Business
Firm Hails Tinubu Over DICON Act Signing
….Says Nigeria Capable of Attaining Self-Sufficiency in Military Hardware
A Nigerian firm, DICON Gray Insignia, has commended President Bola Tinubu for signing the amended Defence Industries Corporation of Nigeria (DICON) Act, which allows for the local manufacturing and storage of military hardware.
The firm also praised the Ministry of Defence, the Defence Industries Corporation of Nigeria (DICON), and other relevant government agencies in the security and defense sector for their efforts to develop the local market for security equipment manufacturing and reduce dependence on imported military hardware, which comes at a huge cost.
In a statement over the weekend, the MD/CEO of DICON Gray Insignia, Mr. Bem Ibrahim Garba, said President Tinubu has demonstrated bold leadership by ensuring that the vast foreign exchange spent on importing weapons is redirected toward initiatives that enhance the livelihood of Nigerians.
He stated that DICON Gray Insignia is ready to offer its technical expertise to ensure that, as the giant of Africa, Nigeria no longer remains at the mercy of countries that profit from exporting weapons to the highest bidders.
Garba described the amendment of the DICON Act by the National Assembly and its signing by President Tinubu as a game changer that will have significant security and economic benefits for the country.
Highlighting the far-reaching impact of the Act, he emphasized that local manufacturing of defense equipment will strengthen the naira, as transactions will be conducted in local currency rather than in foreign exchange.
Furthermore, he noted that the usual delays in military procurement—where orders can take up to a year before delivery—will be eliminated.
He stated: “This is a huge win for our country. We will no longer need to export massive amounts of foreign exchange to international markets, nor will we have to endure long waiting periods to supply our military and security forces.
The order and delivery gap will now be closed.”
“Our young people will be exposed to new technical skills, empowering them with meaningful employment opportunities and reducing pressure on the labor market.
Training them to manufacture these tools is in the best interest of our nation.
”Garba also expressed profound gratitude to the Honourable Minister of Defence, Alhaji Abubakar Badaru; the Minister of State for Defence, Bello Matawalle; and the Permanent Secretary of the Ministry for their visionary leadership in prioritizing Nigeria’s defense capabilities.
He further highlighted that local manufacturing will not only serve Nigeria but also benefit neighboring West African countries, many of which rely on imported military hardware to combat insecurity.
Experts have applauded the DICON Gray Insignia partnership, viewing it as a strategic shift in Nigeria’s defense procurement policy—one that prioritizes technology transfer and local production over foreign dependency.
President Tinubu’s administration has made local manufacturing of defense equipment a key policy focus, leveraging strategic collaborations with both foreign and local partners through DICON as the central platform.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 405
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,370. 68
GREAT BRITISH POUND (GBP) ₦1,825.05
EURO (EUR) ₦1,572.98
SWISS FRANC (CHF) ₦1,705.00
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203. 32
WEST AFRICAN CFA (XOF) ₦2.41
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,875. 81
SAUDI RIYAL (SAR) ₦367.19
SOUTH AFRICAN RAND (ZAR) ₦84.12
The Federal Government has intensified efforts to protect Nigeria’s pig industry from the growing threat of African Swine Fever, a highly contagious livestock disease.
The Minister of Livestock Development, Idi Mukhtar Maiha, says the government is strengthening biosecurity measures, disease surveillance, and stakeholder collaboration to prevent the spread of the disease and safeguard livestock production nationwide.
Speaking during a technical presentation on the status of African Swine Fever in Nigeria, the Minister commended the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, for sharing lessons from a recent study visit to Denmark.
He said that the experiences gained from the visit would help Nigeria develop practical solutions to livestock health challenges and improve preparedness against disease outbreaks.
Maiha highlighted Denmark’s pig traceability and compensation system, where every pig is tracked from birth and farmers contribute to a dedicated fund that provides compensation during disease outbreaks.
According to him, such a model encourages early disease reporting, strengthens transparency, and could be adapted to support Nigeria’s livestock sector.
The Minister also pointed to Denmark’s strict biosecurity measures, including mandatory disinfection of vehicles transporting pigs and controls to prevent contact with wild animals.
He stressed that biosecurity should be viewed as an investment rather than a burden, noting that strict movement controls and farm access restrictions have proven effective in containing disease outbreaks.
To strengthen disease prevention, the Minister directed relevant departments to map livestock movement routes, identify major pig markets and commercial farms, improve animal traceability systems, and deepen collaboration with pig farmers, state governments, and development partners.
He also called for stronger surveillance systems, improved laboratory capacity, and greater investment in veterinary research.
In his remarks, the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, described African Swine Fever as a devastating viral disease with mortality rates of up to one hundred percent and revealed that outbreaks have been recorded in about twelve states.
He revealed that the Federal Government’s response focuses on improved surveillance, farmer education, and stronger biosecurity, while urging greater cooperation among all tiers of government, increased funding, and alignment with international disease control strategies to achieve long-term eradication of the disease.
Business
DisCos earn N801bn in four months despite persistent blackouts
In the NERC data, the DisCos billed customers N1.01tn between January and April but recovered N801.16bn, leaving about N207.77bn in uncollected revenue during the period.
Data obtained from the Nigerian Electricity Regulatory Commission (NERC) showed that electricity distribution companies (DisCos) earned a total of N801.16 billion from consumers between January and April 2026.
This was despite persistent power outages and supply constraints across the country.
The commercial performance factsheets released by the regulator showed that the 11 DisCos collected N204.74bn in January, N196.68bn in February, N196.13bn in March and N203.61bn in April, bringing total revenue for the four-month period to N801.16bn.
The collections came even as households and businesses endured months of unstable electricity supply caused largely by gas shortages that crippled power generation and forced widespread load shedding, especially in February and March.
In the NERC data, the DisCos billed customers N1.01tn between January and April but recovered N801.16bn, leaving about N207.77bn in uncollected revenue during the period.
Naira Exchange Rates Wednesday July 1, 2026
South Africa Anti-Immigration Peaceful Protests To Continue Weekly Till Demands Are Met
Tinubu to Send Off Team Nigeria to 2026 Commonwealth Games Thursday
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News2 days agoJUST IN: Two Trucks, Car Collide on Lagos Expressway, Several Injured
-
Business2 days agoNaira Exchange Rates Monday, 29 June 2026
-
Politics2 days ago2027: Atiku Alleged Plot To Keep ADC Off Ballot
-
Health2 days agoWHO Confirms 1,300 deaths in Europe heatwaves
-
Business23 hours agoBUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club
-
News2 days agoFG bans motorcycles, tricycles on Lagos-Calabar Coastal Highway
-
News2 days agoJAMB and Rite Foods Initiate Rewarding Top Performing Candidates
-
Crime3 days agoOperation Whirl Stroke Troops Foil Terrorist Attack at Tor Donga Yam Market (Images)