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Now is best time to invest in Nigeria – VP Shettima tells Islamic Development Bank

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1 month ago

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Vice President Kashim Shettima

Vice President Kashim Shettima has declared that Nigeria is currently primed for investment, thanks to the sweeping reforms introduced by President Bola Tinubu’s administration.

Speaking on Tuesday during a courtesy visit by a delegation from the Islamic Development Bank (IsDB) led by Hammad Hundal, Head of its Regional Hub, Shettima highlighted the administration’s efforts to eliminate past barriers that deterred investors.

“This is truly a great time to invest in Nigeria,” Shettima said at the State House in Abuja. “We are addressing grey areas that previously served as disincentives. President Tinubu’s Renewed Hope Agenda is creating a stable, business-friendly environment.”

The Vice President emphasized the government’s commitment to reform in key sectors including human capital development, agriculture, health, education, and digital trade, noting that these are priority areas that align with the country’s economic recovery and long-term growth.

He called for continued collaboration with the Islamic Development Bank, urging the institution to deepen support for strategic initiatives like the Special Agro-Processing Zones (SAPZ), the i-DICE (Investment in Digital and Creative Enterprises) program, and the development of a Halal economy in Nigeria.

“I encourage the inclusion of digital trade, Halal economy development, and financial inclusion in your Country Engagement Framework (CEF),” Shettima told the delegation. “Let’s build on our shared progress.”

Obioma Asuzu, the bank’s Country Economist, presented the CEF during the meeting. The framework outlines the bank’s strategic objectives in Nigeria, focusing on economic recovery, poverty reduction, resilience, and sustainable green growth—all aligned with national priorities.

In response, Hundal reaffirmed IsDB’s commitment to expanding its support in Nigeria, particularly in energy security, private sector development, and infrastructure.

The meeting reaffirmed the strong partnership between Nigeria and the IsDB, underscoring both sides’ shared vision of inclusive growth and development.

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Business

Lagos loses N4trn yearly to traffic congestion, moves to regulate tanker operations

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4 days ago

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June 13, 2025

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The Lagos State Government has disclosed that the state suffers economic losses amounting to approximately N4 trillion each year due to persistent traffic congestion

This was revealed by the Special Adviser to the Governor on Transportation, Mr Sola Giwa, during a recent interview on TVC News.

He identified unregulated parking and the chaotic activities of tankers and articulated vehicles along key logistics corridors as major contributors to the problem.

In response, the government has announced the enforcement of an Electronic Call-Up (E-Call-Up) system, scheduled to take effect from Monday, June 16, 2025.

The initiative targets tankers and articulated vehicles operating along the Lekki-Epe corridor

Giwa explained that all truck operators entering Lagos to load or offload goods will now be required to register and book their movements through the E-Call-Up platform.

The system is designed to coordinate truck activities, eliminate indiscriminate roadside parking, and reduce traffic disruptions.

“Under the new system, tanker operators will be required to upload their Authority to Load, ATL, and pre-book assigned parking slots before arriving in Lagos.

The platform will also collect relevant cargo and travel data, supporting better logistical planning and enforcement.

Seven dedicated truck parks have been approved along the Lekki-Epe axis. These facilities will be equipped with restrooms, kitchens, electricity, and other basic amenities to support driver welfare and operational efficiency.

Giwa stated that the policy is the outcome of more than two years of stakeholder engagement and is a key part of the state’s broader efforts to reform its transportation system and build a more efficient and resilient urban environment.

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Arnold Ekpe: Nine things you need to know about new Chairman of Dangote Sugar

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5 days ago

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June 12, 2025

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Dangote Sugar Refinery Plc recently appointed Mr Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.

Ekpe’s appointment comes after the retirement of Alhaji Aliko Dangote as Chairman of the company on Wednesday.

Dangote’s retirement brought an end to a 20-year leadership of the company.

His retirement will take effect starting from June 16, this year, according to a statement issued yesterday by Company Secretary Temitope Hassan.

However, Ekwutosblog brings you seven things you need to know about Dangote’s replacement, Arnold Ekpe:

1. Ekpe is a seasoned finance professional with more than thirty years of experience in the corporate sectors and banking.

2. He was born in Aug. 1953 in Nigeria, and went to King’s College, Lagos, where he graduated in 1972 and later traveled to abroad for his tertiary education.

3. Ekpe attended the University of Manchester and earned a First Class Honours degree in Engineering as a Shell Scholar (1973–1976).

4. He later obtained an MBA from Manchester Business School (1977–1979).

5. Ekpe started his career in 1977 with Schlumberger SA as a Wireline Logging Engineer.

6. He joined Alcan Aluminium Nigeria as Executive Assistant to the CEO in 1979.

7. Ekpe then entered the banking industry in the early 1980s, starting at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy.

8. He later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.

9. He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024.

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‘No deal collapsed’ – Nigerian Govt breaks silence on forward crude oil sale

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5 days ago

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June 12, 2025

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The Federal Government has debunked reports suggesting the collapse of a proposed forward crude oil sale involving the Nigerian National Petroleum Company Limited, NNPCL.

This was as the government stated that no final decision has been made on the matter.

According to a statement by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, on Wednesday in Abuja, the government said it was aware of recent media speculation surrounding the deal, stressing that such commentary is premature and inaccurate.

“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government.

“Commentary suggesting the collapse of any such initiative is unfounded,” the statement read.

The statement maintained that the forward sale of crude oil-an arrangement often used to secure financing by pledging future oil production-remains under consideration as part of a broader strategy to stabilise Nigeria’s economy.

“The government remains focused on deploying a range of innovative, transparent, and fiscally responsible financing strategies to optimise Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability,” Manga said.

The Federal Government expresssed its commitment to deploying innovative, transparent, and fiscally responsible financing strategies to optimize Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability.

The move is said to be part of the government’s ongoing economic reforms aimed at promoting economic growth and development.

The Finance Ministry also reassured stakeholders that any decisions regarding forward crude oil sales will be made with careful consideration and transparency.

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