Category: Business

  • LPG retailers urge producers to prioritise local market as cooking gas prices rise

    LPG retailers urge producers to prioritise local market as cooking gas prices rise

    LAGOS, Nigeria (NPA) — The Liquefied Petroleum Gas Retailers Association of Nigeria (LPGAR) has called on local LPG producers to prioritise supplies to the domestic market amid a sharp rise in cooking gas prices across the country.

    The association said inadequate local supply, coupled with rising logistics and energy costs, has contributed significantly to the recent surge in prices, placing additional pressure on Nigerian households.

    Speaking with journalists, the Public Relations Officer of LPGAR’s Nyanya Branch, Mr. Promise Ajujumbu, attributed the development to a combination of global market pressures and domestic supply constraints.

    Cooking gas is currently selling for as much as ₦2,000 per kilogramme among roadside retailers, while major marketers are dispensing the product at about ₦1,600 per kilogramme.

    The latest increase has triggered concerns among consumers, many of whom have called on the Federal Government to intervene and ease the burden on households already grappling with rising living costs.

    Ajujumbu alleged that some local LPG producers may be prioritising exports over domestic supply due to more attractive returns in international markets.

    “The global energy crisis has played a role in the increase in LPG prices, but local factors are also contributing to the problem,” he said.

    “There are concerns that some local producers may be prioritising exports because of better returns, and this is affecting product availability in the domestic market.”

    According to him, the supply shortfall has significantly increased procurement costs for retailers, with LPG prices rising from about ₦900,000 per metric tonne before the current scarcity to approximately ₦1.7 million per tonne.

    “The local market should be adequately supplied before exports are considered,” Ajujumbu said, adding that higher diesel prices have also increased transportation and distribution costs across the supply chain.

    However, the Federal Government has dismissed claims that locally produced LPG is being exported at the expense of domestic consumers.

    Reacting to the concerns, Mr. Louis Ibah, spokesperson to the Minister of State for Petroleum Resources (Gas), Dr. Ekperikpe Ekpo, said no producer was currently exporting LPG designated for the Nigerian market.

    He noted that the government’s ban on LPG exports remains in force and is being enforced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

    According to Ibah, marketers have intensified efforts to boost product availability and are importing additional LPG volumes to meet growing domestic demand.

    He also disclosed that the new Seplat Gas facility is expected to commence LPG supply to the domestic market in July, a development industry stakeholders believe could significantly improve availability and help stabilise prices.

    The development comes amid renewed concerns over energy affordability, as millions of Nigerians increasingly rely on cooking gas as a cleaner alternative to firewood, charcoal, and kerosene.

  • JUST IN: TCN announces planned power outage in parts of Abuja, Niger State

    JUST IN: TCN announces planned power outage in parts of Abuja, Niger State

    ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has announced a planned power outage that will affect electricity supply to parts of the Federal Capital Territory and neighbouring communities in Niger State.

    In a notice issued on Saturday, TCN said the temporary disruption is necessary to facilitate scheduled maintenance work at its Katampe 330/132/33kV Transmission Substation in Abuja.

    According to the company, the maintenance exercise will take place on Saturday, June 13, 2026, between 10:00 a.m. and 2:00 p.m.

    During the four-hour maintenance window, TCN engineers will carry out critical works on the 150MVA 330/132/33kV transformer and its associated switchgear equipment at the substation.

    As a result of the exercise, the Abuja Electricity Distribution Company (AEDC) will be unable to receive bulk power supply from the affected transformer for onward distribution to customers.

    The planned outage is expected to affect electricity consumers in Kubwa, Suleja, Bwari, and surrounding communities.

    TCN explained that the maintenance forms part of efforts to improve the reliability, efficiency, and stability of power transmission infrastructure serving the affected areas.

    The company appealed to residents and businesses that may be impacted by the temporary interruption to bear with the inconvenience.

    “TCN apologises for any inconvenience this maintenance exercise may cause customers supplied through the affected transformer,” the company stated.

    The transmission firm assured the public that normal electricity supply would be restored immediately after the completion of the scheduled maintenance works.

    The latest exercise is part of TCN’s ongoing network maintenance programme aimed at strengthening the national grid and enhancing power delivery across the country.

  • 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.

  • Afreximbank invests $83 billion in Nigeria, positions Lagos as Africa’s trade gateway

    Afreximbank invests $83 billion in Nigeria, positions Lagos as Africa’s trade gateway

    LAGOS, Nigeria (Agency Report) — The African Export-Import Bank (Afreximbank) has invested approximately $83 billion in Nigeria since its establishment, with a significant portion of the funding channelled into projects in Lagos, as the state strengthens its position as a leading hub for trade, investment, and industrialisation in Africa.

    The disclosure was made at the Invest Lagos 3.0 Summit held in Lagos, where government officials, investors, development finance institutions, and business leaders explored opportunities for economic growth under the African Continental Free Trade Area (AfCFTA).

    Speaking at the summit, the Executive Vice-President of Afreximbank, Kanayo Awani, said the bank remains committed to supporting investments that drive industrialisation and economic transformation across the continent.

    Awani, who was represented by Dr Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at Afreximbank, said Lagos has emerged as a strategic gateway to African markets.

    According to her, the bank’s decision to support initiatives aimed at expanding trade and investment opportunities in Lagos was straightforward given the state’s economic importance.

    “We did not need to think twice,” she said.

    Awani noted that Afreximbank has invested heavily in industrial parks and special economic zones across Africa to reduce barriers to investment through the provision of critical infrastructure, including roads, power, and transport networks.

    She cited projects in Benin Republic and Gabon as examples of how targeted industrial investments can boost local value addition, stimulate manufacturing, and create employment opportunities.

    “Lagos is in that position of a gateway to Africa,” she said.

    The Afreximbank executive also highlighted the bank’s support for the Dangote Refinery project, describing it as a demonstration of the transformative impact of investment-led industrial development.

    A major highlight of the summit was the announcement that Lagos will host the next Intra-African Trade Fair (IATF), one of the continent’s largest trade and investment events.

    The Secretary-General of AfCFTA, Wamkele Mene, described Lagos as a critical centre for commerce and industrialisation on the continent.

    “Lagos is indeed the gateway to the African market,” Mene said.

    He disclosed that 50 African countries are currently implementing the AfCFTA framework, while intra-African trade has grown to approximately $230 billion.

    According to him, Nigeria now exports more goods to African markets than to any other region of the world, reflecting the growing benefits of continental economic integration.

    Mene said the forthcoming trade fair is expected to attract major investment commitments and commercial transactions from across Africa and beyond.

    Also speaking at the summit, Commonwealth Secretary-General Shirley Botchwey said global investors increasingly prioritise markets that offer stability, talent, trust, and long-term growth prospects.

    “That is why Lagos matters,” she said.

    Botchwey described Lagos as a commercial powerhouse, logistics hub, and cultural centre that exemplifies Africa’s economic potential.

    She urged governments and businesses to convert emerging opportunities into jobs, infrastructure development, innovation, and inclusive economic growth.

    “Lagos is not simply a city of potential. It is a city of proof,” she added.

    Meanwhile, the Minister of Aviation and Aerospace Development, Festus Keyamo, said Lagos remains Nigeria’s foremost aviation gateway, accounting for about 67 per cent of international passenger traffic into the country.

    According to him, the state’s strategic location positions it as a natural aviation hub connecting Africa with Europe, the Middle East, and South America.

    Keyamo disclosed that the Federal Government is investing $500 million in the modernisation of the Murtala Muhammed International Airport, Lagos.

    He also revealed plans to extend a rail line to the airport in collaboration with the Lagos State Government to improve connectivity and ease passenger movement.

    “Lagos is just ready for the next big step,” the minister said.

    Stakeholders at the summit agreed that Lagos remains central to Nigeria’s economic future and is well-positioned to deepen regional trade, attract global capital, and strengthen its role as one of Africa’s leading business and investment destinations.

  • 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.

  • Nigeria’s capital importation rises 83.8% to $10.37 billion in Q1 2026

    Nigeria’s capital importation rises 83.8% to $10.37 billion in Q1 2026

    ABUJA, Nigeria (NPA) — Nigeria recorded a total capital importation of $10.37 billion in the first quarter of 2026, representing an 83.83 per cent increase from the $5.64 billion reported in the corresponding period of 2025, according to the latest Capital Importation Report released by the National Bureau of Statistics (NBS).

    The report also showed a 60.97 per cent quarter-on-quarter increase compared to the $6.44 billion recorded in the fourth quarter of 2025, signalling renewed investor interest in Africa’s largest economy.

    According to the NBS, portfolio investment remained the dominant source of capital inflows, accounting for $9.86 billion or 95.09 per cent of total capital imported during the period.

    Other investments contributed $374.48 million, representing 3.61 per cent of total inflows, while Foreign Direct Investment (FDI) recorded the lowest share at $135.08 million, accounting for just 1.30 per cent.

    A breakdown of the report revealed that the banking sector continued to serve as the primary gateway for foreign capital entering the country, accounting for the largest share of inflows.

    Standard Chartered Bank Nigeria Limited emerged as the leading recipient institution, attracting $4.41 billion, representing 42.56 per cent of total capital importation.

    It was followed by Stanbic IBTC Bank Plc, which recorded inflows of $2.78 billion or 26.79 per cent, while Rand Merchant Bank attracted $930.82 million, representing 8.97 per cent.

    Citibank Nigeria Limited and Access Bank Plc completed the top five with capital inflows of $782.84 million and $710.03 million, respectively.

    Sectoral analysis showed that banking and financing activities dominated investment inflows, jointly accounting for more than 96 per cent of total capital imported during the quarter.

    The financing sector attracted $2.43 billion, representing 23.42 per cent of total inflows, while production and manufacturing received $152.27 million or 1.47 per cent.

    Investment in shares accounted for $75.34 million, representing 0.73 per cent of total inflows.

    Other sectors recorded comparatively smaller investments, including trading with $65.79 million, agriculture with $37.28 million, and information technology services with $11.33 million.

    The telecommunications, transport, and construction sectors collectively accounted for less than one per cent of total capital importation during the period.

    The NBS noted that the continued dominance of the banking sector reflects the critical role of financial institutions in facilitating foreign investment into Nigeria.

    The strong performance recorded in the first quarter of 2026 points to improving investor confidence and a gradual recovery in capital inflows, supported largely by increased portfolio investments and sustained interest in Nigeria’s financial sector.

  • Tinubu, Oyedele highlight Lagos as engine of Nigeria’s economic growth, investment hub

    Tinubu, Oyedele highlight Lagos as engine of Nigeria’s economic growth, investment hub

    LAGOS, Nigeria (NPA) — President Bola Tinubu has described Lagos State as a major driver of Nigeria’s economy, saying the state continues to lead the country in investment attraction, innovation, and economic growth.

    Represented by Vice President Kashim Shettima at the Invest Lagos 3.0 Summit in Lagos on Monday, Tinubu said Lagos contributes about 30 per cent of Nigeria’s Gross Domestic Product (GDP), making it one of Africa’s most significant economic centres.

    He attributed the state’s remarkable growth to policy consistency, enterprise, and a conducive environment for business and investment.

    “Lagos is Nigeria. Lagos is Nigeria,” the President declared, underscoring the state’s strategic importance to the national economy.

    According to him, Lagos offers investors unparalleled access to markets, capital, talent, infrastructure, and business opportunities, positioning it as a gateway to Africa’s vast economic landscape.

    Tinubu further noted that Lagos hosts five of Africa’s nine technology unicorns, a development he said reinforces its status as the continent’s leading hub for innovation and investment.

    The President stated that ongoing economic reforms by the Federal Government are restoring investor confidence, strengthening fiscal sustainability, and improving the country’s investment outlook.

    He added that Nigeria’s foreign reserves have grown significantly, rising to nearly $50 billion, while assuring local and international investors that the country remains open for business.

    “Nigeria is ready and open for business,” he said.

    Tinubu stressed that sustaining economic growth would require stronger collaboration between the Federal Government and subnational governments, commending Lagos for setting standards that encourage other states to improve their investment climate and competitiveness.

    Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said state governments are increasingly becoming critical drivers of Nigeria’s economic transformation.

    “The future of Nigeria’s growth story is being written in Lagos, Kano, Enugu, Uyo and other cities,” Oyedele said.

    He noted that investors are increasingly focusing on projects, industrial clusters, logistics corridors, and economic ecosystems rather than countries alone.

    The minister cited the recent commissioning of a hyperscale data centre in Lagos as a successful example of collaboration between the public and private sectors.

    According to him, key reforms undertaken by the Federal Government have improved economic predictability, competitiveness, and profitability for investors.

    He identified exchange-rate reforms, stronger external reserves, and fiscal restructuring as some of the measures supporting macroeconomic stability.

    Oyedele disclosed that Nigeria’s economy recorded a growth rate of 3.89 per cent in the first quarter of 2026 and expanded by 11.2 per cent in dollar terms in 2025.

    He also highlighted ongoing tax reforms designed to simplify compliance procedures, improve efficiency, and support business expansion.

    “Our goal is not to tax more; it is to tax smarter,” he said.

    The minister further announced plans to establish a Nigerian Deal Room to connect investors with viable projects and unlock investment opportunities across key sectors of the economy.

    He urged investors to explore opportunities in infrastructure, agriculture, energy, manufacturing, technology, tourism, and housing, describing Nigeria as one of the world’s most attractive long-term investment destinations.

    “Nigeria remains one of the most compelling long-term investment destinations globally,” Oyedele added.

  • JUST IN: Lagos Blue Line increases daily trips to 94, introduces earlier 6:00 a.m. service

    JUST IN: Lagos Blue Line increases daily trips to 94, introduces earlier 6:00 a.m. service

    LAGOS, Nigeria (NPA) — The Lagos Metropolitan Area Transport Authority (LAMATA) has announced an expansion of services on the Lagos Rail Mass Transit (LRMT) Blue Line, increasing daily train operations from 90 to 94 trips and introducing an earlier start time for weekday and Saturday services.

    According to LAMATA, the revised timetable will take effect from Monday, June 15, 2026, as part of efforts to improve passenger experience, reduce waiting times and meet growing commuter demand on the rail corridor.

    In a statement signed by Kolawole Ojelabi, Head Corporate Communication, LAMATA said under the new schedule, train services from Monday to Saturday will commence at 6:00 a.m., 30 minutes earlier than the current 6:30 a.m. departure time.

    The authority said the adjustment is designed to enable commuters to begin their journeys earlier and avoid peak-hour road traffic.

    While train operations will continue to close at 9:30 p.m., the increase in daily trips is expected to ease platform congestion and improve overall travel efficiency across the route.

    LAMATA also announced improvements to Sunday services, with the number of trips increasing from 22 to 24.

    The authority said trains will operate at consistent 30-minute intervals throughout Sundays, providing passengers with greater predictability and convenience.

    The latest service enhancement comes amid growing patronage of the Blue Line since passenger operations commenced on September 4, 2023.

    According to LAMATA, the rail system has transported more than six million passengers since its launch, highlighting its increasing role in improving urban mobility and reducing travel times within Lagos.

    The authority said the expansion reflects its commitment to providing efficient, reliable and sustainable transportation solutions for residents of the state.

    LAMATA added that the improvements form part of ongoing efforts to strengthen public transportation infrastructure and support the movement of millions of commuters across Africa’s most populous city.

  • Sowore accuses MTN of shortchanging subscribers on data service, threatens nationwide protest

    Sowore accuses MTN of shortchanging subscribers on data service, threatens nationwide protest

    ABUJA, Nigeria (NPA) — Human rights activist and African Action Congress (AAC) presidential candidate, Omoyele Sowore, has accused telecommunications giant MTN Nigeria of shortchanging subscribers and failing to provide transparency in the management of mobile data consumption.

    Sowore’s criticism followed remarks by MTN Nigeria Chief Executive Officer, Karl Toriola, who recently stated that unlimited mobile data plans are largely unavailable globally unless customers are willing to pay significantly higher fees.

    Reacting in a statement on Monday, Sowore alleged that the telecom operator was asking Nigerians to consume less data while continuing to charge higher prices.

    “MTN’s CEO, Karl Toriola, is essentially telling Nigerians to use less of the data they paid for while continuing to charge them more. That is precisely what many consumers find unacceptable,” Sowore said.

    He argued that internet access has become an essential service in modern society and should not be treated as a luxury.

    “People buy data for work, education, business, communication, entertainment and daily life. In the digital age, data is not a luxury; it is a necessity,” he stated.

    Sowore further called for greater accountability and transparency in the telecommunications sector, insisting that consumers deserve clear information on how data is measured, priced and consumed.

    “Nigerians deserve affordable, reliable internet service, fair pricing, and complete transparency about how their data is measured, priced and consumed,” he said.

    He urged subscribers who believe they are being unfairly treated to organise and demand accountability from service providers.

    “If you believe consumers are being shortchanged, then it is time to organise, speak up and demand accountability,” he added.

    The activist also threatened a nationwide protest campaign under the hashtag #OccupyMTN, escalating his dispute with the telecommunications company.

    According to Toriola, “unlimited data on mobile networks does not exist anywhere in the world, except you are paying $400 a month.”

    He maintained that unrestricted data usage could place excessive pressure on network infrastructure and compromise service quality for subscribers.

    Sowore, however, rejected the claim, describing it as misleading and insisting that millions of consumers around the world enjoy affordable, unlimited or near-unlimited internet plans.

    The activist accused MTN executives of failing to provide accurate information about global data pricing and availability.

    MTN Nigeria has yet to issue an official response to Sowore’s latest remarks as debate over data pricing, network quality and consumer protection within Nigeria’s telecommunications sector, where mobile internet services remain critical to business, education and everyday communication, rages on.

  • DStv Nigeria announces temporary contact centre shutdown for system maintenance

    DStv Nigeria announces temporary contact centre shutdown for system maintenance

    LAGOS, Nigeria (NPA) — DStv Nigeria has announced a temporary shutdown of its customer contact centre services as part of a scheduled system maintenance exercise.

    In a notice to subscribers, the pay-TV provider said its contact centre would be unavailable from 2:00 p.m. to 8:00 p.m. on Friday, after which normal operations would resume.

    The company explained that the maintenance exercise would affect its call centre, email support and live chat services during the six-hour period.

    However, DStv assured customers that its self-service platforms would remain fully operational throughout the maintenance window.

    Subscribers can continue to access services through the MyDStv and MyGOtv mobile applications, the company’s websites and its WhatsApp service channel.

    The company said the temporary disruption is necessary to improve service delivery and enhance operational efficiency.

    DStv apologised for any inconvenience the maintenance exercise may cause and thanked customers for their understanding and continued support.

    The company advised subscribers requiring assistance during the period to utilise its available digital self-service channels until full contact centre operations resume.