Business
PEBEC Ranks BOI, NEPZA and others low in business facilitation
The top five performing MDAs during this period are the Nigerian Content Development and Monitoring Board (NCDMB) with (80.1%) score, followed by the Standards Organisation of Nigeria (SON) at (78.2%), and the Nigeria Agricultural Quarantine Service (NAQS) ranking third with (74.8%).
The Bank of Industry (BoI), Nigerian Export Processing Zones Authority (NEPZA) and the Nigerian Upstream Regulatory Commission (NUPRC) have been ranked low in business facilitation by the Presidential Business Enabling Environment Council (PEBEC) for the first half of 2024.
Dr. Jumoke Oduwole, Special Adviser to the President on PEBEC while presenting the report to the public in Abuja on Tuesday says MDA’s overall performance score is based on Efficiency and Transparency measures, with a 70% to 30% ratio, respectively.
Dr Oduwole said that the three agencies are among 11 agencies who could not score up to 50 per cent in business facilitation as enshrined by the Business Facilitation Act 2022.
The Business Facilitation Act (BFA 2022) says all MDAs must provide comprehensive information about its charges, timelines, terms, and prerequisites for obtaining permits, licenses, and approvals adding that the information should be readily available in their physical facilities, on official websites and through service portals.
A breakdown of the agencies who ranked loe.
Nigerian Export Processing Zones Authority (NEPZA) scored (48.3%), the Nigerian Upstream Regulatory Commission NUPRC (46.9%), the Nigerian Broadcasting Commission (34.7%) the Oil and Gas Free Zones Authority (30.1%) and the Bureau for Public Procurement (24.1%).
Others include Bank of Industry (23.7%), Joint Tax Board (23.1%), SERVICOM (15.6%) National Sugar Development Council (15.3%), Nigeria Airspace Management Agency (13.9%) and the least being Trademark Registry (9.6%).
Meanwhile, the top five performing MDAs during this period are the Nigerian Content Development and Monitoring Board (NCDMB) with (80.1%) score, followed by the Standards Organisation of Nigeria (SON) at (78.2%), and the Nigeria Agricultural Quarantine Service (NAQS) ranking third with (74.8%).
The Nigeria Electricity Regulatory Commission (NERC) and Nigeria Customs Services (NCS) secured the fourth and fifth positions, scoring (73.9%) and (73.2%), respectively.
Business
President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.
The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:
” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.
Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.
President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.
The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.
At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.
With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.
Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.
At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.
President Tinubu will be accompanied on the trip by some of his ministers and senior aides.
He will return to Nigeria at the end of the Rwanda summit. “
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
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