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BBC News
18-07-2025
- Politics
- BBC News
Public facilities wey don get new name since 2023
Within two years wey di Nigeria president office, President Bola Tinubu start im administration e don commission and rename several goment properties afta im name, politicians and popular figures for Nigeria. On Thursday, president Bola Tinubu rename di University of Maiduguri (UNIMAID) afta di late former President Muhammadu Buhari. Buhari die at di age of 82 for one London clinic on Sunday and im family bury am on Tuesday for Daura, Katsina state. During di Federal Executive Council (FEC) wey hold in honour of di late former president on Thursday, Tinubu rename UNIMAID to Muhammadu Buhari University, Maiduguri. "Di ceremony for di special session of di Federal Executive Council honour di eighth Nigerian leader— civil war hero, former military head of state, and anti-corruption advocate — passing on July 13, with legacy of discipline and patriotism," di statement tok. "President Tinubu, open di floodgates of tributes in di presence of later leader children, e rename di 50-year-old University of Maiduguri Muhammadu Buhari University." UNIMAID to Muhammadu Buhari University Dem establish di university in 1975, under military goment in di capital city of Borno State, in northeast Nigeria. UNIMAID get 16 faculties and 127 programmes, wit 26 000 students. Now, di president don rename am as Muhammadu Buhari University, Maiduguri. Buhari serve as Nigeria democratically elected president from 2015 to 2023, e also rule as military head of state from January 1984 to August 1985. Abuja International Conference Centre to Bola Ahmed Tinubu International Centre Recently, dem rename Abuja International Conference Centre wey former President Ibrahim Babangida Tinubu to Bola Ahmed Tinubu International Centre. Di Nigeria Minister of Federal Capital Territory, Nyesom Wike also name halls inside di centre afta some politicians. Im name halls afta Vice President Kashim Shettima, Chief Justice of Nigeria Kudirat Kekere-Ekun, Senate President Godswill Akpabio and Speaker of di House of Representatives Tajudeen Abbas. According to di FCT Minister, dis na im way to say thank you to dem for supporting im FCT Administration and for how di Judiciary and Legislative arms of goment dey collabo wit executive. Former President Ibrahim Badamosi Babangida bin build di Abuja International Conference Centre for 1991. According to Wike, Babangida bin build to ICC to host one Organization of African Unity meeting. Oda tins goments don rename since 2023 In March 2024, Niger State govnor, Mohammed Umaru Bago, rename di Minna International Airport from Abubakar Imam Kagara International Airport to Bola Ahmed Tinubu International Airport. Many residents of di state para ova di new changes accusing di govnor of operating Tinubu-led goment for dia state. In June 2025, president Bola Tinubu also name one 300-bed specialist hospital for Millennium Square in Kaduna state as Bola Ahmed Tinubu Specialist Hospital. In January 2025, president Bola Tinubu commission newly built military barracks in Abuja and name di facility afta imsef "Bola Ahmed Tinubu Barracks." Di barrack go accommodate military personnel and provide dem facilities like sport center, clinic, worship centers, roads, among others. During di commission, president Tinubu describe di officers of di Nigerian Armed Forces as "heroes" of Nigeria. In December 2024, dem rename di Immigration Headquarters afta Bola Ahmed Tinubu Technology Innovation Complex. Di president also name, di Murtala Mohammed Expressway for Abuja afta Nobel Laureate, Wole Soyinka in June 2024.
Zawya
04-07-2025
- Business
- Zawya
Nigeria: Marine and blue economy ministry records 75% performance in two years
The Minister for Marine and Blue Economy, Adegboyega Oyetola, on Thursday, said that the ministry has recorded 75 per cent performance in two years since its inception. He said the marine and blue economy ministry received the encomium through an evaluation conducted by the Office of the Special Adviser to the President on Policy and Coordination, through the Central Results Delivery Coordination Unit (CRDCU), which confirmed that the ministry achieved a 75% performance score at the end of 2024, despite various institutional and operational challenges. He made this known at the Second Quarter Citizen/Stakeholders Engagement Forum convened to deliberate on the effective implementation of the National Policy on Marine and Blue Economy held at Eko Hotels and Suites on Thursday. The theme of the Forum is 'Strengthening Collaboration For Effective Implementation Of the National Policy On Marine and Blue Economy'. He explained that the engagement is a working forum designed to develop a strategic roadmap for implementation. 'We are here to design actionable frameworks, set implementation priorities, and assign clear institutional responsibilities. In doing so, we must focus on improving coordination, ensuring accountability, and building capacity at all levels. He noted that the approval of the National Policy on Marine and Blue Economy by the Federal Executive Council marks a critical turning point providing a comprehensive framework to unlock value across the marine ecosystems. 'This policy encompasses port infrastructure, maritime security, aquaculture, ocean governance, marine biotechnology, renewable energy, coastal tourism, and climate resilience,' he stated. He opined that the rollout of the policy would be cross-sectoral, collaborative, and data-driven. On deliverables on tasks given, Oyetola commended the efforts of the delivery task teams across the Marine and blue economy ministry and its agencies and urged them to remain focused and continue to pursue excellence in the discharge of their responsibilities. Oyetola said the Marine and blue economy ministry is prioritising the modernisation of port infrastructure. 'The Federal Government has approved the contracts for the reconstruction of the Apapa and Tin Can Ports, under the Western Port Rehabilitation Programme. Procurement is ongoing for the Eastern Ports. 'These upgrades are complemented by the deployment of digital solutions, including the Port Community System, the E-Call-Up System, and a unified One-Stop-Shop for port clearance. These interventions are designed to reduce delays, boost investor confidence, and reposition Nigeria as a regional maritime hub,' he asserted. He averred that the ministry is also working to strengthen indigenous shipping capacity through a public-private partnership model to revive a national carrier. In addition, Oyetola said that the Nigerian Maritime Administration and Safety Agency (NIMASA) has commenced preparatory activities for the disbursement of the Cabotage Vessel Financing Fund with the process being carefully structured to ensure transparency and regulatory compliance to expand opportunities for Nigerian shipping operators. On revenue and service delivery, the minister said that through digitisation, the ministry has recorded consistent year-on-year growth across its agencies to improve operational efficiency, close leakages, and attract private capital into the sector. Regionally, the minister asserted that Nigeria is championing the operationalisation of the Regional Maritime Development Bank under the Maritime Organisation of West and Central Africa (MOWCA) to provide long-term financing for maritime infrastructure, thereby accelerating regional integration and supporting cross-border trade. He highlighted that the ministry, through the National Inland Waterways Authority (NIWA), has introduced the Inland Waterways Transportation Regulation, 2023, and launched a nationwide water safety campaign, distributed over 42,000 safety jackets, deployed ferries, patrol boats, and trained water marshals with the efforts already yielding results in reducing boat mishaps across the country and restoring confidence in water transport as a safe and viable mode of movement. Oyetola also said that the transition to a sustainable blue economy model requires innovation, investment, policy coherence, and human capital development. 'This is why we are placing strong emphasis on capacity building, research, and the promotion of local content in every segment of the value chain,' he maintained. He reiterated the ministry's commitment to build the necessary institutional, legal, and international linkages to enable Nigeria's maritime sector to contribute robustly to national development.
Business Insider
06-05-2025
- Business
- Business Insider
Nigeria becomes 19th African country to gain full membership of the AIIB
Nigeria has officially secured full membership in the Asian Infrastructure Investment Bank (AIIB), following approval by the Federal Executive Council (FEC) in Abuja. Nigeria has secured full membership in the Asian Infrastructure Investment Bank (AIIB) The membership allows Nigeria to access global infrastructure financing and diversify its development funding sources. The AIIB, headquartered in Asia, supports sustainable infrastructure development and has a $100 billion capital base with global membership. The move positions Nigeria as a non-regional member of the Asian Infrastructure Investment Bank (AIIB), granting it broader access to global infrastructure financing and aligning with its strategic goals for economic growth and international investment partnerships. Nigeria's membership in the infrastructure bank makes it the 19th African country to bag full membership. As of 2021, Nigeria was listed as a prospective member. Having now completed the legal, administrative, and financial processes necessary for accession, the country has become a full member of the Asian Infrastructure Investment Bank. As of today, 22 African countries have been approved as members, with 19 holding full membership and 3 designated as prospective members. What Nigeria stands to benefit During the Federal Executive Council meeting at the State House in Abuja, Minister of Finance, Wale Edun highlighted the significance of this development, stating, " We've concluded that process now, and we are fully fledged members of the Asian Infrastructure Investment Bank, which is set up to promote infrastructure development and generally sustained economic growth in all its members." Edun noted that despite the AIIB being headquartered in Asia, it welcomes non-regional members committed to sustainable infrastructure expansion. China's stake in the Asian Infrastructure Investment Bank (AIIB) is evident in its role as a top donor, giving it the largest voting share at 26.58%. India (7.59%), Russia (5.97%), Germany (4.15%), South Korea (3.49%), and Australia (3.45%) follow. As the U.S. pulls back from its donor role in Africa, China is expanding its influence through infrastructure financing across the continent. Nigeria's initial commitment involved subscribing to 50 shares valued at $100,000 each, totaling $5 million. Nigeria's accession to the Asian Infrastructure Investment Bank (AIIB) represents a strategic step in diversifying its development financing sources, especially as the United States moves to end contributions to the African Development Fund (ADF), a key arm of the African Development Bank. As one of Africa's largest economies, Nigeria stands to gain significantly from AIIB membership, both financially and geopolitically. This membership is expected to unlock financing opportunities for key infrastructure projects and accelerate economic transformation across various sectors. With a capital base of $100 billion and global membership, the AIIB offers Nigeria access to substantial funding for infrastructure, less dependent on Western political shifts. As of today, the AIIB has 19 African countries designated as full members, which include the following countries listed in the table below. S/N Country Membership Date 1 Algeria Dec 27, 2019 2 Benin May 25, 2020 3 Côte d'Ivoire Feb 26, 2020 4 Djibouti Sept 5, 2024 5 Egypt Aug 4, 2016 6 Ethiopia May 13, 2017 7 Ghana Feb 21, 2020 8 Guinea Jul 12, 2019 9 Kenya Sept 4, 2024 10 Liberia Jan 4, 2021 11 Libya Sep 12, 2023 12 Madagascar Jun 25, 2018 13 Morocco May 4, 2022 14 Rwanda Apr 16, 2020 15 South Africa Nov 24, 2023 16 Sudan Sep 13, 2018 17 Togo Dec 19, 2023 18 Tunisia Apr 29, 2022 19 Nigeria 2025 20 Tanzania Pending 21 Senegal Pending 22 Mauritana Pending Tanzania, Mauritania, and Senegal were still listed as prospective members according to information sourced from the bank's website.
Zawya
18-04-2025
- Business
- Zawya
Nigeria: Power sector got $436mln boost in revenue in 2024 — Adelabu
Nigeria's power sector has recorded a significant leap in revenue generation, with an additional ₦700 billion realised in 2024, marking a 70% increase year-on-year. This was disclosed by the Minister of Power, Adebayo Adelabu, during a ministerial press briefing held on Thursday in Abuja, where he highlighted key achievements of the ministry under the Renewed Hope Agenda of President Bola Ahmed Tinubu. The Minister attributed this landmark growth to recent cost-reflective tariff reforms targeted at Band A customers, which raised total market revenue from ₦1 trillion in 2023 to ₦1.7 trillion in 2024. 'This growth is unprecedented,' he noted. 'It is the first time we're witnessing such a sharp increase, far above the previous record of 20%. More importantly, this has led to a 35% reduction in the government-subsidised tariff shortfall – down from ₦3 trillion to ₦1.9 trillion. It demonstrates that financial viability and service delivery can coexist harmoniously.' Speaking on broader sector reforms, Adelabu pointed to the formulation of two critical frameworks – the National Integrated Electricity Policy (NIEP) and the Integrated Resource Plan (IRP)- as pivotal steps in redefining Nigeria's energy future. Both frameworks, he said, are geared towards building a cost-effective and sustainable electricity ecosystem and have been submitted to the Federal Executive Council for approval. Other highlights of the past 100 days include the inauguration of the National Independent System Operator (NISO) to unbundle the Transmission Company of Nigeria, as mandated by the Electricity Act of 2023. The new entity will oversee grid operations independently, aimed at boosting efficiency and market transparency. The sector also achieved a milestone generation capacity of 6,003MW, the highest in Nigeria's history, with an average daily generation of 5,700MW in early 2025, compared to 4,100MW in Q3 of 2023 – representing a 40% increase. 'What took four decades to achieve in terms of 2,000MW of additional power, we have delivered in under two years,' the Minister said. Further gains were reported in transmission stability. 'Despite persistent grid disturbances last year, we have not recorded a major grid collapse in the first quarter of 2025,' he said, citing completed transformer installations and mobile substations across over 12 states. The Ministry also spotlighted gains in renewable energy and rural electrification, including new off-grid and mini-grid projects across Plateau, Niger, Cross River, Osun, and Oyo States, providing clean electricity to thousands of households. Additionally, investments are underway to evacuate full capacities from key hydropower stations like Zungeru and Kashimbila, while the Kaduna Thermal Plant is being restored after six years of dormancy. Adelabu reaffirmed the government's commitment to partnering with the private sector, noting that proposals from Sun Africa Energy and Skipper Electric to scale up solar power and grid expansion are currently under review. 'Our vision is bold, but it is achievable – a Nigeria where power no longer hampers progress but powers it,' he stated. Adelabu assured power generation companies (GenCos) that the federal government will pay at least ₦2 trillion of the ₦4 trillion debt owed them before the end of 2025 in a bid to avert potential disruptions to electricity supply. His remarks follow threats by GenCos to declare force majeure on their operations if the mounting debt remains unpaid. While acknowledging the financial strain, Adelabu said the government may not be able to clear the entire amount immediately but is committed to defraying half the liability by year's end. He explained that the payment would be made through a mix of cash and promissory notes, the latter of which can be discounted by banks to provide GenCos with immediate liquidity. 'We're not promising 100% payment, but we're working to settle close to ₦2 trillion of the debt this year,' Adelabu stated during a briefing. 'There are already budgetary provisions for cash disbursement, and we're also discussing the issuance of guaranteed debt instruments, such as promissory notes, which the GenCos can take to banks for discounting if they need quick access to funds.' The minister clarified that the debt stems from unpaid subsidies, with nearly half inherited from previous administrations and the rest accumulating from ongoing operations in 2024. 'This issue has been of serious concern to us,' Adelabu said. 'I've had tough discussions with the Minister of Finance and the Coordinating Minister for the Economy, who confirmed that work is ongoing to finalise the promissory notes. Once budget releases are made, cash payments will follow.' He also acknowledged broader challenges confronting the power sector, including the ₦4 trillion debt burden, vandalism of infrastructure, and a lack of sufficient investment. Despite these issues, Adelabu reaffirmed the Tinubu administration's commitment to clearing all inherited liabilities and restoring investor confidence in the sector. 'The administration is determined to turn things around. Clearing these debts is a critical step toward stabilising the sector and attracting much-needed investment,' he added. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
03-03-2025
- Automotive
- Zawya
Nigeria's 2025 budget should accelerate automotive industry
ON December 16, 2024, the Federal Executive Council (FEC) approved the 2025 budget with a total expenditure of N47.9 trillion. This represents a 35 percent increase from the 2024 budget. And this significant increase, according to the FG, is aimed at lifting millions of Nigerians out of poverty. However, amid this ambitious spending plan, there is a glaring need for a thriving automotive industry in Nigeria. The 2025 budget is predicated on an oil price of $75 per barrel, with a production target of 2.06 million barrels per day. While the Federal Government remains optimistic about the oil sector, it has become pertinent for concerned Nigerians to be wary of the budget's projections due to Nigeria's history of budgetary difficulties: no thanks to ongoing deficits, mounting debt, and slow economic growth. Withal, a thriving automotive industry can play a crucial role in diversifying the Nigerian economy, while reducing dependence on oil exports and creating employment opportunities. Currently, the country relies heavily on imported vehicles, which puts a strain on the country's foreign exchange reserves. By developing a local automotive industry, Nigeria can reduce its reliance on imports, conserve foreign exchange, and promote economic growth. Brands like Innoson motors should be given every support they could get. But then, there is a need to highlight the key challenges facing the Automotive Industry in Nigeria like the lack of infrastructure which includes good motorable roads, transportation networks, and storage facilities. The high cost of borrowing and limited access to finance could also hinder the growth of the automotive industry in Nigeria. Need I add that the influx of imported vehicles undermines the competitiveness of locally assembled vehicles? In the midst of all these, however, there are opportunities for growth if the federal government is willing to see beyond the lens. If the Federal Government can provide incentives like tax breaks, subsidies, and investment in infrastructure, to support the growth of the automotive industry, there is big assurance this will contribute a meaningful quota to the economy growth. Investment in private sector investment can also provide the necessary capital to establish and expand automotive manufacturing facilities in Nigeria, likewise the regional market opportunities like the African Continental Free Trade Area (AfCFTA) which provides a vast market opportunity for Nigerian-made vehicles. To surmise, Nigeria's 2025 budget presents an opportunity for the government to prioritise the development of the automotive industry. By addressing the challenges facing the industry and leveraging opportunities for growth, Nigeria can reduce its dependence on oil exports, promote economic growth, and create employment opportunities.
