Business
Nigeria and UNIDO Earmark $174.6 million for Industrial Projects
Donor nations, including Japan and Germany, reaffirmed their support for Nigeria’s industrialisation vision.
∆ President Bola Tinubu
The Federal Government of Nigeria, and the United Nations Industrial Development Organisation (UNIDO),have earmarked a total of $174.6 million budget for the implementation of the Programme for Country Partnership (PCP).
At the signing ceremony, Senator John Owan Enoh, Minister of State for Industry, signed on behalf of the government of Nigeria , while UNIDO Director-General, Mr. Gerd Müller, appended for the organization.
The ceremony brought together government officials, private sector leaders, diplomatic representatives, and development partners from across the globe. Donor nations, including Japan and Germany, reaffirmed their support for Nigeria’s industrialisation vision.
Senator Enoh highlighted the alignment of the PCP with Nigeria’s economic reform agenda under the leadership of President Bola Ahmed Tinubu, emphasising that the partnership aimed to reduce reliance on primary exports and foster a thriving manufacturing sector.
Enoh said, “The PCP signifies a new era of industrial cooperation built on trust, shared vision, and actionable strategies.
Through this initiative, we will tackle systemic bottlenecks, revitalise key industries, and attract private sector investments.”He added that a key element aligned to the PCP is the establishment of the Industrial Revitalization Working Group (IRWG), a high-level platform for accelerating industrial reforms.
The PCP’s thematic focus areas—agro-industrial transformation, SME development, digital innovation, and green transition—align with the IRWG’s objectives to drive economic growth and sustainability.With the PCP now underway, Nigeria stands at the threshold of a new industrial era, ready to unlock opportunities, attract investments, and lead Africa’s industrial renaissance.
Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, affirmed the government’s dedication to implementing the PCP with a $174.6 million budget.
The Nigerian government has committed 14.3% in counterpart funding, with UNIDO mobilising the rema”nder through partnerships and donor contributions.
“The PCP is a vital catalyst for job creation, skill development, and technological advancement in line with our National Development Plan,” Bagudu said.
Gerd Muller , lauded the partnership as a historic milestone in the long-standing collaboration between Nigeria and the organisation and reiterated UNIDO’s commitment to providing technical expertise, policy guidance, and investment facilitation to ensure the programme’s success.
Amb. Nura Abba Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, expressed gratitude to all stakeholders.
“The journey ahead demands collaboration and resilience as we move from potential to productivity,” Rimi said.
Business
Diesel Costs Bite: LAMATA Accelerates Shift To CNG, Electric Buses
The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.
Lagos is accelerating its transition away from diesel-powered public transport as the Lagos Metropolitan Area Transport Authority (LAMATA) begins phasing out diesel buses from its regulated fleet, amid a surge in diesel prices that has pushed operating costs sharply higher.
LAMATA is targeting clean-energy propulsion for 52 per cent of its Bus Rapid Transit (BRT) fleet by 2050, with compressed natural gas (CNG) and electric vehicles (EVs) taking the place of conventional diesel buses under a policy that took effect at the beginning of 2026.
The Managing Director and Chief Executive Officer of LAMATA, Mrs. Abimbola Akinajo, disclosed this weekend, during the handover of 20 additional high-capacity CNG buses under the Presidential Initiative on CNG and EVs.
The latest delivery brings LAMATA’s CNG fleet to about 170 buses, following the deployment of approximately 150 CNG buses before the new vehicles were received.
The authority also operates high-capacity and medium-capacity electric buses.
Akinajo said some of the new CNG buses would be deployed on the busy Ikorodu–Tafawa Balewa Square corridor, where passenger demand remains high.
“We will only work with CNG or EV buses, and this has been the policy since the beginning of the year,” she said.
The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.
For LAMATA, the shift is therefore not only an environmental policy but also a cost-management strategy aimed at shielding commuters and transport operators from the impact of rising fuel expenses.
Akinajo said regulated public transport fares had not been increased, partly because the lower operating costs of CNG and electric buses were helping to contain the pressure on operators.
“Regulated public transport fares have not increased, and these buses have helped us achieve that,” she said.
Diesel phase-outUnder the new policy, existing diesel-powered buses in the regulated system will be progressively replaced with CNG and electric alternatives.
Akinajo said the long-term direction was for the regulated system to ultimately operate an entirely electric fleet, while the broader clean-energy target provides a pathway towards reducing emissions from Lagos’ transportation sector.
Transportation remains a major source of emissions in the megacity, making the switch to cleaner buses a key component of Lagos State’s long-term ambition of achieving net-zero emissions by 2050.
Business
Naira Rates To Dollar, Pound ,Euro… Friday, October 2
BLACK MARKET RATES
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EURO (EUR) ₦1550
₦1000 CANADIAN DOLLAR (CAD)
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₦370 UAE DIRHAM
₦190 CHINESE YUAN (CNY)
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₦850 AUSTRALIAN DOLLAR (AUSSIE)
Official CBN Exchange Rates
DOLLAR (USD)₦1329.16
POUND (GBP)₦1766.59
EURO (EUR) ₦1510.06
SWISS FRANC (CHF) ₦1593.91
JAPANESE YEN (JPN)₦8.47
CFA FRANC (XOF) ₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1807.23
CHINESE YUAN (CNY) ₦198.25
SAUDI RIYAL (SAR) ₦353.97
SOUTH AFRICAN RAND (ZAR) ₦81.18
Business
Obasanjo: “Aliko Embarrass Me”
He got all his workers together in that refinery and said, without telling me, and there, said…
Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.
Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.
He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”
According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.
He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.
He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”
Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.
“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”
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