Business
NDCCITMA will transform Niger Delta economy – Eno
Governor Umo Eno of Akwa Ibom has expressed the hope that the Niger Delta Chamber of Commerce, Industry, Trade, Mines & Agriculture (NDCCITMA) will facilitate the transformation of the economy of the region.
He said this on Wednesday in Uyo during a one-day sensitisation of the people of the state on the Establishment of NDCCITMA.
Eno, represented by the Commissioner for Trade and Investment, Mr John Etim, said that the region had been wrongly portrayed as mono-economy, in spite of its huge resources.
“For too long, the Niger Delta has been erroneously portrayed as a mono-economy, which boasts only of crude oil deposit with negative fallout, such as environmental degradation, ravaging poverty, among others, but our region is much more than that. “We are blessed with abundant human and mineral resources far beyond crude oil.
“In fact, we are the major producers of oil palm and other cash crops in this country. “The region can be both self-sufficient and a net exporter of palm oil and many other food items.
“The NDCCITMA initiative is not only desirable but imperative for the speedy transformation of our region,” Eno said. He commended the Niger Delta Development Commission (NDDC) for seeking the synergy for the implementation of the initiative for the betterment of the people.
In a remark, the Managing Director of NDDC, Dr Samuel Ogbuku, said that the objective of NDCCITMA is to stand in the gap between NDDC and entrepreneurs in the region.
He further said that the chamber would provide the long sought support to sustain the business of those who cannot meet the stringent conditions of financial institutions.
Ogbuku, represented by the state Representative on the Board of NDDC, Mr Abasiandikan Nkono, said that the activities of the chamber would influence development in the region.
“The establishment of NDCCITMA will positively influence the development of a robust transport system, manufacturing, merchandising, mining, marine, and food security for our families.
“We intend to work with the people and bring down the cost of food to affordable level to improve the health of our people,” he said.
The Chairman of NDCCITMA, Mr Idaere Ogan, described the chamber as a forum where people could seek genuine guidance and assistance in developing their businesses and scaling up capabilities. Ogan also said that the chamber would boost trade and commerce from the nano business level through the micro, small and medium entreprises to the large organisation.
He said, “We are poised to work with our development partners, the NDDC, to solve the food problem of the region, enable manufacturing of goods, develop skills and build capacity within the region.”
He called on all the chambers of commerce in the region, business communities, professional associations, governments and individuals to prepare to work with NDCCITMA for accelerated development of the region.
Source: Vanguard
Nigeria’s inflation dropped to 23.7 percent in April, from 24.23 percent in March 2025.
The National Bureau of Statistics, NBS, disclosed this in its April Consumer Price Index and inflation data released on Thursday.
The figure showed that Nigeria’s inflation cooled off by 1.86 percent on a month-on-month basis.
Similarly, the food inflation rate in April stood at 21.26 percent.
“In April 2025, the headline inflation rate eased to 23.71 percent relative to the March 2025 headline inflation rate of 24.23 percent.
“The MoM headline inflation rate in April 2025 was 1.86 percent.
The food inflation rate was 21.26 percent (YoY),” NBS wrote on its X account on Thursday.
The latest CPI data comes ahead of the Central Bank of Nigeria’s Monetary Policy Committee meeting slated for May 19 and 20, 2025.
Recall that Nigeria’s inflation rose to 24.23 percent in March for the first time after CPI rebase in January 2025.
In February, the CBN MPC paused interest rate hikes after inflation dropped.
Business
Lagos Attracts $200m Investment from Abu Dhabi -Ambrose-Medebem
The investment is also aimed at boosting ICT innovation and healthcare facilities.
Lagos State Government said it has attracted over $200 million in partnership deal with the Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor.
The investment is also aimed at boosting ICT innovation and healthcare facilities.
The State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said this during the ongoing ministerial press briefing to mark the 2nd year in office of the second term of the State Governor, Mr Babajide Sanwo-Olu at Alausa, Ikeja.
The State government recently held a roundtable investment forum as part of measures to boost its economy.
The Commissioner revealed that, “As a result of the Lagos Investment Roundtable, numerous Expressions of Interest from local and foreign investors are under active discussion.”
Business
Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements
In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”
The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.
CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.
After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.
He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”
“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.
He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.
He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.
In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.
Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.
“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.
With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.
He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.
Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.
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