Category: Business

LAGOS, Nigeria (Agency Report) — Nigeria’s electric vehicle (EV) market could generate cumulative savings of nearly ₦10 trillion by 2040, according to the Rocky Mountain Institute (RMI).

The analysis was presented on Tuesday during an RMI webinar on electric mobility in Nigeria and Kenya, with a focus on two- and three-wheelers.

RMI, an independent non-profit think-and-do tank focused on accelerating the transition to a clean, prosperous and secure low-carbon energy future, said Nigeria’s local conditions offered significant potential for EV adoption, particularly for two-wheelers where grid charging was available.

The institute said a high-adoption scenario could deliver nearly 500 megatons of cumulative carbon dioxide savings by 2060.

According to RMI, the transition to electric mobility could support cleaner transport, local manufacturing and job creation while reducing mobility costs.

It said Nigeria needed stronger demand incentives, supply-side regulations and support for domestic EV manufacturing to accelerate adoption.

RMI said fuel-efficiency standards or a zero-emission vehicle availability standard could rapidly expand the country’s EV market.

It also called for carefully designed incentives to encourage domestic manufacturing, create jobs and strengthen Nigeria’s emerging electric mobility industry.

The institute said affordable financing would enable consumers and businesses to acquire EVs and benefit from their lower operating costs, while charging infrastructure needed to be rapidly deployed with Nigeria’s electricity realities and grid readiness in mind.

RMI said EVs should not be viewed only as an additional burden on the electricity system, arguing that they could be managed to support grid operations while creating opportunities for electricity utilities.

The institute said its recent EV policy roadmap for Nigeria examined measures needed to develop a stronger policy framework for the sector.

Speaking at the webinar, Mr Olaoluwa Faniyi, Chief Technology Officer and co-founder of SunFi, said Nigeria could accelerate electric mobility through decentralised solar charging and battery-swapping infrastructure.

Faniyi said EV adoption remained extremely low, with electric vehicles accounting for less than one per cent of vehicles on Nigerian roads.

He attributed the slow adoption partly to electricity challenges, noting that the national grid generated about 4,000 megawatts for more than 200 million people.

He added that Nigeria had fewer than 50 public EV charging stations, limiting access to reliable charging infrastructure.

According to Faniyi, decentralised solar installations could provide the backbone for off-grid EV charging and battery-swapping networks, expanding access to electric mobility without placing additional pressure on the constrained national grid.

He said commercial two- and three-wheelers should be viewed as opportunities for Nigeria’s energy, transport and climate transition, adding that electric mobility could enable drivers to reduce operating costs while creating sustainable income-generating opportunities.

Faniyi also called for policies supporting the wider clean mobility value chain rather than focusing mainly on finished electric vehicles.

He proposed zero tariffs on standalone lithium batteries, solar charging equipment and other key components required for electric mobility, saying lower duties could attract infrastructure investment, strengthen charging systems and reduce barriers to private-sector investment.

Mr Dustin Kahler, EV Industry Advisor at Upeo.Earth, said African EV users were predominantly commercial operators, making operating costs critical to electric mobility economics.

Kahler said commercial EV operators in East Africa could achieve between 30 and 40 per cent savings in total cost of service.

He identified high borrowing costs as a major obstacle to wider EV adoption, while noting that supply-side financing constraints also affected manufacturers and battery-swapping companies.

The Market Intelligence and Research Manager at Shell Foundation, Mr Habib Nuhu, called for greater mobilisation of domestic capital to finance Nigeria’s EV transition.

Nuhu said local banks, pension funds and other financial institutions needed to recognise electric mobility as a commercially viable industry.

He said much of Africa’s current EV financing came from outside the continent and was denominated in foreign currencies, exposing businesses earning local-currency revenue to additional currency risks.

According to him, stronger domestic financing could help Nigerian businesses access capital better suited to local market conditions.

Nuhu also advocated sector-wide risk-sharing schemes to spread lending risks and encourage financial institutions to finance EV assets.

He said lower financing costs, combined with reduced import duties, could make electric motorcycles more affordable for commercial riders.

Nuhu cited experiences from India, Rwanda and Kenya as evidence that zero-duty policies could support EV adoption.

“One of the lessons we’ve also learned is not to be too dependent on the government and hope that the government is moving at the same speed that the industry requires to evolve,” he said.

He urged private-sector players to develop solutions that complemented government policies and responded quickly to industry needs.

The panel also identified standardised charging and battery-swapping infrastructure as important to Africa’s electric mobility growth.

Speakers said stronger collaboration across African markets could enable countries to share lessons on policy, financing, infrastructure and local manufacturing.

For Nigeria, they said stronger domestic investment, cleaner energy and reliable charging infrastructure could unlock the economic and environmental benefits of electric mobility.

LAGOS, Nigeria (Agency Report) — The United States Consul General in Lagos, Mr Brandon Hudspeth, says U.S.-based investors have remained the largest source of external capital for Nigeria’s technology ecosystem over the past decade.

Hudspeth made the assertion on Wednesday in Lagos during a GITEX Nigeria panel discussion titled, “From Startup to Scale-Up: Building Globally Competitive Businesses through U.S.-Nigeria Partnerships.”

The Consul General said U.S.-sourced funding currently accounts for about 60 per cent of all external capital entering Nigeria’s technology ecosystem.

He said the investments were coming from major American companies and venture capital firms supporting Nigeria’s rapidly growing technology and innovation sector.

“For the past 10 years, U.S.-based investors have consistently been the largest source of external capital in the Nigerian tech ecosystem.

“U.S.-sourced funding accounts today for 60 per cent of all external capital entering the Nigerian tech ecosystem, and it is coming from everywhere,” Hudspeth said.

He listed Visa, Google, Mastercard, Microsoft, Uber and PayPal among major U.S. companies contributing to Nigeria’s technology ecosystem, alongside smaller American venture capital firms.

According to him, the scale of existing investments demonstrated the enormous potential for stronger partnerships between Nigerian entrepreneurs and U.S. companies.

“For that reason, I am absolutely thrilled to be here at GITEX Nigeria, and in my new role as Consul General, because I know there is enormous potential for these partnerships to grow even further,” he said.

Hudspeth said stronger collaboration between Nigerian entrepreneurs and U.S. businesses would create jobs, deliver services and contribute to prosperity on both sides of the Atlantic.

“I know that there is a collaboration that will bring prosperity on both sides of the Atlantic, create jobs on both sides of the Atlantic and deliver services on both sides of the Atlantic,” he said.

He said the partnerships were helping the Nigerian public and private sectors accelerate innovation, scale businesses and develop solutions capable of competing globally.

The diplomat added that leading American technology companies were already supporting Nigeria’s technology ecosystem through skills development and capacity building.

“U.S. companies are working today to help build the Nigerian talent pool. Companies like Google, Cisco, Meta and Microsoft are training hundreds of thousands of people in the tech and AI sectors,” he said.

Hudspeth said the U.S. Consulate in Lagos was committed to supporting technology companies, promoting inclusive prosperity, facilitating business partnerships and connecting Nigerian entrepreneurs with U.S. counterparts.

He said such efforts were being pursued substantially through the U.S. Commercial Investment Partnership.

“At the Consulate, we are working to support these entities, drive equal prosperity, facilitate deals and bring Nigerian entrepreneurs together,” he said.

Hudspeth urged Nigerian entrepreneurs and U.S. technology companies to deepen collaboration in developing innovative solutions and creating opportunities capable of delivering shared prosperity.

“We are working together with leaders to build innovative solutions, use technology to create opportunity and prosperity for all of us.

“That is why we are here and why I am here to work together as we grow this partnership,” he said.

The Consul General expressed optimism that discussions at GITEX Nigeria would expose new opportunities for collaboration and investment between Nigerian startups and American companies.

“I believe that among us today are the developers of the next six unicorns on the continent of Africa,” he said.

The panel, hosted in partnership with the American Business Council, featured representatives of Amazon Web Services, All Talentz, DigitA and IHS Towers.

The News Agency of Nigeria (NAN) reports that GITEX Nigeria brings together technology companies, startups, investors, entrepreneurs and innovators to explore opportunities shaping the digital future of Nigeria and West Africa.

NAN

LAGOS, Nigeria (NPA) — The Akwa Ibom State Government has expanded the fleet of its state-owned airline, Ibom Air, with the arrival of a brand-new Airbus A220-300 at the Victor Attah International Airport.

Governor Umo Eno announced the development in a statement on Tuesday, describing the aircraft’s arrival as another major step in the growth of the state’s aviation sector.

Eno said the state was also investing in the training of its people as part of a broader strategy to develop its aviation industry, grow the economy and position Akwa Ibom as a regional aviation hub.

According to the governor, 14 of Ibom Air’s 30 pilots and 16 of its 40 aircraft engineers are Akwa Ibom indigenes trained by the state government, while more personnel are currently undergoing training.

“Today, we received another brand-new Airbus A220-300 into the Ibom Air fleet at the Victor Attah International Airport, marking another major step in the growth of our aviation sector,” Eno said.

The governor thanked the President of the Senate, Senator Godswill Akpabio, for joining the state at the event and for his continued support.

He also expressed appreciation to President Bola Ahmed Tinubu and the Minister of Aviation and Aerospace Development, Festus Keyamo, for their support in granting international status to the airport and advancing the state’s aviation development.

“Beyond expanding the fleet, we are investing in our people,” Eno said.

“Today, 14 of Ibom Air’s 30 pilots and 16 of its 40 aircraft engineers are Akwa Ibom indigenes trained by the State Government, while more are currently undergoing training.”

Eno said the arrival of the aircraft also marked the beginning of the commissioning of 39 projects to commemorate the 39th anniversary of Akwa Ibom State.

The projects are being commissioned under the anniversary theme, “Our Moment of Gratitude.”

The governor said the investments in aviation infrastructure, human capital and other sectors form part of his administration’s efforts to accelerate economic development and expand opportunities for the people of Akwa Ibom State.

IBADAN, Nigeria (NPA) — The Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, says President Bola Ahmed Tinubu’s tax and economic reforms are creating new opportunities for Nigerian youths in business, investment and agriculture.

Adedeji stated this while delivering a keynote address at the Oyo State Emerging Political Leaders Summit 2026 in Ibadan.

The summit, organised under the theme “Bridging the Gap, Uniting Political Strength, Mobilising Emerging Political Leaders for 2027,” brought together emerging political leaders and stakeholders to discuss youth participation in governance and opportunities ahead of the 2027 general elections.

Represented by an NRS Manager, Mr AbdulRahamon AbdulLateef, Adedeji highlighted areas where young Nigerians could benefit from the ongoing reforms, particularly in business, investment and agriculture.

According to him, the Nigeria Tax Act 2025 and Nigeria Tax Administration Act have removed some major tax burdens for small businesses.

“If you register your own company and your revenue in a year is below N100 million, you are not expected to pay company income tax, VAT, or withholding tax,” he explained.

Adedeji also said the new tax framework allows institutions in special sectors, including education, to claim VAT refunds on eligible expenses, provided they maintain proper records.

He noted that such provisions were not available under the old tax laws dating back to 1903, describing the new measures as reforms designed to support the growth of startups and schools.

The NRS chairman also identified the reformed Nigerian stock market as another potential wealth-creation avenue for young Nigerians.

He said the market had produced “more than 700 billionaires” between 2023 and 2026, while making it easier for young people to participate in investment opportunities.

On government finances, Adedeji said federal allocations to states and local governments had increased significantly under the Tinubu administration, rising from about N700 billion monthly before 2023 to N2.5 trillion in June and N3 trillion in July 2026.

He said the increased allocations were already being reflected in state budgets and reducing the need for government bailouts.

Agriculture, according to Adedeji, is another sector where young Nigerians can benefit from the reforms.

He said farmers involved in cocoa and other cash crops are exempted from taxes under the new tax law and enjoy a 100 per cent capital allowance.

The NRS chairman further said the reforms had contributed to a significant increase in revenue generated by the service, which he said rose from N12.3 billion before 2023 to N28 trillion in 2024, with revenue projected to reach N40 trillion in 2025.

He urged Nigerian youths to take advantage of the NRS’s digital platforms to understand the reforms and identify opportunities available to them across different sectors.

Youth Participation in Politics

Earlier, the Convener of the summit, Mr Wale Ajani, called for a 50-50 power-sharing arrangement between politicians aged 50 and below and those above 50 ahead of the 2027 general elections.

Ajani said the time had come to restructure political participation in Nigeria through the “50 Below 50” initiative.

“We cannot chase the elderly ones away. People of 50 years and below should have 50 per cent, while those above 50 take the remaining 50 per cent,” he said.

He explained that the initiative was not intended to sideline experience but to address what he described as a generational imbalance in political leadership.

“The initiative is not about sidelining experience, but about correcting a generational imbalance. Young people must be given a deliberate and measurable stake in governance if Nigeria is to move forward,” Ajani said.

He also urged young Nigerians to become more actively involved in politics and work towards changing the existing political narrative.

“For the youths, this is not a time to sleep at home. This is not a time to do things the way they have been doing them, because this is a time to change the narrative,” he said.

The summit also featured panel sessions examining issues affecting young Nigerians in politics, governance and other sectors.

ABUJA, Nigeria (NPA) — The National Agency for Food and Drug Administration and Control (NAFDAC) has commenced full enforcement of the Federal Government’s prohibition of alcoholic beverages packaged in sachets and PET/plastic bottles below 200ml.

According to a statement personally signed by NAFDAC Director-General/CEO, Prof. Mojisola Adeyeye, on August 24, 2026, the enforcement followed extensive consultations with government agencies and industry stakeholders, including the Distillers and Blenders Association of Nigeria (DIBAN) and the Food, Beverage and Tobacco Employers (AFBTE).

The agency said concerns over the accessibility of high-alcohol-content beverages in small and inexpensive packaging were first raised in 2018, after which manufacturers were given a five-year moratorium to transition to larger pack sizes.

The compliance deadline was subsequently extended to December 31, 2025, with full enforcement scheduled to commence on January 1, 2026.

Under the enforcement measures, manufacturers and other affected stakeholders are required to recall prohibited products, submit compliance reports and dismantle or reconfigure production lines used for the affected products.

NAFDAC said non-compliant operators could face sanctions, including closure of facilities or placement on the agency’s Regulatory Watchlist.

The agency said the enforcement was primarily a public health measure aimed at reducing the accessibility of high-alcohol-content products to children and young people.

According to NAFDAC, sachet and small PET alcoholic beverages are inexpensive, portable and easily concealed, factors which can make them more accessible to underage drinkers.

The agency also raised concerns over the alcohol concentration of some sachet spirits, noting that some products contain alcohol levels of up to 43 per cent, significantly higher than the levels typically found in beer.

NAFDAC linked the availability and consumption of high-strength alcoholic products to broader social and health concerns, including alcohol dependence, road accidents, domestic violence and school-related problems.

The agency also argued that warning labels stating that alcoholic beverages are “not for children” had not been sufficient to prevent underage access and consumption.

NAFDAC said the policy was also consistent with Nigeria’s commitment to international efforts aimed at reducing the harmful use of alcohol, including the WHO Global Strategy to Reduce the Harmful Use of Alcohol.

However, the ban has generated significant concern within the manufacturing sector, with industry stakeholders warning of potential economic losses, factory closures and job cuts.

The Manufacturers Association of Nigeria (MAN) and the Nigeria Employers’ Consultative Association (NECA) have been cited as estimating potential losses across the value chain in the region of ₦400 billion to ₦1.9 trillion.

Industry estimates also suggest that as many as 500,000 direct jobs and five million indirect jobs could be affected, including employment in manufacturing, logistics and agricultural supply chains.

Manufacturers have also raised concerns over the financial implications of recalling and destroying affected products, as well as the cost of dismantling or reconfiguring production lines.

Some industry stakeholders have argued that the ban could negatively affect investments made in the sector and reduce manufacturing capacity.

They have further expressed concerns that restrictions could push consumers towards informal or unregulated markets, potentially increasing the circulation of illicit or smuggled alcoholic products.

Despite the concerns, NAFDAC maintains that the policy is driven by public health considerations and is intended to protect children and young people from early exposure to high-concentration alcohol.

Industry stakeholders, however, have argued that sachet alcohol is also consumed by adults, particularly in low-income communities, and that an outright ban may not, on its own, eliminate underage drinking.

Some have instead proposed alternative measures, including stricter age verification at points of sale, tighter regulation of retailers and expanded public education campaigns.

The enforcement therefore places the Federal Government’s public health objectives alongside concerns from manufacturers over investment, employment and the potential economic consequences of withdrawing the affected products from the market.

NAFDAC’s latest directive signals that the transition period has ended and that manufacturers are now expected to fully comply with the prohibition on sachet and sub-200ml PET alcoholic beverages.