Business
MAN Wants Tinubu To Appoint Incorruptible Minister of Power
The Manufacturers Association of Nigeria is requesting President Bola Ahmed Tinubu to appoint a committed and incorruptible Minister of Power that has broad experience of the operations and politicking within the power sector.
Otunba Francis Meshioye, President of the Manufacturers, who made the call, lauded President Tinubu for having signed the Electricity Act 2023 Bill into Law, describing it as a game changer.
He said that given the numerous constraints within the sector, the success of the new Act largely rests on its effective implementation, hence , the need for an incorruptible Minister of Power.
” Over the past decades, the Nigerian power sector has encountered much turbulence in its electricity value chain due to poor policy enforcement, over-regulation, instability of gas supply and bottlenecks in its transmission network.
” These problems have culminated into erratic electricity supply, frequent power outages and persistent collapses of national grid.
“For many years, the situation has stunted the growth of the economy. Consequently, access to electricity has remained a hurdle for millions of Nigerians,” he said.
Highlight of the Electricity Act 2023
In replacement of the Electricity and Power Sector Reforms Act 2005, the Electricity Act 2023 is aimed at providing an all-inclusive framework which will serve as a guide to the decentralization of the power sector in order to encourage private investment and build a competitive electricity market.
Major high points from the Electricity Act are as outlined:
* States, private companies and individuals are now legally permitted to generate, transmit and distribute electricity.
* Power generation licensees are obligated to meet renewable energy generation as prescribed by the NERC.
* NERC will only surrender regulatory responsibilities to states with established electricity market laws.
*Without a license but an undertaking, the Act empowers any private individual or company to generate not more than 1MW in aggregate at a location.
* Subject to the determination of the NERC, private individuals or companies can sign an undertaking to distribute electricity of not more than 100 Kilowatts in aggregate at a location.
* The Act prohibits interstate or transnational electricity distribution.
* Generating companies are mandated to either generate or purchase electricity from renewable sources or procure instruments for generating renewable energy.
* The Act empowers legislative committees to carry out an oversight function over the NESI
* Except for Lagos, Kaduna and Edo with established electricity market laws, electricity in other states will still be regulated by NERC.
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
Business
Dangote splashes N15bn on cement distributors, targets 90m tons by 2030
Dangote made this known during an event organised by the Group to celebrate its most loyal Dangote Cement customers, where CNG-powered trucks, SUVs and other items were presented to distributors across various performance categories, including regional awards, growth awards, best distributor in export sales and national awards.
Aliko Dangote, President of the Dangote Group, yesterday, rewarded his cement distributors with gifts valued at about N15 billion.
The group is targeting a cement production capacity of approximately 90 million tonnes by 2030.
Dangote made this known during an event organised by the Group to celebrate its most loyal Dangote Cement customers, where CNG-powered trucks, SUVs and other items were presented to distributors across various performance categories, including regional awards, growth awards, best distributor in export sales and national awards.
According to him, the cement expansion drive forms part of the group’s newly launched Vision 2030 strategy, which is aimed at positioning the conglomerate as a $100 billion enterprise by the end of the decade through industrial expansion and cross-border investments.
“Under this vision, we have actually signed an agreement.
But before even signing the agreement, the target that we have, our cement company, will end up being at 90 million tons by 2030 means that we are 50 per cent more than the entire production of Saudi Arabia,” Dangote said.
He said the group has also signed an agreement to expand its petroleum refinery from 650,000 barrels per day to 1.4 million barrels per day, adding that construction work would commence immediately.
Business
Nigeria, UAE scrap tariffs on over 13,000 goods
Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.
•Dr Jumoke Oduwole
Nigeria and the United Arab Emirates have signed an agreement to eliminate tariffs on 13,000 manufactured products.
Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment disclosed this, saying that while the Federal Government has eliminated tariffs on 6,243 products imported from the UAE , they have removed tariffs on 7,315 products imported from Nigeria.
Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.
Under the agreement, Nigeria will immediately remove tariffs on 3,949 products, representing 63.3 per cent of the total, while phasing out tariffs on 2,294 products over five years. Nigeria excluded 123 products from tariff liberalisation.
On its part, the UAE will immediately eliminate tariffs on 2,805 products, representing 38.3 per cent of the total, remove tariffs on 1,468 products within three years, and on 3,042 products within five years.
The UAE excluded or prohibited 593 products.
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