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Tinubu Announces $20bn FDI Inflow, Signals Growing Investor Confidence
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……..APM Terminals pledges $600m
Speaking during a panel session at the ongoing Africa CEO Forum, President Tinubu attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.
He said his administration’s policies were positioning Nigeria as an open and competitive destination for investment.
“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” President Tinubu said.
He said that Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country possesses the capacity to manufacture products such as electric vehicle batteries from its mineral resources.
He said: “With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
He also canvassed for stronger economic integration across the continent, urging African countries to move beyond rhetoric and fully activate the African Continental Free Trade Area (AfCFTA).
According to him, Africa needs to put its money where its mouth is and build a new relationship with its own resources.
“We have the African Continental Free Trade Area—it must not sit on the shelf. It needs to be activated properly through collaboration and effective use of resources, not by working in silos,” President Tinubu said.
He advocated an “Africa First” approach to development, insisting that African resources should primarily benefit the continent through local processing and manufacturing.
“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” President Tinubu said.
Speaking on industrialisation, President Tinubu cited the success of the Dangote Refinery as proof that Africa could undertake large-scale projects with the right support framework.
According to him, Nigeria overcame years of dependence on imported petroleum products after supporting the establishment of the refinery through policy backing, credit support, and licensing approvals.
He said: “Today Nigeria is a net exporter of PMS, aviation fuel, and other products. Dangote is supplying aviation fuel across Africa and to European airlines”.
He also called for reforms to intra-African trade and financial systems, questioning the continent’s reliance on foreign currencies for trade transactions.
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“If you produce in Nigeria, you can trade in naira. Why should African trade depend on dollars? That adds cost and instability,” President Tinubu said.
He proposed the establishment of an African commodity exchange platform that would enable direct trade among the continent’s 54 countries.
On the issue of mobilising African capital for development, President Tinubu said governments must create stable legal and policy environments capable of attracting long-term investment.
He said: “Capital is cowardly. It needs transparency, accountability, and stability”.
He also advocated the creation of an African credit rating agency, arguing that existing global rating institutions do not adequately understand African markets and risks.
“The big American agencies dominate 95 per cent of the market, but they don’t understand our risks and opportunities,” President Tinubu said.
He noted that in addressing Africa’s digital infrastructure deficit, Nigeria is laying 19,000 kilometres of fibre optic cables nationwide to expand connectivity and support the digital economy.
“That’s how we bring lessons to children, connect families, and enable traders,” President Tinubu said.
He added that Africa must invest beyond basic telecommunications and build full digital infrastructure systems, including data processing, storage, artificial intelligence, and e-commerce capabilities.
He said: “We need to fund Africa’s shift from basic telecoms to AI and e-commerce”.
He further expressed optimism that the AfCFTA would eventually boost intra-African trade, despite political and structural barriers currently slowing integration efforts.
He said: “Pan-Africanism can’t remain a slogan. It has to be lived”.
He also urged African leaders to strengthen regional alliances and economic cooperation in response to global economic shocks and geopolitical uncertainties.
“If Europe can build alliances and move forward, so can we. Africa has everything we need here. What we require is good policy and the will to act.
“We don’t want our children dying at sea trying to reach elsewhere. We have the resources. We just need to help each other and push together. That is the only way to build an inclusive and prosperous Africa,” President Tinubu said
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BREAKING: Reps Pass State Police Bill in Major Security Reform Move
The House of Representatives has passed the state police bill, effectively making way for the decentralisation of the Nigerian policing architecture.
The resolution followed the voting by 289 lawmakers in favour of state police during Thursday’s plenary session presided over by the Speaker, Tajudeen Abbas.
Recall that the House committed Thursday’s plenary to voting on the State Police Bill following the spike in killings, kidnappings, and banditry in the past few months.
The session was not without its fair share of drama, as shortly after the lawmakers settled down for the business of the day, Kaduna lawmaker, Bashir Zubairu, moved a point of order, explaining that the document on the proposed state police put together by the House Committee on Constitution Review got to the lawmakers only on Thursday afternoon.
Recognised to speak by the speaker, Zubairu said, “Mr Speaker, this document was only made available to lawmakers in the chambers, and we are yet to go through it. We cannot do justice to it because we have not gone through it.”
Zubairu, a member of the African Democratic Congress, was ruled out of order, allowing the process to proceed.
While the Speaker took members through the clauses, voices shouting “Point of Order” could be heard, but the presiding officer ignored them.
Before the voting began, Abbas announced that the electronic voting system was faulty, noting that the exercise would be conducted based on attendance.
Out of the 290 members in attendance, 289 voted in favour of state police while one voted against. The Speaker abstained from voting.
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No More Delays’ — Senate Leader Confirms State Police Bill Passage This Week
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The National Assembly is set to pass the constitutional amendment bill establishing state police this week, Senate Leader Opeyemi Bamidele has disclosed, describing the reform as long overdue in view of Nigeria’s worsening security challenges.
Speaking in an interview with journalists, the lawmaker representing Ekiti Central Senatorial District said the National Assembly had concluded consultations with key stakeholders and was ready to fast-track the amendment process.
According to him, the amendment would be separated from the broader constitutional review exercise to ensure speedy passage and transmission to the 36 state Houses of Assembly for ratification.
“A cross-section of Nigerians has made it abundantly clear that there cannot be a better time to establish state police than now. We have reached a firm conclusion that we will pass the constitutional amendment to make provision for state police, and this will come to fruition this week,” Bamidele said.
He disclosed that consultations had involved the National Assembly leadership, the Attorney-General of the Federation, the Chief of Staff to the President, the Inspector-General of Police and other critical stakeholders.
The Senate Leader also revealed that President Bola Tinubu and a majority of state governors support the proposal, expressing confidence that the required approval from two-thirds of state assemblies would be secured.
On the controversy surrounding calls for a probe into military spending amid rising insecurity, Bamidele defended the Senate’s decision to reject the motion, insisting that placing the armed forces under public scrutiny while they are actively engaged in counter-terrorism operations would be counterproductive.
He said the military was confronting an unconventional enemy and had continued to make sacrifices in the fight against terrorism despite difficult circumstances.
“We cannot put our military on trial in the middle of a war. Accountability mechanisms already exist through the Senate Committees on Defence, Army, Navy and Air Force, which carry out oversight responsibilities,” he stated.
Bamidele argued that significant progress was being made against insurgents, adding that recent attacks by terrorists reflected desperation arising from heavy losses suffered during military operations.
The Senate Leader also dismissed claims that the 10th National Assembly had become a “rubber stamp” of the Executive, saying lawmakers had consistently engaged the Presidency behind closed doors to resolve disagreements before bills reached the floor.
According to him, constructive collaboration between the legislature and the executive should not be mistaken for weakness.
“We are not a rubber stamp Senate. We simply chose to resolve disagreements privately rather than perform them publicly,” he said.
On electoral reforms, Bamidele maintained that the Electoral Act should not be amended in the heat of political contests, stressing that any review should take place after elections and without retroactive effect.
He also reaffirmed his support for the publication of legislators’ salaries and allowances, saying greater transparency would help dispel public misconceptions about lawmakers’ earnings and benefits.
Regarding anti-kidnapping legislation, Bamidele disclosed that the proposed Anti-Terrorism Bill and measures prescribing the death penalty for convicted kidnappers remain on course and would be concluded alongside related constitutional amendments.
Reflecting on the performance of the 10th Senate, he identified the controversy surrounding the suspension of a senator and allegations of gender insensitivity as one of the institution’s lowest moments.
However, he highlighted several legislative achievements, including tax reforms, the student loan scheme, and the establishment of new federal tertiary institutions across the country.
Bamidele expressed optimism that the Senate’s reforms, particularly the state police initiative and tax legislation, would strengthen national security, deepen democratic governance and provide long-term economic benefits for Nigerians.
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FG Accelerates Contractor Payments, Clears Over 1,240 Claims Below N100 Million
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The Federal Ministry of Finance says it has approved the payment of more than 1,240 contractors across ministries, departments and agencies (MDAs) following a verification and reconciliation exercise on outstanding obligations.
In a statement on Monday, Mary-Ann Duke, Senior Special Assistant on Communication and Press Secretary to the Minister of Finance, said the exercise was carried out to confirm valid claims and streamline payments.
According to her, contractors with verified claims of N100 million and below were given priority in the latest disbursement.
“The Federal Ministry of Finance has approved payments to more than 1,240 contractors, providing immediate liquidity support to businesses across the country and reinforcing the Federal Government’s commitment to meeting its financial obligations,” the statement reads.
The ministry said the payments are aimed at easing financial pressure on indigenous firms, particularly small and medium-scale enterprises (SMEs), enabling them to return to project sites, settle workers’ wages, and pay suppliers.
“Contractors prioritised for payment in the most recent batch are those with verified claims in the region of N100 million or less,” Duke said.
It added that more than N700 billion in verified obligations owed to local contractors has been processed in recent months.
The statement noted that about N436.6 billion was processed in May alone, describing it as a sharp increase in payment activity designed to improve liquidity and support economic recovery.
The ministry said prioritising smaller contractors was intended to widen the reach of payments across sectors and regions while sustaining jobs and ensuring the completion of ongoing projects.
It also said the latest disbursement would strengthen confidence among contractors, suppliers, and service providers working with the government.
In January, aggrieved contractors blocked access to the Ministry of Finance, preventing former Minister of State for Finance, Doris Uzoka-Anite, from entering the premises.
Six months later, the Senate set up a committee to engage the ministry over outstanding contractor debts.
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