Category: Business

  • CBN confirms 82 licensed BDCs under revised guidelines

    CBN confirms 82 licensed BDCs under revised guidelines

    The Central Bank of Nigeria (CBN) has approved licenses of 82 Bureau De Change (BDC) operators under its revised guidelines.

    In a statement released yesterday and signed by CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the only two operators met the Tier-1 category plan of N2 billion capital base.

    The Tier-1 operators are Dula Global BDC Ltd, Trurate Global BDC Ltd. Others  in the Tier-2  category, with N500 million capital base  include Abbufx BDC Ltd, Acha Global BDC Ltd, Arctangent Swift BDC Ltd, Ascendant BDC Ltd,  Baracai BDC Ltd  and Bergpoint BDC Ltd. Others include Bravo Model BDC Ltd, Brimestone BDC Ltd , Brownston BDC Ltd, Buzzwallet BDC Ltd, Cashcode BDC Ltd, Chattered BDC Ltd and Chronicles BDC Ltd among others.

    The CBN had raised the minimum capital requirements significantly in May 2024, from N35 million to N2 billion for Tier 1 licenses and N500 million for Tier 2. The apex bank set June 3, 2025 deadline set for BDCs to achieve a new minimum capital requirements.

    Sidi Ali, said: “The Central Bank of Nigeria (CBN), in exercise of its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024 (the Guidelines), has granted Final Licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025”.

    She explained that by the notice, only Bureaux De Change listed on the Bank’s website are authorised to operate from the effective date.

    She said that while the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on CBN website, the apex bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators.

     “For the avoidance of doubt, operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. Members of the public are hereby advised to note and be guided accordingly,” she said.

    The new CBN guidelines for the sector requires all Tier-1 BDCs to operate nationally, while the Tier-2 BDCs can only operate in one state within the Federation.

    The capital raising was part of reforms to re-position the BDC sub-sector to play its envisioned role in the foreign exchange market in Nigeria.

    The guideline was issued after the conclusion of stakeholder consultations and in exercise of the powers conferred on the CBN by Section 56 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

    The guidelines, amongst others, introduces new licensing requirements and categories of BDCs as well as revises the permissible activities, financial requirements, corporate governance requirements and AML/CFT/CPF provisions for BDCs.

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    It requires that all existing BDCs re-apply for a new license according to any of the Tiers or license category of their choice.

    According to the new guideline, “Tier-1 BDC may operate in any state of the Federation and the Federal Capital Territory (FCT), may establish branches and appoint franchisees in any State and FCT, subject to the written approval of the CBN and shall maintain a minimum distance of one kilometre between its branches, its branch and a franchisee, and between its franchisees”.

     It is permitted to exercise oversight on its franchisees, with all franchisees allowed to adopt their franchisor’s name, logo, branding, technology platform and regulatory rendition requirements.

    By the new rule, Tier 2 BDC Licence is permitted to operate only in one State of the Federation or the FCT; allowed to establish five branches in a State of operation, subject to the written approval of the CBN and required to maintain a minimum distance of one kilometre between its branches but is not allowed to appoint franchisees.

    The new rule further stops commercial, merchant, non-interest and payment service banks., financial holding companies, other Financial Institutions (OFIs), including International Money Transfer Operators and payment service providers, serving staff of financial services regulatory and supervisory agencies and serving staff of regulated financial services providers, among others from owning BDC license.

  • MAN urges Fed Govt to probe FTZs over sharp practices

    MAN urges Fed Govt to probe FTZs over sharp practices

    •Group seeks comprehensive operations audit

    The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to probe the activities of some operators of Free Trade Zones (FTZs) across the country, saying some of them engage in the untoward activities that are detrimental to local manufacturers in particular and the Nigerian economy in general.

    Its Basic Metals, Iron and Steel Manufacturers Group Chairman, Prince Lekan Adewoye in a chat with The Nation said the basic metals, iron and steel sector is the backbone of any nation’s industrial development, stressing that the sector has meaningfully supported the President Bola Tinubu-led administration’s economic diversification and industrialization goals through import substitution and value addition, employment generation and micro, small, medium enterprises (MSME) development, industrial integration as well as local production, in spite of daunting challenges.

    These challenges according to him include high cost of borrowing and energy cost, smuggling, substandard products, inconsistent policy and infrastructural deficits.

    Adewoye lamented that the untoward activities of some operators in the FTZs compound the various challenges being faced by the sector.

    He said:  “While there are some genuine operators within the FTZs, the majority have abused the system and are destroying the businesses of manufacturers operating in the customs territory and by extension, undermining Nigeria’s economy.”

    He alleged that they exploit loopholes in the FTZ process to import finished or semi-finished goods under the guise of raw materials, selling them locally at unfairly low prices and undermining genuine local manufacturers. He called on the Federal Government to act swiftly to restore sanity in FTZ operations before local industries are driven into extinction.

    He said:  “Many companies within our FTZs today do not export anything. Instead, they import finished or semi-finished products, often substandard ones like roofing sheets, galvanized iron, and aluminium products, then sell them directly into the customs territory in violation of the policy intent.”

    He alluded to a foreign company recently operating in Calabar FTZ that imported about 6,000 metric tons of wire coil—a key raw material used for manufacturing products such as nails, welded mesh, BRC, and binding wire—at a declared CIF value of just $67,000, which translates to about $11 per metric ton, while the global market price for wire coil, as traded on the London Metal Exchange (LME) was around $500 per metric ton.

    According to him, this represents flagrant under-invoicing of raw materials destined for Calabar FTZ.

     He said: “What makes it even more damaging is that FTZ operators already enjoy zero import duty on all inputs, while legitimate manufacturers in the customs territory pay as much as 25 per cent duty on the same materials creating an unfair and unsustainable competitive imbalance.”

    On what is required to assure the quality of exports out of the FTZs into the Nigerian Customs territory, Adewoye advocated similar regulations as obtained in all exports into Nigeria globally from the countries of origin.

    He then called for the comprehensive audit of all FTZs operations, especially in the metals and steel segment in the past 10 years, recovery of lost government revenue and prosecution of offenders engaged in under-invoicing or diversion of imports.

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    Other measures suggested by the MAN Sectoral group head include the establishment of a special task force comprising representatives from the Basic Metal, Iron; Steel Manufacturers Group, MAN, Customs, NEPZA and the Ministry of Industry, Trade and Investment to monitor and sanitize FTZs operations to restore fairness and competitiveness in the sector.

    Commenting on the issue, the Executive Secretary of the Nigeria Economic Zones Association, Toyin Elegbede assured that the association would not support any form of sabotage by its member organisations, stressing that NEZA’s focus is towards the realization of the objectives for which the FTZs were created.

    According to him, the Standards Organisation of Nigeria (SON) is now represented at the FTZs to inspect, certify and issue certificates of conformity for all goods being sold to the Customs territory.

    Reacting, SON Director, Product Certification, Enebi Onucheyo,   confirmed that the agency has since 2024 developed a scheme tagged “Special Economic Zones Conformity Assessment Programme (SEZCAP)”, for the certification of goods into and out of the free trade zones to the Customs territory and has recently commenced its deployment.

    The scheme he said is an initiative to enhance the production, importation, sales, and distribution of quality and safe manufactured products in the special economic zones into Nigeria and those to be exported to other parts of the world. He confirmed that SEZCAP is implemented through SON State Offices having jurisdiction over the FTZs across the country.

  • NPA’s E call-up handles 3.4m trucks, slashes costs by 65%

    NPA’s E call-up handles 3.4m trucks, slashes costs by 65%

    The country’s port digitalisation drive has achieved major milestones with the Electronic Call-Up System processing 3.4 million truck movements since February 2021, while slashing cargo transportation costs by 65 per cent, as the nation prepares to launch the National Single Window (NSW) platform in the first quarter of 2026, to cut clearance time to less than 24 hours.

    The twin technological interventions are positioned to transform Nigeria’s maritime logistics landscape and strengthen the country’s competitiveness as a regional trade hub, according to officials at the Maritime Correspondents Organisation of Nigeria (MARCON) retreat in Lagos.

    The Managing Director of the Nigerian Ports Authority, Dr. Abubakar Dantsoho, said the E-Call Up System has evolved from an emergency response to tackle gridlock into a robust digital logistics management framework delivering measurable gains in efficiency and orderliness along the Apapa and Tin Can Island port corridors.

    “The E-Call Up System, known as ETO, was introduced by the Management of Nigerian Ports Authority on 27th February 2021. It was conceived as a digital reform to restore order, transparency, and efficiency to the Port access roads,” Dantsoho stated during his address at the retreat with the theme “Maximising Emerging Technologies for Sustainable Import and Export Trade” held at Lekki Free Zone on December 4, 2025.

    He explained that prior to the system’s deployment, the Apapa and Tin Can corridors were overwhelmed by indiscriminate truck movements, gridlock and long dwell times, conditions that severely undermined trade facilitation and economic productivity.

    “Today, the E-Call Up System has become a transformative tool, enabling structured truck inflow, improving logistics coordination, and aligning Nigerian port operations with global best practices,” he said.

    Dantsoho disclosed that NPA recently undertook a comprehensive review of the E-Call Up framework, resulting in two significant advancements. The first is the redesign and security enhancement of ETO tickets, which are now tied directly to Terminal Delivery Orders and Vehicle Entry Permits to ensure traceability and eliminate fraudulent duplication or resale.

    “This ensures traceability, eliminates fraudulent duplication or resale, and strengthens transparency across the evacuation process. The redesigned ticketing framework directly addresses vulnerabilities previously exploited by bad actors and enhances the integrity of the system,” he explained.

    The second advancement, he said, is the full integration of terminal gate barriers with the ETO platform, ensuring barriers open only after verifying valid, electronically authenticated tickets.

    “This prevents criss-crossing of trucks, eliminates unauthorized diversions, and ensures that trucks only enter Terminals for which they have been properly scheduled. This advancement has improved sequencing, reduced human interference, and reinforced operational discipline across the port value chain,” Dantsoho said.

    He assured stakeholders that under the current leadership, NPA remains resolute in deepening reforms and ensuring the port corridor never returns to the era of chronic congestion.

    “Our goal is clear: to support Nigeria’s long-term trade facilitation objectives and strengthen our country’s global competitiveness,” he stated.

    The Managing Director of Truck Transit Parks Limited, the concessionaire managing the electronic call-up system, Jama Onwubuariri provided detailed statistics on the platform’s performance since inception. He revealed that cargo transportation costs have dropped from as high as N1.4 million to between N350,000 and N500,000, representing approximately 65 per cent reduction.

    “Since inception, the system has processed approximately 3.4 million truck movements in four years and nine months. Truck turnaround time has fallen from two to three weeks to two to three days,” Onwubuariri disclosed during his presentation.

    He recalled the severity of the gridlock before the reforms, noting that traffic in Apapa was so severe that commuters abandoned their vehicles and resorted to motorcycles and boats to reach their workplaces, with gridlock stretching from Apapa to Surulere and Mile 2, obstructing emergency services and crippling businesses.

    “Today, the situation has improved dramatically as most Apapa access roads now experience free traffic flow, with congestion limited mainly to the ‘Mr. Biggs axis’ near the port gates,” he explained.

    Onwubuariri said the company has introduced 170 new feature updates to address emerging issues while maintaining 100 per cent uptime since the platform launched in February 2021, an achievement he noted surpasses even some global tech platforms that experienced downtime in the same period.

    The TTP boss disclosed that the platform has been synchronised with the Central Bank’s Nigerian Export Proceeds portal, ensuring exporters complete regulatory processes before booking port access.

    However, he identified persistent challenges including truck plate number duplication and use of fake or cloned numbers, non-compliance with Terminal Delivery Orders, terminal efficiency gaps where some operators take up to three hours to process trucks, and extortion by security officials creating artificial bottlenecks.

    “While the electronic system has curtailed bribery by eliminating manual clearance, some uniformed personnel still exploit truckers, demanding payments before allowing movement,” Onwubuariri stated.

    To address these gaps, TTP has proposed deploying a new E-tag digital identity system on truck windscreens to eliminate identity fraud, linking all bookings with standardised interchange transaction numbers tied to Vehicle Entry Permits or Terminal Delivery Orders, improved terminal infrastructure investment, stronger consequence management for violators, and firm government directives to curb extortion by security agencies.

    “There are still people who hear ‘Apapa’ and shake their heads because of the terrible experiences they had before 2021,” Onwubuariri said, reaffirming TTP’s commitment to working with NPA and relevant stakeholders to sustain the gains.

    On the National Single Window project, the Head of Change and Stakeholder Management for the NSW, Ayokunnu Ojeniyi, who represented the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, revealed that Nigeria has entered the most advanced stage of implementation since first adopting the concept many years ago.

    Ojeniyi explained that the current level of progress represents a major milestone, noting this is the first time the country has produced a working version of the platform for public and institutional review, describing the development as a turning point in Nigeria’s long, repeated attempts to implement a single window system.

    “The National Single Window is structured as a central digital platform through which all importers, exporters and trade operators can submit standardised documentation once, allowing all relevant government agencies to access the information simultaneously,” Ojeniyi stated.

    He said the system will eliminate duplication, minimise delays, reduce manual handling of documents and improve visibility across the entire regulatory chain, adding that while countries like Ghana have used similar systems successfully for more than a decade, Nigeria is building a version designed to exceed regional performance benchmarks.

    “The NSW is expected to cut clearance time to less than 24 hours when fully operational, significantly reduce the country’s average export processing duration, lower business costs and enhance transparency across all trade agencies,” he emphasised.

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    Ojeniyi explained that the platform will strengthen customs risk management and streamline overlapping roles between regulatory institutions such as the Standards Organisation of Nigeria and the National Agency for Food and Drug Administration and Control, helping eliminate long-standing bottlenecks that have increased the cost of doing business in Nigeria.

    He disclosed that progress has accelerated since President Bola Tinubu launched the implementation phase in April 2024, with the project team completing detailed business process analysis, implementing the first round of User Acceptance Testing with several regulatory agencies, and beginning additional rounds of testing with NPA and the Nigerian Maritime Administration and Safety Agency.

    “Another phase of testing is scheduled for January 2026, while full scale training for all users across the trade ecosystem will begin in February,” he said, confirming the system has been designed to integrate seamlessly with the Nigeria Customs Service’s NICIS II platform.

    Ojeniyi attributed the unprecedented level of progress to strong political backing, pointing out that the project’s steering committee operates from the Office of the President and includes all major trade-related agencies.

    “The President’s consistent interest has provided the momentum needed to harmonize agency positions and push the project forward where earlier versions stalled,” he noted.

    Citing international case studies, he said countries with operational single window systems have successfully reduced export processing times from more than ten days to just two or three, expressing confidence that Nigeria can match and surpass these results within one to two years of full implementation, positioning the country as a leading trade hub in West Africa.

    “The benefits of the NSW will become evident quickly once the platform goes live,” Ojeniyi assured, calling for continued stakeholder support and public engagement as the rollout approaches.

    The President of the Maritime Correspondents Organisation of Nigeria, Ismail Aniemu, underscored the importance of well-informed reporting in strengthening the nation’s maritime sector, explaining that the retreat was organised to equip journalists with knowledge needed to support major government policies. He emphasised the strategic role Nigeria plays as a central hub for West and Central Africa, noting that the country’s economic growth has significant regional impact.

    “The maritime sector’s contribution to employment, access and exit systems, and national productivity means that inefficiencies such as prolonged vessel turnaround time slow economic progress and weaken competitiveness,” Aniemu stated.

    Industry stakeholders agreed the developments demonstrate Nigeria’s commitment to leveraging technology for trade facilitation and positioning the country competitively in regional and global maritime commerce.

  • AltBank charts new digital payment pathway for youths

    AltBank charts new digital payment pathway for youths

    The Alternative Bank, a leading Nigerian bank committed to sustainable financial services, recently joined industry stakeholders at the Jericho Businessmen Club’s (JBC) third Annual Socio-Economic Summit to chart a definitive path for empowering Nigeria’s burgeoning tech talent.

    The Summit centered on high-level discussions regarding sustainable economic models, with a particular focus on how the business community can actively bridge the digital skill gap among local youth.

    The event served as a critical platform to foster synergy between business leaders and the academic community, highlighting the urgent need for investment in capacity building to ensure Nigeria remains competitive in the global digital economy.

    The Alternative Bank emphasised that genuine nation-building must be anchored in human capital development, moving beyond conventional financing to provide ecosystem support, mentorship, and access to resources for young innovators.

    Korede Demola-Adeniyi, Executive Director (South) of The Alternative Bank, underlined the Bank’s philosophy, stating:

    “Technology is the most potent equaliser in modern commerce, and by investing in the technological upliftment of our youth, we are future-proofing our economy. We believe in providing alternatives not just in finance, but in opportunity, ensuring that local talent have the tools and environment to compete globally.”

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    Demola-Adeniyi also noted that the Bank will be exploring strategic partnerships identified during the summit to roll out bespoke non-interest financing schemes tailored specifically for tech entrepreneurship and vocational skill acquisition programs. The initiative aims to transform local innovation hubs into centres of excellence capable of producing world-class solutions.

    The Alternative Bank’s commitment aligns with Nigeria’s broader macroeconomic goals, as a robust technology sector is pivotal for diversifying Nigeria’s revenue base beyond oil. By empowering the tech community, the Bank will be fostering an ecosystem that attracts foreign direct investment, reduces youth unemployment, and stimulates the creation of high-value services. These efforts are essential for building a resilient economy capable of sustaining long-term growth and positioning Nigeria as the premier digital hub of Africa.

    The discussions and outcomes from the Jericho Business Summit reinforce The Alternative Bank’s mandate to drive inclusive economic growth and support sustainable, impact-driven projects that benefit the wider community.

  • MAX lauds Senate on petrol vehicle phase-out

    MAX lauds Senate on petrol vehicle phase-out

    Mobility and clean energy company, MAX, yesterday commended Senate’s advancement on the bill proposing the gradual phase-out of petrol-powered vehicles, which has now scaled its Second Reading.

    The company also restated its commitment to Nigeria’s clean mobility future, saying the development marked a significant milestone in the nation’s transition toward sustainable, affordable, and future-ready transportation.

    As Nigeria faces mounting challenges from rising fuel costs, carbon emissions, and urban congestion, this proposed legislation signals a bold step toward a cleaner, healthier, and more economically inclusive future.

    Speaking on the development, Co-founder and CEO of MAX, Adetayo Bamiduro, said: “This policy direction is not only timely, it is essential. Nigeria has an opportunity to leapfrog into a green mobility future that improves public health, strengthens economic resilience, and creates millions of dignified jobs. We commend the Senate for advancing this bill and stand ready to support the next phase of implementation.”

    Also speaking, Co-founder and President of MAX, Chinedu Azodoh, said the transition must be accessible, inclusive and powered by practical solutions.

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    He said: “The transition to clean mobility must be accessible, inclusive, and powered by practical solutions that work for everyday Nigerians. At MAX, we have already demonstrated how electric vehicles, battery swapping, and innovative financing models can lower costs for riders and businesses while reducing our collective environmental footprint. We look forward to collaborating closely with policymakers to scale this transition nationwide.”

    For nearly a decade, Africa’s leading clean energy company has championed this transition, pioneering electric mobility, developing Africa’s largest EV ecosystem, and financing thousands of riders through innovative clean-energy solutions tailored to local realities.

    MAX currently operates Nigeria’s largest electric vehicle fleet, supported by decentralized battery-swapping infrastructure, solar-powered charging hubs, and a financing model that enables riders to own EVs without collateral or upfront payments. The company’s work has contributed to lower emissions, improved rider earnings, and expanded economic opportunities in Nigeria, Ghana, and Cameroon.

    As Nigeria advances this defining public policy conversation, MAX remains committed to sharing data, insights, and technology to support a just and sustainable transition, one that protects livelihoods, unlocks new economic pathways, and positions Nigeria as a leader in Africa’s clean mobility revolution.

  • Junior Achievement Nigeria announces Dave Uduanu as new board chairman

    Junior Achievement Nigeria announces Dave Uduanu as new board chairman

    Junior Achievement Nigeria (JA Nigeria), a member of the global Junior Achievement Worldwide network has announced the appointment of Dave Uduanu as the new Chairman of the Board of Directors.

    In a statement, JA Nigeria said: “This follows the conclusion of Mr Olaniyi Yusuf’s remarkable 10-year tenure in the role.

    “Junior Achievement Nigeria, now in its 26th year, has impacted an estimated 1.5 million young people since its inception and continues to advance its legacy of excellence by empowering young Nigerians with entrepreneurship, financial literacy, work readiness, and digital skills.

    “Uduanu, a respected industry leader, brings decades of multi-sector experience, strategic insight, and strong governance acumen. His track record of visionary leadership across the financial sector and other industries positions him to deliver valuable guidance as JA Nigeria scales its impact and expands its footprint across the country.

    “JA Nigeria affirms that it will continue the strong commitment to strengthening youth development initiatives, deepening partnerships, and enhancing program delivery under Mr Uduanu’s leadership.

    “The Board, Management and Staff deeply appreciate Mr Olaniyi Yusuf for his decade of exceptional service, during which the organisation experienced significant growth, enhanced operational strength, and increased national presence.

    “The JAN team is now looking forward to an exciting new phase of innovation, strategic expansion, and greater impact for young people across Nigeria.”

  • TY Logistics to tackle supply chain inefficiencies

    TY Logistics to tackle supply chain inefficiencies

    The Chairman of TY Logistics Park FZE, logistics facility in the Lekki Free Zone, Lagos, Mr. Theo Danjuma Jr., yesterday, said its purpose-built state-of-the-art facility will solve Nigeria’s long-standing supply chain inefficiencies and position the country as a competitive hub for regional trade.

    Speaking at the commissioning of the facility in Lagos, yesterday, he added that the facility, which is West Africa’s first grade-A free zone contract logistics facility in the Lekki Free Zone, will also position Nigeria as a competitive hub for regional trade.

    Danjuma Jr. who is the son of elder statesman, Gen. Theophilus Danjuma (rtd), said the company’s advanced Warehouse Management System ensures full inventory transparency, real-time stock control, and error-free order processing — critical for high-velocity sectors and essential for products with shelf-life sensitivities.

    He explained that this technology allows goods to move faster, with greater accuracy and significantly reduced operational friction.

    “Our strategic location in the Alaro Free Zone just minutes from the Lekki Deep Sea Port positions us to offer unmatched import and export efficiencies.

    “This includes importer-of-record solutions, duty deferment, tax optimisation, and enhanced regional distribution into West African markets.

    “But beyond the infrastructure and systems, our true focus is partnership. We see ourselves not just as a logistics provider, but as an extension of our clients’ business — taking on the logistical complexities so they can focus on what truly matters: growing their footprint, strengthening their brand, and increasing market share,” he said.

    He further stated that under the leadership of its CEO, Arno Van Der Merwe, TY Logistics Park FZE is positioned to deliver full contract logistics solutions to medium and large businesses across Fast Moving Consumer Goods (FMCG), electronics, automotive parts, fashion, pharmaceuticals, and many other industries.

    Also speaking at the event, Founder & Group CEO of Rendeavour, Mr. Stephen Jennings, highlighted the strategic role of industrial and residential ecosystems like Alaro City in attracting investment and strengthening Nigeria’s global trade competitiveness.

    On his part, Managing Director of TY Logistics Park FZE, Arno van der Merwe, emphasised the impact the platform will have on the broader West African market.

    “Every hour lost to poor logistics is a cost to businesses. This facility was built to eliminate those inefficiencies by providing a reliable, centralised, systems-driven logistics engine for Nigeria and the region,” he said.

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    In his goodwill message, Lagos State Governor Mr. Babajide Sanwo-Olu, reaffirmed the state’s commitment to enabling private-sector-led industrial growth, noting that the Lekki axis is becoming Africa’s new manufacturing and logistics powerhouse.

    Highpoint of the launch event included a facility tour, unveiling of the park’s digital operations suite and a demonstration of its end-to-end contract logistics capabilities.

    With client onboarding already in progress, TY Logistics Park FZE is set to commence full commercial operations.

    Present at the commissioning were Gen Danjuma (rtd), and his wife, Sen Daisy Danjuma, Taraba State Governor Dr. Agbu Kefas (represented), Chairman of Lekki Worldwide International Limited, Mr. Biodun Dabiri, traditional rulers, and captains of industry.

    Built to international standards and designed as a fully integrated contract logistics platform, the park marks a major milestone for Nigeria’s logistics and industrial sector, by introducing a new operational benchmark for warehousing, inventory management, and regional distribution in West Africa.

    The 29 ,000 sqm facility, which is located beside the Lekki Deep Sea Port and within minutes of the upcoming international airport, offers over 45,000 pallet positions, advanced storage systems, and a fully automated Warehouse Management System (WMS) providing real-time visibility and audit-ready operations.

  • Govt targets grassroots growth in 2026 spending plan

    Govt targets grassroots growth in 2026 spending plan

    The Federal Government has disclosed that the 2026 budget will prioritise ward-based development, infrastructure expansion, security strengthening and increased domestic production as Nigeria prepares for a future with sharply reduced global aid flows.

    Speaking at a stakeholders’ engagement with the Nigeria International Non-Governmental Organisation (INGO) Forum in Abuja on Monday, Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the next fiscal plan is anchored on the Medium Term Expenditure Framework (MTEF) approved by the Federal Executive Council (FEC).

    According to him, the new framework sets out revenue assumptions, production targets and growth strategies designed to push Nigeria toward its ambition of becoming a $1 trillion economy.

    Bagudu told participants that President Bola Ahmed Tinubu and state governors have agreed on a new approach that takes development directly to communities. “Mr. President and the state governors have met and approved the Renewed Hope Ward Development Plan, where in each of the 8,809 wards, the programs will be designed ward-specific to ensure that economic prosperity in those wards is enhanced,” he said.

    He added that the President and governors also agreed to launch the Renewed Hope Infrastructure Fund to increase capital spending nationwide. “There is an irreducible minimum of infrastructure investment that we need to continue making in order to sustain the trajectory of macroeconomic reforms that we are achieving,” he said, noting that the three tiers of government will also scale up investment in security.

    Part of the plan includes improving the capacity of security agencies. Bagudu explained that “training institutions of security agencies are being assessed under a committee led by the governor of Enugu State,” adding that an initial report has already been submitted. “They indicated that an initial sum of $100 billion will be required to boost some of those training institutions,” he said. He recalled that the President had earlier directed the recruitment of more security personnel and the recall of officers serving in non-operational roles.

    The minister further disclosed that President Tinubu and the National Economic Council have approved measures to reduce revenue losses in the crude oil, gas, and solid minerals sectors. He said there are persistent “allegations that a lot of our precious stones, a lot of our gold are being mined illegally,” and assured that steps are being taken to curb the losses.

    He stressed that the Federal Government and governors also resolved to intensify support for domestic production. “Last but not the least, the President agreed with the state governors that we should embark on more measures to support domestic production,” Bagudu stated.

    Bagudu explained that the engagement with INGOs was part of a broader effort to improve coordination with development partners and strengthen local capacity for the country’s 2026–2030 growth plans. The government, he said, is using the forum to review existing partnerships and identify what should change going forward. He noted that INGOs play a significant role in helping the public better understand ongoing economic reforms and in helping Nigeria learn from global experiences.

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     “We are here to show appreciation on behalf of our nation to all the International Non-governmental Organisations that are engaged in one way or the other with our country’s progress, to hear from them what we can do differently, what we can do better, and how we can learn more from them, particularly given our federal structure,” he said. “They are instrumental in the way that we can do better as a country, because they have experienced how some countries, where they either come from or they have been engaged with, have solved the problems that we are dealing with currently. We have embarked on bold, tough reforms under the able and courageous leadership of President Bola Ahmed Tinubu. We couldn’t have done those reforms without their support, because we need public acceptance,” he added.

    Earlier in the meeting, Director of the Nigeria INGO Forum, Camilla Higgins, warned that Nigeria is among countries facing a faster transition away from foreign aid despite rising humanitarian needs. She said the global decline in development assistance is occurring at a time when Nigeria’s humanitarian situation remains severe.

    Higgins disclosed that the 2025 Humanitarian Response Plan sought $910 million but had only achieved 24 percent of the target so far. According to her, this makes it urgent to help Nigeria develop stronger domestic financing systems. “What we are experiencing in Nigeria is an example of what’s being experienced globally, that international overseas development assistance is shrinking dramatically,” she said.

    She explained that Nigeria has operated an internationally coordinated humanitarian system for over a decade, but that structure will soon wind down. “We’re now going to see that structure dismantled in Nigeria in order to hand over responsibility more to national actors. The point that we are stressing here is that this is not a reflection of a reduction in need in Nigeria, quite the opposite,” she said.

    Higgins cautioned that as international resources decline, needs across the country are rising. She said the priority now is “to partner very strongly with the government of Nigeria to put in place alternative systems and structures that can continue to meet the needs of people across the country,” adding that building national capacity and redirecting more domestic resources will be critical in the years ahead.

  • BusinessMetrics rates NUPRC high on PIA implementation, transparency, investor confidence

    BusinessMetrics rates NUPRC high on PIA implementation, transparency, investor confidence

    Independent industry performance evaluator, BusinessMetrics, has said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is making sustained progress in implementing the Petroleum Industry Act (PIA), with reforms that are boosting investor confidence, enhancing transparency, and repositioning the upstream oil and gas sector for long-term growth.

    In a statement issued on Monday, BusinessMetrics noted that its latest sector review shows that regulatory actions taken by NUPRC in the past year “reflect a deliberate shift toward predictable, technology-driven and investment-friendly governance,” adding that the improvements are already strengthening Nigeria’s position in the global energy market.

    The group identified the Commission’s rapid digitisation of key oversight systems—covering production monitoring, metering accuracy, fiscal obligations, and environmental compliance—as one of its most notable achievements.

    According to the statement, the deployment of these digital tools has “reduced reporting delays, improved data integrity, and enhanced the global credibility of Nigeria’s upstream statistics.”

    “The availability of reliable, real-time data is one of the strongest indicators of a trustworthy investment climate,” the organisation said.

    “NUPRC’s digital reforms are raising confidence among operators and international financiers who rely on transparent information before committing capital to new field developments.”

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    The evaluator also noted improvements in licensing and regulatory approval processes, describing the Commission’s approach as more structured, rules-based, and commercially coherent compared to previous years.

    “Clearer timelines for approvals, structured consultations with operators, and the alignment of regulatory decisions with PIA provisions have created a more efficient operating environment,” the firm said.

     “This is enabling quicker movement on projects, reducing administrative bottlenecks and giving investors greater clarity on regulatory expectations.”

    The organisation said fiscal clarity under the PIA, implemented through NUPRC, has equally enhanced the attractiveness of Nigeria’s upstream assets, leading to renewed activity around marginal fields, reactivation of dormant licences, and fresh commitments from both indigenous and international operators.

    “The fiscal certainty introduced by the PIA continues to incentivise capital deployment. We are seeing a gradual resurgence in upstream investment appetite, driven by the clarity and predictability that investors have long demanded,” the statement added.

    On gas development and decarbonisation, BusinessMetrics commended NUPRC’s enforcement of domestic gas delivery obligations and its frameworks for flare-gas commercialisation, saying these efforts are opening new growth corridors for Nigeria’s energy transition.

    “The Commission’s work in gas monetisation is particularly impactful. It supports industrial expansion, contributes to power stability, and positions gas as a central pillar of Nigeria’s economic transformation,” the statement added.

    The evaluator further highlighted progress in customer-facing reforms, including the strengthening of the One-Stop Regulatory Centre, which it described as a crucial tool for reducing red tape and improving the ease of doing business in the upstream sector.

    “This approach aligns with global best practices and signals institutional willingness to reduce friction for investors,” BusinessMetrics noted.

    While acknowledging the complexity of Nigeria’s upstream environment, the organisation said the Commission’s consistent delivery on its mandate is helping restore confidence in the sector.

    “With sustained implementation of the PIA, Nigeria is better positioned to compete for global capital, increase production capacity and advance long-term energy security,” the organisation said.

    It concluded that NUPRC’s progress “sets a solid foundation for deeper reforms” and urged continued institutional discipline, innovation, and investor-focused regulation to fully unlock Nigeria’s upstream potential.

  • The employment cost: Are 1.5m jobs worth 1,200% sugar tax hike?

    The employment cost: Are 1.5m jobs worth 1,200% sugar tax hike?

    The Nigerian economy currently faces a new fiscal policy debate that pits public health against economic stability.

    At the heart of this controversy is the proposed amendment to the Customs and Excise Tariff (Consolidation) Act (CETA), which seeks to impose a substantial new tax on the Soft and Sugary Beverages (SSB) industry.

    In recent weeks, the Senate organised a public hearing to hear and incorporate the views of diverse stakeholders on the proposed amendment, sponsored by Senator Ipalibo Harry Banigo, to hike excise duties on SSBs from N10 per litre to a staggering N130 per litre, or even 20 per cent of the retail price.

    While the intention is to discourage excessive sugar consumption and generate revenue for health-related programmes, the potential consequences for employment, industry stability, and government income are far-reaching.

    This proposed amendment risks unleashing economic devastation on an industry that employs 1.5 million Nigerians, many in local communities reliant on manufacturing jobs.

    For context, the Nigerian SSB industry, comprising producers of soft drinks, juices and flavoured beverages, employs directly and indirectly over 1.5 million workers.

    The figure of 1.5 million is not an exaggeration; it represents the sprawling ecosystem supported by this industry. It includes factory workers in the various bottling plants, but also the small-scale farmers who supply inputs, the vast network of distributors, transporters and, critically, the micro-retailers, the local mama-put stands, hawkers and neighbourhood kiosk owners, whose livelihoods are inextricably linked to selling these high-turnover consumer goods.

    The overwhelming majority of these jobs are held by the local population, often providing the primary source of income for their families.

    So, the potential economic fallout, particularly concerning the jobs tied to the SSB value chain, demands a sober and immediate reassessment.

    A sudden tax hike of over 1,200 per cent, if the proposed CETA amendment passes and the punitive tax becomes law, risks shrinking demand, forcing companies to cut production, and inevitably leading to mass layoffs. SSB companies will have no choice but to pass on the tax burden to consumers, leading to an immediate drop in sales volume.

    This is where the 1.5 million job figure begins to look less like a statistic and more like an impending national crisis. Job losses in this sector would not be confined to corporate offices or factories. Street hawkers, kiosk owners and small-scale retailers, often women and youth, would be disproportionately affected. Job losses in the manufacturing sector are often highly concentrated, capable of devastating entire communities built around a major industry.

    Furthermore, the ripple effect on the upstream and downstream sectors, such as agriculture and logistics, will magnify the damage. In a country already grappling with high unemployment, the social consequences could be devastating.

    Beyond jobs, the fiscal folly is glaring. Beverage companies, already burdened by inflation, naira volatility, import dependencies and rising energy costs, would face declining sales.

    Their reduced profitability could deter future investment not just in the SSB sector, but across the entire consumer goods manufacturing space in Nigeria. Why would a multinational or even a large local player inject billions of Naira into a country where the tax regime is prone to sudden, aggressive, and economically disruptive changes?

    The economic risks do not end with private sector job losses; they also pose a significant threat to government revenue, which is ostensibly what any tax is meant to boost. SSB companies pour billions into taxes and levies, bolstering federal and state coffers. The non-alcoholic drinks sector is no minor player; it anchors backward integration under the Nigeria Sugar Master Plan II, contributing 40-45 per cent of gross tax revenues from manufacturers.

    However, private sector groups like the Organised Private Sector of Nigeria (OPSN) and the Manufacturers Association of Nigeria (MAN) have sounded the alarm during the Senate hearing, warning that such a levy, if approved, amid thin margins and macroeconomic headwinds, could cripple production lines and trigger mass layoffs.

    Domestic sugar output already plunged 35 per cent in 2023 following earlier tax pressures, with sugar consumption dropping 16 per cent, eroding jobs in farming, refining, transport and retail.

    So, while the tax is expected to raise funds, the reality is more complex. If consumption plummets and companies’ revenues shrink due to reduced demand, their corporate tax contribution, a vital stream of government income, will simultaneously diminish.

    A shrinking industry means lower corporate income tax, lower value-added tax (VAT), lower excise collections, and fewer pay-as-you-earn (PAYE) contributions. The government risks losing more than it gains, as, in a perverse twist of economic fate, it could end up collecting less total revenue while simultaneously inflicting profound harm on its largest private-sector employers.

    In addressing this complex issue, we must be intellectually honest. While supporters of the proposed amendment, including the Ministry of Health, argue that higher taxes align with global best practices in reducing sugar consumption, the Nigerian context is unique.

    Unlike wealthier nations, Nigeria’s informal economy is vast, and its social safety nets are weak. A policy that jeopardises millions of jobs, both in the formal and informal sectors, without adequate alternatives risks worsening poverty rather than improving health outcomes.

    Moreover, the assumption that higher prices will automatically reduce consumption may not hold. Consumers may shift to cheaper, unregulated alternatives, undermining both health and revenue goals. Furthermore, the SSB industry is already heavily regulated and taxed. Therefore, hiking the excise duty now, especially in the context of the current high inflationary environment, acts as a twofold blow for the average Nigerian consumer, hitting both their disposable income and their job security.

    So, the question, therefore, is not whether Nigeria should address rising health concerns linked to sugary drinks, but how. The critical question is: Is there a less economically perilous path to achieving the public health objective? Alternatives such as earmarking a portion of the existing Excise Tax for health infrastructure, implementing measures to improve tax compliance, and reducing corruption and ensuring accountability and transparency with the current excise tax remitted offer targeted interventions without the nuclear option of wholesale job destruction.

    In addition, policymakers, aside from seeking the views of health experts, should also consult manufacturers, retailers and labour unions to design measures that protect jobs while promoting health. The government can and should encourage beverage companies to innovate healthier alternatives, creating new markets without destroying existing ones.

    The Customs and Excise Tariff (Consolidation) Act Amendment proposal, in its current form, is a high-stakes gamble. The economic evidence suggests that the potential short-term revenue gains and long-term, unproven health benefits are vastly outweighed by the near-certainty of widespread job losses, erosion of tax bases, and a chilling effect on investment. Nigeria needs solutions that balance health priorities with economic realities. The livelihoods of 1.5 million Nigerians and the stability of the wider economy hang in the balance.