News Rider

BY CHIKA OKEKE, Abuja Senator John Owan-Enoh The Federal Government has advanced plans to establish an electric bicycle assembly plant in Cross River, ahead of the proposed meeting with the State government to ascertain the exact location of the industry. Minister of State for Industry, Federal Ministry of Industry, Trade and Investment, Senator John Owan-Enoh stated this during a Manufacturing and Micro, Small and Medium Enterprises (MSMEs), Town Hall Meeting held at the Dome, Calabar Municipal Garden. He stated that 75 acres of land had been allocated in Calabar for an automotive related project, while an automotive training centre is under construction by the National Automotive Design and Development Council (NADDC). Owan-Enoh indicated the Federal Government’s grant programmes, mentorship and digital business development initiatives benefiting more than 2,000 residents across the state’s 18 Local Government Areas. The minister highlighted the interventions designed to ...

BY CHIKA OKEKE, Abuja One of the foremost porcelain tile manufacturing companies in Sagamu, Ogun State, Veenocks Limited has attracted a US$145 million loan for development, expansion and regional growth, courtesy of the African Export-Import Bank (Afreximbank). The Afreximbank offered the support to Veenocks through its Project Preparation Facility (PPF) and an US$81.9 million senior term loan, expected to raise annual production capacity to 9.9 million square metres. Afreximbank and Veenocks had signed a US$2 million project preparation facility agreement in August 2024 to finance technical, commercial, financial, legal, environmental and social studies needed to establish the project’s bankability. Financed through the PPF, the interventions enabled Veenocks to broaden its growth ambitions by pursuing regional opportunities over the medium term, with target markets including Togo, Benin, Burkina Faso, Niger, Cameroon, Ghana, Mauritania and Senegal. The bank’s US$81.9 mil...

BY CHIKA OKEKE, Abuja The Federal Government has enticed investors with a mouth-watering package, offering $50 billion investment for the Deep Offshore Oil and Gas projects. President Bola Tinubu had on August 6, 2026, signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, designed to attract up to $50 billion in new investments into Nigeria's deepwater sector. The Minister of State Petroleum Resources (Oil) Sen. Heineken Lokpobiri stated this at the ongoing Abu Dhabi Petroleum Exhibition and Conference in the United Arab Emirate (UAE). In his presentation titled: “Competing for Capital: who will win the next wave of energy investment?”, the minister declared Nigeria safe and predictable for investment. He disclosed that the crisis in the Strait of Hormuz would not affect investments in Nigeria due to its location.  “It is important for me to mention here that Nigeria is located in a place where we may not be affected by what is going on in the ...

BY CHIKA OKEKE, Abuja Kashifu Inuwa The National Information Technology Development Agency (NITDA) has sought stronger partnerships among industry players, academic institutions and innovation ecosystem stakeholders to boost productivity, translate digital literacy into sustainable economic growth and close Nigeria’s digital skills gap. NITDA Director General, Kashifu Inuwa stated this at the MTN Breakfast Session during the just concluded Nigerian Economic Summit (NES32) in Abuja, with the theme: “When Transnationals Invest.” Inuwa harped on the need for a coordinated national strategy for digital skills development, urging stakeholders to move away from fragmented initiatives and adopt a unified approach that aligns education and training with industry demands. He cautioned that the persistent disconnect between academic institutions, industry players and the innovation ecosystem continued to undermine efforts to develop a workforce capable of meeting Nigeria’s changing e...

BY CHIKA OKEKE, Abuja The African Export-Import Bank (Afreximbank) and African Petroleum Producers’ Organisation (APPO) have unveiled the US$5 billion Africa Energy Bank (AEB), to bridge the financing gap while supporting a just energy transition for African countries. At the AEB’s inaugural general meeting held in Abuja, both organisations noted that the Africa Energy Bank underscored the African governments’ determination to secure their energy future. It was also in recognition of the need for significant investments in energy generation and transmission, meant to accelerate industrial growth and harness the tremendous opportunities from the emerging technologies, particularly Artificial Intelligence (AI). Currently, Africa needs US$200 billion investment to close energy gaps and provide efficient energy for its citizens. Regrettably, traditional providers of short- and long-term financing to Africa’s energy sector are withdrawing funding from fossil fuels, even as oil a...

BY CHIKA OKEKE, Abuja The Nigerian Economic Summit Group (NESG) has called on development partners to align financial support with Nigeria’s priorities and measurable development outcomes, seeking predictable economic policies supported by clear implementation targets. Incoming Chairman of NESG, Omoboyede Olusanya disclosed this at the closing session of the 32nd Nigerian Economic Summit (NES) in Abuja, with the theme: “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.” He noted that the country’s economic performance should be assessed by its impact on ordinary Nigerians rather than macroeconomic indicators alone, adding that recent economic reforms must translate into poverty reduction and expanded opportunities. The summit brought together policymakers, business leaders, academics, development partners and civil society representatives to examine Nigeria’s economic priorities. Olusanya hinted that economic progress should enable farmers to earn more...

BY CHIKA OKEKE, Abuja The Office of the Tax Ombud has finalised plans with the Nigerian Postal Service to extend its services to all Local Government Areas (LGAs), while improving taxpayers’ access to independent dispute resolution. Tax Ombud and Chief Executive of OTO, Dr John Nwabueze revealed this during a management retreat in Ikot Ekpene, Akwa Ibom State, with the theme: “Leading with Purpose: Strengthening Leadership and Delivering Sustainable Excellence.” He disclosed that the office is intensifying efforts to raise public awareness of its mandate and services, adding that public confidence remained essential to building an efficient and sustainable revenue administration system.  “The Office is committed to ensuring that taxpayers have access to an independent and impartial platform where their complaints can be addressed without unnecessary delays or financial burden,” he said. Nwabueze hinted that the office was established in line with President Bola Tinubu’s...