Economy
Don’t Lose Ibadan Inland Dry Port to Ogun—Lawmaker Begs Makinde
By Dipo Olowookere
The Oyo State Governor, Mr Seyi Makinde, has been urged not to lose the Ibadan Inland Dry Port to the neighbouring Ogun State.
This appeal was made by a federal lawmaker from the state, Mrs Tolulope Akande-Sadipe, via a statement issued by her media aide, Mr Olamilekan Olusada.
The lawmaker, representing Oluyole Federal Constituency at the National Assembly, said she worked hard to bring the project to the state.
Mrs Akande-Sadipe, who is Chairman of the House of Representatives Committee on Diaspora, recalled that when she served as the Special Adviser on Projects and Public-Private Partnership to late Governor of Oyo State, Mr Abiola Ajimobi, she conceived the idea of the dry port during “a visit to Lagos to see my mother.”
According to her, “the traffic from trucks queuing to get into the Apapa ports led to the brainwave that this could be another economic opportunity for Oyo State, which had an advantage based on its geographical position and the new train line from Lagos and knowing that this would further stir up the economic revival in our beloved Oyo State. I approached the Governor with the idea and he gave his consent to commence the leg work.”
“I contacted Mr Hassan Bello led Shippers Council through Mr Anifowoshe who was based in the Ibadan office in 2018 and extensive talks about decongesting Lagos by setting up an Inland Dry Port in Oyo began,” she further recalled.
The lawmaker stated further that the rationale for Olorisha Oko was based on its location as the point where the first phase of the new train line from Lagos to the north passing through Ibadan would terminate.
“That way, containers could be shipped by train from Lagos ports to Ibadan and further on with the completion of other stages of the project, as is the case in developed nations.
“I and my Bureau of Investment Promotions and Project Office team most especially Mr Kunle Olusina with the support of our principal, late Senator Abiola Ajimobi, worked tirelessly to make it a reality,” she said.
Mrs Akande-Sadipe added that, “I put so much effort into making the inland dry port a reality, my sweat and support from Ajimobi secured the federal government approval of the project during the administration of Koseleri. I, therefore, appeal to the current PDP led state government not to play politics with the socio-economic development of Oyo State.”
The lawmaker noted that the Inland Dry Port would bring about 24,000 direct new jobs and also attract new investors and big corporations to take advantage of the free trade zone. We all know what that will mean to the youths of Oyo State – job creation, both blue and white-collar
She further emphasised her worry about losing the project to Ogun State over the delays since the change of administration, urging the current administration to do more about road infrastructure to alleviate the worries of the increased traffic expected from the port operation as it has not done enough in terms of road infrastructure, unlike the neighbouring state where Governor Dapo Abiodun, has embarked on and completed many road projects.
The project had gone far with the bidding closed with a successful selection of a concessionaire developer in line with federal government laws and regulations governing Public-Private Partnership Procurement. Sequel to which the project was adjudged viable thus bankable and had been issued an OBC compliance certificate by the Infrastructure Concession and Regulatory Commission in line with the 2005 ICRC Act.
By Adedapo Adesanya
Nigeria’s economy, measured by gross domestic product (GDP), grew by 4.07 per cent (year-on-year) in real terms in the fourth quarter (Q4) of 2025.
The National Bureau of Statistics (NBS) announced the development in its latest GDP report for Q4 2025 on Friday.
The latest figure represents an improvement over the 3.76 per cent growth recorded in the corresponding period of 2024, signalling sustained recovery across key sectors of the economy. The growth rate was faster than the third quarter’s 3.98 per cent.
The report confirmed that Nigeria’s oil sector grew 6.79 per cent year-on-year and the non-oil part of the economy expanded by 3.99 per cent.
Nigeria’s average daily oil production stood at 1.58 million barrels per day in the final three months of 2025. That was lower than the third quarter’s output of 1.64 million barrels per day but higher than the 1.54 million barrels per day in the fourth quarter of 2024.
Breakdown of the data showed that the agriculture sector grew by 4.00 per cent in the fourth quarter of 2025. This marks a significant increase compared to the 2.54 per cent growth recorded in the same quarter of 2024, reflecting improved output and resilience in the sector.
The industry sector also recorded a stronger performance during the period under review. It grew by 3.88 per cent year-on-year, up from 2.49 per cent posted in the fourth quarter of 2024. The improvement suggests enhanced activity in manufacturing, construction, and related industrial sub-sectors.
The services sector maintained its position as a major growth driver, expanding by 4.15 per cent in Q4 2025. However, this was slightly lower than the 4.75 per cent growth recorded in the corresponding quarter of the previous year.
Overall, the 4.07 per cent GDP growth in the final quarter of 2025 underscores broad-based expansion across agriculture, industry, and services, despite a marginal moderation in services growth.
The Q4 performance provides further evidence of strengthening economic momentum, with improvements recorded in both agriculture and industry compared to the previous year.
By Modupe Gbadeyanka
For the second time, Flour Mills of Nigeria Plc is sponsoring the Paris International Agricultural Show (PIAS) as part of its strategies to fortify its ties with France.
The 2026 PIAS kicked off on February 21 and will end on March 1, with about 607,503 visitors, nearly 4,000 animals, and over 1,000 exhibitors in attendance last year, and this year’s programme has already shown signs of being bigger and better.
The theme for this year’s event is Generations Solution. It is to foster knowledge transfer from younger generations and structure processes through which knowledge can be harnessed to drive technological advancement within the global agricultural sector.
In his address on the inaugural day of the Nigerian Pavilion on February 23, the Managing Director for FMN Agro and Director of Strategic Engagement/Stakeholder Relations, Mr Sadiq Usman, said, “At FMN, our mission is Feeding and Enriching Lives Every Day.
“This is a mandate we have fulfilled through decades of economic shifts, rooted in a culture of deep resilience and constant innovation. We support this pavilion because FMN recognises that the next frontier of global Agribusiness lies in high-level technical exchange.
“We thank the France-Nigeria Business Council (FNBC), the organisers of the PIAS, and our fellow members of the Nigerian Pavilion – Dangote, BUA, Zenith, Access, and our partners at Creativo El Matador and Soilless Farm Lab— we are exceedingly pleased to work to showcase the true face of Nigerian commerce.”
Speaking on the invaluable nature of the relationship between Nigeria and France, and the FMN’s commitment to process and product innovation, Mr John G. Coumantaros, stated, “The France – Nigeria relationship is a valuable partnership built on a shared value agenda that fosters remarkable Intercontinental trade growth.
“Also, as an organisation with over six decades of transformational footprint in Nigeria and progressively across the African Continent, FMN has been unwaveringly committed to product and process innovation.
“Therefore, our continuous partnership with France for the success of the Paris International Agricultural Show further buttresses the thriving relationship between both countries.”
PIAS is one of the most widely attended agricultural shows, with thousands of people from across the world in attendance.
By Adedapo Adesanya
Despite reservations from some quarters, the Nigeria Extractive Industries Transparency Initiative (NEITI) has praised President Bola Tinubu’s Executive Order 9, which mandates direct remittances of all government revenues from tax oil, profit oil, profit gas, and royalty oil under Production Sharing Contracts, profit sharing, and risk service contracts straight to the Federation Account.
Issued on February 13, 2026, the order aims to safeguard oil and gas revenues, curb wasteful spending, and eliminate leakages by requiring operators to pay all entitlements directly into the federation account.
NEITI executive secretary, Musa Sarkin Adar, called it “a bold step in ongoing fiscal reforms to improve financial transparency, strengthen accountability, and mobilise resources for citizens’ development,” noting that the directive aligns with Section 162 of Nigeria’s Constitution.
He noted that for 20 years, NEITI has pushed for all government revenues to flow into the Federation Account transparently, calling the move a win.
For instance, in its 2017 report titled Unremitted Funds, Economic Recovery and Oil Sector Reform, NEITI revealed that over $20 billion in due remittances had not reached the government, fueling fiscal woes and prompting high-level reforms.
Mr Adar described the order as a key milestone in Nigeria’s EITI implementation and urged amendments to align it with these reforms.
He affirmed NEITI’s role in the Petroleum Industry Act (PIA) and pledged close collaboration with stakeholders, anti-corruption bodies, and partners to sustain transparent management of Nigeria’s mineral resources.
Meanwhile, others like the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have kicked against the order, saying it poses a serious threat to the stability of the oil and gas industry, calling it a “direct attack” on the PIA.
Speaking at the union’s National Executive Council (NEC) meeting in Abuja on Tuesday, PENGASSAN President, Mr Festus Osifo, said provisions of the order, particularly the directive to remit 30 per cent of profit oil from Production Sharing Contracts (PSCs) directly to the Federation Account, could destabilise operations at the Nigerian National Petroleum Company (NNPC) Limited.
Mr Osifo firmly dispelled rumours of imminent protests by the union, despite widespread claims that the controversial executive order threatens the livelihoods of 10,000 senior staff workers at NNPC.
He noted, however, that the union had begun engagements with government officials, including the Presidential Implementation Committee, and expressed optimism that common ground would be reached.
Mr Osifo, who also serves as President of the Trade Union Congress (TUC), expressed concerns that diverting the 30 per cent profit oil allocation to the Federation Account Allocation Committee (FAAC), without clearly defining how the statutory management fee would be refunded to NNPC, could affect the salaries of hundreds of PENGASSAN members.
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