Category: Economy & Policy

ABUJA, Nigeria (NPA) — The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has criticised the Federal Government’s one-month petrol discount, describing the initiative as a reactive approach to governance that fails to address the economic hardship facing Nigerians.

Obi, in a statement issued on Sunday titled “One Month Discount on Petrol: From Reactive Policies to Flawed Outcomes!”, said the 30-day discount announced by the President Bola Tinubu-led administration was an inadequate response to the hardship and rising cost of living following the removal of fuel subsidy.

He argued that the policy’s limited coverage would prevent most Nigerians from benefiting, as the discount would reportedly be available at about 900 Nigerian National Petroleum Company (NNPC) retail stations out of an estimated 24,000 filling stations nationwide.

According to Obi, this represents less than four per cent of petrol stations in the country, leaving millions of Nigerians without direct access to the price reduction.

“Imagine 243,000 Nigerians struggling for a N66.00 per litre discount in each of the NNPC petrol stations. This is certainly not how to govern a richly blessed and endowed nation!” he said.

The former Anambra State governor questioned the rationale behind limiting the intervention to 30 days, asking whether it was designed to reduce poverty, unemployment and insecurity or serve as a political strategy ahead of the 2027 general elections.

Obi also criticised the implementation of the government’s economic policies, including the removal of fuel subsidy, the floating of the naira and tax reforms, arguing that they had been poorly sequenced and implemented without adequate consultation or assessment of their effects on ordinary Nigerians.

He linked the policies to rising inflation, higher prices of goods and services, declining business activity, unemployment, widening inequality and worsening living conditions.

Describing the petrol discount as “plain political optics masked as policy,” Obi said the government should focus on sustainable measures to reduce the cost of living rather than introduce temporary interventions.

He called for a comprehensive assessment of government policies and wider consultations with stakeholders and citizens to develop inclusive economic strategies capable of improving productivity and living standards.

Obi also reiterated his position that fuel subsidy should be restored, alongside targeted support for agriculture, healthcare, education and infrastructure.

He said his proposed approach would be backed by research into Nigeria’s revenue capacity and the potential for increased public revenue under a productive, transparent and accountable government.

The NDC presidential candidate maintained that effective leadership should prioritise policies that deliver lasting economic relief, improve access to essential services and strengthen the welfare of Nigerians.

ABUJA, Nigeria (NPA) —  President Bola Tinubu has welcomed the World Bank’s October 2026 Nigeria Development Update, saying its findings show that his administration’s economic reforms are strengthening the economy and creating more resources for governments to invest in infrastructure and public services.

According to a statement issued on Sunday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the report, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, highlights improvements in economic growth, government revenues and external reserves.

The report found that Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent in the corresponding period of 2025, despite the effects of the conflict in the Middle East.

The World Bank projects that economic growth will average at least 4.4 per cent between 2026 and 2028.

Tinubu also highlighted the report’s finding that Nigeria’s poverty rate had stabilised for the first time since 2019. The World Bank expects poverty to decline gradually if economic growth continues to outpace population growth.

On inflation, the report stated that the rate fell from 27.6 per cent in January 2025 to 15.2 per cent in December 2025. However, higher global fuel prices linked to the Middle East conflict have slowed the decline. The World Bank expects inflation to ease to about 12 per cent by 2028.

Nigeria’s external position also improved, with the current account surplus rising to $12 billion, equivalent to 7 per cent of gross domestic product (GDP), in the first half of 2026, up from $8.6 billion a year earlier.

Gross external reserves increased from $45.5 billion at the end of 2025 to $53.8 billion at the end of August 2026.

The report attributed higher government revenues to economic reforms introduced since 2023, stating that federation revenues increased by 69 per cent in real terms between 2023 and 2025, with state governments emerging as the biggest beneficiaries.

According to the World Bank, states used the additional revenue to increase capital expenditure by 151 per cent in real terms over the same period. Much of the spending went to roads and other transport infrastructure, agriculture, energy and housing.

Twenty-nine of 33 states shifted more of their spending towards economic infrastructure, while real social spending per person increased in all but one state.

The report also found that internally generated revenue grew in real terms in 31 of 35 states, while 21 states reduced their debt-to-GDP ratios between 2021 and 2025.

Nigeria’s overall public debt is projected to decline from 40 per cent of GDP in 2025 to 38.1 per cent in 2026.

Reacting to the findings, Tinubu said the report validated the government’s decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline.

“These findings confirm that the difficult but necessary decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline have raised revenues, stabilised the economy and created fiscal space for every tier of government to invest in its people,” he said.

The president, however, acknowledged that more work was needed to translate economic improvements into better living conditions, particularly through lower food prices and increased employment opportunities for young Nigerians.

He said his administration would continue pursuing reforms under the Renewed Hope Agenda, while expanding targeted cash transfers, accelerating the deployment of compressed natural gas (CNG), improving agricultural productivity and increasing access to affordable healthcare and quality education.

Tinubu stated that targeted cash transfers had reached more than 10 million households and urged state governments to manage their increased revenues prudently, prioritising projects that improve living standards, healthcare and education.

He also commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, as well as state governors and other stakeholders, for their cooperation in implementing the reforms.

The president reaffirmed his administration’s commitment to its Renewed Hope Agenda 2.0, saying it would focus on accelerating inclusive growth and ensuring that the benefits of economic reforms reach more Nigerians.

ENUGU, Nigeria (NPA) — Enugu State Governor Peter Ndubuisi Mbah has reiterated his administration’s commitment to developing the tourism and transport sectors following the inaugural regional flight of the state-owned Enugu Air from Akanu Ibiam International Airport, Enugu, to Douala, Cameroon.

Mbah, in a statement on Thursday, described the launch as another milestone in the delivery of a major commitment of his administration.

He said Enugu Air would serve as an ambassador of the state across Africa by connecting residents and businesses to new opportunities and strengthening the state’s links with the continent.

“Enugu Air was a major commitment of this administration, and I am proud to see us mark another milestone in its delivery with the inaugural regional flight from Enugu to Douala, Cameroon,” Mbah said.

“Going forward, Enugu Air will be a proud ambassador of Enugu State across Africa, connecting our people to new opportunities and bringing our state closer to the continent.”

The governor said the initiative was part of his administration’s broader development agenda under the “Tomorrow is Here” mantra, which includes efforts to expand the state’s economy through tourism, industrialisation and education.

The inaugural flight to Douala marks Enugu Air’s expansion beyond domestic operations and establishes a regional connection between Enugu and Cameroon.

ABUJA, Nigeria (NPA) — President Bola Ahmed Tinubu has welcomed an agreement signed in New York by Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau to deepen American investment in Nigeria’s mining sector.

Tinubu said the agreement would help unlock the potential of Nigeria’s mineral resources, estimated at about $700 billion, describing it as one of the gains of his administration’s Renewed Hope agenda.

In a statement issued on Sept. 24, Tinubu said Nigeria remained open to partnerships that deliver meaningful benefits at home and create opportunities for Nigerians.

“I welcome the agreement signed in New York by the Minister of Solid Minerals Development, Dele Alake, and US Deputy Secretary of State Christopher Landau to deepen American investment in Nigeria’s mining sector and help unlock the potential of our mineral resources, estimated at about $700 billion,” he said.

The President said his administration had deliberately moved away from simply extracting and exporting raw minerals by tying new mining licences to local value addition and attracting investment into processing and refining within Nigeria.

“That policy is already producing results. New processing plants are being established, billions of dollars in investment commitments have entered the sector, and investor interest in Nigeria’s critical minerals continues to grow,” Tinubu said.

He said the administration’s ambition was to deepen progress across the mining value chain, from exploration and extraction to processing, refining and manufacturing.

“At every stage, Nigerians must benefit. Our geologists, engineers and technicians must find work. Our young people must acquire new skills. Local contractors, transporters and suppliers must have opportunities to build businesses,” he said.

Tinubu said processing minerals closer to where they were extracted should stimulate industrial activity, infrastructure development and improved livelihoods in mining communities.

He added that Nigeria also intended to increase the processing and manufacturing of minerals domestically and export higher-value products rather than predominantly raw materials.

“The agreement with the United States builds on the progress we have already made. We welcome partners who bring capital, technology and expertise and are prepared to create value with us here in Nigeria,” he said.

The President said the country’s mineral wealth must translate into jobs, stronger Nigerian businesses and greater prosperity for communities where the resources are found.

“This is how we turn the reforms we have made into opportunities for every Nigerian,” Tinubu said.

PARIS, France (NPA) — President Bola Tinubu has assured domestic and foreign investors that the Federal Government will continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investment in Nigeria.

Tinubu gave the assurance in Paris on Thursday during the signing of Memoranda of Understanding (MoUs) between the Ogun State Government and DP World for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport.

The Ogun State delegation was led by Governor Dapo Abiodun and included Secretary to the State Government Tokunbo Talabi and commissioners responsible for finance, works, industry, trade and investment, and transport, as well as a representative of the host community.

The ceremony was also attended by Minister of Marine and Blue Economy Adegboyega Oyetola, Nigeria’s Ambassador to France Emmanuel Ayodele Oke, Nigerian Ports Authority Managing Director Dr Abubakar Dantsoho, DP World Group CEO Yuvraj Narayan and other investors and partners.

Tinubu said the agreements brought together investment capital, technical expertise and execution capacity, describing DP World as a major global ports and logistics operator.

“The agreements before us bring together vision, expertise, capital and execution capacity. I particularly welcome DP World, one of the world’s leading port and logistics operators,” he said.

The President assured investors that the Federal Government would provide the necessary regulatory and institutional support to move the projects from agreements to implementation.

He also said the government would hold all parties accountable for their commitments, describing the agreements as a significant milestone in efforts to attract foreign direct investment, expand productive capacity and position Nigeria as a hub for maritime trade, logistics, manufacturing and exports.

The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-metre draft. According to the President, the facility is expected to help decongest the Lagos port corridor and reduce pressure on the Apapa and Tin Can Island ports.

He said the deeper-draft port would accommodate larger vessels and provide a trade and logistics gateway for the African Continental Free Trade Area (AfCFTA), which he said serves a continental market of about 1.4 billion people.

The Ogun State Blue Marine Special Economic Zone is proposed to cover 10,000 hectares.

“These agreements envisage an initial investment of more than $7 billion in the Nigerian economy. At full development, the projects are projected to create more than 50,000 direct jobs and many additional indirect opportunities, while generating substantial non-oil export earnings from Nigerians’ creativity and productivity across the value chain,” Tinubu said.

He described the projects as part of the Federal Government’s economic diversification and industrialisation agenda, commending the Ogun State Government for securing the land, structuring the investment framework and reducing project risks for investors.

“This is cooperative federalism as envisaged by our Constitution: subnational vision supported by federal facilitation,” he said.

Tinubu said the Federal Government would facilitate road, rail and power connectivity, strengthen investment security and maritime security, and remove unnecessary bureaucratic obstacles.

He said the proposed special economic zone was already attracting interest from global manufacturing and industrial companies.

“Within the zone, imported inputs will be transformed into finished goods, Nigerian raw materials will be processed for export and, most importantly, our young men and women will find dignified, productive and sustainable employment,” he said.

Tinubu described the seaport as critical infrastructure for the viability of the special economic zone, saying an integrated port and economic zone could support broader industrial development.

The President said strengthening Nigeria’s maritime economy remained central to the Federal Government’s economic diversification strategy and urged the Ogun State Government and investors to move quickly from the signing stage to implementation.

“Nigeria lies at the heart of West African trade. Yet, our strategic advantage has been constrained by port congestion, inadequate draft capacity and logistics bottlenecks that increase the cost of doing business. These projects respond directly to those constraints,” he said.

Tinubu also linked the projects to the Lagos-Calabar Coastal Highway, saying the 28-kilometre Ogun section of the 700-kilometre highway was scheduled for completion before the end of 2026.

According to him, the road would provide an important transport link between the proposed port, special economic zone, Lagos, the Nigerian hinterland and other African markets.

He added that the projects would form part of a wider strategic corridor near the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, linking the industrial cluster with Nigeria’s energy and gas-export ambitions.

ABAKALIKI, Nigeria (NPA) — Special Assistant to the Ebonyi State Governor on New Media, Leo Ekene Oketa, has commended Governor Francis Ogbonna Nwifuru for what he described as a significant achievement in reviving the Ebonyi State Fertilizer and Chemical Company Ltd.

Oketa, in a statement issued on Sept. 23, 2026, said the development was part of the state government’s efforts to strengthen agriculture and increase local production of farm inputs.

He said Nigeria already had a growing fertiliser industry, with companies operating at different levels of the value chain.

According to him, Golden Fertilizer has blending facilities in Lagos and Kaduna, with a stated capacity of 450,000 metric tonnes per annum and a product portfolio that includes NPK 15-15-15, 27-13-13, 20-10-10, 12-12-17+MgO, urea and special blends.

He also cited Notore, based in Onne, Rivers State, as producing granular urea and several NPK formulations, including 20-10-10, 12-12-17 and 15-15-15, as well as specialised Roots and Tubers fertiliser.

Oketa said an assessment of Nigeria’s fertiliser industry by the International Food Policy Research Institute (IFPRI) and the Global Agricultural Innovation and Research Partnership, formerly the Consultative Group on International Agricultural Research (CGIAR), also listed the Ebonyi State Fertilizer and Chemical Company among fertiliser producers in the country.

He said the company produces NPK formulations including 20-10-10, 27-13-13, 12-12-17 and 15-15-15, with a nameplate blending capacity of 40 metric tonnes per hour and an annual capacity of approximately 102,400 tonnes.

“Ebonyi is rising, and blending with States and companies of like minds in fertilizer production, courtesy of Governor Francis Ogbonna Nwifuru,” Oketa said.

He said the governor understood Ebonyi’s agricultural base and was working to support farmers, improve productivity and strengthen the state’s agro-economic value.

Oketa said that, traditionally, farmers in rural communities depended on fertiliser produced elsewhere and transported through several states, distributors and dealers before reaching their farms.

He said the revival of the Ebonyi State Fertilizer and Chemical Company had changed the situation by bringing an important part of the agricultural value chain closer to farmers.

“The Ebonyi State Fertilizer and Chemical Company Limited has been revived and is producing multiple NPK fertilizer formulations for the agricultural market,” he said.

Oketa said the company currently produces four principal NPK formulations — 20-10-10, 27-13-13, 12-12-17 and 15-15-15 — containing different proportions of nitrogen, phosphate and potash, the three major nutrients represented by N, P and K.

He explained that the production process involved raw materials such as urea, diammonium phosphate (DAP), muriate of potash (MOP) and limestone, after which the products undergo formulation, blending and quality-control processes before packaging and distribution.

“That means Ebonyi is no longer merely a consumer of fertilizer produced elsewhere. It is participating directly in the production and formulation of one of the most important inputs in modern agriculture,” Oketa said.

“That distinction matters, thanks to a leader who understands the needs of his people and works towards meeting them, always,” he added.