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Category: Business

  • Tinubu commissions rehabilitated Karu roads, says project will ease congestion, boost economy

    Tinubu commissions rehabilitated Karu roads, says project will ease congestion, boost economy

    ABUJA, Nigeria (NPA) — President Bola Ahmed Tinubu on Monday commissioned the rehabilitated and expanded road network from the Karu Interchange to the Customs Clinic Junction and adjoining roads in the Federal Capital Territory (FCT), describing the project as a key step toward easing urban congestion and improving the quality of life of residents.

    The commissioning came one week after the President inaugurated the Karu Satellite Town Water Supply Network in the same area.

    Represented by Vice President Kashim Shettima, Tinubu said the road project reflects his administration’s commitment to delivering infrastructure that directly impacts the lives of Nigerians.

    He said the rehabilitation and expansion of the roads would not only improve transportation but also stimulate economic activities in the area.

    “By expanding and rehabilitating these roads, we are not just laying asphalt; we are injecting life back into the local economy,” the President said.

    Tinubu recalled that upon assuming office in 2023, his administration recognised the need to prioritise infrastructure development in communities where Nigerians live, work and commute.

    “When we assumed office in 2023, we recognised that true development must reach where the people actually live, work and commute.

    “Indeed, this project stands as a clear testament to our promise to resolve urban congestion and uplift the living standards of our people. It is a direct product of our Renewed Hope Agenda in action,” he said.

    The President said the project forms part of the Federal Government’s broader commitment to improving transportation infrastructure, enhancing connectivity and supporting economic growth across the country.

    He reaffirmed his administration’s resolve to continue investing in critical infrastructure aimed at improving mobility, reducing travel time and creating a more conducive environment for businesses and residents.

  • URGENT: Six‑day Lagos blackout cripples homes and businesses as power crisis deepens

    URGENT: Six‑day Lagos blackout cripples homes and businesses as power crisis deepens

    LAGOS, Nigeria (NPA) — Households and businesses across Lagos have continued to grapple with a widespread electricity blackout that has entered its sixth day, forcing many small enterprises to shut down as rising fuel costs make generator use increasingly unsustainable.

    The prolonged outage has disrupted commercial activities across the state, with residents reporting difficulties in preserving food, pumping water, charging electronic devices and carrying out routine business operations.

    Many small and medium-sized enterprises (SMEs), already struggling with rising operating costs, say the prolonged power outage has pushed them closer to closure as they can no longer afford the high cost of diesel and petrol needed to run generators.

    Industry observers warn that the situation could further weaken the SME sector, one of Nigeria’s largest employers after agriculture, if electricity supply is not restored urgently.

    The power disruption has been attributed to a combination of reduced electricity generation at the Egbin Power Station, faults on critical transmission infrastructure and instability on the national grid.

    Egbin Power Station, located in Ikorodu, Lagos, is Nigeria’s largest gas-fired power plant with an installed capacity of 1,320 megawatts. Its reduced generation in recent days has significantly affected electricity supply across Lagos and the South-West.

    The situation has been compounded by a fault on the Omotosho–Ikeja West 330kV transmission line, one of the major transmission corridors supplying electricity to Lagos. The fault has restricted the volume of power transmitted into the state, resulting in reduced allocations to electricity distribution companies.

    Power supply was further disrupted following a national grid voltage instability on June 26, which reportedly caused several generating stations to shut down and affected critical transmission lines, including the Benin–Egbin 330kV line.

    Engineers are said to be working to restore full stability to the grid and repair the affected transmission infrastructure.

    The outage has affected customers served by both Eko Electricity Distribution Plc (EKEDP) and Ikeja Electric, leaving many communities without electricity for several consecutive days.

    The blackout has also disrupted operations at technology hubs, manufacturing firms and service providers, with many businesses relying entirely on expensive alternative power sources to remain operational.

    Residents have appealed to the Federal Government, the Transmission Company of Nigeria (TCN), electricity generation companies and distribution companies to expedite repairs and restore electricity supply.

    They warned that prolonged outages could worsen economic hardship, increase production costs and force more small businesses to close.

    Energy experts say the crisis highlights the persistent structural challenges facing Nigeria’s electricity sector, where generation shortfalls, ageing transmission infrastructure and recurring grid instability continue to undermine reliable power supply.

    They argue that long-term investments in generation, transmission and distribution infrastructure are critical to reducing recurring nationwide outages and improving electricity reliability.

    As repair works continue, thousands of households and businesses across Lagos remain hopeful that electricity supply will be restored soon to ease the mounting economic and social impact of the prolonged blackout.

  • 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.

  • Google’s open-source AI Gemma 4 surpasses 200 million downloads in 2.5 months

    Google’s open-source AI Gemma 4 surpasses 200 million downloads in 2.5 months

    MOUNTAIN VIEW, California (NPA) — Google DeepMind has announced that its Gemma 4 family of open artificial intelligence models has surpassed 200 million downloads just two and a half months after launch, highlighting growing adoption by developers, researchers and startups worldwide.

    The milestone was announced on Thursday by Olivier Lacombe, Google DeepMind’s Product Director and lead for Gemma and Gemini on-device, who described the achievement as a major endorsement of the company’s open AI strategy.

    “Gemma 4 just hit 200 million downloads in only 2.5 months,” Lacombe said.

    He noted that total downloads across the entire Gemma family stood at 100 million when Gemma 3 was launched, indicating a sharp acceleration in adoption following the release of Gemma 4.

    “The community’s acceleration is incredible. Thank you to everyone building with Gemma,” he added.

    Reflecting on the milestone, Lacombe said Google DeepMind created Gemma to make the research behind its Gemini models more accessible to the global open-source community.

    “When we built Gemma, our goal was to bring Google’s Gemini research to the open-science community in an accessible and highly capable package. Seeing this milestone today is both humbling and exhilarating,” he said.

    According to him, developers are deploying Gemma in a wide range of real-world applications, from lightweight AI agents to satellite-based technologies.

    Lacombe reaffirmed Google DeepMind’s commitment to open science and developer choice, describing Gemma 4 as another step in expanding access to advanced AI technologies.

    “At Google DeepMind, our commitment to open science and developer choice remains unwavering. Gemma 4 is just one step in this journey, and we are excited to keep iterating alongside you,” he said.

    He thanked developers, researchers and organisations that have downloaded, fine-tuned and built applications using the models, promising more innovations in the future.

    Gemma is Google’s family of lightweight, open AI models developed by Google DeepMind and built on the technology that powers its Gemini artificial intelligence platform.

  • Mbah hails Enugu DNA Forensics Centre as Africa’s first, boost for justice

    Mbah hails Enugu DNA Forensics Centre as Africa’s first, boost for justice

    ENUGU, Nigeria (NPA) — Enugu State Governor Peter Mbah has described the newly inaugurated Centre for DNA Forensics and Criminal Investigation (CeDFoCI) as the first facility of its kind in Africa, saying it represents a major investment in justice administration, public safety and scientific innovation.

    In a statement on Wednesday, Mbah said the centre would strengthen criminal investigations, improve prosecution, support scientific research and help build a safer society.

    “The safety of our people and the future of our society depend not only on infrastructure, but also on strong institutions, innovation and knowledge,” the governor said.

    “The commissioning of the Centre for DNA Forensics and Criminal Investigation, the first of its kind in Africa, is a major step in that direction.”

    According to him, the facility will enhance the use of modern forensic science in combating crime while providing advanced training for future forensic experts.

    “It is an investment in justice, security and the kind of future we are building for generations to come,” he added.

    The Centre for DNA Forensics and Criminal Investigation is located at Godfrey Okoye University, Ugwuomu, Nike, Enugu.

    The facility was established through a partnership involving the Enugu State Government, Godfrey Okoye University and the Nigeria DNA Learning Centre.

    The centre is designed to provide scientific evidence for criminal investigations, support law enforcement agencies and strengthen Nigeria’s justice system through forensic DNA analysis.

    Its services include crime scene analysis involving fingerprints, footprints, blood, hair and other biological evidence, while also serving as a training and research hub for forensic scientists, medical professionals and students.

    Although located in Enugu, the facility is expected to serve law enforcement agencies and institutions across Nigeria.

    Mbah described the project as one of the most significant investments in the state’s security architecture, noting that it would leave criminals with fewer places to hide.

    The Attorney-General of the Federation and the Inspector-General of Police also hailed the facility as a landmark initiative that would accelerate the integration of forensic science into Nigeria’s criminal justice system.

    Reaffirming his administration’s development agenda, Mbah said every policy and project undertaken by his government was aimed at building a prosperous and globally competitive Enugu State.

    “Brick by brick, we are building the Enugu we will be proud to live in and proud to show the world,” he said.

  • JUST IN: Tinubu highlights Nigeria’s youth potential, welcomes Mastercard’s training for 5 million businesses

    JUST IN: Tinubu highlights Nigeria’s youth potential, welcomes Mastercard’s training for 5 million businesses

    ABUJA, Nigeria (NPA) — President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful, tech‑savvy population remains the nation’s greatest asset, capable of integrating seamlessly into the global economy.

    Receiving Mastercard’s Global Chief Executive Officer, Michael Miebach, at the State House on Tuesday, the President welcomed the company’s proposal to train five million businesses and equip them with digital skills.

    He emphasised that ongoing reforms have repositioned Nigeria’s economy to empower youths and small enterprises, noting that the formalisation of the informal sector will unlock opportunities for investment, employment, and growth.

    Tinubu praised Mastercard’s longstanding presence in Nigeria, describing the firm as a trusted partner in financial management. He highlighted the importance of payment platforms for small and medium‑scale businesses and assured continued government support for initiatives that strengthen inclusivity and digital participation.

    Finance Minister Taiwo Oyedele underscored that reforms in credit and payment systems align with Mastercard’s work in Nigeria, pointing to the digitisation of government services and the registration of over 10,000 informal businesses daily. He stressed that Nigeria’s large youth population and fintech ecosystem present vast opportunities for global firms.

    Miebach reaffirmed Mastercard’s commitment, citing the prevention of $200 million in fraud, facilitation of $2 billion in foreign exchange, and support for SMEs.

    He announced plans to empower 40 million small businesses with digital skills through a three‑year programme, alongside the establishment of a Cyber Centre of Excellence to address emerging risks.

    The meeting concluded with both sides pledging deeper collaboration to drive Nigeria’s digital economy, expand financial inclusion, and strengthen resilience in the global market.

  • JUST IN: Air Peace Chairman seeks aviation tax review, warns airlines under pressure

    JUST IN: Air Peace Chairman seeks aviation tax review, warns airlines under pressure

    LAGOS, Nigeria (NPA) — Chairman and founder of Air Peace, Allen Onyema, has called on the Federal Government to review taxes and charges imposed on airlines, warning that the current burden could threaten the sustainability of Nigeria’s aviation industry.

    Speaking during an interview on Arise Television’s Morning Show, monitored by our correspondent on Tuesday, Onyema said excessive taxation was placing significant pressure on airline operators and could lead to the collapse of more carriers if urgent action was not taken.

    “You don’t use airlines to raise revenue directly for a nation. Airlines generate economic benefits indirectly through tourism, trade and other sectors,” he said.

    Onyema disclosed that airline operators were seeking an audience with President Bola Ahmed Tinubu to discuss challenges facing the industry and advocate for reforms that would support growth and sustainability.

    According to him, the collapse of any major airline would have far-reaching consequences for the economy, including job losses and increased financial exposure for lending institutions.

    “If any airline goes down, the banks will take the hit,” he said.

    The Air Peace chairman urged the President to establish an aviation tax review committee comprising government officials, technocrats and industry stakeholders to examine existing charges and recommend reforms.

    He particularly criticised the five per cent passenger charge collected by the Nigeria Civil Aviation Authority (NCAA), describing it as unfair to operators.

    Onyema also addressed criticism over a recent Air Peace flight delay involving Nollywood actress Funke Akindele, explaining that the disruption was caused by a bird strike and safety concerns.

    According to him, the airline prioritises passenger safety above all considerations and would never operate a flight if safety could not be guaranteed.

    “Was there a bird strike? Yes. Did the captain come out to explain the situation to passengers? Yes,” he said.

    He explained that delays in baggage retrieval were subject to airport operational procedures and not solely within the airline’s control.

    Onyema further condemned cyberbullying and the spread of false information against the airline, warning that Air Peace would no longer tolerate deliberate misinformation capable of damaging its reputation.

    “Cyberbullying is a crime. You cannot peddle falsehood against an airline and go scot-free,” he said.

    The Air Peace founder highlighted the airline’s record of assisting Nigerians during emergencies, including evacuation missions and the repatriation of citizens stranded abroad.

    Reflecting on Air Peace’s intervention during xenophobic attacks in South Africa, Onyema said patriotism and national service had always guided his actions.

    “All my life, I have lived for this country. You cannot go to the grave with your money. I do it to encourage Nigerians to love their country,” he said.

    Commenting on recent anti-immigration protests and attacks on African migrants in South Africa, Onyema criticised acts of xenophobia and urged Nigerians to respond through economic competitiveness rather than hostility.

    “The kind of retaliation I want is for Nigeria to become stronger economically and attract investment. That is the best response,” he said.

  • 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.