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
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
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