Business
Benue To Privatise State-Owned Industries – Commissioner
The Benue State Government, says it has concluded arrangements to privatise state-owned industries, following its failure to revive them through leasing.
The state Commissioner for Industry, Trade and Investment, Dr Tersoo Kpelai, disclosed this in an interview with newsmen in Makurdi, Sunday.
Kpelai, said the lease option had not worked as most investors that were given such leases either lacked the financial capacity to manage them or were deficient in the technical requirements needed to turn them around.
However, he admitted that the government was encouraged by the huge successes achieved from the concession of its plastic company by the previous administration.
He said its recent decision to privatise its industries followed the successes it recorded in the concession of Benue Plastic Industry by the previous administration.
The commissioner explained that, the concession of the plastic company improved the fortunes of the industry to a mega status that “now produces 10 different brands”.
According to him, government has already negotiated the outright sell of such industries.
“Lease option has not helped us, so now is outright privatisation of the industries.
“Already, we have received bids from different investors on all the industries and after everything would be sorted out, the state council on privatisation would handle it.
“Companies like Taraku Mills, Otukpo Burnt Bricks, Katsina-Ala Fruit Juice, Wanune Tomato Factory and Mbatyav Cement Factory, among others, will all be privatized,” he said.
He said that, the government was yet to ascertain the sum total of proceeds it would generate from the exercise, adding that the council will determine the cost of each industry.
Kpelai, said that the first two years of Governor Samuel Ortom’s administration were committed to laying the economic foundation of the state to ensure the implementation of the industrialisation plan.
He said, it was necessary to do that in order to actualise the campaign promises of Ortom.
He disclosed that, the administration inherited a poor structure of trade flows, saying the investment climate is low.
“The administration has put in deliberate polices to boost trade flows and sensitise the investment climate to attract investors improve businesses in the state.”
He also disclosed that, government had spent about 6.2 million dollars (30 per cent equity) with Zhenghon Cangxi Industry and Commerce Development Company Limited in the Igumale Cement Factory project.
The commissioner put the total cost of the project at 80 million dollars, adding that the core investors are returning 70 per cent equity.
“Benue State was expected to contribute 70 per cent of the USD 80m, however, due to paucity of funds the deal was reversed in favour of the core investors, Zhenghon Cangxi, who now have 70 per cent and Benue Government returns 30 per cent.
“We have responsibilities such as construction of access road to the site, acquiring of mining license for limestone and coal, carrying out environmental impact assessment for the project.
“We were also supposed to procure Form M and marine insurance for the importation of the last batch of equipment of which we have already met our responsibilities,” he said.
Kpelai further said that plans were underway for the construction of GSM/ICT Village, Mega Mechanic Village in Makurdi and the building of a Palm Oil Producing Plant in Otukpo.
He added that the ministry in conjunction with ITF was currently training 500 youths on ICT with the hope of giving all the participants start-up packs to start small businesses in the state.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos