Category: Business Day

The Nigerian Ports Economic Regulatory Agency (NPERA) can now impose tougher penalties on individuals and companies that breach port regulations, in a move the agency says will strengthen compliance and improve efficiency across the country’s seaports.

Pius Akutah, director-general of NPERA, formerly the Nigeria Shippers Council (NSC), said the new legal framework gives the regulator greater powers to sanction infractions than were available under the previous regime administered by the Nigerian Shippers’ Council.

The new framework provides for a minimum penalty of N500,000 for an individual first offender, while penalties can increase for repeat violations. Corporations can face penalties of up to N20 million, with NPERA able to multiply the penalty where a company continues to violate the law, Akutah said.

‘In the past, there was no such potency in our law, so we couldn’t enforce anything because the penalties were too insignificant to deter any infraction,’ Akutah said in Lagos during a meeting with the Shipping Correspondents Association of Nigeria (SCAN). ‘The aspects of the law on legal enforcement or criminal prosecution for infractions captured in the NPERA law will serve as deterrence,’ he added.

Akutah said the objective was not to disrupt port operations but to establish a regulatory regime in which operators comply with prescribed standards because of the consequences of non-compliance.

‘The idea is not to upset the system and make it chaotic or abnormal but rather to create a deterrent regime through the provisions of the law. With the fear of the consequences, they will play by the rules naturally,’ he said.

The regulator is also targeting greater automation and digitisation of port processes to reduce human interference and make compliance easier.

‘Ours is to set the standards and promote innovations and digitisation of this sector to the point that those standards become very easy for people to maintain,’ Akutah said.

He added that reducing bottlenecks and making port processes more seamless would ultimately lower the cost of moving goods through Nigerian ports.

‘Once these processes are seamless, it will reduce costs on its own. The cost component is very crucial to us,’ he said.

On concerns over multiple government agencies conducting physical inspections at the ports, Akutah said NPERA would not prevent agencies from carrying out their statutory responsibilities but insisted that such activities should not unnecessarily delay cargo clearance.

He said efficient and competitive ports were critical to the Federal Government’s ambition of building a $1 trillion economy by 2030, arguing that the objective should be measured not only by government revenue but also by the expansion of businesses and economic activity.

‘If we are building a trillion-dollar economy, it is not only in terms of the amount of money that government will make but also the totality of the GDP of the economy that will promote that one trillion dollars,’ he said.

Akutah also dismissed concerns over a possible operational conflict between NPERA and the Nigerian Ports Authority (NPA), saying the agencies have distinct mandates.

While the NPA is responsible for developing port infrastructure, including seaports and inland dry ports, NPERA is responsible for the economic regulation of the facilities, he said.

Moses Ebosele, president of SCAN, congratulated the agency on its new mandate and said effective regulation would require clear communication and continuous engagement with industry stakeholders.

‘We believe that effective regulation requires not only sound policies and enforcement, but also clear communication and continuous engagement with stakeholders,’ he said.

Atiku Abubakar, the presidential candidate of the African Democratic Congress, ADC, is adopting a kitchen-sink approach to next year’s presidential race. A ‘kitchen-sink approach’ involves throwing everything available at a problem regardless of what works or doesn’t. That’s precisely what Atiku is doing by promising to tackle every conceivable vexed issue if he becomes president next year. Recently, he published a ’12-point policy commitment’. Reading through the list, one gets the impression that Atiku simply gathered all problems that would resonate with Nigerians, and then boldly pledged: ‘Leave them with me. I’ll tackle everything if you make me your president.’ For a politician who promised to do only one term as president, if elected, one would expect a more focused and deliverable agenda, but Atiku opted for crude populism or grandstanding!

Before we come to Atiku’s maximalist and complex policy agenda, we must first consider his vexatious pursuit of President Bola Tinubu’s controversial past. Recently, I wrote a piece titled ‘2027: Atiku should focus on his own future, not Tinubu’s past’ (BusinessDay, August 10, 2026). I argued that Atiku’s decision to hire a US lobbying firm to unearth documents relating to Tinubu’s alleged involvement in drug trafficking investigations in the US and send them to the US president and Congress was a red herring, a fishing expedition that failed the ‘so what?’ test. The Supreme Court settled the matter in 2023, saying that Tinubu’s forfeiture of $460,000 in a narcotics-trafficking investigation in the US did not disqualify him from running for president because the forfeiture arose from civil proceedings, not a criminal trial. So, why is Atiku throwing his resources at a foreign issue that would make no difference to the outcome of next year’s presidential poll? It’s clear evidence of a kitchen-sink strategy!

‘So, Atiku’s pledge to achieve far-reaching devolution of power and remake the Nigerian state within four years is rather glib; he’s campaigning in poetry, ignoring the prose of governing.’

But Atiku is also pursuing Tinubu at home through the courts. Recently, he asked the Federal High Court in Abuja to disqualify President Tinubu from seeking re-election in 2027 alleging that he submitted a ‘forged’ National Youth Service Corps (NYSC) certificate to INEC as the certificate bears the name ‘Tinubu Bola Adekunle’, while the president’s official name is ‘Bola Ahmed Tinubu’. This is not a trivial issue. Yet, given that Tinubu was deemed eligible to be president in 2023, why should he be ineligible to seek another term in 2027? Truth is, neither INEC nor the courts would disqualify Tinubu from seeking re-election next year, forged certificate or not. So, why is Atiku throwing money at an issue that won’t stop Tinubu’s second term bid? Again, it’s evidence of a kitchen-sink approach.

Now, let’s turn to Atiku’s 12-point ‘policy commitment’. Interestingly, none of them contains detailed analysis on deliverability, dependencies, trade-offs and unintended consequences, all of which credible policy commitments should address. Given Atiku’s vow to serve for only one term, if elected, the lack of clarity around prioritisation and timescale further undermines the ‘commitments’. Perhaps Atiku would flesh out the pledges in his full manifesto, so, let’s cut him a slack. Yet, looking at the high-level commitments, Atiku is giving hostages to fortune and seems oblivious to what he’s letting himself in for, should he win next year.

So, what are the policy commitments? Well, I focus on the six more complex and high-profile ones. They are Atiku’s promises to 1) restore the fuel subsidy; 2) implement the Supreme Court judgement on local government autonomy; 3) strengthen national security in one year; 4) devolve powers to subnational governments by restructuring the Exclusive and Concurrent Legislative List, giving states and local governments greater responsibility and capacity while creating a smart, compact, lean and efficient Federal Government on matters that genuinely require national coordination; 5) implement the Oronsaye Report to eliminate waste, duplication and institutional overlap, reduce opportunities for corruption, rationalise government agencies, performance and service delivery across the public service; and 6) bring Niger, Mali and Burkina Faso back into ECOWAS.

The above commitments have one thing in common. None of them is an easy deliverable; each requires detailed and rigorous planning, extensive consultations and engagement, as well as hard compromises and trade-offs. Yet, Atiku presents them as certitudes, such as the pledge to tackle insecurity within one year! The late New York Governor Mario Cuomo famously said: ‘You campaign in poetry; you govern in prose.’ He meant that politicians use lofty, inspiring ideals and grand rhetoric to win election, but confront harsh realities, including complexities and hard choices, once they are in power. So, what are the ‘poetry’ and the ‘prose’ of some Atiku’s 12-point policy commitment?

Take the fuel subsidy. Atiku vowed to restore the subsidy but said it would be based on production; whereby local refineries would receive crude at reduced prices and then be required to sell the refined fuel at lower prices to consumers. Atiku’s subsidy pledge contains soundbites like ‘the subsidy will follow the barrel’, meaning that domestic refineries that receive subsidised crude must refine it in Nigeria and sell the refined fuel at reduced prices to consumers. This is a complex subsidy regime that would require government interference and intrusion in private refineries. For instance, crude is only a part of refining’s cost element, so who will determine the right fuel prices for consumers to reflect the subsidised crude? How would the use of subsidised crude be monitored? And where’s the guarantee of crude supply? In 2024, President Tinubu ordered NNPC to sell crude to Dangote Refinery in local currency, but Dangote said his refinery never received the crude it needed. Has Atiku investigated why NNPC can’t supply enough crude to domestic refineries? Would his government compel NNPC to supply crude it doesn’t have, perhaps due to international commitments? The pragmatic solution is to maintain the subsidy removal but pass its savings directly to consumers through, for instance, a price cap on fuel sold to consumers up to a certain number of litres, as Iran does, capping fuel prices at $0.013 per litre for up to 110 litres per motorist!

Then, take Atiku’s vow to implement the Supreme Court judgement on local government autonomy. He said he would ‘ensure that funds due to local councils reach them directly’. But how? Surely, he would spend four years fighting state governors, purporting to defend local councils that remain administratively and politically under their firm control. As I wrote previously, the Supreme Court judgement contradicted section 165(6) of the Constitution which says that ‘Each State shall maintain a special account to be called ‘State Joint Local Government Account” and undermined the principles of federalism. Truth is, state-local government frictions can only be resolved through a political settlement, not through judicial activism or the crude display of federal might.

Which leads us to Atiku’s promise of political restructuring. To be fair, Atiku has been consistent on this issue. He promised restructuring when he ran for president in 2019 and repeated the pledge in 2023. But the type of restructuring that Nigeria needs, and which Atiku promises, cannot be achieved without extensive consultations, a national consensus and even, let’s face it, a referendum. So, Atiku’s pledge to achieve far-reaching devolution of power and remake the Nigerian state within four years is rather glib; he’s campaigning in poetry, ignoring the prose of governing.

Now, tell me, why is Atiku talking about implementing the Oronsaye Report in 2026? In 2024, President Tinubu ordered the ‘full implementation’ of the report; today, there are more agencies, not fewer. The Oronsaye report is outdated. Nigeria is far more administratively over-governed today than when the report was submitted to the Jonathan government in 2012. So, Atiku’s pledge to implement the Oronsaye report is another evidence of a kitchen-sink approach. The pledge is dismal for its lack of seriousness. Finally, what’s the price of bringing Niger, Mali and Burkina Faso back into ECOWAS. Atiku must know what current ECOWAS leaders don’t or have the Midas touch they lack. To lead is to choose and recognise the trade-offs that policy pledges will throw up. But Atiku’s 12-point policy commitment reflects just the ‘poetry’ for winning, not the ‘prose’ of governing. His kitchen-sink approach betrays populism, not a serious policy agenda!

Medical experts have called for increased investment in specialist training, reliable internet connectivity, electricity and biomedical engineering capacity to sustain robotic and tele-robotic surgery in Nigeria.

The experts spoke on Saturday after Redeemer’s Health Village, Lagos, performed the country’s first-ever remote robotic surgery, with the patient at NISA Premier Hospital, Abuja, while the surgeon controlled the robot from Lagos.

According to the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES), telerobotic surgery allows doctors to operate on patients remotely using computer-guided robotic arms and high-speed internet.

The development came weeks after BusinessDay reported that Redeemer’s Health Village had invested $4m in robotic surgical services and training as part of efforts to reduce medical tourism and develop a pool of Nigerian specialists capable of performing advanced procedures locally.

The hospital had said the investment covered robotic surgical services and the training of surgeons, nurses, biomedical engineers and other healthcare professionals.

At the latest procedure, Adedamola Dada, the Chief Executive Officer of Redeemer’s Health Village, said the hospital had demonstrated that a surgeon could operate on a patient in another Nigerian city without being physically present at the operating table.

Dada said the first procedure performed during the programme was a robotic-assisted pyeloplasty on a 28-year-old woman with a congenital obstruction affecting the flow of urine from her kidney.

However, he said the more significant development was the telerobotic procedure in which a patient at NISA Premier Hospital in Abuja was operated on remotely from Lagos.

Explaining how the procedure worked, Dada said the surgical robot at the Abuja hospital was connected to the robotic control system at Redeemer’s Health Village through an internet connection.

He added that the surgeon in Lagos was able to control the robotic system in Abuja and perform the operation remotely.

‘What this simply means is that for very complicated cases where we don’t even have the manpower in the country, surgeons can stay in the United States and operate on that patient here,’ Dada noted.

He said the demonstration could eventually make it possible for Nigerians requiring highly specialised procedures to receive treatment locally, even when the required specialist was in another country.

According to him, the hospital used multiple connectivity options during the Abuja procedure, while other safety measures were put in place to ensure that the operation could continue safely.

Dada, however, said the success of telerobotic surgery would depend on Nigeria’s ability to address the shortage of trained professionals who could operate, maintain and support the technology.

He called on the Federal Government to support the training of surgeons, nurses and biomedical engineers through scholarships and other programmes.

‘My message to government is the need to support and sponsor Nigerians, the surgeons, the nurses, the biomedical engineers who would want to come and do this training here,’ he said.

Dada said the hospital was establishing a robotic academy where surgeons, robotic operating theatre nurses, biomedical engineers and product specialists would be trained.

He said the aim was to develop enough local expertise to make robotic and telerobotic surgery available to more Nigerians.

On his part, Ekwenna Davies, a professor of urology and transplantation, robotic surgeon described the remote procedure as a demonstration of how technology could expand access to specialist surgical care.

Davies, who performed the surgery remotely, said the patient had a kidney tumour at NISA Premier Hospital, Abuja, while his team in Lagos controlled the robotic system.

He said the procedure demonstrated that advanced surgical expertise could be delivered across geographical boundaries without requiring the patient or specialist to travel.

He added that the development could also allow specialists in the Nigerian diaspora to participate in the treatment of patients in the country.

According to him, the long-term objective should be to develop a system that could operate beyond a single hospital.

‘It means access to experts from within and outside the country. Telesurgery can be done from any part of the world with precision, with excellent results,’ Davies said.

The Chief Executive Officer and co-founder of RoboMed Global said the sustainability of the technology would depend heavily on training.

He noted that the country needed to develop professionals who could maintain the equipment rather than rely entirely on foreign technicians.

He said the country’s ability to sustain telerobotic surgery would ultimately depend on the strength of the ecosystem around the technology, including surgeons, nurses, engineers, technicians and telecommunications infrastructure.

Kunle Onakoya, Chairman of the Board of Redeemer’s Health Village and an orthopaedic surgeon, said the remote procedure showed how robotic technology could change the way specialist healthcare was delivered.

Onakoya noted that the technology would require strong safety protocols and adequate technical support.

He said reliable connectivity was one of the critical requirements for telerobotic surgery, noting that interruptions to communication between the surgeon and the robotic system could have serious implications.

Nigeria will battle Ghana in the first leg of the CAF Beach Soccer Africa Cup of Nations Senegal 2026, as qualifiers get underway Sunday, September 20.

The first leg of the West African clash between Nigeria and Ghana is scheduled for the second weekend in October, between Friday 9 and Sunday 11.

As the qualifiers get underway later today, African nations will begin their pursuit of the seven available places at the continental finals.

The opening match of the qualification campaign will see Mauritius host Angola on Sunday, September 20, at the Blue Bay Beach Arena.

The encounter marks the beginning of a two-round qualification process that will determine the seven teams joining hosts and reigning champions Senegal at the eight-nation continental finals, scheduled for November 7 to 15, 2026.

Mauritius and Angola will be the first teams to take to the sand, with the return leg scheduled for the weekend of September 25 to 27.

The winner of the tie will then face Egypt in the second round in October.

The other first-round tie originally drawn was between Kenya and Libya. However, following Kenya’s withdrawal, Libya have advanced directly to the second round, where they will face Morocco.

The qualification format means the two first-round winners will join the 12 teams that were exempted from the opening stage, setting up seven second-round ties.

Among the other fixtures awaiting the second round will be Côte d’Ivoire taking on Mauritania. Tanzania will face Mozambique, Seychelles will take on Malawi, and Burundi will meet Uganda.

The second round will be played over two legs, with the first matches scheduled for 9-11 October 9 to 11 and the decisive return fixtures from October 16 to 18.

Dangote Cement’s South African subsidiary, Sephaku Cement, is among the local producers seeking protection from cheaper imports after South Africa’s trade regulator found prima facie evidence that cement from Mozambique and Vietnam is being dumped into the Southern African Customs Union (SACU) market.

The International Trade Administration Commission of South Africa (ITAC) said on Friday that Sephaku Cement and Afrimat had provided sufficient evidence to justify an investigation into the alleged dumping, including claims that the imports were hurting local producers.

ITAC found dumping margins of about 90% for cement imported from Mozambique and 37 percent for Vietnamese cement. The finding opens the way for possible anti dumping duties if the commission’s investigation confirms that the imports are being sold below their normal value and are causing material injury to domestic producers.

‘The applicant submitted sufficient evidence and established a prima facie case to enable the commission to arrive at a reasonable conclusion that an investigation should be initiated based on dumping, material injury, threat of material injury and a causal link between the alleged dumped imports and the material injury,’ ITAC said in a government notice.

Sephaku Cement is part of Dangote Cement, Nigeria’s largest cement producer, which acquired the South African company for about R3bn in 2008. The case puts Dangote’s South African operation at the centre of a wider dispute over rising cement imports and the future of local production.

ITAC said the applicants provided evidence of declines in market share, sales volumes, profitability and employment, which they linked to the alleged dumped imports. They also warned that further growth in imports could put additional pressure on domestic cement prices.

The investigation comes as Mozambique expands its cement production capacity. The Mozambican government and Chinese partners agreed last year to invest $333m in two new cement plants and supporting infrastructure, raising concerns among South African producers about the potential for more cement to enter the market.

The issue has also gained importance because of a proposed change in ownership of another major South African cement producer. AfriSam is subject to a R2.5bn takeover bid by West China Cement (WCC), a transaction that has received approval from the Competition Commission.

PPC has warned that the deal could encourage AfriSam to rely more heavily on cement produced in Mozambique, where WCC has spare capacity, rather than manufacture locally.

‘AfriSam’s new Chinese owners currently supply South Africa from its Mozambique operation. The proposed acquisition raises serious concerns for South African local production, with AfriSam becoming a distribution platform for Mozambique-produced cement,’ Matias Cardarelli, PPC Africa CEO, told Business Times.

‘In fact, this transaction creates strong incentives to abandon local manufacturing in favour of cheaper imported cement,’ he said.

South African cement producers are also facing high energy costs, which have made local manufacturing more expensive. PPC is investing R3bn in a new Western Cape plant with capacity to produce 1.5 million tonnes of cement a year.

The industry has also raised concerns about substandard cement products in the market, with the National Regulator for Compulsory Specifications finding that some products sold in hardware stores failed to meet required strength standards.

ITAC’s finding is not a final determination that dumping has occurred. The commission’s investigation will establish whether dumping took place, whether local producers suffered material injury and whether the alleged dumped imports caused that injury.

Oyo State chapter of the All Progressives Congress (APC), has described Governor Seyi Makinde’s Presidential project as a script packaged to create an avenue for him to allegedly escape from the country before May 29, 2027 in his desperate bid to evade justice in view of many alleged cases of graft and abuse of office hanging on his neck.

Makinde, who is in his second and final term in office as the Governor of Oyo State, is the Presidential candidate of the Allied People’s Movement (APM) in the 2027 general elections, daily squandering resources of Oyo State on random political activities.

In a statement issued at the weekend and made available to journalists in Ibadan by Olawale Sadare, its Publicity Secretary, Oyo APC faulted the reported declaration of Monday (September 21) as a public holiday in the state, so as to popularize a musical concert organized to entertain some fun-seeking youths in Ibadan, describing the development as an abuse of office by the governor.

‘Many political watchers have been wondering how an accidental governor like Seyi Makinde would dream of becoming a president at a time when a master of the game has his hands on the lever. Some pundits have also described Gov. Makinde’s tall dream as a mere show of comedy since it is devoid of any substance, clear-cut strategy and seriousness on his part as a contestant.

‘Meanwhile, we can authoritatively inform the whole world that Makinde is only out to hoodwink Nigerians, distract the anti-graft agencies which are on his cases and also secure an escape route from the country anytime from January 1, 2027. We are working on the details of his plans even as relevant security agents are already on red alert because he (Makinde) will be made to answer for all his atrocities since he was sworn in as governor in May 2019.

‘False asset declaration, diversion of local government council funds, contract sum variation, money laundering, land grabbing, sponsorship of violence, illegal sale of government properties, collection of fraudulent loans, contempt of the court and disobedience to court orders among other crimes are too weighty to be swept under the carpet.

‘The governor and the handful number of individuals who are liable to prosecution over these cases know what lies ahead of them and this explains why they want to run away before May 29, 2027.

‘After he had played an inglorious role in the relegation of the PDP, Makinde made it to a colourless APM and he hijacked the party’s presidential ticket. The same APM was roundly beaten in the by-elections held in six different constituencies across the country over the weekend as it can only boast of a few members in Oyo and Bauchi states out of the 36 and the FCT. How then can Makinde contest and win presidential election in the country under the unpopular political party?’ APC queried.

The Federal Government has moved to investigate the deaths of detainees in Minna following allegations that the victims were arrested over suspected illegal mining activities in Niger State.

Dele Alake, Minister of Solid Minerals Development, said on Friday that he had deployed a team of ministry officials to the state to establish the facts surrounding the incident.

The team, according to Alake, will collaborate with other investigators and submit a comprehensive report on the circumstances leading to the deaths.

The minister’s intervention links the incident to the government’s broader efforts to tackle illegal mining, while also raising questions about the treatment of persons detained in connection with suspected mining offences.

‘Given the allegation that the detained persons were arrested on suspicion of carrying out illegal mining, I have deployed a high-powered team of officials to Niger State to investigate the circumstances and ascertain the facts of the matter,’ Alake said.

Alake expressed condolences to Governor Mohammed Umaru Bago and the people of Niger State, as well as the families and communities affected by the deaths.

He commended Bago for declaring a period of mourning and setting up an investigative framework to determine what happened.

The minister said a transparent and independent inquiry was necessary to establish accountability and help prevent similar incidents in Nigeria’s detention and correctional facilities.

The statement did not provide details on the number of detainees who died, the circumstances or timing of their deaths, where they were detained, or the specific allegations against them.

The ministry’s investigation is therefore expected to provide further details on the identities of those involved, the circumstances of their arrest and detention, and what led to their deaths.

FCMB SheVentures and Jenniez School of African Interior Design (JSAID) have trained 100 interior designers to address gaps in financial literacy and business management skills that can limit the ability of creative professionals to build sustainable enterprises.

The programme combined JSAID’s expertise in interior design education, professional development and entrepreneurship with FCMB SheVentures’ financial and business development support.

Participants received practical guidance on structuring and managing their businesses, making informed financial decisions and accessing appropriate financial solutions to support growth.

The training also focused on helping designers move beyond creative practice to develop commercially viable businesses, reflecting growing recognition of interior design as an economic activity that can support enterprise development and job wealth creation.

FCMB SheVentures is the women-focused business proposition of First City Monument Bank (FCMB), providing women entrepreneurs with access to finance, business support, mentorship and networks to help them grow their businesses.

Nnenna Jacob-Ogogo, group head, SheVentures and Impact Segment, FCMB, said entrepreneurs need more than access to finance to build sustainable businesses.

‘At FCMB SheVentures, we recognise that entrepreneurs need more than access to finance to thrive. They also need knowledge, networks, and confidence to build businesses that can scale and create lasting value,’ she said.

Jacob-Ogogo said the partnership with JSAID reflected the bank’s commitment to supporting women across sectors of the economy, including the creative industry.

‘By equipping interior designers with financial and business management skills, we are helping them turn their talent into sustainable enterprises,’ she said.

Jennifer Chukwujekwe, founder of Jenniez School of African Interior Design, said the collaboration was designed to address a critical gap in the interior design industry by helping talented designers understand the business and financial aspects of their profession.

‘Creative ability may open the door, but sound business management is what enables a designer to build an enduring enterprise,’ she said.

Chukwujekwe said participants gained practical knowledge they could apply to structure, manage and grow their businesses.

The initiative supports JSAID’s mission to develop African interior designers who can compete globally, build sustainable businesses and contribute to the creative economy.

The collaboration between JSAID and FCMB SheVentures also reflects growing recognition of interior design as an economic activity capable of supporting enterprise development and job wealth creation.

Nigeria’s financial inclusion drive is expanding access to formal financial services, but a new survey shows that access is yet to translate into adequate long-term financial security for most Nigerians.

The 2026 Access to Financial Services in Nigeria survey by Enhancing Financial Innovation and Access revealed that overall financial inclusion increased to 79 percent, up from previous levels. However, only 9.1 per cent of Nigerian adults had formal pension coverage, leaving roughly nine out of every 10 adults without a formal pension arrangement.

The figures highlight a widening gap between having access to financial services and actually using them to build financial resilience. While more Nigerians are entering the formal financial system, pensions, insurance and formal credit remain significantly underused.

The survey found that only five percent of adults had insurance coverage, while formal credit reached just 10 per cent. Financial health also improved from 16 per cent in 2023 to 25 percent in 2026, meaning three out of four adults were still classified as financially unhealthy.

For Nigeria’s largely informal workforce, the pension gap presents a particular challenge. Traders, farmers, artisans, drivers and workers in the digital economy often operate outside traditional employer-based pension arrangements, making consistent retirement savings more difficult.

The National Pension Commission said ‘the expansion of pension coverage would require more than simply opening accounts. It called for approaches including digital onboarding, pension agent, distribution, transaction based savings and other models capable of encouraging informal sector workers to contribute regularly’.

The challenge therefore goes beyond financial access. As more Nigerians gain access to bank accounts and digital financial services, the next test for policymakers and financial institutions will be whether that access can translate into sustained savings, insurance protection and retirement security.

Nigeria’s financial inclusion story is growing, but the latest figures suggest that access is only the beginning; meaningful and consistent use of financial services remains the bigger challenge.

Dangote Petroleum Refinery has cut the price of Premium Motor Spirit by N25, nine days after raising its ex-gantry price by N85.

The refinery reduced its petrol prices from N1,350 to N1,325 per litre, according to the latest price update.

The latest reduction comes as international crude prices retreat. Brent crude was trading at $100.40 per barrel, down 3.34 percent, while West Texas Intermediate stood at $92.40, down 3.83 percent at the latest market update.

Dangote had raised its petrol price from N1,265 to N1,350 per litre on September 12, adding N85 to the cost of the product at the refinery.

The movement in crude prices follows renewed expectations of diplomatic engagement between the United States and Iran, easing some of the pressure on the international oil market.

Meanwhile, petrol prices at coastal depots have moved closer to Dangote’s new benchmark.

Sourced data from energy publication Petroleumprice.ng showed petrol selling at N1,330 per litre at monitored depots in Warri and Port Harcourt on Monday, while Calabar depots quoted N1,327.

Keonamex, Sharon and Prudent depots in Warri sold at N1,330 per litre, while Masters and TSL in Port Harcourt also quoted N1,330.

In Calabar, Alkanes, Mainland and Sobaz quoted N1,327 per litre.

Lagos prices remained higher, with Integrated and Ascon depots quoting N1,351 per litre.

The latest prices put most of the monitored coastal depots within N2 to N5 of Dangote’s new N1,325 ex-gantry price, while the Lagos market was N26 higher.

The narrowing gap comes after depot prices rose following Dangote’s N85 increase earlier this month, highlighting the close link between the refinery’s benchmark and wholesale petrol prices in the coastal market.

The direction of crude prices, alongside domestic supply and competition among refiners and marketers, will remain key to petrol pricing in the coming weeks.