News Agency of Nigeria
Tinubu’s trn economy goal for Nigeria in sight- Idris
Metro

Tinubu’s $1trn economy goal for Nigeria in sight- Idris

160 total views today

By Collins Yakubu-Hammer

The Minister of Information and National Orientation, Alhaji Mohammed Idris, says the President Bola Tinubu’s vision of making Nigeria a one trillion dollars economy is already in sight.

 

 

Idris said this when he paid a courtesy visit to the governor of Enugu State,  Mr Peter Mbah, on Thursday in Enugu.

 

 

The News Agency of Nigeria (NAN) reports that Idris is in Enugu for a three-day tour of Federal Government’s projects and citizens engagement in the state and Ebonyi.

 

 

He said Tinubu has demonstrated the quality of a courageous leader by removing the fuel subsidy.

 

 

“At first,  there were skepticism and complaints from some people. (They) did not really understand, but two years down the line, you can see that a lot of successes have been recorded.

 

 

“Now, all state governments have more funds to work and deliver dividends of democracy to their people. That bold decision has freed up resources needed to execute humongous capital projects.

 

 

“Now that people are enjoying the benefits of Tinubu’s bold decision, nobody is asking why fuel subsidy was removed.

 

 

“In the past, about 97 per cent of our budget was used to service and pay debt. Imagine that you have a family, how would you manage the three per cent looking at all the demands of school fees, house rent, other bills, etc,” Idris said.

 

 

He explained that Nigerians would soon begin to see the light of that one trillion dollar economy becoming a reality.

 

 

NAN reports that those in the entourage of the Minister include, the Special Assistant to Tinubu on Communication and Strategy, Mr Bayo Onanuga, Managing Director of NAN, Malam Ali M. Ali and his counterpart from Voice of Nigeria, Malam Jibrin Ndace.

 

 

Others are the Directors-General of the NTA, Malam Salihu Dembos, National Broadcasting Commission,  Mr Charlse Ebuebu, Federal Radio Corporation of Nigeria, Dr Mohammed Bulama and National Orientation Agency,  Malam Lanre Issa-Onilu.

 

 

Also in the entourage are the President of Nigerian Institute of Public Relations, Dr Ike Neliaku,  national leadership of RATTAWU,  NUJ, NGE and others.

 

 

NAN reports that the activities will continue with inspection of Federal Government’s projects and citizens engagement in Enugu and Ebonyi.  (NAN)(www.nannews.ng)

Edited by Sadiya Hamza

FG reaffirms commitment to trn economy
Economy/Business

FG reaffirms commitment to $1trn economy

219 total views today

Economy

By Ige Adekunle

Vice-President Kashim Shettima says the Federal Government will create more enabling environment for investors to thrive and leverage industrial revolution to achieve the proposed one trillion dollar economy.

Shettima stated this during the 2025 Ota Investment Summit and Trade Fair on Tuesday in Ota.

The News Agency of Nigeria (NAN) reports that trade fair has as its theme: “Industrial Revolution: Potential and Opportunities from Ota to the rest of the World.”

The vice-president, who was represented by Special Adviser on Economic Affairs, Dr Tope Fasua, said that the President Bola Tinubu administration’s Renewed Hope Agenda was more than a mere slogan.

“It is a comprehensive blueprint for national rebirth and it is a bold pact with Nigerian people, premised on the belief that our nation must reach its full potential,” he said.

According to him, the planned one trillion dollar economy is both ‘audacious and eminently achievable’.

Shettima noted that the federal government’ unflinching commitment to fiscal discipline, business-friendly environment and the removal of bureaucracy was an affirmation of the belief that private sector, led by visionary entrepreneurs and investors, could serve as the driver of prosperity and job creation.

“The rebased Gross Domestic Product (GDP) was not merely a statistical update but it demonstrates that our economy is not just a story of oil and gas but a rich tapestry woven with the thread of technology, financial services and booming agricultural value chain,” he said.

The vice-president urged Nigerians to work together with the federal government to build a new industrial revolution that would not only create wealth but also empower the people and create jobs for the youth.

He described Ota Investment Summit and Fair as a platform for forging new partnerships, sharing knowledge and committing to a shared future of prosperity.

In his opening remarks, the Olota of Ota, Oba Adeyemi Obalanlege, said that Ota Industrial Belt’s success was not accidental but a product of decades of strategic investment, infrastructure development and the handiwork of visionary entrepreneurs.

Obalanlege said that the belt’s proximity to global shipping routes, airports, skilled labour and raw materials had continued to make it a magnet for industrial expansion.

He said that the federal government’s aspiration to achieve a one trillion dollar economy was ambitious, adding that Ota could be a driver of that goal with proper infrastructural upgrades and sustained investor confidence.

“Ota Industrial Belt can significantly boost Nigeria’s GDP through increased manufacturing outputs for domestic and export markets, greater foreign direct investment inflows from global partners, expansion of small and medium enterprises (SMEs) into regional value chain as well as creation of jobs,” he said.

Obalanlege, a professor, said that the summit was not just about showcasing the town’s strengths but about making proving that Nigeria could achieve its trillion-dollar ambition.

Chairman of Ota Chamber of Commerce, Dr Kayode Bowale, called for stronger private-public partnership for road infrastructure, for rapid community development and industrial growth.

Bowale stressed the need for patronisong locally-made goods and services to boost the country’s development.

NAN reports that more than 18 exhibitors participated in the trade fair.(NAN)(www.nannews.ng)

IGE/WAS

Edited by ‘Wale Sadeeq

FG extends economic relief to additional households in Niger
General News

FG extends economic relief to additional households in Niger

179 total views today

By Rita Iliya

The Federal Government Renewed Hope Economic Shocks Response Initiative says it has earmarked 780 additional vulnerable households to receive N75,000 financial assistance to cushion economic challenges caused by subsidy removal.

 

Hajiya Hauwa Bako, Special Adviser and Focal Person of National Social Investment Programme in Niger, said this during the debit card distribution exercise in Mokwa.

 

Bako said that the 780 vulnerable households was in addition to the over 50,000 beneficiaries that had received their N75, 000 credit alerts across the 25 local government areas of the state.

 

The focal person disclosed that about 180,000 vulnerable households were expected to benefit from the programmes in the state.

 

Bako attributed the success of the initiative to the commitment of the state Governor, Umaru Bago to social intervention, especially his ongoing infrastructural development in the state.

 

In his remarks, Alhaji Shaba Aliyu, the Ndalile of Mokwa, (Village Head of Mokwa) commended the initiative, urging beneficiaries to utilise the funds judiciously.

 

Some of the beneficiaries including Adamu Baba and Fatima Raba, expressed gratitude to the state and federal governments, saying the intervention was timely especially as they resumed farming activities.

 

The News Agency of Nigeria (NAN) reports that the distribution exercise was attended by Alhaji Abdullahi Baba-Arah, Director General of the state’s Emergency Management Agency (NSEMA).

 

The initiative was part of the Federal Government efforts to provide direct financial assistance to vulnerable households to help them cope with the current economic challenges.(NAN) (www.nannews.com.ng)

Edited by Dorcas Jonah/Joe Idika

Video: BRICS economic influence reshaping global development- NAN MD
Foreign

Video: BRICS economic influence reshaping global development- NAN MD

249 total views today

By Nana Musa

Ali M. Ali, Managing Director of the News Agency of Nigeria (NAN) says the growing influence of the BRICS nations is shaping global governance, economic development, and international relations.

 

During a presentation at the 7th BRICS Media Forum on Wednesday in Rio de Janeiro, Brazil, Ali said that the group’s impact was already felt in the global economy and geopolitical scenes.

 

‘’With nearly 40% of the world’s population and 25% of global GDP, BRICS is the place to be. We are  not just a grouping of emerging economies; we are a force to be reckoned with. And our influence is growing by the day.’’

Ali said that the BRICS countries now contribute 40 per cent of global manufacturing output with 42 per cent of world wheat, 52 per cent of rice and 46 per cent of soybeans.

 

‘‘Our GDP is a whopping $63.2 trillion, surpassing the G7’s $52.3 trillion.

 

‘’The International Monetary Fund (IMF) forecasts that the world economy is set to rely more on BRICS to drive growth over the next five years, with China alone contributing 22% global growth -bigger than all the G7 countries combined.’’

 

Ali said that with more than 10 countries already joining as partner nations and over 30 interested in joining BRICS cooperation, the group’s influence is widely growing.

 

‘’Beijing-based international affairs commentator, Vox South, offers a profound insight on this phenomenon, saying the most compelling reason for the growing influence of BRICS is its composite strength.’’

 

Ali said Nigeria is strategically positioned to join the group because of its position in Africa as well as interest to reshape global governance, challenge Western-dominated institutions, and push for systemic reforms.

 

‘’Our partnership with BRICS is built on three key pillars. First, we see BRICS as a natural fit for Nigeria, given our shared goals and values.

 

‘’Second, we are keen to reduce our dependence on the US-centric international system and promote a multipolar world.

 

‘’Third, joining BRICS helps us position ourselves as an emerging power on the global stage.

 

‘’This resonates with the Renewed Hope Agenda of President Bola Ahmed Tinubu which transformative policy thrust is aimed at repositioning Nigeria as a prime global investment destination.

 

‘’The BRICS voice is, indeed, loud and clear. We envision a prosperous Global South and a more just and equitable world,’’ Ali said.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

AfCFTA lauds progress in economic integration
Economy/Business

AfCFTA lauds progress in economic integration

239 total views today

Progress

Okeoghene Akubuike

Mr Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, has lauded the progress made toward realising the vision of Africa’s founding fathers for economic integration.

Speaking at the 32nd Afreximbank Annual Meetings (AAM) 2025 in Abuja, Mene underscored the vital role of economic integration in shaping the continent’s future.

The meeting themed, “Realising the Vision of the African Founders: Progress Towards Africa’s Trade and Economic Integration,” brought together leaders and stakeholders to assess the gains and challenges in Africa’s economic landscape.

Mene commended Prof. Benedict Oramah, President and Chairman of Afreximbank, for his leadership in supporting Africa’s economic development.

He noted that Afreximbank had been instrumental to the success of AfCFTA, a landmark initiative to establish a single, integrated market for goods and services across Africa.

He described the establishment and operationalisation of the AfCFTA as one of the most ambitious and transformative milestones toward continental integration since the independence era.

Mene outlined several areas of progress: noting 49 countries had ratified the AfCFTA Agreement, representing 90.7 per cent of signatories.

“Tariff reductions and simplified customs procedures are easing trade. Meaningful trade is underway, with businesses benefiting from reduced or zero tariffs.

“Progress is also evident in services trade, including finance, retail, telecommunications, and tourism.”

He noted the adoption of key protocols covering investment, intellectual property, competition policy, digital trade, and the inclusion of women and youth in trade.

Mene emphasised that the AfCFTA was more than a trade agreement; a framework for inclusive and sustainable growth, especially for small-scale traders, women, and youth.

He said results already included diversification of export destinations, reduced trade barriers, increased economic activity, job creation, and SME growth. However, challenges remained.

Mene called for bold investments in infrastructure to better connect African markets and enable freer movement of goods and people.

He also highlighted the need to ratify protocols on free movement of persons and the right of establishment.

He ended by stressing the importance of sustained political will, public-private partnerships, and inclusive stakeholder engagement.

“We dare not fail in this historic mission to integrate and transform Africa.

“We want African-made goods and services flowing freely across borders, generating jobs, stimulating industries, and improving lives.

“We owe it to our 1.4 billion fellow Africans to build a strong, self-reliant Africa ready to claim its place in the global economy,” Mene said.(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

NECA hails Tinubu’s economic reforms 
Economy/Business

NECA hails Tinubu’s economic reforms 

264 total views today

By Joan Nwagwu

The Nigeria Employers Consultative Association (NECA) says President Bola Tinubu’s  reforms in the economic sector align with the desires of the Organised Private Sector(OPS).

Mr Adewale-Smatt Oyerinde, the Director General of NECA said this on Wednesday in Abuja, at the 2025 edition of the Employers Summit, organised by NECA

The News Agency of Nigeria (NAN) reports the summit is themed, “Enabling Sustainable Enterprise in a Transiting Economic: Aligning Fiscal,Trade and Regulatory Reforms for Rapid National Development ”

Oyerinde said the reforms being undertaken by the federal government are in alignment with the desires of employers.

He said the summit was apt in bringing the critical stakeholders together to deliberate and agree on the execution of the reforms.

“NECA believes that there is no better time to get the reformers and those that will implement the reforms as well as those that the reform is supposed to reform to have a conversation and engender consensus around those reforms.

“It will also help us to make policy recommendations to the government on those issues where it pinches the private sector and employers.

“This is the avenue where definite solutions or implementation of palliatives or innovation that might ease the pressure on the private sector can come,” he said.

According to the NECA DG, employers play a major role in promoting national development through job creation, payment of taxes and other contributions to economic growth.

He further said that the summit was unique coming at a time when the government was implementing many reforms, such as the tax reform bills.

Vice President Kashim Shettima emphasised the need to build an economy that is resilient, inclusive, driven by private enterprise and enabled by government.

Shettima, represented by Mr Temitola Johnson, Special Adviser to the President on Job Creation and Small, Medium Micro Enterprises (SMMEs), said the organised private sector has contributed positively to socio-economic development of Nigerians.

He said that the contributions were through the millions of jobs that were created, as well as the goods and services they provide.

Shettima added that the vision of President Bola Tinubu-led administration was to build an economy where sustainable business enterprises thrive and create decent jobs.

“One of the comprehensive reforms being undertaken by the government is that, which prioritises prudent expenditure and a more efficient, transparent and equitable tax system.

“We are a nation in transition, navigating our part of bold reforms designed to stir our economy away from volatility into becoming a more stable, sustainable and prosperous one.

“These reforms, though difficult in the short term, are laying the foundation for a more transparent, competitive, diversified and investor-friendly environment,” he said.(NAN)

Edited by Rotimi Ijikanmi

Centralised data key to tackling insecurity, economic woes – BRISIN
Science & Tech

Centralised data key to tackling insecurity, economic woes – BRISIN

342 total views today

By Angela Atabo

The Basic Registry and Information System in Nigeria (BRISIN) has been identified as a critical tool in addressing Nigeria’s persistent issues of insecurity and economic instability.

Dr Anthony Uwa, Head of BRISIN Implementation in Nigeria, made this known in an interview with the News Agency of Nigeria (NAN) in Abuja.

According to him, BRISIN is an integrated data and information infrastructure designed for real-time data governance across all sectors of the economy and government.

He explained that in May 2007, the Federal Government signed a service agreement for the implementation of BRISIN, selecting the Federal Capital Territory (FCT) for the pilot phase.

 “However, 18 years later, the system is yet to be implemented, in spite of its numerous benefits.”

Uwa emphasised that effective governance and sustainable development were impossible without a reliable and comprehensive data infrastructure.

“You cannot run a government without data governance that guides decisions on national security, social systems, economic planning, revenue generation, and democratic development,” he said.

He added that BRISIN could support sectors such as rural development, employment, diaspora integration, migration control, and social welfare.

“Nigeria lacks a foundational system because there is no data and information infrastructure.

“You can’t solve problems like insecurity, unemployment, or economic instability without it,” Uwa stressed.

He noted that BRISIN was conceived during President Olusegun Obasanjo’s administration as a fundamental infrastructure to drive lasting change and attract both local and foreign investment.

He also said it would help Nigeria access international grants and funding, identify Nigerians at home and abroad, and provide reliable demographic data.

“With BRISIN in place, Nigeria would command more respect globally, operate credibly, and manage governance effectively. Unfortunately, the FCT Minister is yet to activate the pilot phase,” he added.

Uwa revealed that the Italian government, through the MATEI Programme for Africa, approved 600 million dollars for BRISIN in Nigeria.

“However, the release is pending a letter from the FCT confirming the project’s commencement and counterpart funding, still not submitted 14 months later.”

He urged FCT Minister Nyesom Wike to act swiftly, stating that implementing BRISIN in the capital would modernise the city and improve governance structures.

Uwa added that the system had the potential to generate up to N1.5 trillion annually in internally generated revenue (IGR) by effectively monitoring and controlling all economic activities within the FCT.

Also speaking, Mr Lorenzo Santangelo, Director at Dermo Impex Nigeria Ltd, the BRISIN solution providers, said the system could create up to 10 million jobs in Nigeria.

He explained that by integrating data systems across all ministries and agencies, governance would become more efficient and credible.

“When every government body has access to the same accurate data, it becomes easier to identify needs, streamline services, and eliminate duplication,” Santangelo said.

He added that BRISIN would improve national planning by tracking population movements, consumer preferences, and regional needs, informing decisions on infrastructure, imports, and public services.

“Credibility comes when citizens are properly identified from birth, with clear data on their parents and place of origin.

“This builds a foundation for proper governance and national development,” he added. (NAN)

Edited by Abiemwense Moru

Indonesia, Ethiopia to strengthen economic partnership through BRICS
Foreign

Indonesia, Ethiopia to strengthen economic partnership through BRICS

280 total views today

 

Indonesia and Ethiopia are considering ways to expand bilateral cooperation, as well as interaction in the BRICS bloc, according to a report by Antara News Agency, a partner of TV BRICS.

The report indicated that the Indonesian Foreign Affairs Minister Sugiono held a meeting with Ethiopian Ambassador to Indonesia Fekadu Beyene Aleka during which the two sides discussed the approach to engage in expanding the partnership.

The Indonesian Foreign Minister outlined national priorities, including poverty alleviation through better utilisation of resources.

He noted the high potential for the development of trade and economic ties with Ethiopia and expressed readiness to increase exports of competitive goods – primarily in the agricultural and pharmaceutical sectors.

Sugiono said the volume of bilateral trade between the countries reached 98 million dollars in 2024, up 55 per cent year-on-year.

He added that Indonesian companies are already present in Ethiopia in the sectors of household chemicals, food, and textiles.

The meeting focused on the prospects of signing a bilateral investment treaty, as well as food and energy security.

It is noted that the development of coconut, sugar cane and seaweed production is a priority.

The Ambassador also expressed interest in mastering Indonesian technologies for sugar cane cultivation.

The two sides agreed to intensify cooperation in the fields of education, science and training, as well as resume the work of the joint commission on bilateral cooperation.

At the end of the meeting, the Indonesian minister invited Ethiopia to participate more actively in joint initiatives in BRICS. (TV BRICS/NAN) 

Edited by Emmanuel Yashim

 AI transforms various sectors, improve worlds economy- IMF director
Economy/Business

 AI transforms various sectors, improve worlds economy- IMF director

350 total views today

By Nana Musa

Ms Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), says that Artificial Intelligence (AI) has transformed various sectors, as well as security markets.

Gopinath, however, cautioned against inherent risks.

She said this on Monday, during the second IMF-International Organisation of Securities Commissions (IOSCO) conference discussions on key trends in AI and Exchange Traded Funds (ETFs).

“Focusing on the implications for financial stability, recent generative AI and related breakthroughs have the potential to dramatically change capital markets.

“Functioning through AI–assisted process automation and analysis of complex unstructured data as well as through the greater and more powerful use of algorithmic trading, novel trading and investment strategies.

“In addition, on one hand, generative AI can enhance market analysis, risk assessment, and customer engagement through sophisticated simulations and data generation.”

According to her, generative AI also raises concerns about financial stability, data integrity, potential misuse for market manipulation, and the ethical implications of AI-generated content.

The Secretary-General of IOSCO, Mr Rodrigo Buenaventura, said that the use of AI was common in financial institutions.

“Let’s just separate between traditional AI and generative AI, the report that was published last month shows that there has been more use of AI and machine learning in financial institutions.

“More automation for detection of anti-money laundering issues, as well as for simple analysis. So, we see the use of AI a lot more. But what else has changed?

“So you can see that some of the AIs are also starting to use large language models in the area of customer-facing operations, in terms of chatbots, and also in risk management functions.

“So basically, ChatGPT or large language models have changed a lot of the way humans interact with AI. Its very easy to use.”

He said this was where some of the risks could occur, adding that it gives us a false sense of security because its so easy to use.

Buenaventura said at the same time, we forget that there’s a lot of complex modeling and data that goes behind it.

He said that with large language models, all of us would have heard that the hallucination risk was one key factor that was associated with AI or generative AI.

Buenaventura said that experts should ensure that AI was not used against the market or to the disadvantage of the main purpose.

The Assistant Managing Director of the Capital Markets Group, Mr Lim Lee, said that AI was very easy to use but also creates risks.

He said that the market manipulation could also become very common with AI in terms of resilience and concentration of risks.

“We see the use of modelling, specialised models to make it look more efficient and less costly.

“About 75 per cent of institutions use AI. However, there has been more consciousness in using AI directly because the people are now more careful,” Lee said.(NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

.84bn balance of payment surplus, indication of economic stability – TDF
Economy/Business

$6.84bn balance of payment surplus, indication of economic stability – TDF

395 total views today

By Salif Atojoko

The Democratic Front (TDF) says the 6.84 billion dollars balance of payment surplus in 2024 is another indication of economic prosperity under President Bola Tinubu’s administration.

Malam Danjuma Muhammad, Chairman of TDF, in a statement on Monday said the development would boost investors’ confidence in the country.

“In addition to increasing the country’s foreign exchange reserve, improving the nation’s creditworthiness, and enhancing monetary policy flexibility in the economy, the balance of payment surplus will significantly reduce Nigeria’s dependency on foreign exchange to the benefit of local productivity.

“We believe that the combination of fiscal reforms in the macroeconomic system, which has enhanced the Federal Government’s revenue generation capacity, and monetary policy reforms introduced by the CBN, have boosted confidence in the Nigerian economy.

“These have encouraged import substitution in economic trades to conserve foreign capital for local economic growth,” said TDF.

The group said it was confident that this economic feat would inevitably lead to a reduction in headline inflation and also trigger an increase in production that would generate wealth and employment for Nigerians.

“We recall that for decades, the history of Nigeria’s economy was replete with over-dependence on foreign exchange for local and international trades, which impeded sustainable growth.

“This instituted a trajectory of consistent deficit in the balance of payment, and put pressure on the dollar to the detriment of the local currency and our macro economy,” said TDF.

It, however, said the Nigerian economy had responded positively to the pro-market and the private sector-friendly reforms of the Tinubu administration, as evident in the increased use of Naira for major trades, and exploring opportunities for import substitution.

“This policy has provided an incentive for Nigeria to export refined petroleum products to the United States, Saudi Arabia and other parts of the world through the Dangote Refinery, which began production under the Tinubu administration.

“It is heartening to also note that the posting of 6.84 billion dollars surplus in the balance of payment, is an indication of sustainable economic growth and stability and a show of strength to resist global economic shocks and headwinds,” the group added.

The group said the trade surplus underscored the need for the continuous implementation of the bold and pragmatic economic policies of the administration.

It said this was the only viable route to increasing the country’s foreign exchange reserves, service external debt, finance domestic investments, increase national savings, respond to internal economic challenges, and also stimulate economic growth and productivity.

It said it was optimistic that it would inevitably lead to more jobs and a plethora of trade opportunities for Nigerians in the coming months.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email