New Post Africa

Category: Economy & Policy

  • Abiodun commissions Gao-Ibiade Road, unveils plans for more infrastructure in Ogun Waterside

    Abiodun commissions Gao-Ibiade Road, unveils plans for more infrastructure in Ogun Waterside

    ABEOKUTA, Nigeria (NPA) — Ogun State Governor, Prince Dapo Abiodun, has commissioned the reconstructed Gao-Ibiade Road in the Ogun Waterside Local Government Area, describing the project as a major step towards unlocking the area’s economic potential.

    In a statement issued on Friday, Abiodun said the road forms part of his administration’s commitment to expanding infrastructure and positioning Ogun Waterside for sustainable economic growth.

    He noted that the reconstruction aligns with plans to revive the Olokola Liquefied Natural Gas (OKLNG) project, alongside other strategic investments, including the proposed Ogun Deep Sea Port, oil exploration activities, a refinery, a naval base and a dockyard.

    According to the governor, the projects are expected to transform Ogun Waterside into a major industrial, maritime and logistics hub.

    Abiodun also announced that the reconstruction of the J4-Gao-Abigi Road would commence soon to improve connectivity and support the anticipated expansion of economic activities in the coastal axis.

    “Our administration remains committed to ensuring that every part of Ogun State benefits from purposeful infrastructure development as we continue to build a stronger, more prosperous and globally competitive Ogun State,” he said.

  • Mbah hails 30-year concession of Enugu Airport, says deal will boost regional economy

    Mbah hails 30-year concession of Enugu Airport, says deal will boost regional economy

    ENUGU, Nigeria (NPA) — Enugu State Governor Peter Mbah has described the concession of the Akanu Ibiam International Airport to Aero Alliance Limited as a landmark achievement that will accelerate economic growth, attract investment and strengthen the South-East’s position as a major commercial hub.

    The Federal Government formally handed over the airport to Aero Alliance Limited on Thursday under a 30-year Public-Private Partnership (PPP) concession.

    The handover ceremony, held at the airport’s new terminal, was performed by the Minister of Aviation and Aerospace Development, Festus Keyamo, in the presence of aviation stakeholders, government officials and representatives of the concessionaire.

    Reacting to the development, Mbah described the occasion as a proud moment for Enugu State and the wider South-East region.

    “Today is a proud day for me and for Ndi Enugu,” the governor said in a statement issued on Thursday.

    “The Akanu Ibiam International Airport is more than a gateway to the South-East. It is a catalyst for commerce, connectivity, investment and economic growth.”

    He said the commencement of Aero Alliance Limited’s stewardship of the airport marked a significant milestone after more than two decades of efforts to secure a private concessionaire for the facility.

    According to Mbah, the 30-year concession will unlock greater economic opportunities, improve airport operations and reinforce Enugu’s position as a leading destination for business, tourism and investment.

    “As we continue to build strategic partnerships and invest in critical infrastructure, our focus remains clear: creating a more connected, competitive and prosperous future for our people,” he said.

    Industry analysts say the concession is expected to attract fresh investment, modernise airport infrastructure and improve service delivery, enhancing the airport’s status as an international gateway.

    The development also aligns with the Enugu State Government’s broader aviation strategy, which includes plans to commence direct cargo flight operations between Enugu and Guangzhou, China, later this year to boost trade, exports and regional economic integration.

  • JUST IN: Aiyedatiwa inaugurates committee to revive Olokola Free Trade Zone

    JUST IN: Aiyedatiwa inaugurates committee to revive Olokola Free Trade Zone

    AKURE, Nigeria (NPA) — Ondo State Governor Lucky Aiyedatiwa has inaugurated a Technical Committee on the Olokola Free Trade Zone (OKFTZ), charging it to fast-track the revival of the long-delayed project and position the state as a leading destination for industrial investment in Africa.

    The governor said the committee would address critical legal, technical, infrastructural and community-related issues necessary for the reactivation of the project.

    In a statement issued on Monday, Aiyedatiwa described the inauguration as a decisive step towards unlocking the economic potential of the Olokola corridor.

    “For nearly two decades, the enormous potential of the Olokola corridor has remained largely untapped. Yet, our coastline holds immense opportunities for industrial growth, maritime development, investment attraction and job creation,” he said.

    The governor welcomed renewed interest by the Dangote Group in developing what is projected to become Nigeria’s largest industrial and free trade hub at Olokola.

    “With renewed interest from the Dangote Group, our administration is determined to ensure that all legal, technical, infrastructural and community-related issues are addressed with urgency and transparency,” he added.

    Aiyedatiwa said the committee had been given a clear mandate to accelerate processes required for the project’s revival and attract local and international investors to the state.

    According to him, the vision is to develop a world-class industrial ecosystem supported by modern infrastructure, independent energy solutions, efficient logistics and a business-friendly environment.

    He urged members of the committee to discharge their responsibilities with patriotism, diligence and integrity.

    “The future of Olokola is not just about infrastructure; it is about jobs, economic prosperity, industrialisation and sustainable development for generations of Ondo State citizens,” the governor said.

    Aiyedatiwa reaffirmed his administration’s commitment to transforming economic opportunities into tangible development and positioning Ondo State as a premier destination for investment and economic growth.

  • EU unveils €1.1bn transport infrastructure fund to boost connectivity

    EU unveils €1.1bn transport infrastructure fund to boost connectivity

    BRUSSELS, Belgium (NPA) — The European Commission has launched a €1.1 billion call for proposals to modernise and expand transport infrastructure across Europe under the Trans-European Transport Network (TEN-T).

    The funding package, announced under the Connecting Europe Facility (CEF), is the final transport infrastructure call under the European Union’s 2021–2027 long-term budget framework.

    According to the Commission, the initiative will support major transport projects aimed at advancing high-speed rail development, strengthening maritime connectivity and improving military mobility across the bloc.

    The programme also prioritises rail transport, the decarbonisation of maritime operations and the removal of bottlenecks affecting military mobility.

    In addition, funding will support the electrification of road freight transport and airport ground operations, deployment of charging infrastructure in ports and the digitalisation of road transport systems.

    The Commission said the programme aligns with the EU’s industrial maritime and ports strategies, as well as its industrial action plan for the automotive sector.

    Ukraine and Moldova have also been included in the funding scheme, reflecting their growing transport integration with the European Union.

    The CEF serves as the EU’s flagship instrument for financing and implementing transport infrastructure projects under the TEN-T policy.

    The Commission said projects selected under the 2026 call would contribute to the development of smarter, more efficient and sustainable transport networks while enhancing interoperability and resilience across Europe.

    Applications for the funding programme will close on October 6, 2026.

    The Commission noted that the investment is expected to strengthen connectivity, support economic growth and accelerate the transition to greener transport systems across the continent.

  • JUST IN: Umahi urges cement manufacturers to cut prices, backs Tinubu’s infrastructure drive

    JUST IN: Umahi urges cement manufacturers to cut prices, backs Tinubu’s infrastructure drive

    LAGOS, Nigeria (NPA) — Minister of Works, Senator David Umahi, has called on cement manufacturers across Nigeria to reduce the price of cement, saying the rising cost of the commodity is increasing pressure on infrastructure projects and triggering demands for contract variations.

    Umahi made the appeal while delivering a keynote address at the unveiling of the new corporate identity of Lafarge, now rebranded as HBM, a member of the HUAXIN Group, in Lagos.

    The minister said the Federal Government would begin engagements with cement manufacturers from July 1 to address concerns over pricing.

    “I want to insist that Lafarge, now HBM, and other cement manufacturers should reduce their prices,” Umahi said.

    “We shall be engaging on this from July 1. Cement manufacturers must reduce their prices because contractors are pressuring us to review their contracts. But nobody is reviewing anybody’s contract. It is the manufacturers that should review their costs.”

    According to him, the administration of President Bola Ahmed Tinubu is making significant investments in critical infrastructure nationwide, creating vast opportunities for manufacturers and investors.

    Umahi urged HBM and other industry players to expand production capacity to meet growing demand arising from ongoing infrastructure projects.

    He commended the company for its transition and renewed commitment to the Nigerian market, assuring it of the Federal Government’s support.

    “The market is smaller than what the President is doing. Expand your capacity because opportunities are enormous,” he said.

    The minister also highlighted major infrastructure projects being executed under the Renewed Hope Agenda, citing the Lagos-Calabar Coastal Highway as evidence of the administration’s commitment to national development.

    According to him, the project has attracted international attention because of its scale and quality.

    “When international evaluators visited the project, they acknowledged its quality and significance. The project continues to draw interest from neighbouring countries,” Umahi said.

    He expressed confidence in President Tinubu’s vision for the country, describing the administration’s economic and infrastructure agenda as achievable and transformative.

    “I want to thank President Bola Ahmed Tinubu for his leadership. The President is committed to repositioning this country, and we remain on course to deliver the vision for the benefit of Nigerians,” he added.

  • Flight between Enugu and Guangzhou to begin December, says Mbah

    Flight between Enugu and Guangzhou to begin December, says Mbah

    ENUGU, Nigeria (NPA) — Enugu State Governor Peter Mbah has reaffirmed his administration’s vision to transform Enugu into a leading aviation and logistics hub in West Africa, following plans to commence direct cargo flights between Enugu and Guangzhou, China, by December 2026.

    Mbah said the initiative, being pursued in collaboration with the Federal Government and other stakeholders, would unlock new trade opportunities for businesses across the South-East and strengthen the region’s position in global commerce.

    “What began as a vision to transform Enugu into a premier aviation and logistics hub is steadily becoming reality,” the governor said.

    “Working closely with the Federal Government and our partners, we are advancing plans to commence direct cargo flights between Enugu and Guangzhou, China, by December.”

    According to him, the new route will ease logistics challenges, improve supply chains and create faster access to international markets for businesses in the region.

    “This strategic connection will open new trade opportunities for businesses across the South-East, reduce logistics bottlenecks and strengthen our region’s position in global commerce,” Mbah added.

    The governor said the initiative forms part of broader efforts by his administration to build critical infrastructure that supports enterprise, attracts investment, creates jobs and accelerates economic growth.

    He cited the recent launch of Enugu Air and the ongoing upgrade of the Akanu Ibiam International Airport as key components of the state’s long-term economic transformation strategy.

    Earlier, the Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed that the Federal Government and Enugu State were finalising arrangements for the commencement of direct cargo flight operations between Enugu and Guangzhou.

    According to the minister, the service will enable South-East traders and importers to consolidate shipments in China and transport them directly into Enugu, significantly reducing delivery times and logistics costs.

    “Just two days ago, the Enugu governor and I were actively negotiating the first direct cargo flight from Guangzhou, China, straight into Enugu. We are targeting December for the maiden flight,” Keyamo said.

    “This will allow our South-East merchants and traders in China to consolidate their goods into unified cargo accounts twice a week, flying straight into Enugu for seamless delivery to commercial hubs such as Onitsha and Aba.”

    The initiative is expected to boost trade activities, enhance cargo handling capacity at the Akanu Ibiam International Airport and further position Enugu as a major gateway for commerce and investment in the South-East.

  • Lagos urges stakeholders to embrace electronic planning permit system, tax compliance

    Lagos urges stakeholders to embrace electronic planning permit system, tax compliance

    LAGOS, Nigeria (NPA) — The Lagos State Government has urged stakeholders in the built environment to embrace its newly introduced Electronic Physical Planning Permit Processing System (E-PPPS) and ensure compliance with tax obligations as part of efforts to improve service delivery and transparency.

    The Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, made the call during a one-day stakeholders’ sensitisation programme on the E-PPPS held in Alausa, Ikeja.

    The event was organised by the Lagos State Office of Physical Planning in collaboration with agencies under the Ministry of Physical Planning and Urban Development.

    Olumide said tax compliance remains a key requirement for obtaining physical planning permits in the state and encouraged stakeholders to make accurate declarations regarding their tax status.

    According to him, the E-PPPS was developed to simplify permit processing, reduce delays, improve transparency and address challenges associated with physical planning approvals.

    He noted that Lagos has continued to lead in the adoption of innovative governance initiatives and said the digital platform would strengthen documentation, information management and service efficiency in the physical planning sector.

    “The only thing that is permanent is change. This transition is aimed at simplifying processes, saving time, enhancing transparency and making life easier for residents, developers and other stakeholders in the built environment,” Olumide said.

    The commissioner assured stakeholders that the ministry had adequately trained personnel to provide support and resolve challenges that may arise during the implementation of the platform.

    Also speaking, the Lagos State Head of Service, Mr Olabode Agoro, described the E-PPPS as a transformative initiative that leverages technology to improve efficiency, speed and accessibility in government services.

    He said the platform would eliminate bureaucratic bottlenecks by enabling users to access services remotely, from application submission to final approval.

    Agoro urged staff of the ministry to embrace the digital transition, acquire relevant skills and maintain professionalism in their interactions with the public.

    He also advised officials to ensure that planning approvals are guided by professional standards and regulatory requirements rather than revenue considerations.

    The Head of Service called on stakeholders to actively participate in the implementation process and provide constructive feedback to enhance the effectiveness of the system.

    “The new system is no longer an aspiration but a necessity in modern governance,” he said.

    The Ologba of Ogbaland, Oba Latif Egbeyemi, commended the state government for introducing the platform but appealed for the temporary retention of the manual processing system to allow users time to adapt to the new technology.

    Representing the Nigerian Institute of Town Planners, Lagos State Chapter, Mr Tayo Awomosu said the initiative aligns with global best practices and would promote efficiency, transparency, accountability and effective data management.

    Participants at the event included architects, surveyors, developers, builders, structural engineers and town planners.

    (NAN)

  • JUST IN: Bank of England MPC holds interest rate at 3.75% amid inflation concerns

    JUST IN: Bank of England MPC holds interest rate at 3.75% amid inflation concerns

    LONDON, United Kingdom (NPA) — The Bank of England has maintained its benchmark interest rate at 3.75 per cent, citing continued uncertainty over global energy prices, inflationary pressures and the broader economic outlook.

    The decision was announced on Thursday following a meeting of the Monetary Policy Committee (MPC) that ended on June 17.

    According to the bank, seven members of the committee voted to keep the Bank Rate unchanged at 3.75 per cent, while two members favoured a 0.25 percentage-point increase to 4.0 per cent.

    In its June 2026 Monetary Policy Summary, the MPC said global energy prices had declined since its previous meeting following developments in the Middle East, but remained above pre-conflict levels and continued to exhibit significant volatility.

    The committee noted that the full impact of the energy shock on the UK economy remains uncertain.

    “Monetary policy cannot influence energy prices but is being set to ensure that the economic adjustment to them occurs in a way that achieves the 2 per cent inflation target sustainably,” the MPC said.

    The committee stated that the appropriate policy response would depend on the scale and duration of the energy shock and how its effects spread through the wider economy.

    Official data showed that Consumer Price Index (CPI) inflation had eased to 2.8 per cent since the previous MPC meeting.

    However, the bank warned that inflation is expected to rise later in the year as the impact of higher energy costs continues to feed through to households and businesses.

    The MPC said the risk of sustained inflationary pressures through higher prices and wage demands would increase if elevated energy prices persist for an extended period.

    At the same time, it noted that the labour market continues to soften, while signs of weakening economic activity could help moderate inflationary pressures.

    The committee added that borrowing costs for households and businesses remain significantly higher than they were before the recent energy shock, a factor expected to contribute to lower inflation over time.

    “Taking all the risks to the economic outlook into account, the Committee judges that it is appropriate to maintain Bank Rate at this meeting,” the statement said.

    The MPC reiterated its commitment to achieving the bank’s medium-term inflation target of 2 per cent and said it would continue to monitor developments in the Middle East and their impact on the UK economy.

    The committee also signalled its readiness to adjust monetary policy if necessary to ensure inflation remains on track to meet the target sustainably.

    The next Bank of England interest rate decision is scheduled for July 30, 2026.

  • DEMOCRACY DAY: Mbah urges Nigerians to embrace unity, justice, good governance

    DEMOCRACY DAY: Mbah urges Nigerians to embrace unity, justice, good governance

    ENUGU, Nigeria (NPA) — Governor Peter Ndubuisi Mbah of Enugu State has called on Nigerians to recommit themselves to the values of unity, justice, and good governance as the nation marks Democracy Day.

    In his Democracy Day message on Friday, the governor said the survival and growth of democracy depend not only on institutions but also on the commitment, participation, and resilience of the people.

    According to Mbah, democracy thrives when citizens remain actively engaged in the pursuit of a better society and accountable governance.

    “As we celebrate Democracy Day, I join Nigerians across the country in reflecting on our shared journey and recommitting ourselves to the values of unity, justice, and good governance,” he said.

    The governor noted that Nigeria’s democratic progress has been sustained by the courage, sacrifices, and aspirations of citizens who continue to believe in the promise of a better future.

    “Democracy is sustained not only by institutions, but by the people whose courage, participation, and belief in a better future keep its ideals alive,” he stated.

    Mbah also paid tribute to the people of Enugu State, commending what he described as their resilience, enterprise, and unwavering commitment to development.

    He said the contributions of Ndi Enugu continue to drive economic growth and social progress both within the state and across the country.

    The governor urged citizens to remain united in the collective task of nation-building and creating opportunities for future generations.

    “Together, let us continue building a stronger Nigeria and a more prosperous Enugu for generations to come,” he said.

    The Democracy Day message comes as the Mbah administration continues to pursue ambitious economic and infrastructure projects aimed at transforming Enugu State into a major investment destination.

    One of the flagship projects is the proposed 660-megawatt coal-fired power plant, expected to provide stable and affordable electricity to homes and businesses across the state by late 2027.

    According to the state government, the project will utilise Enugu’s low-sulfur, high-calorific coal reserves to generate cleaner energy while addressing long-standing electricity challenges.

    The administration believes a reliable power supply is critical to its broader economic vision of expanding Enugu’s economy from approximately $4.4 billion to $30 billion.

    Industry analysts have also projected that the project could position Enugu as one of Nigeria’s leading power-independent states, improve industrial productivity, reduce energy costs, and attract significant local and foreign investments.

  • EU Council endorses negotiating position on European business wallets

    EU Council endorses negotiating position on European business wallets

    BRUSSELS, Belgium (NPA) — The Council of the European Union has formally adopted its negotiating stance on the creation of European business wallets (EBWs), a digital identity solution designed to streamline and secure business interactions across the bloc.

    The initiative, built on the eIDAS2 framework, will allow companies to digitalise operations that currently require in‑person processing. By offering a harmonised European solution, EBWs will enable secure cross‑border communication and document exchange, reducing administrative burdens and strengthening the single market.

    Deputy Minister for Research, Innovation and Digital Policy of Cyprus, Nicodemos Damianou, hailed the agreement as “a key building block of Europe’s digital future” and central to the ‘One Europe, One Market’ roadmap. He stressed that the Council is on track to reach a political agreement by the end of 2026, in line with commitments made at the March 2026 European Council.

    With EBWs, companies will be able to verify identities digitally, create and share trusted documents such as licenses and permits, sign and seal documents electronically, delegate legal authority, and communicate securely with businesses or public administrations.

    The Council’s position introduces several safeguards and clarifications: EBWs will complement rather than replace national systems; digital actions will be legally recognised but subject to national requirements; powers of attorney remain unaffected; and stricter authorisation thresholds for EBW providers have been set to enhance cybersecurity. National supervisory bodies will now have up to 60 days to review provider applications, with streamlined timelines for clarity.

    Having reached a general approach, the Council will now begin negotiations with the European Parliament under the ordinary legislative procedure once Parliament adopts its position.