Category: Daily Trust

Nigeria is set to take its innovation drive to the global stage as the National Board for Technology Incubation (NBTI) prepares to showcase 105 groundbreaking solutions at the Grand Finale of the NextGen Innovation Challenge 2025 in London.

Scheduled for October 9, 2025, at the Hilton London Paddington, the event will feature innovators across HealthTech, AgriTech, FinTech, Artificial Intelligence, Clean Energy, and IoT, pitching before international investors, policymakers, and development partners.

Speaking at a world press conference in Abuja, Director General/CEO of NBTI, Dr Kazeem Kolawole Raji, described the challenge as ‘not just a competition, but a national movement.’

‘We are not exporting talents-we are amplifying solutions from Africa to the world,’ Raji said. ‘The NextGen Innovation Challenge is Nigeria’s innovation renaissance, and we will not stop until our youth have a seat at every global innovation table.’

The finalists were selected from more than 3,000 entries after a rigorous international vetting process led by Prof. Hari Mohan of London South Bank University.

According to NBTI, the innovations reflect Nigeria’s creativity and problem-solving spirit.

Dr Raji credited President Bola Tinubu’s Renewed Hope Agenda for reviving Nigeria’s innovation ecosystem.

He also thanked state governors, Air Peace Chairman Allen Onyema, and the British High Commission for supporting the innovators’ journey to London.

‘This is more than an event-it is a platform for global partnerships and transformative impact,’ Raji emphasised.

NBTI will also launch the NBTI Global App, designed to link Nigerian innovators with diaspora markets, investors, and African entrepreneurs worldwide.

The 2026 edition of the challenge will be officially launched at the London finale, with entries opening in early 2026.

Minister of State for Works, Barr. Muhammad Bello Goronyo, has urged the contractor working on Abuja-Keffi highway to provide palliatives to the bad section of Nyanya-Mararaba road.

The Minister during an inspection of the road lamented the hardship motorists face in plying the section of the road.

Though, he said the heavy gridlock on the three kilometres of the section will make it difficult to expedite the repairs, he urged the contractor to work at night to make the repairs.

He added that already 50 percent of the entire road has been completed with the outbound lane from Abuja finished.

‘Already, 41 kilometers has been completed up to the binder, meaning 50% completion and the Abuja bound section which is troubled. Where we have a problem is three kilometres and we realise that there is a lot of water that is flooding this area.’

‘So, a lot of people coming from the Keffi-Nyanya axis are experiencing a lot of problems to cross to Abuja City and we directed immediately the contractor that is handling this project to come and do some palliative measures and as well as provide a route where he will be able to pass the water to be able to have a good road so that the passengers and commuters that are flying this road will have easy access.

‘But we cannot do it in the afternoon or in the morning. So we directed that the contractor should concentrate on doing this job at night so that we will be able to finish it in time so people will have ease of travel.

‘Let me say it very clearly that the contractor must ensure that he mobilises fully to this site to maintain this road because there is heavy traffic on this axis and we are not happy with the way and manner people are suffering on this road.’

He added that the road is a very important arterial road and people must have ease of movement along this corridor.

‘There are a lot of civil servants flying this road and we are concerned about it so and the completion period is sacrosanct within the time stipulated so that’s why we’re as a ministry we’re here to assess the level of work here that is ongoing and then to also give clear directives.’

The Chairman and Chief Executive Officer of the National Hajj Commission of Nigeria (NAHCON), Professor Abdullahi Saleh Usman, says the commission has secured a cost relief of over N19 billion for Nigerian pilgrims in preparation for the 2026 Hajj.

Usman disclosed this while briefing journalists in Kano on Friday upon his return from Saudi Arabia, where he embarked on an emergency visit on September 22 to negotiate improved service delivery and cost efficiency for Nigerian intending pilgrims.

According to him, the relief followed engagements with Saudi partners and executives of State Pilgrims’ Welfare Boards, which resulted in a reduction of over N200,000 per pilgrim across the 66,910 slots allocated to Nigeria.

‘This achievement is not just negotiation, but results. It aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at easing the burden on our people,’ the NAHCON boss said. He noted that beyond the relief, the trip laid a stronger foundation for the 2026 exercise, with several contracts already signed. These include Masha’ir services with Mashariq Dhahabiyya Company, transport services with Daleel Al-Ma’aleem, and accommodation and feeding services in Madinah’s Markaziyya area at competitive rates.

The chairman added that NAHCON had held frank discussions with the Saudi Ministry of Hajj and Umrah, drawing from the lessons of the 2025 Hajj to make firm recommendations for better service delivery.

He also announced the inauguration of the 2026 Hajj Tour Operators Screening Committee, saying only qualified operators would be cleared to serve Nigerian pilgrims.

‘The days of shortcuts and cutting corners are over,’ Usman stressed.

In addition, NAHCON has commenced intensive staff training to sharpen its workforce ahead of the commencement of operations.

On Hajj fares, Usman said the 2026 rates were deliberately announced early to encourage timely payments and smooth planning. The fares include Maiduguri/Yola axis to pay N8,118,333.67; northern states N8,244,813.67 and southern states N8,561,013.67.

He emphasized that by October 8, 2025, states are expected to remit 50 percent of fares to NAHCON to maintain their allocations, while full payment by all pilgrims must be completed by December 31, 2025.

‘These deadlines are not just administrative. They are crucial to guarantee early camp bookings, stronger contracts, and efficient services,’ he explained.

Usman urged discipline, foresight and cooperation from stakeholders, saying the success of the 2026 Hajj must be built early rather than improvised.

The leadership of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on Thursday, provided more insight into what transpired during a marathon peace meeting that was held to resolve the rift between PENGASSAN and Dangote Refinery.

The union specifically revealed that it refused to sign the communique issued at the end of the meeting because there are ‘grey areas’ in the document, saying the strike was only suspended based on the respect and regards it has for the government and institutions.

Daily Trust reports that both PENGASSAN and Dangote Refinery have been at loggerheads following the unionisation of some employees working with the refinery.

The company had sacked 800 of its employees and replaced them with foreign nationals from India, according to PENGASSAN – the development both unions in the oil sector frowned at.

While the company premised its decision upon alleged sabotage, the union maintained that Dangote Refinery flouted Labour laws, International Labour Organizations (ILO) conventions and the Nigerian constitution.

Specifically, the development triggered a rapid response from PENGASSAN, whose members shut down export terminals, blocked vessel loading, and locked offices across oil and gas facilities.

After marathon negotiations involving the federal government, labour leaders, and security agencies, a communique was signed on Wednesday morning at about 2.30am as Dangote Group agreed to re-fix sacked employees.

The Ministry of Labour and Employment, in a statement on the outcome of the reconciliation meetings, said the parties agreed that the disengaged workers will be absorbed by other subsidiaries in Dangote Group without loss of pay.

However, reacting to what was contained in the document on Thursday when he appeared on Channels Television’s The Morning Brief, Osifo stressed that there were ‘grey areas’ in the communiqué but stressed that the union suspended the action in good faith.

‘If you see that communiqué, we did not sign it. Normally, it is supposed to be signed by three parties. We did not sign because we felt that some things in it were not okay with us,’ he said.

He further noted that the communiqué was merely a statement from the Minister of Labour and Employment, Muhammadu Dingyadi, who acted as the chief conciliator.

‘When we submitted it to our NEC, we had to decide on priorities. Some media houses claimed we were only interested in check-off dues. That is false. What we prioritised was how our members would return to work and provide for their families.’

Osifo said PENGASSAN’s position remains that the refinery management should immediately reinstate the sacked workers.

He disclosed that Dangote initially refused to reabsorb the disengaged workers until the government intervened and pushed for a compromise, dismissing the refinery’s claims of sabotage by the affected employees.

The Osun State House of Assembly has cautioned commercial banks in the state against honouring unauthorised financial instructions on local government accounts.

In a letter signed by Speaker Adewale Egbedun, the Assembly alleged that some local governments had issued directives authorising deductions of up to 15 percent from September allocations in favour of private individuals.

He described such actions as ‘illegal, unconstitutional, and without any budgetary approval,’ stressing that treasurers are not recognised signatories to local government accounts under state laws.

‘Only the local government chairman and the Director of Administration and General Services are duly empowered to operate such accounts,’ Egbedun said.

He further warned that any financial institution that processes unauthorised instructions would be deemed complicit in financial misconduct and face legal consequences.

‘Any transaction in breach of this position shall attract the full constitutional and legal consequences, including summons before the House, arrest warrants, blacklisting, and referrals to anti-corruption agencies for investigation and prosecution,’ the letter read.

The assembly reaffirmed its September 29 resolution that no withdrawals or deductions may be made from local government accounts without strict compliance with the Constitution, internal guidelines, and approved budgets.

The Chief of Defence Staff (CDS), General Christopher Musa, has raised an alarm over the deepening crisis in the Sahel region, warning that the conflict poses a major threat to Nigeria’s security and stability.

He urged greater regional cooperation to confront insurgents and criminal groups who exploit porous borders.

Speaking at the closing ceremony of Exercise Haske Biyu, a multinational security training organised by the Armed Forces Command and Staff College (AFCSC), Jaji, General Musa stressed that Nigeria’s security challenges cannot be solved by unilateral action.

‘The crisis in the Sahel is intensifying, and the enemies we face do not respect national borders,’ he said. ‘If we hold on to our borders alone, we will continue to suffer. But if we unite and work across, it makes it better.’

Citing the Multinational Joint Task Force in Chad, Musa noted that collaboration between neighbouring countries had proven effective in combating insurgents who move freely across borders.

He insisted that such partnerships remain essential to restoring peace in the region.

‘At the end of the day, the only thing we must do is to look for the bad guys and take them out. That is the only way we can have peace,’ he declared.

The Defence Chief also highlighted the need for civil-military cooperation, urging local communities to deny criminals safe havens. ‘Once communities deny these elements the ability to stay, they will not be able to stand,’ he explained.

General Musa warned personnel to remain professional, free of corruption and partisan influence, stressing that discipline and integrity were key to defeating armed groups.

Leading Chinese truck manufacturer, JAC Motors, has urged the Federal Government to fast-track the signing of Nigeria’s automotive policy into law, describing it as a critical move that will unlock foreign investments, deepen local assembly operations and reduce reliance on imported used vehicles.

Daily Trust reports that the Nigerian Automotive Industry Development Plan (NAIDP) also known as auto policy bill has faced over a decade of delays from successive governments.

The National Automotive Design and Development Council (NADDC) had said the federal government is putting finishing touches to the Bill ahead of the presentation to the National Assembly.

General Manager, JAC Motors, Mr. Oscar Yu, during a strategic visit to Lanre Shittu Motors’ JAC truck assembly plant located along the Apapa-Oshodi Expressway in Lagos stressed that a properly legislated automotive policy would attract more Original Equipment Manufacturers (OEMs) into the country, enabling the production of affordable, brand-new trucks with better return on investment for buyers.

‘We are ready to work closely with the Nigerian government to grow the automotive sector. Signing the policy into law will help stabilize investors’ confidence and encourage more local assembly,’ Yu said.

The JAC boss also highlighted the potential of Nigeria’s vast market of over 200 million people, noting that with the right policy environment, JAC could help bridge the gap between the dominance of used vehicles and the availability of affordable, high-quality new trucks.

Yu noted that continued importation of used vehicles hurts the economy by limiting job creation and undermining local production capacity.

‘Nigeria is a huge market with great potential. With local technical talent and a supportive government policy, the country can become a hub for truck manufacturing in West Africa,’ he added.

On the partnership with Lanre Shittu Motors, Yu expressed satisfaction with the progress so far, pledging continued support in areas such as technical training, spare parts supply and after-sales service.

‘We take care of our partners, customers, and staff. Our products are of high quality, and we believe that’s our biggest selling point. We’re happy with what LSM has done and are fully committed to growing this partnership,’ he affirmed.

Daily Trust reports that LSM recently commenced delivery of Compressed Natural Gas (CNG)-powered JAC trucks equipped with ABS (Anti-lock Braking System) among others for maximum safety features.

Managing Director of Lanre Shittu Motors, Mr. Taiwo Shittu, described JAC as an exceptional partner.

‘JAC is the most supportive company we’ve worked with. They are sincere, respectful, and always deliver on their promises. They value our culture and treat us as true partners,’ he said.

Executive Director of Finance at LSM, Saheed Shittu, called the visit by JAC’s top management ‘historic’ and strategic, noting that it would further cement the relationship between both companies.

Lanre Shittu Motors assembles JAC heavy duty and medium duty trucks in Nigeria and has consistently won awards for its quality by the Nigeria Auto Journalists Awards.

The National Pension Commission has disclosed that it has deployed a framework to restore gratuity for Federal Civil Service under the Contributory Pension Scheme.

Director-General of PenCom, Omolola Oloworaran made the disclosure in Abuja on Thursday at a Stakeholders’ Conference on the Workings of the Contributory Pension Scheme (CPS) for Employees and Pensioners of Federal Government Treasury-Funded Ministries, Departments and Agencies

Represented by the acting commissioner, Technical at the commission, Hon. Hafiz Kawu Ibrahim, the DG said, ‘Working with the office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.’

The DG added that ‘PenCom has enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

‘Also, since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance,’ she said.

Also speaking, the Chairman of the National Salaries Income and Wages Commission, Ekpo Nta said the Commission will partner PenCom to examine the current rate of retirement benefits and recommend appropriate mechanisms for periodic reviews of retirement benefits.

The federal government and Glovo, one of the leading tech platforms in Europe, Africa and Central Asia, has reaffirmed its commitment to empowering Small and Medium enterprises in Nigeria with the new edition of Glovo Academy held in Abuja.

Glovo Academy is an in-person learning and development initiative designed to provide training and digital tools to help local businesses optimise operations, boost their brand, and increase online sales through the Glovo platform.

The Head of Growth, Glovo Nigeria, Reni Onafeko, noted that the company remains committed to empowering SMEs on its platform by offering access to opportunities such as advisory and finance.

She explained that with the million of orders delivered since the launch of Glovo in 2022 in Abuja, over N11 billion in value has been delivered to partners.

According to her, the company has recorded 30% increase year-on-year in orders in Abuja, working now with over 1,000 local restaurants. She emphasised the need for SMEs to embrace digital literacy to enable their businesses to expand, formalise their operations, and scale sustainably.

Also speaking during the panel session, the Special Adviser to the Minister of State for Industry, Ifeoma Williams, stressed that MSMEs remain the backbone of any economy, noting that current data from the National Bureau of Statistics revealed that 40% of Nigeria’s Gross Domestic Product is derived from these small businesses.

While bemoaning poor access to loan facilities from the federal government for many SMEs, she attributed the challenge to a lack of proper structure and the right business plan. She stated that the federal government is doing a lot to provide the right policies for thriving businesses.

Also speaking at the session, Kayode Meyanbe, Head of ICT, Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, stated that through the agency, the federal government is leveraging a partnership with the Corporate Affairs Commission to provide free registration for 250,000 businesses.

Kayode urged SMEs to take advantage of the opportunity to formalize their operations and access the opportunities provided.

‘As an agency, we have partnered with banks to provide loans at an interest rate below 10% to support their businesses. Not only that, state governments have also been helping us with funds for these SMEs to access our loan facilities.

Beyond that, we have also engaged BDSPs to provide capacity training on how to run businesses for SMEs. We do this through Kaduna Business School and Lagos Business School to dispense need-based skills and curriculum to SMEs,’ he said.

The positive rally of the local currency against the dollar continued yesterday with the naira exchanging at N1,455 to one dollar even as forex speculation declined, at an all-time low as the gap between the official and parallel market rates has significantly dropped.

The naira, which has sustained rally across markets in recent months, trading at N1,455/$ as of yesterday according to the Nigeria Foreign Exchange Market (NFEM) and N1,460 to N1,470,$ at the unofficial black market.

Daily Trust reports that the naira is making its strongest gain in the year with the improvement attributed to surge in foreign reserves to $43.05 billion and drop in speculative FX activities as the impact of the Central Bank of Nigeria (CBN’s) reforms continue to drive positive sentiments and confidence across markets, according to analysts.

A country’s currency is an instrument of her pride. For the Nigeria naira, a turbulent past that saw it lose its significant value is almost over, according to analysts.

The local currency rebound is being driven by a combination of stronger demand for the naira, reduced speculative trading, and rising foreign reserves now at $43.05 billion.

Besides, the forex reforms instituted by the CBN Olayemi Cardoso are now yielding great benefits from reduction in forex speculation and narrowing of gaps between official and parallel markets.

The CBN leadership has continued to take major steps to keep the naira stable in line with its exchange rate stability objective.

The apex bank is boosting FX supply to retail end users, reducing distortions in the market and maintaining effective foreign reserves management and accretions.

The injection of liquidity into the market and rising compliance with FX regulations have reduced sharp depreciation of the naira at official and parallel markets and buoyed foreign investors’ interest in the domestic economy.

The naira stability is also driven by inflows from Foreign Portfolio Investors (FPIs), substantial contributions from International Oil Companies (IOCs), and the CBN’s interventions to authorised dealers.

There is also renewed interest of Foreign Portfolio Investors (FPIs) in the FX market-driven by improved market confidence, a more efficient FX framework, and strengthening macroeconomic conditions.

The CBN chief Cardoso recently announced that gross external reserves remained robust at $43.05 billion on September 11, 2025, compared with $40.51 billion at end-July 2025 with an import cover of 8.28 months.

‘Similarly, the second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in the first quarter of 2025,’ Cardoso stated during the 302nd monetary policy committee meeting held in Abuja last week.

FX speculations drop

A Bureaux De Change (BDC) trader based in Marina, central Lagos, Garuba Sarki, said many dealers lost huge funds as they sold below purchase rates as exchange rate gap narrowed.

‘I know some BDC operators that sold dollars below the purchasing rate. This is expected to continue in the weeks ahead. Also, the expected dollar inflows to the economy will help strengthen the naira position against the dollar,’ he said.

Analysts at Commercio Partners attributed the rally and gradual narrowing of the exchange rate gap to a combination of stronger demand for the naira, reduced speculative trading, and improved foreign reserves.

Head of Research at Commercio Partners, Ifeanyi Ubah, expressed optimism that the positive sentiment would be sustained in the near term, supported by increasing external buffers.

‘Nigeria’s rising external reserves are reflecting a healthier external position for the country. With reserves strengthening, speculative activity subsiding, and oil earnings supporting inflows, many market watchers believe the naira’s current rally has a stronger foundation compared to previous cycles of volatility,’ he said.

Call for caution

However, other experts caution that sustaining this momentum will depend on the government’s ability to maintain macroeconomic discipline, boost crude oil production, and diversify export earnings.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said key policies like the Foreign Exchange (FX) Code, rising investors’ confidence, and foreign direct investment supporting policies are effectively putting FX speculators in check.

He said the FX Code implementation is comprehensively addressing various aspects of market conduct and practices.

Daily Trust reports that the policy authorises the CBN to establish and enforce directives regarding the standards for financial institutions under which FX deals are to be conducted.

Gwadabe said the code further entrenches transparency and accountability in the FX market, and continually sustains naira stability and rally.

He also backed CBN’s position that all institutions engaged in the foreign exchange market must also provide the CBN with a detailed implementation plan outlining how they intend to achieve full compliance with the FX Code.

Cardoso had at the launch of the Nigeria Foreign Exchange Code (FX Code), emphasised integrity, fairness, transparency, and efficiency as critical pillars for driving Nigeria’s economic growth and stability.

According to Cardoso, ‘The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.’

Gwadabe, said the policy shifts showed the level of creativity, policy and hard work the Cardoso puts in ensuring that more forex flows into the economy and remain accessible to businesses.

Boosting remittances inflows

As part of its efforts to boost diaspora remittances and support naira stability, the CBN recently announced the introduction of two new financial products designed to serve Nigerians living abroad.

The Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account was created to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora.

It said, ‘The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.’

The Non-Resident Nigerian Ordinary Account was designed to facilitate remittances by allowing non-resident Nigerians to remit foreign earnings into Nigeria and manage funds in foreign currency or naira.

Deposits from sources such as salaries, allowances, and dividends are supported, alongside spending on family maintenance, education, and healthcare.

On the other hand, the Non-Resident Nigerian Investment Account provides an opportunity for NRNs to invest in Nigeria’s financial markets, including foreign currency-denominated bonds, fixed deposits, and local assets like equities, government securities, and mortgage products.

The CBN explained that both accounts offer currency flexibility, enabling holders to maintain balances in either foreign currency or naira.

Account holders will also be able to convert funds between the two currencies at prevailing exchange rates through authorised dealers.

The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

The remittances in the economy is expected to increase based on CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.

In a report: ‘Diaspora remittances: The power behind Africa’s sustainable growth’, Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed.

He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of the entire region.

He said that remittances symbolize deep ties that keep communities connected across borders. ‘Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability,’ he said.

For remittances to be truly transformational, it begins with understanding and meeting people’s aspirations. Ensuring individuals who strive for more can send and receive funds, regardless of their financial status, is crucial. We must cater to diverse needs.

‘In a continent renowned for its entrepreneurial spirit, offering multiple channels for remittance access is key. Whether through bank accounts, digital wallets, mobile money apps, or cash pickups, this flexibility ensures that funds are delivered in ways that best suit local realities. Providing innovative and inclusive solutions empowers individuals to not only manage their immediate needs but also to invest in long-term growth opportunities,’ he added.

According to him, every remittance is a seed of change – a deliberate investment in a future where borders blur.

‘The future of remittances in Africa transcends mere financial support. By strategically directing funds into sectors that need them most, Africa’s diaspora is not just sending money home; they are building resilient economies and challenging traditional models of progress,’ he said.