, laid out the council’s strategic plan to transition the nation’s vehicle assembly model from Semi Knocked Down ,SKD, to Complete Knocked Down ,CKD.

He said the move would stimulate economic growth, generate employment, and enhance local content.

In order to better support industry growth, Osanipin called for greater government support, specifically through increased use of locally assembled vehicles, credit access programs, and a review of the 2020 Finance Act.

He also outlined major barriers to the industry, such as high tariffs and insufficient funding.

In reply, the head of BPP, Dr. Adebowale Adedokun, emphasized the Bureau’s commitment being open, responsible, and honest in public procurement processes.

He promised to support NADDC’s projects and pointed out the current work to move the list of certified local vehicle makers online to improve organization and ease of access.

Adedokun also warned against the practice of submitting multiple lists of local vehicle brands to the Bureau and the substitution of refurbished vehicles for new ones in procurement processes.

“This is part of a complete paradigm shift that will ensure transparency, proper coordination, and ease of access for stakeholders”, he stated.

The meeting reaffirmed the federal government’s commitment to supporting local production and fostering an environment that encourages industrial growth.

He also gave NADDC the assurance that President Bola Tinubu and other federal agencies would continue to support them in achieving the common objective of developing a stronger and more competitive automotive sector.

Foreign Investors Withdrew ₦420bn From NGX In Q1

0

….As capital outflows raise concerns on economic volatility

By Dickson Pat 

Nigeria continued to face growing capital flight as foreign portfolio outflows from the Nigerian Exchange ,NGX, surged by 250.86 per cent in the first quarter of 2025, reaching ₦420.37bn, compared to ₦119.81bn during the same period in 2024.

The sharp uptick in outflows underscores mounting concerns among global investors over Nigeria’s deteriorating economic fundamentals and volatile financial landscape.

Despite a parallel surge in foreign portfolio inflows, which rose by 321.63% to ₦392.68bn in Q1 2025 from ₦93.37bn a year earlier  net outflows still exceeded inflows by 6.78%.

This negative net balance signals sustained investor caution and highlights the fragile confidence in Nigeria’s macroeconomic environment.

Analysts attribute the rising capital flight to several interlinked headwinds: continued exchange rate volatility, high inflation, and unpredictable fiscal and monetary policies.

These dynamics have increased investor risk perception, prompting many foreign portfolio investors to adopt defensive strategies, reduce exposure to naira-denominated assets, and exit the local equities market.

The NGX’s most recent Foreign Portfolio Investment ,FPI, report paints a clearer picture of investor sentiment.

Total transactions at the exchange fell by 16.07% from ₦607.05bn in January 2025 to ₦509.47bn in February 2025.

Although this still marks a 42.36% increase over February 2024, the month-on-month drop illustrates growing market uncertainty.

Foreign transactions declined sharply in the same period, dropping by 40.36% from ₦71.51bn in January to ₦42.65bn in February, a reflection of intensified risk aversion.

Meanwhile, domestic investors maintained market dominance, accounting for roughly 85% of all transactions in 2024 and continuing to outpace foreign participation in early 2025.

Domestic activity also moderated, with total domestic transactions falling by 12.83% from ₦535.54bn in January to ₦466.82bn in February.

Retail investor participation declined by 19.76%,  while institutional investment saw a milder 5.92% drop, indicating cautious repositioning across the board.

In contrast to foreign investors, domestic players remain more engaged, though their activity has also begun to slow under the weight of economic uncertainty and rising inflation.

The flight of capital reflects more than just market fluctuation it signals a broader crisis of confidence in Nigeria’s economic direction.

Investors are increasingly unsettled by erratic policy decisions, including shifting foreign exchange regimes, delays in subsidy reforms, and a lack of coherent monetary tightening by the Central Bank of Nigeria ,CBN.

“The increase in foreign inflows is encouraging on the surface, but the larger and faster-growing outflows highlight deeper instability”, said Mr. Dele Abiodun, a Lagos-based economist. “Capital is seeking safer, more predictable markets”.

As of Q1 2025, domestic investors have contributed approximately ₦1.002trn in market activity, while foreign investors trail with just ₦114.16bn, reinforcing the trend of diminishing foreign engagement.

Experts warn that unless Nigeria addresses the structural issues driving capital flight, its financial markets risk prolonged foreign disengagement. Key reforms will include stabilizing the naira, curbing inflation, and restoring policy credibility.

To reverse the tide, policymakers must implement coordinated and transparent economic strategies that provide assurance to both domestic and international investors.

Ensuring currency stability, strengthening monetary policy independence, and rolling out investment-friendly regulations will be essential for rebuilding trust.

“Long-term capital is not just about returns, it’s about certainty”, said Abiodun. “Nigeria needs to send clear signals that it can offer both”.

As global capital becomes increasingly selective, Nigeria’s ability to restore macroeconomic stability will determine whether it can re-attract and retain the foreign investment crucial for sustaining market liquidity, job creation, and broader economic growth.

CBN Targets $1bn Monthly Diaspora Remittances With NRBVN

0

By Yahaya Umar 

Central Bank of Nigeria ,CBN, in collaboration with the Nigeria Inter-Bank Settlement System ,NIBSS, has officially launched the Non-Resident Bank Verification Number ,NRBVN, platform.

This innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in Nigeria.

Speaking at the event held in Abuja on Tuesday, May 13, 2025, the Central Bank Governor, Mr Olayemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements”, said the governor.

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer ,KYC, processes, Nigerians worldwide should now be able to access financial services more easily and affordably”.

The Governor emphasised that the NRBVN is a dynamic platform, “not the final destination, but the beginning of a broader journey”, Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators ,IMTOs, are encouraged to integrate and collaborate in shaping and refining the system as it evolves.

“Remittance flows through formal channels increased from $3.3bn in 2023 to $4.73bn in 2024, thanks to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.

“With the NRBVN in place, the CBN is optimistic about reaching its $1bn monthly remittance target.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally”, Cardoso said.

The CBN Governor also reiterated the Bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

The launch also featured a presentation by the Managing Director/Chief Executive Officer of NIBSS, Mr Premier Oiwoh, and a panel discussion with key industry stakeholders.

The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account ,NROA, and Non-Resident Nigerian Investment Account ,NRNIA.

Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets. Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

Economy Witnessing Significant Turnaround – Bagudu

0

Minister of Budget and Economic Planning, Senator Abubakar Bagudu said Nigeria’s economy is witnessing a significant turnaround, driven by bold reforms, improved coordination and a renewed focus on national priorities.

In an interview for an upcoming documentary marking President Bola Tinubu’s second anniversary, Bagudu said the government’s ‘Renewed Hope Agenda’ is  working and winning over investors at home and abroad.

Bagudu said “This is two years well spent, reaffirming government’s commitment to economic reforms.

“Mr President confronted Nigeria’s economic realities with bold and necessary choices – tough as they might be – and those measures are now yielding results,”  Bagudu said.

He added that the reform-driven economy had seen four consecutive quarters of GDP growth, exchange rate stability and a resurgence in private sector confidence.

According to him, rating agencies have consistently appreciated the efforts of  government.

He stated that foreign and domestic investors had responded positively to  government’s economic agenda, particularly agriculture, energy and infrastructure.

“We have seen investors from Brazil, Belarus and Saudi Arabia increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy,” the minister said..

Bagudu added that this renewed interest stems from the administration’s commitment to credibility, transparency and structural change.

“Investors want to see good policy – can I get paid back? Are the numbers credible? Is the environment transparent? That is why they appreciate when they see quarterly GDP growth.

“For the first time in 25 years, Nigeria is refining oil. Mr President was courageous enough to allow crude sale in naira to our refiners. This is a testament to his belief in our economy,” he said.

Bagudu described removing fuel subsidy and unifying the foreign exchange market as transformative decisions restoring fiscal sanity.

“We were losing five percent of our GDP on fuel subsidy – money going to just a few. Mr President took the courageous step to end it.

“The foreign exchange reform removed uncertainty and favouritism. We now have a fair market – willing buyer, willing seller – which has generated revenue growth and boosted private sector confidence,” he said.

Bagudu said the 2024 and 2025 budgets balanced fiscal responsibility and strategic investment in priority sectors.

“We have increased spending in health, education, infrastructure, security and technology. The 2024 budget achieved significant deficit reduction and more importantly, it showed that we are serious – and the markets believed us,”  the minister noted.

He emphasised Tinubu’s respect for the rule of law, even in managing inherited debt and Central Bank financing.

He said the president inherited ₦22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence, and that the discipline was earning the country credibility globally.

He credited the Presidential Economic Coordination Council and the Economic Management Team – led by President Tinubu and Mr Wale Edun, Coordinating Minister for the Economy – with ensuring coherent, results-driven governance.

“This is teamwork. The president is the chief coordinator. He understands the global economic context, and the private sector respects him. We’re not just doing government-to-government coordination – the private sector is part of this reform effort,” said Bagudu.

While acknowledging that the reforms may feel challenging in the short term, Bagudu likened the process to a necessary fitness regimen.

“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming.

“Mr President is saying: ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ This is not just economic reform – it is a moral responsibility,” Bagudu stated. NAN

Imo Govt Demolishes EEDC’s District Office

0

From CHARLES ONYEKWERE 

Enugu Electricity Distribution Company, EEDC, has decried the unannounced demolition of its Orlu district office by the Imo State government.

The incident, which occurred around 8:30am on Wednesday, left staff and management in disbelief, with no prior notice or official explanation provided.

According to a statement by the Head of Corporate Communications, EEDC, Emeka Ezeh, the demolition began when an excavator, allegedly sent by the Imo State government, gained access into the premises through the back fence and immediately started pulling down structures.

“The excavator commenced the demolition of the property from the back fence, pulling down the store, the cash office and the security house.

“Properties and equipment belonging to the company were all destroyed, and staff who were around were denied access when they attempted to salvage the items,” Ezeh stated. 

The situation escalated when the district business manager and another staff member were allegedly assaulted and arrested by a special security squad known as ‘Tiger Base,’ and subsequently taken to Owerri.

The demolition reportedly occurred under the watch of the Chairman of Orlu Local Government Area, Chris Mbaeri.

EEDC expressed deep concern over the development, noting that no official communication or justification for the action had been received from the state government.

“There is no known reason for the action nor was there any notice or communication made to EEDC in that regard.

“Rather, we were told that they were acting under the directive of the state government,” Ezeh narrated.

He  stressed the need for accountability and transparency, especially given that EEDC had occupied the  premises for over 20 years. “We therefore request the Imo State government to at least let us know why a  premises that we have occupied for over two decades was suddenly  demolished in the manner it was done in the early hours of today.”

As at the time of this report, the management of EEDC remains in the dark over the motive behind the demolition, describing it as an “undeserving calamity.”

Efforts to reach the  Commissioner for Information and Strategy, Declan  Emerumba, for comment were unsuccessful, as his mobile phone was permanently switched off.

FG To Curb  ‘Japa’ Syndrome Before December – Umoh

0

Chaiman of the House of Representatives Committee on Health Institutions, Dr Patrick Umoh said the federal government will have a roundtable with stakeholders to address  ‘ Japa’ syndrome before December.

Umoh disclosed this during the committee’s oversight  visit to the Lagos University Teaching Hospital, LUTH, yesterday in Lagos.

He described the issue  as worrisome, saying  the federal government is preparing  to have a national colloquium  to address it.

According to him, the national colloquium, which will comprise critical stakeholders, will focus on how to improve the welfare of doctors to encourage them to stay in the country to practice.

“The ‘japa’ syndrome is something we are all worried about; we have raised the concerns and we are prospecting to have a national colloquium to address the issue before the end of the year.

“As a committee, we are partnering stakeholders to find ways to improve the welfare of  doctors and also  get people committed to the country; it is not just about money, it is also about patriotism.

“So, on the part of government, we will also see how to intervene using the framework of legislation to see that the system is better for all us. Then, we will also incentivise so that doctors can be interested in working for their country

“These are symbiotic things that must be assimilated by doctors so that we can help our country. We will look at the real issues and see what interventions are possible,” Umoh said.

Umoh assured  of the committee’s commitment to foster the growth of the hospital as a pioneer hospital servicing Nigerians.

He noted that the committee would continually partner the hospital to improve its power supply and ensure the provision of a steadfast alternative power.

He commended the Chief Medical Director, CMD, and hospital management for their efforts and commitment toward improving infrastructure, urging them to do more in the interest of Nigerians.

“We are happy to be here; to fulfill the mandate of the people of Nigeria in the health sector. As parliamentarians, it is our call to engage on robust oversight and to reassess what our health institutions are doing.

“We have gone round the facilities and have also looked at the documents as they affect the hospital; we are impressed that the place is neat including the ongoing projects.

“We also commend the efforts of partners and philanthropists who have partnered the hospital to improve infrastructure and support to the poorest of the poor – masses.

“I understand that it is a pioneer hospital, looking at its age; most of the structures are dilapidated and require intervention.

“We will continue to engage, particularly in the area of power, to provide a steady alternative power supply. As a tertiary health institution, it should be at the apex of giving Nigerians quality healthcare,” Umoh said.

Deputy Chairman of the committee, Dr Adeshola Adedayo, advised the hospital to occasionally organise a ‘thank you’ programme to appreciate all the partners and philanthropists that have supported or donated to LUTH.

Adedayo said  such gesture is necessary, as it would  spur others to  donate to the hospital, thereby improve healthcare services, as  government cannot do everything.

Speaking, the CMD of LUTH, Dr Wasiu Adeyemo appreciated the committee for the visit, saying the hospital anticipates good outcomes from the visit.

Adeyemo lamented that the hospital is facing  internal and external ‘japa’ syndrome.

According to him, most of the staff are leaving the hospital to go and work with the Lagos State Teaching Hospital, LASUTH, as the renumeration offered by LASUTH is higher than that offered by the federal government.

“As a matter of fact, there is the need to increase the salary and overall welfare of  doctors not only to curb external ‘japa’ syndrome, but to also discourage our doctors from going to LASUTH to practice, ” Adeyemo said. (NAN)

Akpabio Harps on Importance of Census For National Planning

0

Joel Ajayi

The President of the Senate, Godswill Akpabio has stressed the need to conduct another Census to assist Nigeria in its national planning.

Akpabio said the conduct of another Census was long overdue. The last Census exercise was undertaken in 2006

Akpabio made the remarks while playing host to members and management of the National Population Commission(NPC) who visited him in his office to update him on the preparation for the next Census for the country.

Akpabio told his guests: “I don’t want to call it a national disgrace but can I say it’s a national embrassment that even Nigerians who go outside to represent us in different fora do not know the number of Nigerians.

“Sometimes you will go to some places and they will say 250 million Nigerians. At another place, they will say you people are over 270 million. Some African countries think we are over 300 million.

“If you go to places where they are holding retreat now, they are now shrinking the the number from 250 million to 220 million. I think it’s time to bring that confusion to an end.

“Any country that fails to know its poluplation has already started to fail in its planning. You cannot truly plan for the future if you don’t know the number of mouths you want to feed. You do not know the number of children that you want to put in schools. You can’t know the number of classroom blocks you will build.

“We must plan. Any country that does not plan for its future has already accepted to fail. We will be failing future generation of Nigerians if we do not begin to plan for the future and starting the planning is this Census. This Census is important so that we know how many people we are planning for.”

Akpabio assured members of the NPC that the National Assembly would support the Commission to succeed.

“It is very important that we support you. The National Assembly will support you to succeed. I have no doubt, with the calibre of men and women that I have seen here, that the task that Mr President has given to you, once the proclamation is done, you will rise to the occasion. And I know that the National Assembly, the Senate in particular, will stand by you all the way,” he said.

Earlier, the NPC chairman, Nasir Isa Kwarra who led the delegation said the visit was to keep the Senate President abreast of the stage of preparation and seek continued support of the National Assembly for the next Census.

“We cannot conduct this Census without your support. So we will continue to count on your support and we want to make Nigerians proud by conducting a very thorough Census that will yield a lot of data that will assist in planning policy formulation and tracking our development,” Kwarra said.

NSF 2024: AFN Organizes Anti-Doping Seminar for Junior Athletes Ahead of Gateway Games

0

With the 22nd National Sports Festival just days away in Abeokuta, Ogun State, the Athletics Federation of Nigeria (AFN) has taken proactive steps to educate junior athletes on the dangers of doping.

On Wednesday in Abuja, the federation held a one-day anti-doping sensitization seminar aimed at enlightening the young athletes on global anti-doping rules and the long-term consequences of using banned substances.

Speaking at the seminar, former Director of Sports Medicine at the National Sports Commission, Dr. Paul Onyeudo (Rtd), urged the athletes to embrace clean sports practices.

He warned that taking performance-enhancing drugs could jeopardize their careers and reputations.

“We are telling you all this at an early stage so you get used to it and won’t be misled into taking substances that could damage your future,” Dr. Onyeudo said.

“Always seek guidance from coaches and medical professionals before taking any medication.”

AFN Technical Director, Samuel Onikeku, also addressed the participants, emphasizing discipline and consistent training as the only paths to success in athletics.

“There is no shortcut to the top. Anyone who tells you to take substances for an edge is only trying to destroy your future,” Onikeku stated.

“Use the knowledge gained here to guide your choices as you work toward becoming champions.”

In his remarks, junior team captain Gift Brown thanked the AFN for the initiative, noting that the seminar had provided valuable insights the athletes would apply as they prepare for the games.

The junior athletes are expected to compete as a symbolic “37th state” at the National Sports Festival — a concept introduced by the National Sports Commission to expose emerging talents to the rigors of elite competition.