Economy
FG, State Governments Team up on Ease of Doing Business
By Dipo Olowookere
State governments have restated their commitment to initiate and implement Doing Business reforms that will positively impact on businesses and stand them out among their peers in the World Bank sub-national rankings.
This commitment was made in Abuja at the kick-off mission for the Sub-National Doing Business (SNDB) in Nigeria project organised by the World Bank and the Enabling Business Environment Secretariat (EBES).
Opening statements to the workshop were made by the Minister of State for Budget and National Planning, who is Chair of the Nigerian Economic Council (NEC) Implementation Monitoring Committee, through a representative; and the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Mr Aminu Bisalla.
Welcoming participants to the event, the Senior Special Assistant to the President on Industry, Trade and Investment, Dr Jumoke Oduwole, thanked state governments for their willingness to drive the sub-national rankings project.
She noted that some states are already implementing reforms, but a lot more could be achieved by applying best practices like efficiency, transparency and performance management.
According to Dr Oduwole, “The key barometer on whether the various reforms are working will be the testimonials of small and medium business owners across the country.”
The workshop had commissioners of trade and commerce, budget and national planning, heads of investment agencies and other focal persons from nearly 20 states in attendance.
A reform leader at the Enabling Business Environment Secretariat (EBES), Mrs Toyin Bashir, stated that Doing Business reforms at the state level “will lead to job creation, as MSMEs currently make up 90% of registered businesses in Nigeria; better living standards; and increased foreign direct investments at a time when the country is grappling with a decline in oil prices.”
Mrs Bashir explained that removing bottlenecks around the 11 indicators on which states are to be ranked will provide relief for business owners and signal to the world that Nigeria is open for business.
“The 11 indicators affect firms throughout their life cycles. ‘Starting a Business’ and ‘Regulatory Environment’ affect firms at start-up phase; ‘Infrastructure’ and ‘Growth & Productivity’ affect firms in their daily operations; while ‘Registering Property’, ‘Access to land and property’ and ‘Dealing with Construction permits’ affect the firms when trying to get a location,” Bashir said. Furthermore, she explained that “‘Enforcing Contracts’ is a relevant indicator for when things go wrong, while ‘Transparency and accessibility to information’ is crucial at all phases of the business.”
The World Bank Doing Business Country Adviser for Nigeria, Ms Cemile Hacibeyoglu, listed some common features of successful reformers. Sharing best practice experiences from countries like Colombia, Costa Rica, Rwanda and Korea, she said “high-level leadership and ownership of the reform agenda, long term vision with clear objectives, inclusive reform process, detailed goals, private sector commitment and effective communication” are essential for a successful reform process.
In an interactive panel session, three states shared experiences on ongoing reform efforts and challenges – Kaduna State represented by the Commissioner of Commerce, Industry and Tourism, Dr Manzo Maigari; Sokoto State by Commissioner for Commerce, Mr A. Aminu; and the Special Adviser to the Governor of Osun State on Public Service Productivity, Mr Ademola Adeyinka.
The World Bank sub-national rankings of Nigerian states is expected to be released in 2018. It will be the fourth in the series, with the most recent conducted in 2014.
The Enabling Business Environment Secretariat (EBES) and the Nigerian Investment Promotion Council (NIPC) have both committed to supporting the state governments by facilitating collaboration and knowledge sharing workshops among the states as they implement their priority reforms.
It will be recalled that at the July 2017 National Economic Council (NEC) meeting, Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, and the Senior Special Assistant to the President on Industry, Trade and Investment, Dr Jumoke Oduwole, had made a presentation seeking the buy-in of governors for the sub-national rankings. The project was unanimously endorsed by the governors at the meeting.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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