NEWS AGENCY OF NIGERIA
P-CNGI enforces 40% fare reduction on CNG commercial vehicles

P-CNGI enforces 40% fare reduction on CNG commercial vehicles

267 total views today

By Emmanuella Anokam

The Presidential Compressed Natural Gas Initiative (P-CNGI), in partnership with the National Union of Road Transport Workers (NURTW) has begun the enforcement of 40 per cent public transport fare reduction on CNG converted commercial vehicles.

The P-CNGI made this known in Abuja on Friday, while marking the official public announcement of 40 per cent reduction on fares on routes serviced by NURTW CNG-converted vehicles.

Speaking at the event which took place at the Area 1 Park, Garki, Mr Michael Oluwagbemi, P-CNGI Chief Executive Officer and Programme Director, said the aim was to execute President Bola Tinubu’s mandate on affordable transportation for Nigerians.

Oluwagbemi, represented by Mr David Idakwo, Regional CNG Expansion Coordinator, North, said the event was designed to showcase real-world CNG impact, reaffirm the commitment to cleaner and affordable transport and demonstrate practical implementation of CNG adoption.

“The intention is to as much as possible reduce the price of transportation for the general public.

“We have worked hand-in-hand with the NURTW, we have converted a lot of their vehicles and based on the agreement that we have with them, it’s for them to reduce the prices for the general public, so that the effect of the fare subsidy will be felt by Nigerians.

“The burden will also be reduced.

“So, in conjunction with the leadership of the National Union of Road Transport Workers, we have come here to start enforcing the price reduction,” he said.

He said that after meeting with the NURTW, it obtained and jointly analysed the transport fares charged from Area 1 to different destinations when they were running on petrol, and achieved a 40 per cent reduction in the fares.

“Area 1 to Gwagwalada when they were on fuel was going for N1, 500; we have been able to reduce it to 900,while Area 1 to Bwari/Dutse is also reduced from N1, 500 to N 900.

“Area 1 to Kuje is reduced from N1, 200, to N720; Area 1 to Galadimawa is reduced from N500 to 300; Area 1 to Mpape is reduced from N1, 000 to N600; while Area 1 to Zuba also reduced from N1, 500 to N900.

“Area 1 to Lugbe reduced from N700 to N420; Area 1 to Jabi has also been reduced from N700 N420; Area 1 to Wuse is reduced from N400 down to N240, while Area 1 to Nyanya has been reduced from N700 to N420.

“Area 1 to Kabusa reduced from N800 to N480, while Area 1 to Apo was reduced from N500 to 300 Naira,” he said.

“So, at the moment, these are the reductions we have achieved at Area 1 Park. The reduction project will continue. More cars have been converted and we are going to other parks within Abuja, and eventually the country,” he said.

Speaking on how the passengers would identify the converted vehicles, he said all the vehicles that have been converted must have P-CNGI stickers pasted on them for easy identification by passengers.

The P-CNGI boss said the NURTW had thousands of registered commercial vehicles, and that it had converted over 50 per cent of them in collaboration with the union’s leadership.

“Even right here, we still have our members taking records of those cars that are yet to be converted and the conversion will continue.”

He said the Federal Government was already engaging the private sector on the need to invest in gas infrastructure to ensure availability of CNG at various fuel stations to reduce the disturbing queues witnessed in many refilling stations.

In order to enforce compliance with this new process, he said it had a task force made up with some members of the union and P-CNG officials, while passengers were obliged to report any non-compliance through P-CNGI customer service numbers (07000000264) or send message to info@pci.gov.ng.

“So, we sent out mystery shoppers into the field to board some of these buses and see if they comply. If they don’t comply, such a driver would be reported to the task force and be disciplined,” he said.

According to him, having converted over 70 per cent of airport shuttle cars, and met with the operators on the modalities for fare reduction, they will soon announce the reduced fare for airport shuttle cars.

Oluwagbemi, while reaffirming the government’s efforts in tackling high transport and energy costs, urged the media to amplify public awareness and encourage further CNG adoption.

Also speaking, Mr Ibrahim Jubril, Secretary, Garki Branch, NURTW, lauded the president on his effort to reduce the suffering of Nigerians by reducing the price of transportation through the P-CNGI.

“When the programme was inaugurated, the NURTW and other sister associations were all invited and were all given the opportunity, as it stands today, a lot of our members’ vehicles have been converted, and conversion is still ongoing for many.

“When we noticed that most of the vehicles are being converted, we put a taskforce in place in order to checkmate vehicles that are already being converted, so that we can be able to reduce their prices.

“Part of our strategy is that vehicles that have been converted, must have a price tag written on them, so that passengers going to Gwagwalada, Nyanya, will notice that the vehicle is converted.

“We are there to protect the interests of our passengers and to enjoy the benefit of this programme,” he said. (NAN)

Edited by Emmanuel Afonne

BoI disburses N2.25bn to Gombe MSMEs

BoI disburses N2.25bn to Gombe MSMEs

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By Peter Uwumarogie

The Federal Government, through the Bank of Industry (BoI), has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe.

Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BoI, confirmed this during a town hall meeting held in Gombe on Friday.

The meeting aimed to sensitise the Gombe business community about the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises.

Olusi said the Federal Government, through BoI, had disbursed over N107 billion to nearly 900,000 beneficiaries across Nigeria’s six geo-political zones.

“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he said.

Represented by Mr Mohammed Maina, North East Regional Manager of BoI, Olusi described the fund as a landmark initiative of President Bola Tinubu’s administration.

He stated that the initiative aims to empower MSMEs and revitalise Nigeria’s manufacturing sector as part of a broader economic growth strategy.

According to him, the scheme represents a strong investment in Nigeria’s future and a commitment to unlocking the business sector’s potential.

“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi noted.

He added that MSMEs account for 96 per cent of Nigerian businesses, 84 per cent of employment, and nearly half of the country’s Gross Domestic Product (GDP).

Olusi said President Bola Tinubu envisions an economy where local industries thrive, meet global standards, and every enterprise is empowered to succeed.

BoI, he said, is working to ensure the scheme becomes a catalyst for jobs, innovation, and prosperity, especially among young entrepreneurs.

He commended Gombe State Government’s support and urged MSME owners, community leaders, and youth groups to champion the intervention.

Mr Abdulwahab Sabo, Senior Special Assistant to Gov. Inuwa Yahaya on MSMEs, praised President Tinubu for positively impacting Gombe’s local economy.

Sabo stated that MSMEs remain the backbone of the state’s economy by creating jobs and fostering entrepreneurship, especially among women and youths.

He said the Yahaya-led administration is committed to supporting initiatives that empower women and youths while encouraging business growth.

Abbas Abdul, Chairman of the Tea and Bread Association in Gombe, expressed gratitude to President Tinubu for the financial support.

Abdul, who received N50,000 six months ago, said his business has grown to N300,000, and he now plans to open a mini restaurant.

Adamu Abubakar from Dukku LGA, who engages in fabrication and welding, said the intervention saved him from high commercial bank interest rates. 

Abubakar received a N5 million loan at nine per cent interest per annum and now plans to expand and employ more young people.

The News Agency of Nigeria (NAN) reports that the town hall included a question and answer session on accessing loans and challenges faced by MSMEs. (NAN)

Edited by Kamal Tayo Oropo

Stockbrokers’ institute, Ekiti partner on financial intelligence empowerment

Stockbrokers’ institute, Ekiti partner on financial intelligence empowerment

207 total views today

 

 

By Taiye Olayemi

 

The Ekiti State Government has expressed its readiness to partner with the Chartered Institute of Stockbrokers (CIS) to upscale capacity building on financial intelligence for top-level government officials.

 

This is in line with the institute’s financial literacy programme and following plans to introduce Bachelors Degree programme in Securities and Investment at Ekiti State University, Ado Ekiti on Tuesday.

 

Gov. Biodun Oyebanji, disclosed this while receiving the Chairman of CIS, Oluropo Dada, who was on a courtesy visit at the state Government House.

 

Gov. Oyebanji, who expressed gratitude to the institute’s council members for the interest in the development of Ekiti State, assured them of the state’s willingness to collaborate in all the areas of request.

 

He said, “Our government appreciates the roles of the capital market in the development of any economy.

 

“We have raised long-term fund from the market in the past for developmental projects, which are doing well today.

 

“We shall deepen our relationship with the Chartered Institute of Stockbrokers. We are willing to collaborate in training of government workers in financial intelligence to equip them with basic tools to manage resources after retirement.

 

“We will also partner in the onboarding of Bachelor’s Degree Programme in Securities and Investment in the state-owned tertiary institutions and other areas of supporting Ekiti indigenes, particularly youths in acquisition of professional qualifications of the Institute.”

 

Speaking earlier, the CIS Chairman, said the institute has the capacity to train the state’s top civil servants on financial intelligence.

 

Dada also encouraged the governor to introduce Bachelor’s Degree in Securities and Investment in the state’s universities to attract youths into the Nigerian financial market.

 

“The leadership of the Institute identifies with the various fiscal reforms, initiatives, policies and ongoing infrastructural developments of the government.

 

“This courtesy visit is part of our efforts to explore areas of collaboration and strategic partnership that will further enhance economic growth of the state.

 

“We can collaborate to organise regular financial literacy programmes for all government workers.

 

“The training will focus on finance, securities and investment opportunities for civil servants within the state.

 

“We also have capacity to organise specially designed trainings for top government officials and senior executives of ministries, departments, agencies, corporations and parastatals in the areas of treasury to enhance their skills.

 

“We request for government sponsorship of at least 1000 indigenous students of Ekiti in all the tertiary institutions in Ekiti state to write the institute’s professional diploma examination as pathway to the institute’s professional examinations,” he said.

 

Dada advised that an executive order could be issued for inclusion of CIS professional qualifications in the state civil service scheme, including onboarding of B.Sc. Securities and Investment degree programme as one of the courses in all Ekiti State owned tertiary institutions.

 

He said this is to boost more students’ enrolment and revenue generation for the institution.” (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

SEC uncovers another suspected illegal investment platform, Tofro

SEC uncovers another suspected illegal investment platform, Tofro

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By Taiye Olayemi

The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro).

The commission raised the alarm in a notice issued on Thursday and made available to newsmen.

The commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns.

SEC said that the suspected investment platform holds itself out as a cryptocurrency trading platform, adding that such an investment scheme is not registered by the commission.

It said that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent ponzi scheme.

According to SEC, it promises of unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.

SEC, however, strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such investment with the entity does so at their own risk.

The notice reads, “The attention of the Securities and Exchange Commission has been drawn to the activities of an online platform known as TOFRO.COM (Tofro), which holds itself out as a cryptocurrency trading platform.

“The commission hereby informs the public that the Tofro is NOT REGISTERED by the commission either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.

“Investigations have revealed that Tofro’s operations exhibit the typical indicators of a fraudulent ponzi scheme, including the promise of unusually high returns, heavy reliance on a referral system to sustain pay-outs and failure to honour withdrawal requests from subscribers.

“Accordingly, the public is strongly advised to be wary about investing with Tofro, as any person who places such investment with the entity, does so at his/her own risk.

“The commission similarly reminds potential investors of the need to VERIFY the registration status of investment platforms via the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.”

The SEC Director-General, Emomotimi Agama, had said that Nigerians need to understand the dangers of putting their hard-earned money into ventures not registered or regulated by SEC. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

4 banks post 679.37 bn profit in Q1 2025, customers react over charges -NGX

4 banks post 679.37 bn profit in Q1 2025, customers react over charges -NGX

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By Ginika Okoye
Four banks have posted N979.77 billion as Profit Before Tax (PBT) for the first quarter of 2025 ended March 31.
The News Agency of Nigeria (NAN) correspondent, who monitored banks’ quarter I unaudited financial statements posted on the Nigerian Exchange Group (NGX) platform, reveals that all the banks recorded increase in their gross earnings.
The charges ranged from Teleco Fee, SMS Alert Charges, Value Added Tax (VAT) charges, Electronic Money Transfer and interests reduction, among others.
The figure represents a 120.8 per cent increase from the amount recorded during the corresponding period in 2024.
The banks analysed include Guaranty Trust Holding Company (GTCO), Zenith Bank Plc, Fidelity Bank Plc and Access Holdings Plc.
GTCO posted a Profit Before Tax (PBT) of N300.4billion on the back of strong performance posted on the earnings of interest income which grew year-on-year by 41.1 per cent and fee income up by 41.2 per cent.
Zenith Bank recorded N949.86 billion in gross earnings in Q1 against N780.6 billion posted in the same quarter of 2024.
Zenith Bank’s Profit After Tax (PAT) rose from N258.3 billion in the first quarter of 2024 to N311.8 billion in same period of 2025.
Access Holdings Plc recorded N222.78 billion as Profit for the period against N202.74 billion recorded in same period of 2024.
Similarly, Fidelity Bank’s gross earnings grew from N192 billion in Q1 2024 to N315.4 billion in 2025 while the profit for the period also grew from N31.4 billion recorded in 2024 to N91.1 billion in same period of 2025.
Reacting to the development, some of the banks’ customers called on the Central Bank of Nigeria (CBN) to look into undue transaction charges by banks.
Some of the customers who spoke to NAN described the charges as unfair and uncalled for.
Mr Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria (CIBN) said that banks usually initiate all forms of charges at the expense of their customers.
Unegbu, who regretted that banks even charge electronic transfer levy on cheques, said it was about time customers held banks accountable.
“Banks charge all sorts even illegal charges and if customers complain they won’t respond because they feel that the money is not much,” he said.
Dr Anthony Nnadi, a customer of Guaranty Trust Holding Company (GTCO) and Access Holdings Plc said he received a message from the GTCO concerning a SMS alert charge increase.
Nnadi who said he had continuously received debit alerts from his banks on various transaction charges, regretted that customers bore the heat of recapitalisation.
He called on the CBN to review and monitor banks’ transaction charges with a view to bringing discipline in the system.
Mrs Catherine Omale, a Zenith Bank customer, appealed to the CBN to check the excesses of some banks, who were allegedly defrauding customers and posting huge profits. (NAN)(www.nannews.ng)
Edited by Sadiya Hamza
NGX records N2.1bn profit, N3.56bn revenue in Q1 2025   

NGX records N2.1bn profit, N3.56bn revenue in Q1 2025  

301 total views today

 

 

 

 

 

By Taiye Olayemi

 

The Nigerian Exchange Group (NGX) has announced a profit of N2.1 billion for the first quarter of 2025.

 

The Exchange disclosed this in its unaudited financial statement released on Wednesday.

 

This represents an increase compared to the N1.34 billion profit recorded during the same period in 2024.

 

The NGX also reported a revenue of N3.56 billion for the first quarter of 2025, up from the N3.485 billion generated in the corresponding quarter of the previous year.

 

The group’s Profit Before Tax (PBT) saw a significant rise, reaching N2.49 billion in first quarter 2025, compared to the N2 billion recorded in the first quarter of 2024.

 

The financial statement further revealed that the NGX’s income tax expenses for the first quarter of 2025 amounted to N372.9 million, a considerable decrease from the N675.7 million recorded during the same period in 2024.

 

This positive financial performance in the first quarter of 2025 underscores the NGX’s continued growth and resilience within the Nigerian capital market. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Nestlé Nigeria reports 61% revenue growth Q1 2025

Nestlé Nigeria reports 61% revenue growth Q1 2025

358 total views today

 

 

 

 

 

 

 

By Taiye Olayemi

 

Nestlé Nigeria has reported a 61 per cent revenue growth of N294.9 billion in first quarter of 2025.

 

 

 

This is compared to N183.5 billion reported for the first quarter of 2024.

 

 

 

The company disclosed this in a corporate disclosure sent to the Nigerian Exchange Ltd. on Wednesday.

 

 

 

Its operating profit grew to N74.1 billion, representing 254 per cent increase from N20.9 billion in first quarter 2024.

 

 

 

The profit before tax reached N51.2 billion, in contrast to the loss of N196.1 billion in the same period in the prior year.

 

 

 

Also, the profit after tax amounted to N30.2 billion, compared to a loss of N142.7 billion in first quarter 2024.

 

 

 

The equity position improved by N30 billion.

 

 

 

Commenting on the results, Mr Wassim Elhusseini, Chief Executive Officer of Nestlé Nigeria, said, “The results for Q1 2025 reflect our unwavering commitment to operational excellence and strong fundamentals, marking a successful continuation of our return to profitability initiated in Q4 2024.

 

 

 

“The robust topline growth of 61 per cent in Q1 2025 and profit after tax of N30.1 billion demonstrate that our focused efforts are yielding desired results led by a strong operating performance.”

 

 

 

Looking ahead, Elhusseini said, “We will remain dedicated to driving innovation and renovation to meet evolving consumer needs, enhancing our margin management initiatives, and investing in community programmes that deliver sustainable value to all our stakeholders.” (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

We’ve surmounted port challenges- Oyetola

We’ve surmounted port challenges- Oyetola

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By Diana Omueza

Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy, says Nigeria has successfully surmounted port challenges and ports are now attracting major container carriers and generating revenue for the country.

Oyetola said this on Wednesday in Abuja while receiving members of Study Group 4, Senior Executive Course 47, National Institute of Policy and Strategic Studies (NIPSS), on a study tour to the ministry.

The minister said that the long and difficult systemic challenges beyond administrative inefficiencies and infrastructural collapse in the maritime sector had been surmounted.

He said he had to confront and dismantle entrenched interests and well-organised syndicates who had for years fed fat on the chaos surrounding the ports and their access.

According to him, shortly after assuming office in 2023, it became clear that the Apapa gridlock had to be tackled head-on if Nigeria’s blue economy was to thrive.

“The fierce behind-the-scenes battles that led to the eventual clearing of the infamous Apapa gridlock that crippled port operations and economic activities for over two decades did not come easily.

“For the first time in over 20 years, trucks no longer spend weeks waiting to pick up or deliver cargo.

“Port users now experience seamless movement, while haulage costs dropped by as much as 60 per cent,” he said.

Oyetola said that the ports were now alive again, attracting major container carriers, while trade was moving, time being saved and revenue growing.

He said that the Apapa gridlock was not natural, adding that it was engineered by people who built careers and empires on the dysfunction.

The minister said that clearing the gridlock meant going against years of collusion, corruption, and carefully cultivated disorder which was not easy.

He attributed the successes achieved in enhancing ports operations especially in resolving the Apapa gridlock to focused leadership and inter-ministerial cooperation.

He said that Apapa residents now lived in cleaner, quieter surroundings.

“Small businesses are beginning to return, port workers are more efficient, and the entire Nigerian economy stands to gain from the renewed competitiveness of its ports,” he said.

Mr Abdulrahaman Idris, the Head of Delegation of the NIPSS Study Group, commended the minister for the giant strides achieved within two years of his assumption of office.

Idris said that the 2025 study tour was themed “Blue Economy Sustainable Development in Nigeria, Issues, Challenges and Opportunities”.

He said that it was meant to provide solutions to issues affecting national life and to enhance the maritime sector.

“We are here today on this study tour to understudy the ministry and its activities.

“Members of this study group 4 are drawn from the public sector, the paramilitary and the presidency.

“The outcome of this tour would also form part of our submission to the President in November,” he said. (NAN)(www.nannews.ng)

Edited by Benson Ezugwu/Kadiri Abdulrahman

Akume inaugurates procurement certification portal

Akume inaugurates procurement certification portal

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By Okeoghene Akubuike

Sen. George Akume, Secretary of the Government of the Federation(SGF), has inaugurated the Nigeria Procurement Certification Portal to standardise and professionalise procurement certification in Nigeria.

Akume, represented by Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, inaugurated the portal in Abuja on Wednesday.

He warned procurement officers to adhere to the standards of professionalism or be held accountable if found culpable.

“The Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) Programme which is being launched today, represents a strategic step towards institutionalising professionalism in procurement, environmental and social standards management.

“ The investment by the government in the recruitment of the procurement ecosystem is proof of faith in the capacity of the public sector to drive development in Nigeria in an efficient, transparent, corruption-free environment.

“ We must, however, sound a strong note of warning to all procurement officers whose acts of omission or commission may result in the loss of public funds or misuse of procurement.

“We will be held accountable. Public service is in trust, and we must guard it with utmost integrity.”

Edun, in his remarks, said that having international certification through the programme would help reverse the Japa syndrome.

“By the time you have international certification and you can provide services online, over the internet, internationally, then young Nigerians can stay in Nigeria.

“They can provide services, training, consulting, business support whilst staying in their own country, enjoying Nigeria and earning funds internationally.”

Dr Adebowale Adedokun, Director–General, Bureau of Public Procurement (BPP), said the programme was in a bid for Nigeria to move from the traditional procurement process to adopt international best practices in procurement.

 

Adedokun said the programme had already been provided for in the Public Procurement Act of 2007.

“ This gathering today marks the actual take-off of that consolidated approach to building capacity of public and private procurement officers who are doing business with the Federal Government.

“This new capacity building programme is aimed at building knowledge, mastery and skills of officers that will meet the expectations of all stakeholders.

“ We are already engaging professional bodies to assist us in building sector-based Procurement expertise that will match that of the private sector.

“This will ultimately reduce subjectivity, turn around time, wastage, reduce poverty, enhance job opportunities for our graduates and much more export to other developing countries. “

Adedokun said the programme, with the support of partners, was set to be adopted by other countries, which will serve as another form of foreign exchange.

He said the programme would be implemented in phases, starting with graduates from the six centres of excellence.

“ May I say today we have trained over 7,000 procurement officers nationwide. About 30 per cent represent the women, gender affirmative action that we have been promoting.”

He encouraged professional bodies to set up divisions that would focus on public procurement and create competition.

 

Taimur Samad, World Bank Acting Country Director for Nigeria, said the SPESSE, which was an 80 million dollar programme, would go a long way in the professionalization of the procurement practice in Nigeria.

Samad said Nigeria had become a reference point for other African countries who have shown interest in replicating the programme in their countries saying it was an honour for Nigeria.

He announced that the World Bank was increasing its financial commitment to the programme to deepen its impact across Nigeria.

Samad said the process would be completed by June to allow for further training, certification, and further impact at the federal and state levels of this critical initiative.

Sen. Ipinsagba Olajide, Chairman, Senate Committee on Public Procurement, said to achieve economic freedom, Nigeria needed to give free enterprise, adding that for free enterprise to be achieved, there must be transparency, fairplay and accountability.

Olajide assured that Nigeria would soon get to a point where bidding would be done in the comfort of people’s homes.

He said that there was no more room for compromise in the procurement process adding that the process must be straightforward and fair.

The News Agency of Nigeria(NAN) reports that the SPESSE Project is a Federal Government of Nigeria project with assistance from the World Bank.

It is aimed at building capacity in managing procurement, Environmental, and Social Standards in the public sector. (NAN)(www.nananews.ng)

Edited by Vivian Ihechu

FMITI partners NGX Group to achieve bn investment target

FMITI partners NGX Group to achieve $6bn investment target

285 total views today

 

 

 

 

By Taiye Olayemi

The Federal Ministry of Industry, Trade and Investment (FMITI) has partnered with the Nigerian Exchange Group (NGX Group) to achieve its ambitious $6 billion investment target.

In a statement signed on Tuesday by Mr Adebayo Thomas, Director, Press and Public Relations of the ministry, the commitment was underscored during a Closing Gong Ceremony at the NGX in Lagos.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, outlined FMITI’s ambitious target to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025.

Oduwole was at the Nigerian Exchange Ltd. (NGX) on the invitation of the Board and Management of Nigerian Exchange Group Plc (NGX Group) to perform the distinguished Closing Gong Ceremony on the Nigerian Exchange in Lagos on April 28.

Explaining further the financial targets and strategic vision of the $6 billion target, she said $3 billion was projected to come from Foreign Direct Investment (FDI) into key sectors.

According to her, such sectors include infrastructure, manufacturing, agribusiness, technology, and renewable energy.

She explained that these sectors were pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity.

She said another $3 billion would be mobilised through Foreign Portfolio Investment (FPI) by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms.

She noted that these efforts were aimed at deepening market liquidity and aligning capital flows with national priorities.

Dr Oduwole emphasised the integral role of capital markets in driving economic resilience and sustainable growth.

She said, “Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience.”

Also, Ahonsi Unuigbe, Chairman, NGX, reinforced the importance of this collaboration.

He said, “Capital markets are powerful engines of innovation, business expansion and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.”

Temi Popoola, Group Managing Director of NGX Group, highlighted the Exchange’s technology-driven vision.

“We are building a next-generation exchange ecosystem designed to democratise investment opportunities, enhance market liquidity and position Nigeria as a competitive destination for both domestic and international capital,” he said.

The News Agency of Nigeria (NAN) reports that the notable areas of collaboration included: Strategic Listing of State-Owned Enterprises, Empowering SMEs, and Green and Sustainable Finance.

Oduwole, was at the NGX on April 28 at the invitation of the Board and Management of the NGX Group to perform the distinguished closing gong ceremony on the Nigerian Exchange.

This symbolic ceremony, held on trading days, marks the formal close of the market and provides an excellent platform to showcase leadership, inspire stakeholders, and address critical economic issues. (NAN)

Edited by Olawunmi Ashafa

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