News Rider

BY CHIKA OKEKE, Abuja The Bureau of Public Procurement (BPP) has called on the Chartered Institute of Project Managers of Nigeria (CIPMN) to embrace accountability and demonstrate excellence in project management. Director-General of BPP, Dr Adebowale Adedokun stated this at the International Project Management Day and induction ceremony of CIPMN in Abuja, with the theme: "Project Management: A Catalyst for Nigeria’s Industrial Transformation." He enjoined the newly inducted members of the institute to uphold professional integrity, adding that successful project management begins before contract award and extends beyond physical completion to the effective utilisation and maintenance of delivered projects. Adedokun hinted that stronger collaboration among procurement professionals, project managers, contractors and other stakeholders would accelerate project delivery, strengthen domestic value chains, promote employment and contribute to national prosperity.  He ...

BY CHIKA OKEKE, Abuja Prof Taiwo Oyedele The Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele has warned that Nigeria should not allow the importation of petroleum products to obstruct the successes ahead of the digital economy initiative.   He stated this at the University of Uyo, AkwaIbom State while delivering the varsity’s convocation lecture on: “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation” Recalling that exporting crude oil and importing refined petroleum products deprived Nigeria of substantial domestic value, the minister stated that the scale of opportunities in the digital economy is enormous. Oyedele cautioned that Nigeria risks repeating the costly mistakes of its oil economy if it continues to rely heavily on foreign infrastructure for storing and processing its data instead of harnessing the economic value of the expanded digital sector. He cited the Nigerian Communications Commission (N...

BY CHIKA OKEKE, Abuja As part of President Bola Tinubu’s target to double investment and  penetration of Compressed Natural Gas (CNG), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has finalised plans to issue gas distribution licenses. This is expected to triple investment in the domestic gas value chain, while attracting credible investors to improve gas distribution networks, reduce transportation costs and stabilise the economy. Chief Executive of NMDPRA, Mr Rabiu Umar stated this on the sidelines of the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates. He disclosed that NMDPRA’s priority is to provide access to gas before addressing the pricing challenge, adding that the authority had launched the revised network code in Lagos, to give operators confidence in securing gas through the pipelines. Umar hinted that the NMDPRA’s next grid-mapping is to identify industrial cluster...

BY CHIKA OKEKE, Abuja The Manufacturers Association of Nigeria (MAN) has revealed that dependence on fossil fuels, high electricity tariffs and unreliable grid supply undermine industrial production, just as manufacturers spent over 40 per cent of their profits addressing the energy crisis. This is even as the association lamented that manufacturers cannot finance modern industrial energy transitions with short-term commercial bank loans carrying high interest rates. President of MAN, Dr Ifeanyi Okoye stated this at the sidelines of 2026 Manufacturers Energy Security and Energy Efficiency Summit in Lagos, organised by Manufacturers Power Development Company Ltd. (MPDCL) in partnership with GIZ and the Nigerian Energy Support Programme (NESP). Okoye was optimistic that the summit would facilitate access to long-term financing instruments, climate funds, green investments and asset-financing mechanisms to support manufacturers’ transition to more efficient energy systems. The...

BY CHIKA OKEKE, Abuja The Nigerian Consumer Credit Corporation (CREDICORP) has disbursed loans to 4,811 vulnerable Nigerians without smartphones through its USSD-based mass credit platform, SPARK. Targeted at launching more low-income earners into the formal credit system, the beneficiaries received instant entry-level credit, including credit assessment through the platform during the CREDICORP for All event in Aba. The initiative was designed to address the difficulties encountered by Nigerians who cannot access conventional digital lending services due to the absence of smartphones or limited access to financial services. CREDICORP’s Managing Director and Chief Executive Officer, Uzoma Nwagba said that the intervention helps vulnerable Nigerians access affordable credit instead of relying on predatory lenders or remaining excluded from borrowing opportunities. The corporation’s broader consumer credit programmes cover major categories such as Compressed Natural Gas (CNG)...

BY CHIKA OKEKE, Abuja The Bank of Industry Limited has sealed a $50m deal with International Finance Corporation (IFC) to support productive enterprises and accelerate industrial development. This formed part of the IFC investment package of $100m to support the BOI, with at least 25 percent of the loan proceeds dedicated to women-owned businesses. The agreement was signed at the Africa Financial Industry Summit 2026 by the Managing Director/Chief Executive Officer of BOI, Dr. Olasupo Olusi, and the Managing Director of IFC, Makhtar Diop. It is expected to strengthen BOI’s funding base and allow it to extend longer-term finance to productive businesses in manufacturing, agriculture, renewable energy and the creative industries, The loan, with a repayment tenor of seven years, has the potential to create more jobs for the young population, reinforcing BOI’s capacity to bolster local value chains and support Nigeria’s inclusive industrial development. This is even as the loan...