NEWS AGENCY OF NIGERIA
Economy/Business

Special economic zones at heart of Nigeria’s economic resurgence – FG

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By Rukayat Moisemhe

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, says under the current administration, Special Economic Zones (SEZ) are being prioritised and positioned at the heart of Nigeria’s economic resurgence.

Oduwole said this at the Third SEZ Annual Meeting on Thursday in Lagos.

The meeting had the theme: “Fostering Strategic Synergies for Enhanced Special Economic Zones Operations and Sustainable Economic Growth”.

The minister said that SEZs were powerful engines of economic growth proven to be effective in attracting Foreign Direct Investment, enhancing industrialisation, and generating employment and value-added exports, among others benefits.

The minister said that Free Trade Zones (FTZs) in Nigeria had attracted over $300 billion in investments and contributed over N650 billion to government revenue.

“In January 2025, the ministry released an outlook document detailing its industry, trade, and investment priorities,” Oduwole said.

The minister said that the ministry recognised that every zone and enterprise was an investment hub, producing goods and services that were  traded.

“The ministry is championing a co-ordinated strategy to boost exports, expand access to financing and drive regulatory reforms to strengthen investment in SEZs.

“We have engaged key stakeholders, the Federal Inland Revenue Service and the Presidential Committee on Fiscal Policy and Tax Reforms, to ensure the alignment of SEZ incentives with national economic priorities,” the minister said.

Gov. Babajide Sanwo-Olu of Lagos State said at the event that navigating the rapidly-evolving global economic terrain would require that SEZs remained crucial instruments for driving industrialisation.

The governor was represented by Mrs Folashade Ambrose-Medebem, the state Commissioner for Commerce, Cooperatives, Trade and Investment,

Sanwo-Olu said that the impact of the previous SEZ annual meeting was significant as it led to increased investor confidence and signing of multiple memoranda of understanding for infrastructure development within the economic zones.

Sanwo-Olu said that several businesses that participated in the meeting had since begun operations, bringing in substantial investments and generating employment opportunities.

He said that collaboration among Nigeria Export Processing Zones Authority, Oil and Gas Free Zones Authority, and the Nigeria Economic Zones Association was essential.

According to him, it will enhance efficiency and effectiveness of the special economic zones and boost government’s vision of transforming Nigeria into a hub of industrial excellence and global competitiveness.

“Discussions and resolutions from the last meeting paved the way for policy reforms that have streamlined regulatory processes and improved the ease of doing business in Lagos State.

“However, as we discuss the future of Special Economic Zones in Nigeria, we must address critical issues that could hinder their growth.

“These include the need for improved infrastructure, ease of access to financing for investors, regulatory harmonisation and the imperative to ensure that our policies remain competitive on a global scale.

“It is imperative that we implement policies that provide clear incentives to investors while ensuring that these zones serve as catalysts for inclusive and sustainable development,” he said.

Sanwo-Olu added that continuity of the annual meeting was essential to sustaining the progress that had been made in advancing the Special Economic Zones agenda in Nigeria.

He said that regular engagements among stakeholders fostered policy consistency, strengthened investor confidence, and ensured that emerging challenges were swiftly addressed.

The governor urged the public sector, private sector leaders and investors to work hand-in-hand to build a thriving economic ecosystem. (NAN)(www.nannews.ng)

Edited by Ijeoma Popoola

General News

ActionAid calls for climate justice, social equity

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By Felicia Imohimi

In commemoration of World Social Justice Day, ActionAid Nigeria (AAN) has stressed the need for systemic reforms that prioritise climate justice and social equity.

The organisation said the reforms are needed due to rising living costs, underfunded public services, and worsening food insecurity driving more people into poverty.

The Country Director of AAN, Andrew Mamedu, made the call in a statement on Thursday in Abuja.

The News Agency of Nigeria (NAN) reports that World Social Justice Day is observed annually on Feb. 20, with the 2025 theme 2025 “Strengthening a Just Transition for a Sustainable Future”.

Mamedu emphasised the need to address deepening inequalities driven by economic mismanagement, poor public service provision, and the escalating climate crisis.

He said that economic growth must translate into tangible benefits for Nigerians.

“AAN demands urgent action to ensure that social and economic policies prioritise climate justice and inclusive development.

“Government must increase investments in climate-resilient, gender-responsive public services to build systems that can withstand climate shocks while remaining accessible to all Nigerians.

“Fiscal policies must be designed to reduce inequality, support small businesses, and cushion vulnerable populations against economic shocks.

“Urgent action is needed to ensure an inclusive just transition towards 100 per cent renewable energy, guided by principles of equity, participation, and systemic transformation.

“A just transition must leave no one behind. Nigeria cannot afford another year of policies that widen inequality and deepen climate vulnerability. Decisive action is overdue. The time for justice is now,” he added.

Mamedu, who noted that the government had recently ‘celebrated’ the rebasing of the economy, emphasised that the average citizen questioned how this would translate into tangible improvements in their daily lives.

“The reality on the ground paints a grim picture, soaring inflation at 34.6 per cent as of December 2024, a weakened naira averaging ₦1,600 per dollar, and sluggish Gross Domestic Product (GDP) growth at 2.9 per cent.

“Also, a staggering public debt exceeding 50 billion dollars, accounting for over 40 per cent of GDP”.

He decried the fact that, in spite increasing public expenditures, essential services remain underfunded, infrastructure continues to deteriorate, and over 133 million Nigerians are trapped in multidimensional poverty.

According to him, these economic challenges not only deepen inequality but also jeopardise the future of young people and generations to come.

He emphasised that without deliberate investment in climate-resilient public services and improved socio-economic policies, economic growth would remain a mere statistic, disconnected from citizens’ daily struggles.

“Climate change is exacerbating existing inequalities, citing that smallholder farmers, who produce 70 per cent of Nigeria’s food, are facing unpredictable rainfall, prolonged droughts, and devastating floods that destroy farmlands.

“Yet, support for climate-resilient agriculture remains minimal. The decline in food production has led to soaring prices, putting healthy and sufficient food out of reach for many families,” he said.

Edited by Tosin Kolade

Economy/Business

5 candidates cleared for AfDB presidency race – Committee

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By Lucy Ogalue

The race to lead the African Development Bank (AfDB) has officially begun with the release of the list of candidates vying for the prestigious role of president.

In a statement, the AfDB announced that this followed a two-day meeting held at the bank’s headquarters in Abidjan, Côte d’Ivoire, by the Steering Committee of the Board of Governors.

The News Agency of Nigeria (NAN) reports that the candidates cleared to contest for the top position represent a diverse cross-section of Africa’s leadership and development expertise.

“The Steering Committee, after examining the candidatures, cleared the following list of candidates for the office of the President of the AfDB during the next election to be held on 29 May.

“They include Mr Hott Amadou from Senegal, Dr Maimbo Munzele of Zambia, Mr Tah Ould from Mauritania, Mr Tolli Mahamat of Chad, and Ms Tshabalala Swazi from South Africa,” it said.

Each candidate brings a unique background and vision, setting the stage for what promises to be a competitive election that could shape the future trajectory of the continent’s premier development finance institution.

The upcoming election will determine who succeeds the current president, Dr Akinwumi Adesina, who has led the bank since 2015, steering it through significant reforms and challenging global economic conditions.

The election outcome will have far-reaching implications for Africa’s development agenda, particularly in areas such as infrastructure, economic growth, and climate resilience. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

General News

Take tough decisions to make Africa better, Tinubu tells leaders

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By Salif Atojoko

President Bola Tinubu on Thursday in Abuja urged African leaders to take tough decisions to make the continent a better place.

The president gave the charge at the inauguration of Babangida’s autobiography, ”A Journey in Service,” and the fundraising for the IBB Presidential Library Project.

The president particularly called on Nigerians to refocus their time, energy and resources on building the country and be more mindful of changes in global migration laws that could impede their dreams of a better life.

“I am glad about what is happening in America and Europe, the contradiction you have seen now.

” What is it telling us? It is telling us to wake up and make Africa a better place, particularly this country, Nigeria.

“I have seen the need to make some decisions on behalf of this country,” he said.

The president thanked everyone for their patience and perseverance.

“Whatever might have happened, we have heard the truth from our dear leader, father and uncle, Gen. Ibrahim Babangida,” he added.

Tinubu also thanked Babangida for his foresight in ensuring the private sector’s growth in Nigeria.

“Without you, people like me will not be in politics.

” I thank you for your progressive revolution.

” You said you wanted young, brilliant people in politics. We met you in Dodan Barracks.

” You inspired some of us and when you look at the programme today, the names of bankers and many of us here today for this library project are all because they believe in the visionary Babangida.

” Thank you for what you are,” said Tinubu.

The president noted that Babangida’s approval of operational licences for banks and deregulation of the economy started the wave of new-generation banks.

“Nigeria has never been the same since then. You have made your marks,” he added. (NAN)(www.nannews.ng)

(Edited by Mufutau Ojo)

General News

Tinubu commends Babangida for admitting Abiola’s June 12 victory

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By Salif Atojoko

President Bola Tinubu on Thursday in Abuja said former military president, retired Gen. Ibrahim Babangida, showed unusual courage and patriotism by admitting that late M.K.O. Abiola won the June 12 election in 1993.

The president, who was the special guest of honour at the launch of Babangida’s autobiography, ”A Journey in Service,” and the fundraising for the IBB Presidential Library Project, saluted the former leader’s contribution to the country’s history and development.

Babangida confirmed for the first time in 32 years that Abiola had won the historic June 12 election based on collated results.

The News Agency of Nigeria (NAN) reports that the annulment was a watershed in the country’s democratic history, precipitating a political crisis and hastening Babangida’s exit from power.

Tinubu said the former leader’s admission about Abiola’s victory would help to set the records properly.

“I am glad about the revelation of my general.

” We will not forget to pray for you. I listened to you carefully.

” I am not here to read a speech. I am here to pay homage.

“Let me say thank you for everything, for who you are, what you are, and how you have contributed to the history of this great country,” he said.

Tinubu also said he would continue to do his best for the country by taking tough decisions to reposition the economy.

He also thanked the leaders who graced the occasion, saying their sacrifice was worth it.

“Let me start from the celebrant; I listened to your remarks, your recollection of history.

” The dream, progressive ideas, the joy of being alive today, 32 years after, to give us an account of stewardship and service.

“Your excellency, it is challenging to find the people present here if not because of your personality, character, and impact,” said Tinubu.

He also thanked Nana Akufo-Addo, former president of Ghana, who gave the keynote remarks, for his contributions to ECOWAS and commitment to Africa’s sovereignty.

“To our brother, Ernest Bai Koroma, former President of Sierra Leone, I met you before I became president and interacted with you.

” Fate has brought us together again.

“To our father, Gen. Yakubu Gowon, I am glad about the restoration of your rank and everything.

” We learn history from you.

” Thank you for who you are and your commitment to nation-building.

“To former President Goodluck Jonathan, we sometimes interact, argue and discuss the future of this country,” said the president.

Acknowledging the efforts of former military leaders, the president said that they had set the pace for democratic elections in the country.

Tinubu further said Babangida deserved the sacrifice made by many to be at the event.

Babangida, on his part, thanked the president and all the guests for attending the unveiling of his autobiography.

He admitted that annulling the June 12 election was the most challenging decision of his life, saying he would have handled the situation differently if given another chance.

“Undoubtedly, credible, free and fair elections were held on June 12, 1993.

” However, the tragic irony of history remains that the administration that devised a near-perfect electoral system and conducted those near-perfect elections could not complete the process.

“That accident of history is most regrettable.

” The nation is entitled to expect my expression of regret.

” As a leader of the military administration, I accept full responsibility for all decisions taken under my watch,” he said .

Prof. Yemi Osinbajo, former Vice President and the book’s reviewer, said Babangida admitted in the book that Abiola scored a majority vote.

He said Abiola also secured a wider spread, winning a quarter of the votes in two-thirds of the states of the federation. (NAN) (www.nannews.ng)

(Edited by Mufutau Ojo)

Economy/Business

CFAO advocates compliance culture, alignment to global systems

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By Rukayat Moisemhe

CFAO Nigeria, key player in fields of mobility and healthcare, has urged organisations to create a compliance culture and strengthen their alignments to global compliance systems.

The company gave the charge on Wednesday in Lagos at the CFAO Nigeria 2025 Compliance Week.

Board Chairman, CFAO, Gbenga Oyebode, said that compliance was not just a legal mandate; but the basis on which the company create a strong, ethical, and environmentally friendly business.

Oyebode stated that companies not meeting compliance standards risked damage to their reputation, financial losses, and legal problems that could put their very existence in danger.

He said that alignment to compliance systems led to reinforced investor’s trust, improved business resiliency and business reliability to customers, authorities, and society.

He added that the company’s board was dedicated to establishing the appropriate tone at the top to assure that integrity, openness, and responsibility govern all elements of operation.

“By means of the PACI Rules and our Global Code of Conduct & Ethics (COCE), we set clear expectations that match local regulatory demands as well as worldwide top standards.

“These cover adherence with global anti bribery and corruption legislations in Nigeria, Europe and globally.

“I urge you all to see compliance as an enabler of corporate success, not a handicap, and not only throughout this compliance week but as a consistent practice that is at the core of our corporate culture,” he said.

Chief Executive Officer (CEO), CFAO, Denis Martin, said compliance, which was not just about following rules but about building a culture of integrity, trust, and accountability, was of long term advantage to businesses.

He said the company as an industry continued to demonstrate firm commitment to compliance, transparency, and fairness.

“We must all take responsibility for upholding these values, as any compromise could have far-reaching consequences for our people, stakeholders, and the communities we serve.

“As we observe compliance week, I urge you all to renew your commitment to ethical excellence.

“By working together and holding ourselves to the highest standards, we will continue to build a company that is not only successful but also respected and trusted globally,” he said.

Chief Compliance Officer, Ayokunle Ayoko, said at CFAO Group, compliance was not just a box-ticking exercise, but a fundamental pillar of its business, ensuring long-term sustainability and success.

He added that compliance is beyond just adhering to regulations to fostering a culture of integrity, accountability, and responsible business conduct.

Ayoko said that it protects businesses from risks, enhances trust with customers and partners, and positions companies for sustainable growth in a competitive and ever-evolving marketplace.

“Whether it is ensuring workplace safety, preventing financial misreporting, combating corruption, or respecting human rights, every one of us plays a critical role in upholding these principles.

“When we integrate compliance into our daily work, we do not just protect the company; we strengthen it.

“Let us continue to hold ourselves to the highest standards, foster a culture of ethical excellence, and work together to build a resilient and responsible organisation that thrives for generations to come,” he said.(NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Environment

NIHSA seeks NBA’s support for stronger hydrological management

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By Akpan Glory

The Nigeria Hydrological Services Agency (NIHSA) has requested the support of the Niger Basin Authority (NBA) to strengthen hydrological activities in Nigeria and ensure the effective management of the Niger River Basin.

NIHSA Director General, Umar Mohammed, made this appeal in a statement during his visit to the NBA in Niamey, Niger Republic.

He emphasised the need for improved equipment and facilities for hydrological and hydrogeological monitoring in Nigeria’s portion of the Basin.

He stressed the importance of functional monitoring installations to provide reliable data for basin planning, management, and development, highlighting Nigeria’s position downstream of the Niger River.

Mohammed also acknowledged the NBA’s interventions, which have strengthened NIHSA’s hydrological activities.

He called for continued support to further enhance the Agency’s capacity and expand satellite hydrology monitoring in Nigeria.

The Acting Executive Secretary of the NBA, Didier Zinzou, welcomed Mohammed and reaffirmed the NBA’s commitment to the sustainable management and development of the Niger River Basin’s water resources.

He explained that the NBA, a regional basin organisation comprising nine member countries in West and Central Africa, oversees hydrological monitoring and infrastructure development within its member states.

Zinzou stressed that effective hydrological monitoring is essential to achieving the NBA’s Shared Vision and Water Charter, which guide development efforts in the Basin.

He reiterated the NBA’s ongoing support for hydrological activities in its member states, including Nigeria, in the collective interest of sustainable basin development.

Zinzou thanked Mohammed for his visit and assured him of the NBA’s commitment to improving hydrological monitoring across the Basin.

He emphasised that all Niger Basin development programmes depend on accurate and robust hydrological and hydrogeological data.

The News Agency of Nigeria (NAN) reports that NBA is a regional cooperation body focused on developing the Niger Basin in areas such as water resources, agriculture, and energy. (NAN) www.nannews.ng

Edited by Tosin Kolade

Foreign

U.S. Air Force ‘ll target terrorists across Africa —Gen. Hecker

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By Mark Longyen

Gen. James Hecker, Commander of the U.S. Air Forces, Europe and Africa (USAFE-AFAFRICA), says the U.S. Air Force will carry out airstrikes against terrorist targets across Africa.

Hecker stated this at a digital news conference while attending the 2025 African Air Chiefs’ Symposium (AACS), on Wednesday in Lusaka, Zambia.

The News Agency of Nigeria (NAN) reports that the digital conference was organised to enable Gen. Hecker to discuss U.S. commitments to military partnerships with African nations and AACS operations.

Hecker said terrorist groups like ISIS were high-value targets that threatened African nations and the U.S., and would be targeted by the U.S, as it did against ISIS in Somalia recently.

“They are significant high-value targets that threaten African nations and threaten the United States.

“So we will continue to go after terrorist organisations that threaten our African partners as well as the United States,” he said.

Hecker said that the U.S. was willing to collaborate with African air forces, not only by way of security support, but also through humanitarian assistance and disaster relief efforts.

On Boko Haram insurgency, and how the U.S. Air Force can help the Nigerian military achieve air superiority over the terrorists, he said the U.S. had already been supporting Nigeria.

“Well, I think as you know, the U.S. Government has provided training and equipment to Nigeria for quite a while, so hopefully that will help them out.

“But what we’re looking at in this conference is not that. We’re not talking about air superiority or conflict.

“We’re talking about how we can help each other – African nations can help one another – and that’s what the goal of this conference is,” Hecker said.

Also speaking, Zambia’s Air Force Commander, Lt.-Gen. Oscar Nyoni, gave an insight into the symposium and how AACS member states would respond to humanitarian needs, if a disaster struck.

According to him, with AACS,  humanitarian/disaster needs like foodstuff, logistics, supplies and aerial vehicles will be easily provided by member states contributing whatever they are able to contribute.

“Remember, we are an air force – we are air forces that have come together, and with our friends from the U.S. and all the other member-states.

“It becomes easier for logistics to come on board and makes it easy for the one who is in trouble to be assisted. The more the numbers, the better for us,” Nyoni said(NAN)(www.nannews.ng)

Edited by Emmanuel Yashim

General News

EFCC warns council chairmen on financial misuse

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By Peter Uwumarogie

The Economic and Financial Crimes Commission (EFCC) has cautioned council chairmen across Nigeria, including those in Gombe State, against viewing financial autonomy as an opportunity for embezzlement.

EFCC Chairman, Mr Ola Olukoyede, issued the warning at the Gombe State Local Government Summit on Wednesday, urging council chairmen and executives to resist the temptation of financial misconduct.

He emphasised that local government officials do not have immunity and warned that any breach of financial laws would be prosecuted without delay.

Following the Supreme Court’s decision granting local government autonomy, Olukoyede announced that the EFCC would deploy additional personnel to Gombe State to monitor fund management.

“Only the Governor and Deputy Governor have constitutional immunity. Local council chairmen, you do not have immunity,” he stated.

He added that the EFCC would not wait until officials leave office to ensure accountability and transparency in financial matters.

Olukoyede reminded council chairmen that financial autonomy does not equate to constitutional immunity, stressing that their use of public funds would be closely monitored.

He described the Supreme Court’s ruling on local government autonomy and direct fund allocation as a welcome development that should enhance council funding.

He expressed concerns that, given past mismanagement and lack of accountability, local government funds might not be properly utilised.

According to him, council resources have often been misused, turning councils into “ATMs for corrupt officials” who divert public funds for personal gain.

The EFCC chairman noted that councils’ financial struggles and failure to meet community obligations raised serious concerns about their fiscal viability and effectiveness.

He acknowledged that many council chairmen have blamed inefficiency on state governors’ control and the diversion of local government funds.

With financial autonomy now in place, he stressed that such excuses would no longer be valid, and chairmen would be held accountable for any mismanagement.

He urged them to embrace transparency and integrity, using autonomy to implement meaningful projects that benefit their communities.

Additionally, he encouraged council officials to enhance their capacity in resource management, ensuring compliance with financial regulations.

“Acquire more knowledge and build your capacity on relevant laws guiding financial management. Ignorance of the law is not an excuse,” he warned.

The News Agency of Nigeria (NAN) reports that the summit’s theme was ‘Local Government Autonomy, Fiscal Responsibility and Sustainable Development.’ (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

General News

Governors meet over tax reform, others

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By Emmanuel Oloniruha

The 36 state governors, under the aegis of the Nigeria Governors’ Forum (NGF), are meeting in Abuja to discuss tax reform and other national issues.

The News Agency of Nigeria (NAN) reports that the meeting is chaired by the forum’s chairman, Gov. AbdulRahman AbdulRazaq of Kwara.

Governors from Oyo, Anambra, Bauchi, Jigawa, Lagos, Ogun, Abia, Ebonyi, Bayelsa, and Akwa Ibom are in attendance.

Also present are the deputy governors of Kaduna and Zamfara.

Speakers of State Houses of Assembly are also attending the meeting.

At its Jan. 17 meeting with the Presidential Committee on Fiscal and Tax Reforms, the NGF endorsed a revised Value Added Tax (VAT) sharing formula.

The proposed formula allocates 50 per cent based on equality, 30 per cent on derivation, and 20 per cent on population.

On Wednesday, the Federal Government inaugurated 50 newly appointed Tax Appeal Commissioners to strengthen economic reforms and revenue generation.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, underscored the commissioners’ vital role in enhancing revenue collection.

He highlighted the importance of the Tax Appeal Tribunal (TAT) in ensuring fair tax dispute resolution, fostering investment, and promoting a business-friendly environment. (NAN) (www.nannews.ng)

Edited by Abdulfatai Beki / Kamal Tayo Oropo

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