News Rider

BY CHIKA OKEKE, Abuja The World Bank has revealed that spending pressure could slow consolidation of Nigeria’s reforms, though improving macroeconomic conditions and new tax legislation are expected to strengthen fiscal reforms. To this end, the bank projected a three percent fiscal deficit to the Gross Domestic Product (GDP) over the medium term, driven mainly by expenditure moderation after the 2027 general elections. The World Bank highlighted this in the October, 2026, Nigeria Development Update (NDU) titled: “Beyond the Federal Purse: How Higher Revenues Shaped State Priorities”, explaining how social protection and service delivery could help cushion households against pressures. Nigeria’s total incremental spending rose to ₦30.64 trillion between June 2023 and December 2025.  “While fiscal consolidation is expected to resume from 2027 as election-related spending eases and revenue gains gradually strengthen public finances, the fiscal deficit is projected to narr...

BY CHIKA OKEKE, Abuja The Africa Automotive Investment Forum has called on policy makers to initiate reforms required to strengthen the automotive sector, enabling investors to engage directly with manufacturers and facilitate joint ventures leading to future deals. Organised by African Export-Import Bank (Afreximbank), in collaboration with the African Association of Automotive Manufacturers (AAAM), African Continental Free Trade Area (AfCFTA) Secretariat, Ministry of Trade and Investment of Egypt, and Department of Trade and Industry of South Africa, the forum made the request on the sidelines of the Alamein Africa Forum held in El Alamein, Egypt. The forum also prioritised joint ventures and technology transfer agreements between global auto giants and African enterprises, targeting highly skilled engineering, manufacturing and technical jobs for Africa’s growing youth demographic while significantly boosting local Small and Medium Enterprises (SMEs). Afreximbank describ...

BY CHIKA OKEKE, Abuja The Nigerian Society of Chemical Engineers (NSChE) has proposed a 22-month timeline for completing the privatisation of Nigeria’s unproductive refineries, including asset assessment, investor prequalification, due diligence, competitive bidding, regulatory approvals and transfer of ownership and operational control. This followed repeated attempts to rehabilitate the Port Harcourt, Warri and Kaduna refineries over more than two decades, which failed to deliver reliable and commercially competitive production. National President of NSChE, Engr. Bayo Olarewaju-Alo stated this in Abuja, while addressing newsmen on: "Nigeria’s Moribund Refineries Need New Governance." He disclosed that further public spending on the rehabilitation should give way to a transparent ownership structure that transfers operational control to credible private investors, with enforceable obligations and financially sound operational control. Olarewaju-Alo enjoined the F...

BY CHIKA OKEKE, Abuja The National Insurance Commission (NAICOM) has warned that the new legal framework imposes higher standards of accountability on insurance brokers, particularly regarding professional conduct, licensing and premium remittance. To this end, the commission vowed to strictly enforce unlicensed activities, ethical lapses, and non-remittance of premiums to protect consumer confidence. The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin disclosed this at the National Insurance Brokers Conference and Exhibition in Abuja, with the theme, “Insurance: Infrastructure Financing & National Development Agenda.” He encouraged brokers to embrace digital transformation and InsurTech solutions, adding that the Act recognises digital, electronic and web-based insurance channels as opportunities to expand market reach and improve customer experience. Omosehin stated that the insurance industry must contribute actively to address...

BY CHIKA OKEKE, Abuja The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has taken a concrete decision to scrutinise and verify Anambra State Government’s request for a N70bn stabilisation fund, meant to address insecurity, erosion and infrastructure challenges. This followed RMAFC’s review of the request, which does not constitute automatic approval for the stabilisation fund, expected to provide fiscal assistance in deserving circumstances, subject to established guidelines, available resources and appropriate approval procedures. Chairman, Indices and Disbursement Committee, Prof.⁠⁠⁠ Olusegun Wright recognised the state government’s presentation of its financial challenges for consideration, adding that requesting states must formally present their proposals before the commission conducts on-the-spot assessments of targeted projects. Wright, who also represents Lagos State on the commission, assured that the committee would examine financial records, proj...

BY CHIKA OKEKE, Abuja The Nigeria Customs Service (NCS) has conducted comprehensive technical verification of the newly acquired Non-Intrusive Inspection (NII) equipment and Electronic Cargo Tracking System (ECTS), designed to enhance cargo examination and real-time monitoring from port to destination. This was actualised when a high-powered delegation of experts from the NCS and Trade Modernisation Project Limited (TMPL) completed the Factory Acceptance Test (FAT) for the high-tech equipment in China. The two-week exercise, led by the Deputy Comptroller-General of Customs (DCG) in charge of the Information Communication and Technology/Modernisation Department, Oluyomi Adebakin, was held at Nuctech Company Limited's facility in China, the manufacturer of the advanced systems. During the test, DCG Adebakin reaffirmed the NCS's commitment to using technology as a catalyst for trade facilitation, revenue optimisation, and national security.  She said that the FAT is a ...

BY CHIKA OKEKE, Abuja Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, Dr Jumoke Oduwole (6th L); CEOs and Directors of the Ministry in a group photograph after the Launch of Trade Intelligence Tools, in Abuja recently. The Federal Ministry of Industry, Trade and Investment’s (FMITI) has unveiled Trade Intelligence Tools to help Nigerian businesses access global markets, attract productive investments and accelerate the drive towards a US$1 trillion economy by 2030. Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole said in Abuja on Friday, that the initiative would equip businesses, particularly Micro, Small and Medium-sized Enterprises (MSMEs), with reliable market information to identify export destinations, understand tariffs and international standards, connect with buyers and make informed commercial decisions. The minister noted that Nigeria’s economic reforms must translate into tangible outcomes, including increased production, expanded e...