NEWS AGENCY OF NIGERIA
Telecom tariff hike: NLC declares mass rally on Feb. 4
Economy/Business

Telecom tariff hike: NLC declares mass rally on Feb. 4

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Protest

By Joan Nwagwu

The Nigeria Labour Congress (NLC) has declared plans to embark on a nationwide mass rally on Feb. 4 over the 50 per cent hike on telecom services by the Nigeria Communications Commission (NCC).

Mr Joe Ajaero, NLC President, said this in a communique issued at the end of the Congress’s National Administrative Council (NAC) meeting in Abuja.

He said the NAC-in-session totally rejected the 50 per cent telecom tariff hike as it was considered as too harsh for the citizens.

According to him, to express our collective opposition to this arbitrary tariff hike, the NLC will embark on a nationwide mass rally on Tuesday, February 4, 2025.

“The rally will serve as a warning on the dangers of imposing such an unfair increase on a struggling population earning a minimum wage of only N70,000.

“A population that has suffered outrageous hike in the price of petrol, high cost of food, hike in electricity tariff and general rising inflation.

“All NLC affiliates and state councils are directed to begin full mobilisation in preparation for the Feb. 4, nationwide protest rally. Willing civil society allies are also encouraged to join the preparation.

“The Congress calls on all Nigerian workers, the informal sector, and the general public to stand in solidarity against this unjust policy,” he said.

Ajaero therefore said that NAC-in-session called for the immediate suspension of the 50 per cent tariff hike.

He also called on the Federal Government, the Nigeria Communication Commission (NCC and the National Assembly to engage in meaningful dialogue with critical stakeholders to review the proposed tariff adjustment.

He added that the tariff should be reviewed within the context of the economic realities facing Nigerians.

“Should these not be heeded, the Nigeria Labour Congress will escalate its actions, including the possibility of a nationwide boycott of telecommunication services.

“Others are further mass actions which may involve nationwide withdrawal of our service to resist policies that exacerbate poverty and inequality,”he said.

He added that the NLC remained committed to protecting the interests of Nigerian workers and citizens against exploitative economic policies.

“We will not relent in our struggle against policies that undermine the welfare and dignity of our people,”he said.(NAN)

Edited by Maureen Atuonwu

FCT Internal Revenue Service partners EFCC to enhance tax compliance
Economy/Business

FCT Internal Revenue Service partners EFCC to enhance tax compliance

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By Philip Yatai

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has sought collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance tax compliance in the territory.

The acting Executive Chairman of the Service, Mr Michael Ango, solicited for the partnership when he visited Executive Chairman of the EFCC, Mr Olanipekun Olukoyede, in Abuja on Wednesday.

Ango explained that the partnership was in line with the mandate of the FCT-IRS to collaborate with relevant agencies such as the EFCC towards improving tax compliance in the FCT.

He disclosed that one of the major initiatives of the FCT-IRS in 2025 was the harmonisation of revenue collection and administration in the FCT.

This, he said, would not be achieved without the support and collaboration of all stakeholders including anti-graft agencies.

“This is to ensure that all revenue due to the FCT is collected and accounted for in a transparent manner, enhance ease of doing business and improve revenue generation.

“This will further consolidate the massive infrastructural development in the territory by FCT Minister Nyesom Wike,” he said.

He argued that most suspects being investigated by EFCC for financial crimes were not tax compliant.

Ango added that it would be helpful if the suspects’ tax obligations would also be interrogated as part of EFCC’s investigation processes.

According to him, this approach can also be extended to forfeiture of assets or monies of suspects to the EFCC by the courts.

“When suspects are being investigated or charged to court, we will like to know, Mr Chairman, their tax compliance level.

“If they escape from one door, we can catch them through another door. We will, therefore, be happy to partner with you on this, like we are doing with your sister agency, the Nigerian Financial Intelligence Unit (NFIU),” he suggested.

The FCT-IRS boss condoled with the EFCC on the recent loss of its operative.

He also commended the commission’s chairman and his management team for the excellent work they are doing to tackle financial crimes in the country.

In his remarks, the EFCC boss thanked Ango and his team for the visit and expressed the commission’s willingness to partner with the FCT-IRS to improve revenue collection in the FCT.

Olukoyede said the commission had entered into similar partnerships with the Federal Inland Revenue Service (FIRS) and other State Internal Revenue Services.

He expressed the commission’s readiness to extend the same gesture to the FCT-IRS.

According to him, the move will enable the FCT-IRS to shore up its revenue collections.

He, however, stressed the need for a Memorandum of Understanding (MoU) to highlight the specific areas of collaboration, pointing out that MoU would further strengthen the relationship between the two organisations.

The EFCC chairman, who said he has been keeping tabs on Ango’s achievements since appointment as the FCT-IRS boss, also lauded the ongoing massive infrastructural development in the FCT.

“This shows that taxpayer’s money is being judiciously used across the territory for the benefits of all,” he said. (NAN)

Edited by Muhammad Lawal

FG aims 25% cut in port costs via single window
Economy/Business

FG aims 25% cut in port costs via single window

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By Aisha Cole

The Federal Government has announced plans to implement the National Single Window (NSW) to reduce the cost of doing business in Nigerian ports by at least 25 per cent.

 

The Minister of Marine and Blue Economy, Mr Adeboyega Oyetola, disclosed this at a stakeholders’ forum on the establishment of the NSW in Lagos on Tuesday.

 

He said that the implementation of NSW could enhance efficiency, therefore reducing these costs by at least 25 per cent.

 

The News Agency of Nigerian (NAN report that the World Bank had said that the cost of doing business at Nigerian ports could be up to 40 per cent.

 

This is higher than what is obtained in some West African countries and due to delays and administrative bottlenecks, leading to an estimated annual revenue loss of N2.5 trillion within the business community.

 

“By streamlining operations, improving transparency, and minimising delays, the system not only drives cost savings, but also strengthens overall trade facilitation.

“The cumulative impact across all areas include reduced costs, enhanced efficiency and greater transparency, ultimately contributing to the overall ease of doing business,” he said.

 

Oyetola, however, stated that the federal government had been prioritising multimodal connectivity to boost trade and reduce transportation cost.

According to him, the present administration is advancing multimodal connectivity by improving road, rail and inland waterway links to and from the ports.

The minister said that these improvements were targeted at reducing transportation costs, enhancing logistics and boosting trade.

Oyetola said that the ministry, in collaboration with the Lagos State Government, cleared the age-long Apapa – Tincan – Mile 2 traffic for landside operations and provided tugboats, mooring boats, pilot cutters, bollards, and fenders across all port locations for effective seaside operations.

 

“We maximised crane productivity and ensured a reduced transit time for vessels and trucks. These led to a reduction in both the vessel and truck turn-around times.

 

“The vessel turn-around-time went down from an average of seven days to an average of  five days, while truck turn-around-time went from an average of 10 days to a few hours.

 

“However, we are not resting on our oars, as our ultimate goal is to make Nigeria the hub of maritime in West Africa,” he said.

 

He also added that the ministry plans to revamp existing ports, with Apapa and Tin Can Island Ports as pilot projects, pointing out that the modernisation would address the aged facilities, nearing the end of their economic lifespan, which would enhance hinterland connectivity.

 

“We are also encouraging private-sector participation in developing greenfield ports and other infrastructure projects. Additionally, the NPA has acquired two state-of-the-art tugboats to strengthen its fleet, with plans to procure more marine crafts to boost operational efficiency,” Oyetola said.

 

He also stated that the ministry had commenced a strategic plan and modality by engaging its stakeholders on how best to establish a National Flag Carrier through a Private Public Partnership (PPP), noting that the initiative aims to generate employment, reposition the maritime sector and provide revenue streams for the government.

 

“Furthermore, arrangements for the disbursement of the Cabotage Vessel Financing Fund (CVFF) are being finalised to support the development of the shipping sector,” he added.

 

According to him, the implementation of the NSW project is a vital initiative to enhance trade facilitation in Nigeria.

 

The minister explained that the initiative would undoubtedly raise awareness and enlighten participants on the benefits of NSW as the Government continues to improve trade efficiency for the collective economic prosperity of all Nigerians.

 

“Today, we convene as partners in progress to explore how the implementation of the National Single Window system can streamline trade facilitation and catalyse the growth of our blue economy.

 

“The executive decision to implement the National Single Window system alongside the Port Community System (led by the Ministry of Marine and Blue Economy through the Nigerian Port Authority) marks a pivotal step.

 

“It demonstrates the government’s commitment to modernising trade processes and maximising the utilisation of our marine resources.

 

“Nigeria’s marine and blue economy represents an untapped gold mine of opportunities. It encompasses a vast spectrum of activities—from maritime shipping and fisheries to renewable energy and coastal tourism,” he added.

 

He cited that with an expansive coastline of 853 kilometers and a maritime area of over 46,000 square kilometers, Nigeria is strategically positioned to leverage these resources for sustainable economic growth.

 

“The marine and blue economy holds immense potential to contribute significantly to our GDP, create thousands of jobs, and drive regional and global trade.

 

“Despite its immense potential, the marine and blue economy faces challenges such as inefficiencies in port operations, bureaucratic obstacles and insufficient coordination among stakeholders, which have impeded its growth.

 

“Addressing these challenges requires an efficient, integrated, and secure logistics ecosystem—a goal that the National Single Window system is poised to enable,” he stressed.

 

The minister noted that the NSW initiative is a pioneering cross-government system, designed to streamline trade facilitation.

 

“It simplifies trade processes by enabling stakeholders to seamlessly coordinate trade-related transactions across multiple government agencies through a unified electronic platform.

 

“This digital transformation eliminates redundancies, reduces processing times, and ensures seamless coordination among government agencies and private sector actors.

 

“In essence, it is the bedrock for efficiency and competitiveness in global trade. Leveraging the implementation of a National Single Window for Nigeria in the trade industry, it aligns perfectly with our Renewed Hope Agenda,” he added.

 

Also, the Managing Director of Nigerian Ports Authority, Dr Abubakar Dantsoho, said that the implementation of NSW interconnects all stakeholders  in foreign trade and enables them to perform trade procedures on one platform.

 

He explained that it provides a comprehensive online environment for all governmental and business users such as importers, exporters, commercial banks, carriers, Customs, ministries and other government agencies to perform trade operations.

 

He said the single window operation is the global trade best practice for the electronic exchange of information relating to over 500 million TEU movements and billions of tonnes of cargo for sea, air and land transport modes.

 

“This concrete move by His Excellency, President Bola Ahmed Tinubu, to implement the NSW in Nigeria is pivotal to deepening the competitiveness of our Ports and position the good people of Nigeria to reap greater benefits from global trade.

 

“The purpose of the Port Community System (PCS) is primarily for Nigeria to comply with the dictates of the International Maritime Organisation (IMO), Convention on Facilitation of International Maritime Traffic (FAL).

 

“Its main objectives are to prevent unnecessary delays in maritime traffic, to aid cooperation between governments, and to secure the highest practicable degree of uniformity in formalities and other procedures,” he noted.

 

 

He further explained that upon the fulfillment of the requirements, Nigeria was admitted as a member of the International Port Community System Association (IPCSA) to join top-class ports in the region, like Tangier Med Port of Morocco, Ghana, Togo, Ivory Coast, Benin Republic amongst others.

 

“Furthermore, the Nigerian Ports Authority recognised the importance of Single Window and has planned and implemented its strategy and provided leadership within the Nigerian Ports Community.

 

“The Authority has taken a very proactive approach to embracing ICT technologies in implementing a number of its internal activities. This is due to the belief that cargo operations in our Ports cannot meet International Standards without the Port Community System.

 

“The National Single Window is a central piece in the modernisation of our trade facilitation, and the Nigerian Ports Authority, under the supervision of His Excellency, Alhaji Adegboyega Oyetola CON, Honourable Minister of Marine & Blue Economy, who is fully committed to its successful implementation,” he added. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

NBS to strengthen partnerships for reliable data production
Economy/Business

NBS to strengthen partnerships for reliable data production

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By Okeoghene Akubuike

The National Bureau of Statistics (NBS) has reaffirmed its commitment to collaborating with stakeholders to ensure the production of accurate and reliable data.

The Statistician-General of the Federation, Adeyemi Adeniran, made this statement during a Sensitisation Workshop on the rebasing of Gross Domestic Product (GDP) and Consumer Price Index (CPI) for Civil Society Organisations in Abuja on Monday.

Adeniran noted that the workshop, organised by BudgiT, underscores the bureau’s dedication to transparency, collaboration, and stakeholder engagement.

He noted that it aligned with the United Nations’ Fundamental Principles of Official Statistics, particularly Principle 3, which emphasises accountability and transparency.

“Our processes are designed to be open, collaborative, and rigorous, ensuring that we leave no stone unturned in accurately measuring and reporting the size of the economy and the level of price changes,” he stated.

Adeniran explained that the rebasing exercise is essential for ensuring that the GDP and CPI reflect current economic realities.

He noted that as economies evolve with new industries and shifting consumption patterns, it is vital to update Nigeria’s statistical measures to capture these changes accurately.

“The rebasing of our GDP and CPI ensures that our economic indicators accurately reflect the structure of our economy, incorporating emerging sectors, updating consumption baskets, and refining data collection methods.

“This process is conducted in line with global standards, without any external influence, and solely to provide accurate measurements,” Adeniran added.

He also emphasised the importance of the exercise for informed policymaking, strategic planning, and effective governance, noting the professionalism of the NBS in conducting the process.

Speaking at the workshop, Oluseun Onigbinde, Global Director for BudgiT, stressed the need for the rebasing exercise to reflect public policy changes and significant sectoral shifts over the past decade.

“Nigerians expect the rebasing to demonstrate the significant changes in various sectors over the last five to ten years.

“The NBS must ensure the data produced builds trust, informs policy, and allows citizens to access robust information about themselves,” Onigbinde said.

He urged the NBS to prioritise effective communication of the rebasing results, recommending an increased communication budget to reach critical segments of society, including the media, to explain the process, insights, and policy implications.

“This is an opportunity to strengthen trust in the institution. The NBS must also communicate the implications and deductions from the data to public policymakers to avoid reckless policy decisions,” he added.

He further emphasised the need for the NBS to remain independent and free from political interference, urging the bureau to always present the truth, regardless of its political or social implications. (NAN) (www.nannews.ng )

Edited by Ekemini Ladejobi

Africa Energy Summit : A defining moment for Mission 300
Economy/Business

Africa Energy Summit : A defining moment for Mission 300

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By Olawunmi Ashafa (News Agency of Nigeria)

Energy poverty remains one of Africa’s greatest challenges, with nearly 600 million people across the continent lacking reliable access to electricity.

This lack of energy access hinders progress in education, healthcare, gender equality, and economic development.

Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth, African Development Bank Group, said, “energy is the engine of development, without affordable, reliable, and sustainable electricity, Africa cannot achieve its developmental aspirations or secure its rightful place in the global economy.

“Energy access is the cornerstone of economic transformation, opening doors to education, healthcare, and income generation.

“Moreover, it fosters gender equality by reducing the time women spend on labour and time-intensive tasks such as cooking with traditional fuels or collecting for firewood.

“Mission 300’s success is therefore not just about electrification; it is about saving and empowering lives as well as communities. It is also about reducing greenhouse gas emissions and safeguarding biodiversity,”  he added.

In response, the African Development Bank Group and the World Bank Group, along with key partners, have launched Mission 300, an ambitious initiative aimed at delivering electricity access to 300 million Africans by 2030.

A crucial milestone in this initiative is the Africa Energy Summit, taking place in Dar es Salaam on Jan. 27, to Jan. 28.

“Yet, the path ahead is daunting. At the current pace of electrification, coupled with Africa’s rapid population growth, the number of people living without access to electricity could remain largely unchanged.

“Action, is therefore,  an imperative, and Mission 300 provides the roadmap to achieve universal energy access by 2030, consistent with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063,” he said.

On the role of Mission 300, he notes it will invest in new and rehabilitation of generation capacity, transmission systerns, including intra and regional interconnections.

Others, he adds , will be distribution grids to build robust and reliable power systems.

According to him, it will be complemented by reforms in the energy sector to ensure affordability and sustainability of electricity service, and financially viable utilities while partnerships with the private sector will assist in mobilising funding at the required speed and scale

In addition to providing electricity access from interconnected power systems, the vice president explained that, through Mission 300’s transformative vision, mini-grids, and stand alone solar home systems will be prioritised to provide electricity to underserved regions and communities.

This, he further stresses, include in fragile and remote areas where extending the interconnected grid is impracticable.

According to him, these Distributed Renewable Energy (DRE) solutions are amenable to easy and speedy roll out, cost effective, modular, sustainable, and can ensure that no community is left behind in the Mission 300 journey.

DRE solutions are projected to account for more that 50 per cent of new connections by 2030.

The summit will convene Heads of State, international organisations, energy experts, and private sector leaders to devise strategies for achieving universal energy access.

Key outcomes of the summit include: the Dar es Salaam Energy Declaration, a commitment to reforms and actions necessary for the success of Mission 300.

It includes 12 country energy compacts detailed, country-specific action plans, including least-cost power expansion models, renewable energy solutions, and private sector involvement.

The key objectives of Mission 300 are capacity building, which focuses on investments in generation capacity, transmission systems, and distribution grids to create affordable and sustainable electricity services.

It also involves deployment of mini-grids and solar home systems to reach underserved regions as well as enlisting new partners and mobilising financial resources to support the mission.

The Mission 300 will also allow leveraging renewable energy by harnessing Africa’s vast renewable energy resources amidst declining costs of renewable technologies.

Kariuki said, “Africa’s path to universal energy access is challenging, but it is also filled with unprecedented opportunities.

“With determination, innovation, and collaboration, we can transform Africa’s energy landscape and make history.”

The Africa Energy Summit is poised to be a transformative event, paving the way for Mission 300’s success.

The initiative calls for strong support from governments, development partners, the private sector and civil society.

By prioritising reforms, mobilising investments, and fostering partnerships, the continent can create a brighter, more sustainable future for millions of Africans. (NAN)

Edited by Folasade Adeniran

Embrace PPP to bridge infrastructure gap, ICRC D-G urges states
Economy/Business

Embrace PPP to bridge infrastructure gap, ICRC D-G urges states

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By Okeoghene Akubuike

The Infrastructure Concession Regulatory Commission (ICRC) has urged State Governors to join President Bola Tinubu’s drive to bridge the infrastructure gap across the country through Public Private Partnerships (PPPs).

Dr Jobson Ewalefoh, the Director-General (D-G) of ICRC, gave the charge in a statement issued in Abuja on Friday after a meeting with the Ondo State Governor, Lucky Aiyedatiwa.

Ewalefoh said Aiyedatiwa was on a private visit to the ICRC to discuss key PPP projects being undertaken by the state.

He said that the current administration was committed to collaborations that would bring about improved infrastructure for Nigerians.

Ewalefoh said that the visit of the governor was strategic and a testament to his vision of attracting private financing to Ondo State.

The D-G further said that the meeting was part of the efforts at the ICRC to forge collaborations between the national and sub-nationals in terms of delivering infrastructure for Nigerians.

Ewalefoh enjoined other state governors to emulate Aiyedatiwa by collaborating with the commission to advance their PPP endeavours, adding that the ICRC was ready to provide support and guidance.

On his part, Aiyedatiwa commended the commission for the good work that it was doing in regulating and advancing PPPs across Nigeria.

He stated that Ondo state was looking at delivering the Deep-Sea Port project through the regulatory guidance of the ICRC.

The governor assured that he was willing to follow the guidance and processes of the commission in ensuring the success of the project as it held tremendous prospects for the state and the country.

Aiyedatiwa praised the leadership of the D-G and the tremendous achievement he had made within his short time in office, describing it as transformational and inspirational. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

2025 WEF: Shettima advocates equal aids partnerships
Economy/Business

2025 WEF: Shettima advocates equal aids partnerships

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Aid

By Salisu Sani-Idris

Vice-President Kashim Shettima has expressed his strong disbelief in dependency on foreign aid, instead emphasising the importance of equal partnerships that uphold dignity.

Speaking at the Financial Times Global Risk Roundtable at the 2025 World Economic Forum (WEF) in Davos, Switzerland, Shettima said, “I don’t believe in aid; I believe in partnership.

“I’d rather carry my poverty with dignity and deal with people, nations, and companies on a pedestal of equality, not in a master-servant relationship.”
He added, “I didn’t come with a begging bowl.”

Shettima said he was optimistic about Africa’s prospects, noting the continent’s rich resources and strategic importance to global growth.

“My continent is the richest in the world, and the global growth trajectory is facing Africa. Nigeria will make or mar that transition.
“The youths of Africa are the drivers of change,” he said.

He reiterated his belief that Nigeria’s dedication to harnessing the potential of its youth, investing in education, and advancing smart agriculture will go a long way in tackling global and domestic challenges.

The Vice-President also observed that while crises abound, they also present opportunities for nations to rebuild stronger.

“The word for crisis in Chinese is ‘Wei Ji’. Wei stands for danger, while Ji stands for opportunity. Yes, we have challenges, but those challenges are pregnant with opportunities to re-engineer our society and build back better,” he said.

Shettima reaffirmed Nigeria’s resolve to embrace innovation and empowerment, particularly through education, gender-focused initiatives, and smart agriculture, to propel its economy into the fourth post-industrial revolution.

“The crisis has given us a unique opportunity to invest in people, especially in areas that will enable us to leapfrog our economies into global competitiveness,” he added.

Acknowledging global crises, including conflicts in Ukraine, the Middle East, and Sudan, Shettima noted their impact on supply chains, humanitarian challenges, and peace.

He called for multilateral collaboration, stressing that the interconnected nature of global challenges requires collective solutions.

“There is an incestuous relationship between economy and ecology in the African continent. But hope springs eternal in the hearts of men.

“As members of the same human family, we can find solutions to our challenges. We must look inward to solve our problems, but multilateralism is key.

“These challenges are global, and we must fuse into one human family to overcome them,” the Vice President added. (NAN)

Edited by Kamal Tayo Oropo

FG, WIOCC commence fibre-to-home internet connectivity worth m
Economy/Business

FG, WIOCC commence fibre-to-home internet connectivity worth $10m

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Internet

By Jessica Dogo

The Ministry of Communications, Innovation and Digital Economy, in partnership with the West Indian Ocean Cable Company (WIOCC), is set to commence the first batch of fibre-to-home internet connectivity in the country.

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani made this known after the signing of Memorandum of Understanding (MoU), between the Ministry and WIOCC group on Wednesday in Abuja.

Tijani said that the project was worth ten million dollars.

According to him,  the initiative will boost the nation’s digital economy and Nigerians will have option of better, faster and affordable internet for digital connectivity.

“We know the role of digital technology in driving productivity across all key sectors. Our intention is not really to have a situation where the cost of providing these services will continue to go up.

“Telecommunications service providers will continue to invest, but at the same time, they have to ensure that their businesses are sustainable, not at a rate that will become challenging for our people.

“That balance is what we have been able to figure. But we also recognise that if our goal is meaningful connectivity, there is more than one way to meaningful connectivity,” he said.

He said that the ministry was encouraging investment in different parts of the value chain that gets connectivity to people.

“One of those areas that Nigerians have not truly benefited from is things like fiber-to-home.

“We mostly rely on connectivity on our mobile, on the go. But, there is immense opportunity to also stay connected while you are home,” he said.

Speaking on the MoU, Tijani said that the government would like to work with companies like WOICC to seamlessly deliver its goals across the entire country.

“It is going to put Nigeria in a position where the people have access to world class and high speed broadband internet in the major cities, and also in the rural and the unconnected locations.

” We also want to see how they can support more small businesses to be able to deal with other services across the country,” he said.

On the recent approval for tariffs hike for telecom services providers, the minister said that it was a difficult decision for the government.

He said that there was clarity on the role of connectivity in the society and development within the government.

“We appreciate that our goal of building a one trillion-dollar  economy will need to ensure that connectivity is at the heart of that.

“Productivity is key to be able to build an economy that is strong,” he said.

Earlier, the Group Chief Business Development Officer of WIOCC, Darren Bedford, said that the company had a target of three million homes in the first phase of the project.

Bedford said that there was an initial investment capital of 10 million dollars.

He said that the project would have a big impact because most of Nigeria is unconnected at the moment,  and majority of businesses and people in their homes have to rely on mobile internet.
(NAN)

Edited by Kadiri Abdulrahman

Shettima reaffirms Nigeria’s resolve to champion AfCFTA
Economy/Business

Shettima reaffirms Nigeria’s resolve to champion AfCFTA

344 total views today

AfCFTA

By Salisu Sani-Idris

Vice-President Kashim Shettima, says Nigeria is ready to spearhead the African Continental Free Trade Area (AfCFTA).

Shettima said this at a forum of Friends of AfCFTA on the sidelines of the ongoing 2025 World Economic Forum (WEF) in Davos, Switzerland.

While addressing the forum tagged, “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,” Shettima said Nigeria was committed to AfCFTA as a vehicle for shared prosperity.

He said Africa was in a unique position to take advantage of global talent deficits.

The Vice-President cited a Korn Ferry study that projected a global human talent shortage of more than 85 million people by 2030.

“By 2050, Nigeria’s population will surpass that of the U.S. becoming the third most populous nation on earth at 440 million people,” he stated.

Shettima said Nigeria’s technological strength was propelling it into the knowledge age.

“Today, we have 220 million telecom subscribers and 163 million internet users in Nigeria alone.

“This provides us with immense opportunities to empower our people. While our highest oil export earnings were 35 billion dollars in 2011, India last year earned about 120 billion dollars from outsourcing alone.

“The African Continental Free Trade Area is not only an economic arrangement but a bold statement of our shared destiny,” he said.

Aligning with Shettima, Mr Borge Brende, the WEF President, said Africa’s demographic advantage presented huge economic opportunities for the continent.

He noted that while most nations faced workforce challenges, Africa’s young population positioned it for unprecedented growth.

“If the Secretary General of the AfCFTA is given all the support he deserves, we can boost intra-African trade by a staggering 50 per cent.

“As of today, 29 trillion dollars represents one-third of the global Gross Domestic Product (GDP). Africa is such a growing continent, and one of its key promises is demography.

“The challenge now is creating new jobs for the youth population,” he stated. (NAN)

Edited by Salif Atojoko

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Nigeria, S/Arabia deepen ties on solid mineral exploration
Economy/Business

Nigeria, S/Arabia deepen ties on solid mineral exploration

372 total views today

By Martha Agas

Nigeria and Saudi Arabia have renewed plans to build the capacity of their geological agencies by leveraging the breakthroughs recorded by Saudi firms in mineral exploration.

Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, Dele Alake, made this known in a statement on Tuesday in Abuja.

He said that this was on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia,

Tomori said the decision was taken at a closed-door meeting between a delegation from Saudi Arabia led by its Minister of Mining, Bandar Al-Khorayef, and Nigeria’s delegation led by Alake.

He said Alake proposed for both countries to collaborate on areas of economic advantage, urging partnerships based on the sector’s value chain.

Citing Saudi Arabia’s renowned gold market as an example, Alake said Nigeria’s gold refineries could access the Saudi market under protective clauses, guaranteeing expansion opportunities for both economies.

On his part, the Saudi Minister disclosed that its government and the private sector were working together to introduce new technologies for mineral exploration.

He emphasised that new products were showcased at the minerals forum conference to foster business partnerships and raise awareness of their applications.

Alake also met with officials of the Saudi Chamber of Commerce, where he canvassed their investment in Nigeria’s mining sector.

He urged them to leverage the large deposits of lithium and iron ore, which were being processed in Nigeria in line with the value addition policy.

To de-risk their investment, the minister promised to direct the Nigerian Geological Survey Agency, to provide relevant data on their minerals of interest.

According to the minister, the global transition toward electric machines, which use lithium batteries, has positioned Nigeria as a critical supplier of minerals

Tomori quoted him saying, “Partnership with Saudi investors will encourage the export of finished industrial inputs.”

Acknowledging the investment in steel production in Saudi Arabia, the minister cited examples of companies processing iron ore to steel in Nigeria as precedents that could be replicated.

He said that Nigeria was committed to creating an enabling environment for investors to ensure smooth operations in mining projects.

The minister said they included the establishment of laboratories for the separation and analysis of mineral samples, among other facilities.

“Nigeria has the best certified laboratories for minerals in West Africa,” he said.

The News Agency of Nigeria (NAN) reports that the 2025 Future Minerals Forum (FMF) with the theme: “Year of Impact,’ was held from Jan. 14 to 16 in Riyadh, Saudi Arabia.

The meeting was to bolster international collaboration in producing the critical minerals essential for the global energy transition.(NAN)(www.nannews.ng)

Edited by Mark Longyen

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