Business
LCCI Urges FG To Reduce Inflation Through Improved Petrol Export
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to boost crude oil refining and petrol export to meet its inflation reduction target and also strengthen the naira.
Speaking to The Tide’s source, President of the LCCI, Gabriel Idahosa, said the 2025 budget of N54.99trillion is insufficient to achieve Nigeria’s broad economic growth targets, including achieving a $1trillion economy by 2030 and reducing inflation to 15 per cent from a record high of 34.8 per cent.
“None of the budget either this year or next year will be enough to achieve the broad targets of growing the economy. This budget is just one of several steps towards that ultimate objective”, Idahosa said.
He stressed that while the government’s inflation reduction target of 15 per cent is ambitious, it can be met with disciplined policies, particularly in the foreign exchange market.
“Some of the targets have been considered ambitious, like the inflation reduction of inflation targets. A lot of observers feel that it is quite ambitious and it will be difficult to attain.
“The government has given itself a very challenging target on inflation reduction. So, we will see how they can achieve it. Everyone is hoping that they can achieve it”, he said.
He encouraged the government to focus on stabilising the foreign exchange to N1,300, noting, “If they can reduce the stable exchange rate from N1,500 to about N1,400 or N1,300 as the sustainable new exchange rate benchmark, then you can see inflation coming down even more than their targets”.
Idahosa emphasised that Nigeria must ramp up local refining and exportation of petroleum products to stabilise the exchange rate and reduce inflation.
“It is very important that we are producing enough and exporting. The more we export refined petroleum products, the lower the exchange rate; typically, the price of the dollar will be coming down”, he said.
According to the LCCI President, a surplus of foreign currency will emerge as Nigeria produces more refined products, alongside an increase in non-oil exports like fertilisers and cement.
He highlighted the role of the Dangote Refinery and NNPC refineries in eliminating petrol imports and turning Nigeria into a net exporter of refined petroleum products.
“We have the Dangote Refinery and NNPC refineries, to give enough for us to completely stop import of petrol. Generally, the surplus of extra foreign currency in the economy is increasing as we produce more refined products and non-oil exports.
“We are already exporting, but we must ensure we stop importing petrol completely”, he stated.
Idahosa projected that inflation will decline throughout the year due to reduced transportation costs, driven by the expansion of Compressed Natural Gas and Liquefied Petroleum Gas vehicles and metro rail projects in Lagos, Abuja, and other cities.
“The metro lines and the gas are very crucial to significantly reduce transportation costs, and that will reduce inflation”, he said.
He also expressed optimism about Nigeria’s economic outlook, saying that a stronger Naira would be achieved as exports expand and the country shifts from being a consumption-based economy to a production-based one.
“We are now recognised worldwide as a producing country for refined petroleum products. The outlook is certainly positive”, he concluded.
Business
Nigeria Loses N17tr Yearly To Abandoned Projects
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Business
Transcorp Power seeks sustained investment across Nigeria’s electricity value chain
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
Business
FG generates N33tn revenue in 10 months – Oyedele
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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