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  • FG targets $4bn annual revenue from reviving cotton, textile industry

    FG targets $4bn annual revenue from reviving cotton, textile industry

    The Minister of State for Industry, Trade and Investment, John Enoh, has reiterated the federal government’s commitment to revitalizing Nigeria’s Cotton, Textile and Garment (CTG) sector, projecting it could generate up to $4 billion annually and drastically reduce the nation’s dependence on imported clothing.

    Speaking at the CTG stakeholders’ engagement in Abuja, themed “Co-creating Solutions to Grow Nigeria’s CTG Industry,” Enoh said the government is building a robust and responsive policy framework aimed at supporting local manufacturers, creating jobs, and boosting the economy.

    According to the minister, the revival of the textile industry is central to the government’s broader drive to promote made-in-Nigeria goods. He revealed plans for a national campaign that would encourage the use of locally made garments across all ministries, departments, and agencies (MDAs). He cited Ogun State as a successful example, where over 70,000 public servants are mandated to wear Nigerian-made attire weekly.

    Enoh also assured stakeholders that the government is shifting from policy formulation to execution, with institutions like the Bank of Industry playing a key role in providing access to finance and machinery for CTG businesses.

    “I am personally committed to this cause. Once the national campaign is launched, I will exclusively drive a Nigerian-assembled car as a symbol of my belief in leading by example,” the minister added.

    Read Also: FG directs tertiary institutions to publicly advertise job vacancies

    Highlighting Nigeria’s once-thriving textile era—from the 1950s to 1980s—he noted that the sector had over 180 functional textile mills and employed more than 500,000 people. He stressed the need for unity and collaboration across the sector to reduce fragmentation and revive its former glory.

    Also speaking at the event, President of the Garment and Accessories Manufacturers Association of Nigeria, Adenike Ogunlesi, called for a strategic shift that places garment manufacturing at the heart of Nigeria’s industrial revival.

    She argued that garments should not just be seen as end-products but as the engine driving the entire CTG value chain.

    “Garments don’t just close the loop; they create the loop. Garment manufacturing should be the starting point for a value chain capable of transforming Nigeria’s industrial future,” she said, urging a more coordinated and focused approach to reposition the sector for global competitiveness.

  • BREAKING: FG confirms continuation of crude, refined product sales in Naira initiative

    BREAKING: FG confirms continuation of crude, refined product sales in Naira initiative

    The Federal Government has confirmed the crude and refined product sales in Naira initiative remains a standing national policy and will continue indefinitely.

    However, the policy will stay in place as long as it serves the public interest and supports Nigeria’s broader economic goals.

    This assurance was contained in the official X (formerly Twitter) handle of the Federal Ministry of Finance on Wednesday morning amid growing inquiries on the status of the policy. 

    The Ministry stated the initiative, first approved by the Federal Executive Council (FEC), is a long-term strategic directive and not a short-term or provisional measure.

    According to the Ministry, stakeholders have reconvened to reiterate their full support and ongoing commitment to ensuring the successful implementation of the initiative. 

    The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilizing the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.

    The Ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure. 

    “The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” the statement reads.

    While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed. 

    “As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties,” the Ministry said.

    To assess the progress made and address lingering implementation issues, the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative held a review meeting on Tuesday. The gathering brought together key figures involved in the execution of the policy.

    Among the attendees were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who chairs the Implementation Committee; and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who heads the Technical Sub-Committee.

    Read Also: Worries over declining crude oil prices

    Also present were the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives from the Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), and the Nigerian Ports Authority (NPA). A representative from Afreximbank and the Secretary of the Committee, Hauwa Ibrahim, also attended.

    This policy, which aligns with the government’s broader economic reform agenda, is expected to support local content development, ease pressure on Nigeria’s foreign reserves, and provide a more predictable pricing structure for refined petroleum products in the domestic market.

    The presence of major players from both the public and private sectors at the meeting shows the scale of collaboration required to sustain the policy. It also reflects the growing confidence in Nigeria’s shift toward economic policies that prioritize local capacity and currency resilience.

  • FG targets $20bn annual revenue from space economy, unveils new strategic reforms

    FG targets $20bn annual revenue from space economy, unveils new strategic reforms

    The Minister of Innovation, Science and Technology, Uche Geoffrey Nnaji, on Tuesday revealed that the federal government is aiming to generate $20 billion annually from Nigeria’s space economy through a new space security platform and sweeping regulatory reforms.

    Nnaji made the disclosure at the launch of the National Space Research and Development Agency (NASRDA) Stakeholders Workshop 2025, held in Abuja. 

    The event also served as a sensitization and engagement forum on the commencement of space regulations, spectrum management, and licensing.

    He also unveiled the government’s strategic blueprint to harness space technologies for national revenue generation, with a focus on critical sectors such as oil monitoring and maritime surveillance.

    He said, “With space-based surveillance, Nigeria can detect vessels entering Nigerian waters—even those that switch off their transponders to evade detection, will be tracked, it will also ensure compliance and collect the appropriate fees. 

    “Nigeria’s space economy is no longer a futuristic dream but a present-day economic lever. Space is no longer the domain of dreamers alone—it is now the frontier of serious business, innovation, and national security. Our task is clear, to establish a transparent, well-regulated ecosystem where public and private actors from startups to established institutions can thrive”.

    Read Also: FG powers HoSF complex with 500kW solar energy

    Director General of the National Space Research and Development Agency (NASRDA), Dr. Matthew Adepoju, reinforced the minister’s remarks, stressing the vast economic, security, and youth empowerment opportunities within Nigeria’s space sector.

    He noted that Nigeria must position itself as a forward-thinking nation by ensuring that space activities within its jurisdiction are well-regulated, commercially driven, and in line with global best practices. 

    According to him, space-related ventures could generate up to N20 billion annually for the country, with projected growth rates of 18 to 20 percent per year.

    The workshop, which brought together key players from government, academia, and the private sector, signaled a major turning point in Nigeria’s use of space technology as a catalyst for national development.

  • We are critically analysing new US tariff – FG

    We are critically analysing new US tariff – FG

    The Federal Government is critically analysing the impact of the new US tariff on Nigeria’s economy, the spokesperson of the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa has said.

    This is in response to the recent 14 percent tariff imposed on all products imported from Nigeria. 

    Other countries like China, Canada, the EU among others have responded to Donald Trump’s recent universal 10-percent “minimum baseline tariff” to be imposed on all imports — which will take effect on April 5 and the “individualised reciprocal higher tariff” on the countries and regions which the United States “has the largest trade deficits” will take effect on April 9, according to a White House document.

    Ebienfa said the government will eventually respond appropriately in the best interest of the country. 

    He said: “Countries impose tariffs (which are generally taxes on imported goods) for several economic, political, and strategic reasons. This includes the protection of domestic industries and promotion of job creation; increase government revenue; retaliation against unfair trade practices; correcting trade imbalances etc. Relevant stakeholders are studying the situation. 

    “Be rest assured that the government will critically analyse the impact of the new tariffs on the nation’s economy and respond appropriately in the interest of the country.”

    Read Also: NERC, DISCOs and vexatious tariffs

    Minister of Foreign Affairs, Yusuf Tuggar last Friday was said to have engaged the US Deputy Secretary of State, Christopher Landau virtually.

    A statement by the media aide to the Minister, Alkasim Abdulkadir was silent on the new tariffs issue as he listed araes of discussion.

    Abdulkadir said they stressed the importance of strengthening commercial ties, enhancing security collaboration, and deepening diplomatic engagements.

    He also quoted Landau of reiterating his country’s commitment to a strong and enduring partnership with Nigeria.

  • FG budgets N450bn for renewable energy, poverty reduction

    FG budgets N450bn for renewable energy, poverty reduction

    The Federal Government has committed N450 billion to advancing renewable energy and reducing poverty. 

    Minister of Humanitarian Affairs and Poverty Reduction, Professor Nentawe Yilwatda, stated this at the national budget roundtable and panel discussion at Covenant University, Ota, Ogun State.  The event was organised by the centre for Economic Policy and Development Research (CEPDeR) of Covenant University in collaboration with the University of Warwick. 

    It had as its theme “National budgeting as a critical tool for reducing poverty and inequalities in the era of energy transitions.”

    Citing the 2022 National Multidimensional Poverty Index (MPI), the Minister said 63% of Nigerians — about 133 million people — are living in multidimensional poverty, with 42% in extreme poverty and 40% lacking access to electricity.

    “About 85 million Nigerians don’t have access to electricity. This number mirrors those living in extreme poverty,” he said.

     “Energy poverty limits business growth, affects education and healthcare, and deepens inequality.”

    According to Yilwatda, the government is investing in renewable energy to reduce this gap and lift more Nigerians out of poverty.

     Of the N450 billion budgeted, N200 billion is allocated to renewable energy infrastructure. 

    Another  N150 billion will be used to support the development of solar, wind, hydro, and coal-based energy systems — targeting access for 5 million households by the end of 2025.

    “Five million households will gain access to power under this plan, and we are setting aside N150 billion specifically to ensure electricity access for these homes,” he said.

    In addition, N100 billion is allocated to train 250,000 Nigerians in renewable energy technologies to drive the green economy and create sustainable jobs. These roles will span sectors such as solar, wind, hydro, and thermal energy.

    Read Also: FG moves to activate climate change fund

    “This transition isn’t just about energy — it’s about jobs, education, and economic inclusion,” he noted. “We’re creating new smart and green jobs to reach underserved communities.”

    Yilwatda also referenced the Federal Government’s existing poverty reduction initiatives, including the conditional cash transfer scheme targeting 15 million households.  

    So far, over 5 million Nigerians are already benefitting, with recipients identified through the national social register and digital ID verification systems.

    He further revealed plans to create two million additional jobs by skilling and upskilling unemployed and underemployed Nigerians and linking them to private sector opportunities.

    Despite these ambitious goals, the Minister flagged critical challenges hindering progress: funding gaps, infrastructure deficits, skills shortages and inconsistent policies. 

    He urged the private sector to partner actively with the government in achieving its renewable energy goals.

  • FG, UNIDO sign $174.6m industrial development agreement

    FG, UNIDO sign $174.6m industrial development agreement

    The Federal Government and the United Nations Industrial Development Organisation (UNIDO) have signed a $174,585,000 Programme for Country Partnership (PCP) to boost industrial growth. 

    The agreement aims to create jobs, enhance raw material utilisation, expand export potential, and attract investments.

    Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu signed on behalf of the Federal Government, giving details of the financial structure of the initiative.

    He disclosed that 85.7 percent of the funding, amounting to $149,619,345, will be sourced from donors and partners mobilised by UNIDO, while the Federal Government will provide the remaining 14.3 percent counterpart funding of $24,965,655. So far, Nigeria has contributed $1,276,658 as payment to UNIDO.

    The agreement spans a four-year period from 2024 to 2028 and represents a significant step towards strengthening industrial development, creating employment opportunities, and fostering economic transformation. 

    A statement from the ministry said the Minister revealed that through this initiative, “Nigeria seeks to expand its industrial capacity, advance technological innovation, and promote environmentally sustainable industrial practices.” He added that the programme is expected to provide economic opportunities that will positively impact Nigerian youth and marginalized communities.

    The Minister called on all stakeholders, including development partners, the private sector, and civil society organizations, to work together for the seamless execution of the initiative. He also expressed appreciation for UNIDO’s role in supporting Nigeria’s industrial agenda.

    Read Also: FG to establish Renewed Hope Cultural Villages

    Senator John Owan Umoh, Minister of State for Industry, expressed optimism that UNIDO would serve as a crucial technical and strategic partner in advancing the objectives of the Industrial Revolution Work Group (IRWG). He urged stakeholders to transition from agreements to execution and from policy frameworks to tangible economic progress as the PCP takes effect.

    Director General of UNIDO, Mr. Gerd Muller, said the organisation is committed to industrializing its member states through the PCP, aligning with Goal 9 of the Sustainable Development Goals (SDGs). 

    He noted that Nigeria has the potential to become an economic powerhouse in Africa and assured that UNIDO would continue to provide technical expertise and funding mobilization to support the country’s industrial development agenda.

  • FG threatens to implement drill or drop oil wells

    FG threatens to implement drill or drop oil wells

    The Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri, has threatened owners of idle oil wells who refused to develop them for three decades that they are to lose them.

    He encouraged industry players to explore collaborative measures such as shared resources for contiguous assets, farm-outs, and the release of underutilized assets to operators ready to invest in production. 

    Lokpobiri said any proactive government will revoke the licenses for the undeveloped assets and reallocate them to those willing and ready to drill them.

    He spoke at the Cross Industry Group (CIG) Meeting in Florence, Italy, organised by IOCs operating in Nigeria.

    This was contained in a press statement his Special Adviser on Media, Nneamaka Okafor issued from Abuja on Tuesday.

    The statement quoted that Minister as saying: “In line with the Federal Government’s drive to boost production, Sen. Lokpobiri reiterated that the Federal Government will begin implementing the “drill or drop” provisions of the Petroleum Industry Act (PIA) where necessary.

    “We cannot continue to have assets sitting idle for 20 to 30 years without development. If you are not utilizing an asset and it remains underdeveloped for decades, it neither adds value to your books nor to us as a country. 

    “We encourage industry players to explore collaborative measures such as shared resources for contiguous assets, farm-outs, and the release of underutilized assets to operators ready to invest in production. 

    “Otherwise, like any responsible government, we will take back these assets and allocate them to those willing to go to work.”

    The Minister also urged operators to consider farm-out agreements where assets are close to existing infrastructure, rather than incurring high costs on new Floating Production Storage and Offloading (FPSO) units.

    Read Also: FG seeks intelligence sharing among global communities

    The Federal Government called on International Oil Companies (IOCs) operating in Nigeria to ramp up investments in the country’s oil and gas sector, emphasizing the administration of President Bola Ahmed Tinubu has provided every necessary incentive to ensure seamless and profitable operations.

     The meeting focused on challenges, expectations, and strategies to enhance the sector’s contributions to domestic energy needs and regional expansion across Sub-Saharan Africa.

    Lokpobiri noted that while IOCs have pointed to Engineering, Procurement, and Construction (EPC) contractors as a challenge, EPCs will only commit when they see strong investment decisions from industry players.

  • Leverage $4tr assets for FDI attraction’, NESG tells FG

    Leverage $4tr assets for FDI attraction’, NESG tells FG

    The Nigeria Economic Summit Group (NESG) has urged the Federal Government to unlock the nation’s estimated $4 trillion in bankable assets to attract foreign direct investment (FDI) and drive economic growth.

    Chief Executive Officer of NESG, Dr Tayo Aduloju, made this appeal in Abuja during the launch of the Group’s 2025 Macroeconomic Outlook Report. 

    He stated that Nigeria holds significant investment potential, but legal, regulatory, and policy constraints continue to obstruct economic opportunities.

    “Now, in terms of FDI, Nigeria sits on $4 trillion worth of assets that are bankable. However, many of them are gridlocked by legal, regulatory, and policy bottlenecks,” Aduloju noted. 

    “If the government wants to unlock investment, it needs to clear and de-risk national assets so they are attractive to investors.”

    Aduloju stressed the importance of economic expansion, saying, “Nigeria’s strategic sovereignty and autonomy depend on returning to 5.5 percent or 6 percent GDP growth rates. All hands need to be on deck because economic health will not come from external sources. The global economy is going through fragmentation and recalibration.”

    He added that productivity, efficiency and job creation must be prioritised. 

    “We think the arc of the possible this year includes achieving a 5.5 percent growth rate. Next year, we believe 6 percent is achievable.”

    The NESG CEO also pointed out that every state in Nigeria has the potential to export at least one product worth a billion dollars annually. “The question is how to accelerate economic value addition and industrialization to make this happen across the country.”

    He noted an expansion in non-oil exports but lamented that manufacturing’s contribution to exports remains low, reflecting insufficient value addition. “That needs to change, and it can change.”

    To bridge the investment gap, Aduloju suggested onboarding the $5 billion investment pipeline identified by the Minister of Trade and leveraging the additional $20 billion discussed by the Minister of Foreign Affairs.

     “These are real opportunities. The government has announced them, and they need to be acted upon. If the economic team sits together and strategizes on how to bring in this money within 24 months, it would make a difference.”

    He further explained that increased investment inflows would strengthen the Central Bank of Nigeria’s (CBN) position.

     “If your top revenue source is oil and production struggles, the economy will feel the impact. This is why we are concerned about political instability in Rivers State,” he said. 

    Aduloju insisted on the need for Nigeria to sustain a crude oil production level of 2.2 million barrels per day (mbpd).

  • FG to close Independence Bridge in Lagos for repairs on April 1

    FG to close Independence Bridge in Lagos for repairs on April 1

    The Federal Government has announced the closure of the Independence Bridge (Marina bound) starting April 1 for essential maintenance and rehabilitation works.

    The Federal Controller of Works, Lagos, Mrs Olukorede Kesha, made this known in a statement on Monday in Lagos.

    She explained that the bridge would remain closed until the end of May 2025.

    Accoding to her, the closure will affect traffic traveling from Ahmadu Bello Way and Adeola Odeku towards Marina, Eko Bridge, and Onikan by Zone 2.

    Kesha advised motorists to plan their journeys accordingly and use alternative routes to avoid traffic congestion during the repair period.

    She apologised for any inconvenience the closure might cause and thanked the public for their understanding and cooperation as the government worked to ensure the safety and stability of road infrastructure.(NAN)

  • FG intensifies fight against proliferation of illegal arms

    FG intensifies fight against proliferation of illegal arms

    The Federal Government has called on stakeholders to support its efforts in combating the proliferation of small arms and light weapons in the country.

    The Director-General of National Centre for the Control of Small Arms and Light Weapons, Johnson Kokumo made the call on during a one-day seminar in Ado-Ekiti, the Ekiti State capital.

    The seminar with the theme: “Strengthening procedural approaches for the forfeiture and safe disposal of small arms and light weapons after court’s judgement,” aimed to collaborate with stakeholders to ensure that illicit arms were forfeited and not returned to the black market.

    Kokumo, represented by the Director of Legal Services, Chioma Onuegbu, said the seminar was part of efforts to prevent the proliferation of small arms and light weapons.

    Onuegbu explained that if illicit arms were returned to society, they would be used for criminal activities, hence the need to destroy them.

    “The aim is to ensure that those arms are not returned to the society. If they are returned, they will be used for criminal activities. So, we want to destroy them totally,” Onuegbu said.

    The Director of Public Prosecution in Ekiti State, Julius Ajibade, noted that the illicit proliferation of small arms and light weapons was a major factor responsible for terrorism and armed violence.

    Ajibade emphasised the need to control the flow of illicit arms to combat their easy availability and misuse.

    He said: “The illicit proliferation, circulation and trafficking of small arms and light weapons is a major factor responsible for terrorism and other forms of armed violence.

    Read Also: FG angry over shooting of Immigration officer by Chinese businessman

    “It is apt to state that we are opening today another new vista in this undoubtedly challenging era when threats to security, peace and development have become a focal concern.”

    Ajibade added that the country was plagued by a “terrorising gun culture” which had become a nightmare to the security architecture of Nigeria.

    He stressed the need for the control of the flow of illicit arms, saying it was critical to combating the easy availability and misuse of weapons.

    The Director of NCCSALW, Southwest Zone, Ben Akinlade, expressed delight at the seminar, saying he was fulfilled that stakeholders had agreed to work with the centre to ensure that illicit arms were not returned to the black market.