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Category: Business

  • 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.

  • Umo Eno leads Akwa Ibom delegation to France to advance Ibom Deep Sea Port Project

    Umo Eno leads Akwa Ibom delegation to France to advance Ibom Deep Sea Port Project

    PARIS, France (NPA) — Akwa Ibom State Governor, Pastor Umo Eno, has led a high-level delegation to France as part of ongoing efforts to accelerate the development of the Ibom Deep Sea Port, one of Nigeria’s most ambitious maritime infrastructure projects.

    The visit comes as the state government intensifies engagements with technical and investment partners following federal approvals and the completion of key project planning stages.

    In a statement issued on Friday, Governor Eno disclosed that he chaired a strategic technical session in Paris with Africa Global Logistics (AGL) Group and other stakeholders involved in the project.

    According to the governor, discussions centred on the recently completed technical feasibility report and the roadmap for moving the project from the planning phase to execution.

    “The meeting reviewed the recently completed technical feasibility report and focused on the next steps required to move the project from planning to execution,” Eno said.

    “I emphasised the need for clear timelines, defined milestones and accelerated implementation.”

    The governor reiterated his administration’s commitment to delivering the project, describing the Ibom Deep Sea Port as a strategic economic asset capable of transforming Akwa Ibom into a major maritime, trade and logistics hub.

    “The Ibom Deep Sea Port remains a key strategic project for our state. We are committed to working with our partners to bring this vision to reality and position Akwa Ibom as a major maritime, trade and logistics destination,” he added.

    Earlier in the week, Governor Eno appeared on ARISE Television’s Morning Show (monitored by Newpost Africa), where he explained that the state government was bringing together the necessary technical, financial and development partners required to actualise the project following approvals granted by the Federal Government.

    Located in Mbo Local Government Area, the Ibom Deep Sea Port is a flagship component of the broader Ibom Industrial City initiative and is designed to serve as a major maritime gateway for Nigeria, West Africa and Central Africa.

    The port is strategically positioned in naturally deep waters, enabling it to accommodate large post-Panamax vessels and ease pressure on existing ports in Lagos and Rivers State.

    The project is being developed through a Public-Private Partnership (PPP) framework and is expected to stimulate economic growth through increased trade, industrialisation, job creation and foreign direct investment.

    Upon completion, the port is projected to strengthen Nigeria’s maritime competitiveness, expand export capacity and support the growth of industries including logistics, manufacturing, oil and gas.

    Analysts view the project as a potential game-changer for the South-South region, with the capacity to drive regional integration and position Akwa Ibom as a leading commercial and industrial destination.

  • UK delegation visits NPA, deepens maritime cooperation with Nigeria

    UK delegation visits NPA, deepens maritime cooperation with Nigeria

    LAGOS, Nigeria (NPA) — The Nigerian Ports Authority (NPA) has reaffirmed its commitment to strengthening maritime cooperation with the United Kingdom following a high-level visit by a British delegation led by the Deputy British High Commissioner, Jonny Baxter, and the United Kingdom National Hydrographer, Rear Admiral Angus Essenhigh.

    The delegation, which also included officials of the United Kingdom Hydrographic Office (UKHO), paid a courtesy visit to the Managing Director of the NPA, Dr Abubakar Dantsoho, at the authority’s headquarters.

    The visitors were received by the NPA Managing Director, alongside the Executive Director, Engineering and Technical Services, and other members of the authority’s senior management team.

    Discussions centred on expanding the longstanding maritime partnership between Nigeria and the United Kingdom, particularly in the areas of hydrography, navigational safety, port development and capacity building.

    During the meeting, Dantsoho highlighted the NPA’s ongoing modernisation initiatives, including major investments in port rehabilitation, channel improvement projects and critical infrastructure upgrades designed to enhance operational efficiency and strengthen Nigeria’s position as a leading maritime hub in the region.

    The Managing Director noted that the reforms are aimed at improving port competitiveness, facilitating trade and supporting the growth of Nigeria’s blue economy.

    The UK delegation reaffirmed its commitment to supporting Nigeria’s hydrographic development through technical cooperation and knowledge exchange.

    Areas of support discussed include nautical charting, implementation of S-100 hydrographic standards, digitalisation of maritime services and specialised training programmes for NPA personnel.

    Both sides expressed optimism that enhanced collaboration would contribute to safer navigation, improved port operations and greater efficiency within Nigeria’s maritime sector.

  • EU unveils €641 million investment package to boost Moldova’s economy

    EU unveils €641 million investment package to boost Moldova’s economy

    BRUSSELS, Belgium (NPA) — The European Union has announced investment plans and project initiatives worth up to €641 million aimed at strengthening Moldova’s economy, improving infrastructure and accelerating the country’s integration into European markets.

    The announcement was made by the European Commissioner for Enlargement, Marta Kos, during the EU-Moldova Investment Conference.

    According to the European Commission, the package brings together funding from international financial institutions, private sector partners and public stakeholders to support key sectors including energy, digital infrastructure, education and sustainable agriculture.

    The initiative is designed to enhance Moldova’s economic resilience, expand access to finance, modernise infrastructure and deepen integration into European value chains.

    A major component of the package includes up to €433 million mobilised through a combination of European Union grants, guarantees and loans in partnership with leading international financial institutions.

    Under the arrangement, the Agence Française de Développement (AFD) will support energy-efficiency projects in public buildings and residential housing, while the European Investment Bank (EIB) will finance the modernisation of school infrastructure across Moldova.

    The European Bank for Reconstruction and Development (EBRD) will support the development of digital infrastructure and services, strengthen strategic investment frameworks and enhance private-sector competitiveness and innovation.

    The European Fund for Southeast Europe (EFSE) and the Green for Growth Fund (GGF) will help expand access to finance for businesses and households.

    In addition, eight private-sector projects worth up to €208 million in planned investments were selected under the EU’s Call for Expressions of Interest for private investments in Moldova.

    Letters of Intent were signed in the presence of Moldova’s President Maia Sandu, Prime Minister Alexandru Munteanu and Commissioner Kos.

    The selected projects include investments in private equity, data centres, technology innovation, pharmaceuticals, manufacturing, logistics, water infrastructure and agricultural exports.

    Among the companies involved are INVL, TET, Micro Nano Tech, Balkan Pharmaceuticals, KB Container, Danube Logistics, BOSAQ and VED-MAR AGRO.

    The EU said the investments are expected to support Moldova’s economic transformation, improve connectivity, strengthen industrial capacity and create new opportunities for businesses and citizens.

    Looking ahead, the European Union and Moldova are expected to hold their second EU-Moldova Summit on June 22, where both sides will reaffirm their strategic partnership and commitment to Moldova’s European integration ambitions.

    The investment package forms part of the EU’s broader Growth Plan for Moldova, a €1.9 billion programme proposed in October 2024 to support reforms, economic growth and development between 2025 and 2027.

    According to the European Commission, Moldova has already received €504 million under the Growth Plan, making it the largest financial support package ever provided by the EU to the country.

    EU officials said they will continue working closely with the Moldovan government, international financial institutions and private-sector partners to ensure the successful implementation of the announced projects and deliver tangible benefits for citizens and businesses.