General
I’m Working Day And Night To Resolve Nigeria’s Challenges—Tinubu
By Adedapo Adesanya
President Bola Tinubu has assured Nigerians that he is “working day and night” to resolve the challenges facing the country as he commemorated with Muslim faithful celebrating the Eid-el-Kabir festivities.
Mr Tinubu, in a statement he personally signed on Tuesday, upon the absence of his aides, said that the decisions taken so far by his administration would “reform our economy and remove all impediments to growth,” referring to the removal of fuel subsidy, harmonisation of the foreign exchange market, as well as the replacement of top government and military officials.
“At the moment, our country is going through some challenges, especially with our struggling economy and simmering security challenges,” the President stated.
“While I acknowledge all of these, I want to assure you that they are not insurmountable. I am working day and night with my team, fleshing out solutions. We have started with the decisions taken so far to reform our economy and remove all impediments to growth.
“As we embrace the present challenges, we must face the future with vigour and Renewed Hope with the confidence that our tomorrow shall be better and brighter.”
The President also asked Nigerians to remember the less privileged while celebrating.
The President, who practices the Islamic faith, joined fellow other Muslim faithful for the Eid prayers on Wednesday at the Obalende Eid Prayer Ground, located at Dodan Barracks in Lagos.
The President returned to his home state on Tuesday after a five-day trip to France starting June 22, 2023.
He was in Paris alongside world leaders like French President, Mr Emmanuel Macron, for the New Global Financial Pact summit held at the Palais Brongniart.
After the two-day summit, the President proceeded to London, United Kingdom, for a private visit, according to his media aide, Mr Dele Alake, said in a statement last Saturday.
In a statement upon his arrival, the President thanked Nigerians for the overwhelming reception accorded him in Lagos.
Read the President’s full statement below:
WE MUST MULTIPLY OUR GOOD DEEDS
I join Muslims in Nigeria and all over the world in observance of Eid-el-Kabir. We must thank Almighty Allah for the grace to witness another Eid.
As we immerse ourselves in the joy of this moment and celebrate, let us remember those who may not be as fortunate as us.
Coming as the end of religious activities spanning the first ten days of the Islamic Month of Dhul Hijjah, Eid-el-Kabir enjoins us as Muslims to show mercy and compassion to our fellow humans.
Eid-el-Kabir is a festival of sacrifice and total obedience to Allah as exemplified in the exceptional action of Prophet Ibrahim.
There is no greater sense of duty ever recorded in history outside the ennobling example of Prophet Ibrahim in offering his only son Ismail as a sacrifice to Allah.
The best way by which we can demonstrate this example is in how we conduct ourselves in relation to our fellow citizens and in our duties to our beloved country. We must imbibe and manifest those values inherent in Prophet Ibrahim’s life, namely; complete devotion to Allah, tolerance, patience, perseverance, selflessness, love and compassion.
This season, let us endeavour to multiply good deeds with our kindness to our fellow Muslims and others by helping and supporting the weak and vulnerable in our communities. By so doing, we showcase the values and virtues of our faith.
At the moment, our country is going through some challenges, especially with our struggling economy and simmering security challenges. While I acknowledge all of these, I want to assure you that they are not insurmountable. I am working day and night with my team, fleshing out solutions. We have started with the decisions taken so far, to reform our economy and remove all impediments to growth.
As we embrace the present challenges, we must face the future with vigour and Renewed Hope with the confidence that our tomorrow shall be better and brighter.
I wish you all a happy Sallah celebration.
Bola Tinubu
President, Federal Republic of Nigeria
June 27, 2023
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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