Economy

Oyo Handovers 90.2 Hectares to FG for Dry Ports

By Web News 257

By Iyabo Adebisi

Oyo State government has handed over 90.2 hectares of land to the Federal Ministry of Marine and Blue Economy for the construction of dry ports.

Speaking at the handing-over ceremony held at Moniya-Akinyele Dry Port, Governor Seyi Makinde, represented by the Deputy Governor, Chief Adebayo Lawal, said the decision was aimed at boosting the economy and urged the federal government to use the land for its intended purpose. 

Governor Makinde added that the multimodal initiative of the federal government, if well-operated, would help decongest the nation’s seaports, enhance industrialisation, and improve the agricultural value chains.

Reacting, the Minister of Marine and Blue Economy, Mr Gboyega Oyetola, represented by the Permanent Secretary of the Ministry, Mr Michael Olufemi, noted that allotment of the 90.2 hectares of land highlighted the clear shared vision between the federal and Oyo State government towards expanding the nation’s economy. 

Earlier, Oyo State Commissioner for Lands, Housing and Urban Development, Mr Williams Akin-Funmilayo, said the documentation would formalise the interest of the federal government in its quest for partnership with Oyo State on Blue Economy on 26th June, 2024, saying the partnership would enhance mutual benefit in the interest of the public.

The Director of Nigeria Shippers Council, Ahmadu Yahaya Gatta, said the marine economy would further serve an extension of seaports, direct services to import and export, with a positive impact on the regional economy, including agriculture and logistics, among others.

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Economy

Oyo Launches African Continental Free Trade Area

By Web News 252

By Iyabo Adebisi

Oyo State Governor, ‘Seyi Makinde, says that the state’s vision of unlocking prosperity, creating employment and boosting trade volume is well on course with the launch of the Oyo State African Continental Free Trade Area (AfCFTA) Sub-national implementation strategy.

Governor Makinde said this during a post-engagement meeting on the AfCFTA implementation, held at the Local Government Service Commission Training School, Secretariat, Agodi, Ibadan.

While declaring that the launch of the strategy would enhance the administration’s agenda for the state’s sustainable development, the governor stated that his government would like to be remembered as one that put in place institutions and structures to enable the state’s smooth transition into the future.

According to the governor, his administration became emboldened to engage in the agreement given the sheer size and population of the state and the huge investments it has made in infrastructure development, noting that the agreement would culminate in massive employment creation, opportunities for entrepreneurs, business owners and boosting of trade volumes.

The governor also explained that his administration has not only been investing in rebuilding infrastructure and implementing policies that improve the standard of living for residents today, but it has also saved approximately $6 million in the Sovereign Wealth Fund it established a few months ago, with a focus on the state’s future.

He noted that knowledge and productivity must be combined with natural resources to take any state or country out of poverty, the governor hailed the state’s venture into AfCFTA as the first sub-national, saying it formed part of institutional initiatives that will shape the future of the state.

The governor appreciated the AfCFTA technical working group led by his Special Adviser on AfCFTA and International Trade, Ms Neo Theodore Tlhaselo, saying: “Let me say thank you to the team and the AfCFTA. You have done really well on behalf of our state and your thoughts and diligence, dedication will not go unrewarded. 

Speaking further, the governor stated that Oyo State has areas of competitive advantage, which it would go after in its implementation of the AfCFTA strategy. 

Earlier, the Special Adviser to the governor on AfCFTA and International Trade, Ms Neo Tlhaselo, appreciated the governor for his effort in making Oyo State the first sub-national, not just in Nigeria, but in the entire African continent, to sign on to the agreement.

She explained that the post-launch engagement is a statutory administrative process that follows the launch of the implementation strategy, which pronounced the state as a party to the AfCFTA to engage within the African continent on the agreement’s framework.

Tlhaselo added that the implementation strategy is a legal instrument that would allow Oyo State to engage with other states globally in trading with access to bilateral relations and international trade agreements, thereby positioning it as an able partner to many African countries.

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Economy

Ajumose Complex Traders Protest Proposed Construction on Parking Lot

By Web News 363

By Maxwell Oyekunle

Traders at the Ajumose Complex within the popular Dugbe Market in Ibadan have staged a protest against what they described as a breach of agreement and a potential threat to their means of livelihood by the Ibadan Northwest Local Government.

The traders, led by their chairman, who identified himself as Mr Ola Bakare, gathered at the entrance of the market complex on Sunday to express their displeasure over plans by the local government to build new shops on the only parking space available in the complex.

Speaking with reporters, Mr Bakare explained that shop owners acquired their spaces in 2019 on a 15-year lease agreement, each paying 805,000 naira.

According to him, the situation began to change following the assumption of office by the current local government administration, which started adding more shops within the complex — including around the toilet facilities.

He said the latest development that triggered the protest was the arrival of several trucks loaded with building materials such as blocks, gravel, and iron rods at the market entrance on Sunday morning.

The traders said the local government officials who accompanied the vehicles informed them of plans to commence construction on the parking area.

 “The parking space is the only one we have for customers coming to patronise us,” Mr Bakare said. “If the government builds shops there, it will affect our businesses badly.”

Mr Bakare further explained that he only received information about the proposed construction from the Local Government Chairman on Thursday or Friday.

He said a meeting was held where the chairman promised to consider their request not to use the entire parking space for new shops.

According to him, the chairman instructed that officials should only take measurements of the parking area to determine what could be done.

However, when the officials arrived, they allegedly attempted to offload all the building materials instead, contrary to the chairman’s directive.

This led the traders to lock the market gates, preventing the trucks from entering.

The situation reportedly became tense until officers of the Nigerian Police intervened to restore calm.

As at the time of filing this report, the trucks had left the scene, while the traders proceeded to the Ibadan Northwest Local Government Secretariat to further express their grievances.

All efforts by our correspondent to reach the Ibadan Northwest Local Government chairman for comments proved abortive.

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Economy

Oyebanji Presents N415.6 Billion “Budget of Impactful Governance” for 2026

By Web News 435

By Amos Ogunrinde

Ekiti State Governor Biodun Oyebanji has presented a N415.57 billion budget estimate for the 2026 fiscal year to the Ekiti State House of Assembly, EKHA, focusing on completing ongoing projects and consolidating his administration’s achievements.

Dubbed the “Budget of Impactful Governance,” the proposal allocates N221.87 billion (53%) to recurrent expenditure and N193.7 billion (46%) to capital expenditure.

The 2026 budget represents an 11% increase over the 2025 approved budget of N375.79 billion.

Governor Oyebanji told lawmakers during a plenary session at the Old Assembly Complex in Ado-Ekiti that the budget prioritizes the completion of all ongoing infrastructure projects.

He said it would also channel investments into agriculture and its value chain to address wealth creation and public welfare, fulfilling his administration’s “Shared Prosperity” agenda.

The governor stated that these agricultural investments aim to generate employment, stabilize food prices, ensure food security, and boost the sector’s contribution to the state’s Gross Domestic Product (GDP).

He outlined Federal Allocation, Value Added Tax (VAT), Independent Revenue from MDAs, international donor funds, and other incomes as the primary revenue sources to fund the budget.

Governor Oyebanji explained that the budget emerged from statewide consultations, including town hall meetings across the three senatorial districts with community representatives, interest groups, traditional rulers, and civil society organizations.

He added that the estimate aligns with the State Development Plan (2021-2050), the Medium-Term Expenditure Framework (2026-2028), and adheres to the National Chart of Accounts template adopted by the Nigerian Governors’ Forum, NGF.

In his response, the Speaker of the Ekiti State House of Assembly, EKHA, Mr Adeoye Aribasoye, thanked the governor for the budget’s early presentation and promised the assembly would conduct a thorough scrutiny before its passage.

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Economy

FG Announces End of PENGASSAN, Dangote Rift

By Web News 317

The Federal Government has brokered peace in the face-off between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria, after two days of conciliation meetings.

A statement issued in the early hours of Wednesday by the Minister of Labour and Employment, Dr Mohammed Maigari Dingyadi, disclosed that the matter was resolved following lengthy discussions.

According to the statement, the resolutions reached included: “The Honourable Minister of Labour informed the meeting that unionisation is a right of workers in accordance with the laws of Nigeria, and this right should be respected.

“After examining the procedure used in the disengagement of workers, the meeting agreed that the management of Dangote Group shall immediately begin the process of redeploying the disengaged staff to other companies within the Dangote Group, with no loss of pay.

“No worker will be victimised arising from their role in the impasse between Dangote and PENGASSAN.

“PENGASSAN agreed to start the process of calling off the strike. Both parties agreed to this understanding in good faith.”

The government delegation at the meeting included the National Security Adviser, Mallam Nuhu Ribadu; Minister of Labour and Employment, Dr. Dingyadi; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Senator Atiku Bagudu; Minister of State for Labour and Employment, Barr. Nkeiruka Onyejeocha; Director-General of the DSS, Adeola Ajayi; and the Director-General of the NIA, Ambassador Mohammed Mohammed.

Monday’s earlier meeting between PENGASSAN and the Dangote Refinery management over the industrial dispute had ended in a deadlock.

The session, which began around 4 pm, stretched into the early hours of Tuesday without resolution.

Following the stalemate, Dingyadi announced that the talks would reconvene by 2 pm on Tuesday.

The follow-up meeting, which eventually commenced around 3:50 p.m. at the Office of the National Security Adviser, lasted into the early hours of Wednesday, when the breakthrough was finally achieved.

The rift had stemmed from allegations by PENGASSAN that the Dangote Refinery engaged in mass transfers and sackings of union members, while also replacing some Nigerians with foreign nationals, claims the company consistently denied.

The Federal Government intervened over concerns about the impact of the dispute on the nation’s economy and energy security.

Punch/Olaolu Fawole

Economy

Let us join hands to tackle poverty-Gov. Abiodun

By Web News 432

By Abimbola Bamgbose

Ogun State Governor, Prince Dapo Abiodun, seeks the support of faith-based organisations, wealthy Nigerians, and the private sector in tackling poverty across the country, alongside the government.

Governor Abiodun made the call in Lagos at the Annual Public Lecture of the Foursquare Gospel Church.

According to the governor, poverty is not just about figures, but a daily reality for millions of Nigerians, hence the need for a united front, stressing that education, vocational training, micro-financing, and mentorship were vital to alleviate people from poverty, while churches could also help in promoting discipline, integrity, and accountability.

Prince Abiodun explained that, his administration has rolled out several empowerment programmes for women, farmers, and youths, as well as free health services for the vulnerable, to ease the economic hardship.

In his contribution, General Overseer of the Foursquare Gospel Church, Pastor Sam Aboyeji, who said the lecture was designed to provide solutions to national challenges, commended Governor Abiodun for his strides in infrastructure, agriculture, education, and youth empowerment.

Guest lecturer, Dr Doyin Salami, a former Economic Adviser, noted that, Nigeria must move from “soft reforms” to “hard reforms” if the economy was to grow like China’s.

He called for investment in electricity, education, health, and human capital, and even suggested a seven-year tenure for elected officials to allow for proper governance.

The lecture, themed “Poverty Alleviation, Economic Development, and Stability of the Nigerian Economy,” drew leaders from government, the church, and the private sector, all united by the call to defeat poverty and secure Nigeria’s future.

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Economy

Trade and investment will boost Nigeria’s economy – President Tinubu says

By Web News 557

By Iyabo Adebisi

President Bola Ahmed Tinubu says the country has gazetted the trade and tarriff reforms implementation to boost economy stability and surpluses.

He stated this during the launch of Oyo State Sub-National African Continental Free Trade Area Implementation Strategy held at International Conference Centre, University of Ibadan. 

The President who was represented by Special Adviser on Media, Communication and Strategy, Chief Sunday Dare, noted that the initiative signalled gradual return of Nigeria, particularly the southwest of the country to earlier and post-colonial era where local farm products took forefront of the African economy.

President Tinubu while emphasizing that trade and investment is key in re-capturing Africa economy boost,pointed out that the signed trade reforms, tarriffs have been gazetted for implementation every five years.

While lauding Oyo state government for taking the lead among others states, the President stated that there was a dedication to open an air cargo corridor, which would make Nigeria a competitive base for investors looking to scale regionally.

He added that the regional strategy approach is very much in alignment with President Bola Tinubu’s agenda, which places emphasis on trade-led growth, industrialization, and building partnerships that create jobs, strengthen value chains, and accelerate AFCFTA vision.

The Acting Governor of Oyo State, Chief Adebayo Lawal who read Governor Seyi Makinde’s speech said the strategy would assist the state to identify priority sectors such as agriculture,manufacturing, Creative  industry to improve the revenue of the state. 

Governor Makinde said the state on the medium and long term, would attract foreign direct Investment into priority sectors and give businesses access to single African market of about 1.4 billion people.

Secretary General of AfcFTA,Wamkele Mene maintained that with available opportunities to explore in different of the economy,the strategy would supoort the international trade, provide job and reduce poverty. 

High Commissioners from Sierra Leone, and Rwanda to Nigeria noted that the strategy who expressed the readiness of their countries to patner Oyo state government affirmed the strategy would ease import and export access, with surplus jobs, creativity, productivity for Africa and global competitiveness.

Earlier, Special Adviser to Oyo State Governor on International Trade, Neo Theodore Tlhaselo explained that the strategy is built around five key pillars of  productive capacity and value chain development; trade facilitation and infrastructure,the market access and export readiness.finance and investment mobilization and the institutional framework, monitoring and evaluation.

AfCTA is the World’s largest free trade area bringing together the 54 countries of the African Union (AU) and eight Regional Economic Communities(RECs).

The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately 3.5 trillion.

Economy

Adeleke Expands Start-Up Grant to 2000 Youths

By Web News 573

By Funmi Ojo

Osun State Governor, Senator Ademola Adeleke has expanded Osun State’s start-up grant programme to include 2,000 new beneficiaries, comprising women and young people.

This is part of his administration’s drive to promote inclusive economic growth.

The Governor made this known during the presentation of Business Registration Certificates, Point-of-Sale, POS, terminals, and start-up grants to beneficiaries of the Imole Business Empowerment Scheme 1.0, organised by the Ministry of Cooperatives and Empowerment in partnership with some commercial banks.

Describing the initiative as a bold statement of people-centered governance, Governor Adeleke said the scheme was designed to deliver tangible empowerment to residents of the state.

According to the Governor, ₦736 million in interest-free loans has been distributed at the grassroots through ward-based cooperatives. At the same time, another ₦800 million has gone to conventional cooperative unions under the umbrella of FOSCOOP, reaching more than 10,000 members. An additional ₦50 million was also disbursed to Osun indigenes living outside the state.

Governor Adeleke also noted that persons with disabilities had benefited from empowerment schemes in partnership with Project Enable Africa, while rehabilitation works were ongoing at the Cooperative College in Ode-Omu.

According to the Governor, each beneficiary will receive a CAC Business Registration Certificate, a POS terminal, and a start-up grant to enable them to begin their entrepreneurial journey.

Earlier, the Commissioner for Empowerment and Cooperatives Development, Prince Bayo Ogungbangbe, had commended the initiative as proof of the administration’s commitment to sustainable development, women’s inclusion, and youth empowerment.

He urged beneficiaries to make judicious use of the opportunity.

The event was attended by top government officials including Secretary to the State Government Alhaji Teslim Igbalaye, Chief of Staff Alhaji Kazeem Akinleye, members of the State Executive Council, and representatives of partner banks.

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Economy

Oyo Partners Euro FMCG on Free Trade Zone

By Web News 292

By Iyabo Adebisi

Oyo State Government and Euro FMCG Universal Beverages Limited, Singapore, have entered into a partnership to develop the Oluyole Free Trade Zone.

The Chief of Staff to Oyo State Governor, Mr Segun Ogunwuyi represented by the Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, stated this while handing over 500 hectares of land along Lagos-Ibadan Expressway, Oluyole Local Government Area, to Euro FMCG under the Public-Private Partnership arrangement.

According to Mr Ogunwuyi, the partnership aligned with the vision of the state to drive and expand the state’s economy as outlined in Governor ‘Seyi Makinde’s Roadmap to Sustainable Development Agenda (2023-2027).

He noted that the land for Oluyole Free Trade Zone was acquired during the last administration and that the Governor Makinde administration would clear all the accumulated and outstanding debts, thus providing the opportunity for the state to utilize the facility by making it possible for investors to take over the space for industrialization purposes.

Mr Ogunwuyi, while assuring the investors of maximum security and support of the state government to fast-track the project, warned land grabbers to steer clear of the area or face the full wrath of the law.

Earlier, the Director of Operations and Business Development, Euro FMCG Universal Beverages Limited, Mr Rajesh Koleti stated that the project which include warehouse, agricultural processing and logistics would create 5,000 direct jobs for residents of the state within the next 24 months.

Mr Koleti thanked Governor Makinde for his unwavering commitment to creating conducive environment for investors and ensuring the ease of doing business in the state.

Present at the event were the Commissioner for Lands, Housing and Urban Development, Mr Williams Akin-Funmilayo; committee members of the Oluyole Free Trade Zone and In-House Counsel for Euro FMCG Universal Beverages Limited, Mr Akin Apara, among others.

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Economy

Renewed Hope Initiative: FG Empowers 500 Women

By Web News 374

By Oluwatoyin Adegoke

About 500 women in Ogun state have benefited from the Renewed Hope Initiative empowerment programme of the Wife of the President, Senator Oluremi Tinubu.

Items distributed include grinding machines, deep freezers, generators, and other equipment.

The programme, held at the Presidential Lodge, Abeokuta, was aimed at boosting small-scale enterprises and strengthening household income.

Represented by Mrs Taiwo Bello, the Senior Special Assistant to the President on Sustainable Development Goals, Princess Adejoke Orelope-Adefulire, said the initiative seeks to unlock potential, promote economic independence, and create opportunities for women across the country.

Wife of the State Governor and Coordinator of the Initiative, Mrs. Bamidele Abiodun, commended the First Lady, Senator Oluremi Tinubu, for bridging critical gaps in women’s empowerment.

The Commissioner for Women Affairs also described the programme as timely, urging beneficiaries to make good use of the items to achieve self-reliance and community development.

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Economy

NCS Seize ₦1.4 Billion Smuggled Goods, Including ₦905m Rolls Royce

By Web News 526

By Oluwatoyin Adegoke

The Nigeria Customs Service (NCS), Ogun 1 Area Command, has intercepted smuggled goods with a duty paid value exceeding 1.4 billion naira.

The seizures comprise a wide range of items, including a 2021 Rolls-Royce Ghost valued at ₦905 million, a 2014 E-Class Mercedes-Benz, a 2018 Honda Accord, and more than 1,900 parcels of cannabis sativa.

The command also confiscated thousands of bags of foreign parboiled rice and 105 used tyres.

The Customs Area Controller, Mr. Godwin Otunla, presented the items at the Idiroko border.

He stated the command remains committed to combating smuggling to protect Nigeria’s economy and security.

Mr. Otunla confirmed that officials have handed the seized narcotics over to the National Drug Law Enforcement Agency (NDLEA) for further investigation.

On revenue, he announced the command generated ₦45 million in July 2025, a figure that represents a 27.5 percent increase over the revenue collected in the same month of the previous year.

Mr. Otunla commended the dedication of his officers, the support from border communities, and the collaboration with other security agencies.

He also issued a stern warning to smugglers, stating that no level of sophistication would shield them from arrest and prosecution.

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Economy

Change of govt. will be Immaterial, Makinde Assures Investors

By Web News 222

By Iyabo Adebisi

Oyo State governor, Engineer Seyi Makinde has said that his administration would protect the interest of investors such that change of government would not impair their investments in the state.

He gave this assurance while playing host to the Secretary General of the African Continental Free Trade Area (AfCFTA), His Excellency Wamkele Mene, who was in Ibadan, the state capital.  

Speaking on the comparative advantage of the state, Governor Makinde said Oyo State is central in the geography of Nigeria and that of West Africa noting that the state share a common border with the Republic of Benin, which means access to the West African sub-region in terms of developing the market. 

He said:“We are upgrading our airport in Ibadan to international standard. Why we took that decision is not far-fetched. In Africa, you have three major airlines that go everywhere. The largest is Ethiopian Airline, followed by Kenyan Airline and the Rwandan Air. Oyo State is bigger than Rwanda but they have an airline that goes everywhere. Nigeria is in the centre geographically. So, how come we are connecting through Ethiopia, Kenya, Rwanda or Morocco? Wherever you are going, you first go Far West or Far East and then you try to connect elsewhere.

“We felt because of the geography and in terms of how much is spent on fuel and trying to connect, if we develop a Kigali-type of airport here in Ibadan, we may be able to attract people who don’t have too much time to waste connecting. 

“The air side will be ready in September; the terminal itself will be ready in the second quarter of next year.

“We have a land that is arable; you can literally grow anything here. In terms of agribusiness, we have a competitive advantage. We also have competitive advantage in terms of solid minerals. This is a major lithium belt. We believe that we can also develop that quickly.”

The governor also said that the state plans to turn the Rasidi Ladoja Circular Road axis into a world-class environment, a city that would be planned to international standards right from the outset.  

The AfCFTA Secretary General,  Wamkele Mene who was accompanied by his executive members as well as some investors, lauded Governor Makinde for growing the economy by over 4 per cent, saying the performance bested that of the average country on the continent.

His words, “We see the average growth rate across the continent being 3 or 3.5 per cent. To scale up above that is a testament to your leadership. I think it helps that you came from the private sector, you have a sense of getting things done.”

Speaking on the essence of the visit, Mene said, “We discussed this visit a few months ago when the governor and his team visited the secretariat. It was the first time that we hosted a governor.

“The purpose of us coming here is first to consolidate the collaboration between the AfCFTA and Oyo State. Second, it is for us to be aware of what investment opportunities are available in the state. “It is very important for us to be aware.

 “So, where Oyo State is able to say that ‘we are well positioned to support the establishment of a green industrial technology sector, we have the capability for solar or renewable energy’, those kinds of projects would be supported through this syndicated financing that we are agreeing to with the development financing institutions that I have mentioned.

Speaking earlier, Special Adviser to Oyo State Governor on International Trade and the AfCFTA, Ms Neo Tlhaselo, said Oyo State was ready to optimize the opportunities available in AfCFTA.

The AfCFTA and his team were later conducted round some key state projects in Ibadan by the governor and other state functionaries.

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Economy

Forty Farmers Get Grants to Boost Fish Production

By Web News 297

By Oluwatoyin Adegoke

The Federal Government is collaborating with the Food and Agriculture Organization, FAO and the European Union to empower fish farmers and ensure the sustainability of Nigeria’s fishery resources.

The intervention also included the launch of  a 200 million naira support initiative to boost aquaculture towards meeting the country’s annual fish demand of more than 3 million tonnes.

At the official launch of the Scaling Fish Farming Fund Project in Ogun State, 40 fish farmers at the Eriwe Fish Cluster in Odogbolu Local Government Area of the State were provided with grants to enhance their production capacity. 

Speaking at the event, the Director, Fisheries and Aquaculture at the Federal Ministry of Marine and Blue Economy, Mr. Wellington Omorogbon, represented by Mr. Paul Opuama said the project was aimed at ensuring better livelihoods for the farmers. 

Representative of the Food and Agriculture Organization in Nigeria, Mr. Koffy Kouacou explained that the project funded by the European Union, the GIZ and other development partners in conjunction with both the federal and state governments would ensure the availability of adequate funding for fish farmers, with a view to boosting fish production in the country.

The FAO Country Representative affirmed that the set of 40 beneficiaries, under the pilot scheme, would receive between 2.5 and 5 million naira each to upscale their fish farming business and production.

The Agriculture Programme Manager of the European Union Delegation to Nigeria and ECOWAS, Mr Hugh Briggs pointed out that Nigeria was given the lion share of the grant, totalling 5 million Euros to boost fish production in the country through project being implemented in 12 countries of the world. 

The Ogun State Commissioner for Agriculture and Food Security, Mr Bolu Owotomo represented by the Director of Fisheries department, Princess Victoria Ojelade, while applauding the intervention also called for the extension of the kind gesture to other fish clusters across the state.

Other partners and stakeholders in separate contributions renewed their commitment to continuous collaborations with the Nigerian Government and the Fish farmers to further strengthen the aquaculture industry for food security, nutrition, and economic growth.

Economy

Adopt humane strategies, understanding with the informal sector – Makinde

By Web News 129

By Iyabo Adebisi

Governor Seyi Makinde of Oyo State has urged members of the Joint Tax Board, JTB and other stakeholders in the revenue generation sector in the country to adopt a humane strategy and understanding before co-opting the informal sectors into its tax net.

Declaring open the 157th meeting of the JTB held in Ibadan, with the theme – Taxation of the Informal Sector: Potentials and Challenges, Governor Makinde explained that the informal sector is the backbone of the local economy and should be engaged technologically for meaningful impact. 

The governor called for an increase in production, knowledge, and skills to galvanise Nigerians toward transforming the nation’s natural resources and potential into economic prosperity. 

Governor Makinde enjoined the stakeholders to consider modalities to deepen partnership with the informal sector, such that dragging them into the tax net would be based on understanding rather than enforcement. 

Addressing the participants, the Chairman of the Joint Tax Board and Executive Chairman of the Federal Inland Revenue Service, FIRS, Dr Zach Adedeji, warned against any attempt to add a tax burden on the poor and charged the meeting to focus on conceiving strategies to formalise the informal sector before any taxation attempt.

Earlier, Chairman of the Oyo State Internal Revenue Service Femi Awakan disclosed how the Seyi Makinde-led administration has drastically boosted the state’s internally generated revenue (IGR), noting that with the Oyo experience, there is no challenge too tough to surmount in widening the tax net of any economy.

The meeting of the Joint Tax Board of Nigeria, JTB, is usually a convergence to address tax-related matters, evolve a workable, effective and efficient tax system across the state and the federal government. 

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Economy

FRCN Ibadan Multipurpose  Co-operative Re-elects Exco

By Web News 112

By Moyinoluwa Afolabi

Radio Nigeria Ibadan Staff Unity Multipurpose Co-operative Society Limited has held its 5th Annual General Meeting, AGM. 

The meeting was held at Studio One of the Broadcasting House, Dugbe, Ibadan, Oyo State.

The President of the Society, Mr Adedayo Ajeleti, advised members on the need to be financially disciplined, especially during the current economic hardship and urged them to invest in the cooperative Society for financial benefits. 

Mr Ajeleti, commended the members of the Society for their support and cooperation since the establishment of the Society. 

Also, Director of Cooperative Services in Oyo State, Alhaja Medinat Adedeji, represented by the Registrar for Cooperative Departmentals, Mrs Aderonke Subair, enjoined the executive members of the Society to treat their members equally, be transparent and remain accountable to them.

Alhaja Adedeji called on members of the Cooperative Society to comply with all resolutions made during the AGM, to move the Society forward.

The executives who were re-elected for another year were Mr Adedayo Ajeleti as the President, Mrs Anthonia Akanji as the Vice President, Mr Ayodele Ojo as the Treasurer, Mr Oladimeji Oyeniyi as the Secretary, Mrs Jacinta Odubanjo as, Welfare Officer, while Mrs Olutola Daramola and Miss Aderonke Olajide are Ex-officios. 

The AGM featured special recognition of a retired member of staff of Federal Radio Corporation of Nigeria, Ibadan Zonal Station, Mr Simeon Ugbodovon, who was also a member of the Cooperative Society, and presentation of gift to the former Manager of the Cooperative Society, Mr Babafemi Adeoluwa for his contributions to the development of the Society. 

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Economy

Speakers Conference Backs State Police, Demands Bold Economic Reforms

By Web News 79

By Mosope Kehinde

The Conference of Speakers of State Legislatures of Nigeria has called for bold economic reforms and the establishment of State Police to address the country’s growing security and socioeconomic challenges and concerns.

The Conference Chairman, Mr. Adebo Ogundoyin, made the call at the inaugural National Policy Dialogue on the Legislative Agenda of the House of Representatives held in Abuja.

He emphasised the need for collaborative efforts between the National Assembly and State Houses of Assembly to drive meaningful national impact.

According to Mr Ogundoyin, also the Oyo state speaker, a decentralised police force would allow states to implement localised security measures tailored to their unique needs, rather than relying solely on federally controlled forces.

“Security remains a paramount concern for every Nigerian. It is not enough to merely condemn acts of terrorism, banditry, kidnapping, and communal violence each time they occur. As legislators, we must enact laws that support proactive, intelligence-driven security measures, strengthen the capacity of our security agencies, and promote community-based policing. 

“A critical step towards addressing the multifarious security crises in the country would be the establishment of the State Police, a position long advocated for by the Conference of Speakers of State Legislatures of Nigeria. The safety of Nigerians cannot be effectively managed through a one-size-fits-all approach. State Police would enable swift and strategic responses to security threats at the community level.”

The Conference Chairman further called for a complete overhaul of the nation’s security architecture, including the recruitment and training of more personnel, the provision of modern equipment, and the adoption of technology-driven strategies to combat emerging threats. 

Beyond security, Mr. Ogundoyin reiterated the need for economic reforms and policies that focus on empowering Nigerian youths, boosting entrepreneurship, and strengthening key industries.

He outlined youth empowerment (skill acquisition), support for MSMEs, agricultural expansion, advancement of digital economy, improved access to healthcare and education as five strategic areas for economic reforms

Mr. Ogundoyin commended the leadership of the House of Representatives for its progressive and inclusive approach, particularly in constituting the Committee on Nutrition and Food Security and inaugurating the National Legislative Network on Nutrition and Food Security.

The Conference of Speakers emphasised the importance of synergy between the National Assembly and State Houses of Assembly in translating legislative agendas into tangible outcomes for Nigerians.

“As we reflect on the mid-term progress of the 10th House and chart a course for the future, I wish to reaffirm the commitment of the Conference of Speakers to deeper collaboration with the National Assembly. Together, we can build a legislative culture that is proactive, people-focused, and fundamentally rooted in service to our great nation.

“As leaders and lawmakers, we must rise above partisan interests and regional differences to serve the greater good. We must act not just as representatives of our constituencies, but as true patriots committed to the unity, security, and prosperity of our beloved country.” Mr. Ogundoyin said

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Economy

FANSIE Foundation Resuscitates Businesses in Ibadan

By Web News 114

By Rotimi Famakin

It was a dream come true for eight women whose businesses have been struggling as FANSIE Hope and Heritage Foundation founded by Dr Ngozi Egbuchulam supported them with thirty thousand naira each.

The programme was held at the Academy Suites, Ososami area of Ibadan. The petty traders, selected within the Ibadan metropolis, were given a revolving non-interest loan to trade for one year before handing the money to other selected traders who needed such financial assistance.

Some of the traders who narrated their experiences said their businesses had suffered financial setbacks, stressing that their plight was further compounded by inflation.

The beneficiaries who appreciated FANSIE Hope and Heritage Foundation for the support, pledged to make good use of the fund.

“We thank Dr Egbuchulam for the financial intervention.  We will make good use of the money in our business to further enhance our business”

The facilitator, FANSIE Hope And  Heritage Foundation, Dr Ngozi Egbuchulam, said the funds were a non-interest loan designed to reflect the objective of the  foundation, which she noted was to bring hope to hopeless women

 “The objective of FANSIE Hope and Heritage Foundation is to bring back your hope on what God has destined for you. God has destined this programme to benefit you all that are here today“.

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Dr Egbuchulam encouraged the beneficiaries to be diligent and make judicious use of the money to achieve progressive change in their businesses.

“Let them see that a drop of water has dropped in the front of their house, that is likely to make a mighty ocean. Not the ocean that will sweep them away, but the ocean that will become a tree of life and affect other people’s lives.”

She said the foundation had been in existence since she was in school, noted that the project was initially named Beta Lyf and later changed to FANSIE Hope and Heritage Foundation training over fifty youths on vocational skills and had supported over one hundred petty traders.

The facilitator said the vision of the foundation was to elevate women and youth out of poverty.

“My vision is that in the in the next 100 years come, most people would have been thrown off from poorest of the poor level that makes them to do certain things  they ought not to do that they do out of hunger.

“My projection is that our youths will have something to be proud of on their own without depending on anybody.”

Dr Egbuchulam, who noted that the project was not established to gain political relevance, however, expressed readiness to serve the nation when called upon.

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Economy

Minister Urges Consistent Focus on Workers’ Welfare, Economic Growth

By Web News 148

By Oluwatoyin Adegoke

Employers, stakeholders, and the government should create a conducive work environment that promotes economic growth, social justice, human rights, and prioritises workers’ welfare.

The Minister of Labour and Employment, Mr Muhammadu Dingyadi stated this at this year’s Workers day celebration, with the theme, “Reclaiming the Civil Space in the midst of economic hardship” held at the June 12 Cultural Center, Abeokuta, Ogun State.

Mr Dingyadi, who was represented by the Ogun State Controller of Labour, Federal Ministry of Labour and Employment, Mr Andy Egboh, encouraged workers to continue to organise, mobilise and advocate for their rights and policies that would be of benefit to the entire workforce, the state, and the nation in general.

In a remark, Ogun State Governor, Prince Dapo Abiodun, urged the state’s workforce to remain patient, committed, steadfast and continue to be reliable partners despite the country’s economic challenges.

Governor Abiodun assured the gathering that his administration would consider the demands presented by the unions, while reaffirming commitment to improving the lives of the workers.

Earlier, the Ogun State Chairman, Nigeria Labour Congress, NLC, Mr Hameed Benco-Ademola had called for regular review of the minimum wage to alleviate the impact of economic hardship on workers, and also demanded the suspension of the Contributory Pension Scheme to safeguard retirees’ interests.

Also, the Chairman of the Trade Union Congress in Ogun State, Mr. Akeem Lasisi, applauded the state government for timely payment of wages and allowances, conduct of promotions exercises as and when due, urged the government to extend the new 77,000 naira minimum wage to all state government workers, across all grade levels.

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Economy

Fire Guts Oyo Market

By Web News 120

A fire outbreak occurred on Sunday afternoon at Gbagi Market, Ibadan, causing damage to two shops before emergency response teams swiftly moved in to bring the situation under control.

According to a statement from the General Manager of Oyo State Fire Services, Akinyemi Akinyinka, the distress calls were received from officers at Gbagi Station, the Divisional Police Officer of the station, and several market leaders at approximately 1:23 p.m.

He said, “We received calls from our officers at gbagi station, DPO Gbagi station and many market leaders at around 1;23 pm. Our men got their around 1;30pm. 2 shops are well alighted the fire is under control and are men are still cooling down.”

The cause of the fire remains unknown as investigations are ongoing.

Punch/Olaolu Fawole

Economy

First Lady Empowers Ondo Women with N50m Textile Grant

By Web News 208

By Isaac Afolabi 

First Lady, Senator Oluremi Tinubu has pledged a grant of fifty million naira to support women in Ondo State.

The grant is to empower 200 women in the textile industry, aimed at enhancing entrepreneurship among women.

Senator Tinubu made this announcement in Akure while distributing professional healthcare kits to midwives in the South-West.

Appreciating the vital role women play in nation-building, she urged women to also care for their health and overall well-being emphasising on prevention of diseases that could lead to deaths.

In a remark, Ondo State Governor, Mr Lucky Aiyedatiwa, expressed appreciation to the First Lady for her gesture, noting that her other intervention would significantly contribute to eradicating mother-to-child transmission of deadly diseases across the South-West.

Economy

Oyo Seeks Collaboration with USA on Solid Minerals Development

By Web News 228

By Iyabo Adebisi

Oyo State governor, Engineer Seyi Makinde has expressed his administration’s readiness to partner with the United States of America to explore opportunities in solid minerals development, agribusiness, education and other investment opportunities that will benefit both parties.

The governor stated this when a delegation from the United States Consul-General, led by the Deputy Chief, Political and Economic Section, Kenise Hill, paid him a courtesy visit at the Governor’s Office, Secretariat, Ibadan.

Governor Makinde, who was represented by the Deputy Governor, Chief Bayo Lawal, said his administration has put in place policies which would aid engagement on solid minerals development, environment, agribusiness and energy supply, among others.

He said: “The Solid Mineral Development Agency is a new creation put in place following the challenges of solid mineral exploitation in Oyo State. Close to half of the entire landmass of the state has various solid mineral deposits that can be tapped and developed in partnership with the US government. 

“The state government does not mind if you are relating with the private sector or directly with us; you will get the facts and figures when you get to the Agency.

“On environment, you can explore environmental activities that could positively impact Oyo State.

“Also, agribusiness development is one area that is so germane to this government. In the current dispensation, we have put agriculture on the front burner, because we sincerely believe that we must be able to feed our people. 

“In this regard, before you leave, you can visit some of the agricultural institutions we have around. The IITA is there and it is playing a vital role. I think what you need to do is to put in financial support for the agricultural activities we have embarked upon in the state.

“So, the American Government can come in to use this opportunity to leverage, assist and collaborate with the Oyo State government with a view to improving food security and reducing poverty in the land. Food is key, and it is a global requirement; it is important globally. And within our space here, we are trying to make sure we feed our people, and we need support and mutual engagement in a way that we would be able to feed our people continuously.

The governor equally noted that his administration has made tremendous efforts towards ensuring energy sufficiency for the state, stating that it is another area that the US Government could support his Government.

“As a state government, we know that no industrial development can thrive without energy. In Nigeria generally, industries that sprang up in the 1980s are leaving Nigeria, because of the challenges of energy. 

Earlier, the Team Lead, Ms Hill, acknowledged the potential of Oyo State, which could be unlocked in the areas of trade and investment opportunities that are beneficial to Nigeria and the United States as well.

She noted that the United States is ready to expand its trade, investment opportunities and also explore new opportunities in critical areas in the state, such as solid minerals development.

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Economy

OYHA Approves 2025 Capital Budget Proposals

By Web News 167

By Mosope Kehinde

The Oyo State House of Assembly has approved the 2025 capital budget proposals of 33 local government areas in the state.

This became imperative ahead of the proposed financial autonomy for Local Governments.

The approval was made when the report of the House Committee on Local Government, Chieftaincy Matters and State Honours was presented by its Chairman, a member representing Lagelu constituency, Mr Akintunde Olatunde.

The budget approval was aimed at streamlining expenditures of all the 33 Local Government areas of Oyo State for probity and accountability to enable them to deliver on their mandates.

The committee urged all the Local governments to adhere to the approved capital expenditures so as to ensure compliance with the Constitution and the Local Governments Law.

The Speaker, Oyo State House of Assembly, Mr. Adebo Ogundoyin, said the approval of the local governments’ budget is a significant step towards promoting transparency and accountability in governance.

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Economy

Retirees Lament Implementation of Pension Increase

By Web News 165 5

By Olusegun Folarin

Senior citizens under the aegis of the Nigerian Union of Pensioners (NUP) have lamented the delay in payment of the 33 percent pension increase and consequential adjustment to pensions approved by President Bola Tinubu since last year.

Zonal Public Relations Officer of the Union in the Southwest, Dr Olusegun Abatan, made this known at the end of a quarterly southwest meeting of the Pensioners in Abeokuta, the capital of Ogun State.

Dr Abatan lamented the failure of governors in the southwest region to start paying the 32,000 naira to Pensioners as directed by President Bola Tinubu, pointing out that only Governor Seyi Makinde of Oyo State had shown commitment by initiating partial payment of the money.

The pensioners’ spokesman who also applauded Governor Makinde for the prompt release of funds to offset the pension and gratuities in the state, urged other governors in the region to emulate the kind gesture.

He appealed to President Bola Tinubu to ensure compliance by the state governors and urged the Pension Transitional Arrangement Directorate to step up the implementation for retired federal workers to alleviate the sufferings of senior citizens in the country.

Dr Abatan equally appealed to relevant authorities to rescue all pensioners banking with the defunct Heritage Bank who could not access their monies for the past 18 months.

Earlier, the National President of the Union, Comrade Goodwin Abumisi had promised continuous engagements with the relevant stakeholders on the need to pay greater attention to the welfare of senior citizens in the country.

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Economy

BREAKING: Tinubu Sacks NNPCL Boss Kyari, Names Ojulari as Replacement

By Web News 93

In a sweeping reconstitution of the Nigerian National Petroleum Company Limited board, President Bola Tinubu has removed the chairman, Pius Akinyelure and the Group Chief Executive Officer, Mele Kyari.

Consequently, the President appointed Bashir Ojulari as the new CEO, effective from April 2, 2025.

Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, revealed the development in a statement he signed in the early hours of Wednesday titled, ‘President Tinubu reconstitutes NNPC limited board, appoints new Chairman, Group CEO.

’“President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.

“The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman,” the statement reads.

Adedapo Segun, who replaced Umaru Ajiya as the chief financial officer last November, has been appointed to the new board.

Six board members, non-executive directors, represent the country’s geopolitical zones.

They are Bello Rabiu representing the North West, Yusuf Usman representing the North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas, who represents North Central.

“President Tinubu also appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.

“Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Ahmed will represent the Ministry of Petroleum Resources,” Onanuga stated.

All the appointments are effective today, April 2.

President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.

He also handed out an immediate action plan to the new board “to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.”

Since 2023, the Tinubu administration has implemented oil sector reforms.

Punch/Olaolu Fawole