Business
Ministry, Firm Sign Pact To Boost Digital Trade
As part of efforts to boost digital trade and attract global tech investment, the Ministry of Industry, Trade, and Investment has signed an agreement with Itana, Nigeria’s first licensed digital economic zone management company.
Itana had in a statement, recently, disclosed that it is developing a $100m digital zone that allows global businesses to register remotely and operate virtually in Nigeria.
According to the release by the firm, the initiative was backed by development funding from the African Finance Corporation.
It stated that the model is designed to give companies instant access to local talent and markets while offering business-friendly incentives and eliminating the costs associated with physical office space.
It also clarified that the agreement, signed under the National Talent Export Programme, commits the federal government to supporting Itana’s ambition of becoming the jurisdiction of choice for global tech companies expanding into Africa.
It quoted the Minister for Industry, Trade and Investment, Dr. Jumoke Oduwole, on a visit to Itana’s at Alaro Free Zone in Lagos, as saying that the partnership aligns with Nigeria’s reform agenda and digital growth ambitions.
“Two years into President Bola Tinubu’s administration, Nigeria is boldly charting a reform-driven path to inclusive growth. We have marked this journey at Alaro City Free Zone, home to Itana, Nigeria’s first Digital Special Economic Zone.
“The more than $1tn global services market is growing fast, and Nigeria is ready to lead Africa’s charge with our youthful, English-speaking, and digitally savvy population.
“Through NATEP, the government aims to leverage digital free zones to create 100,000 high-value jobs over the next five years as part of a broader strategy to position the country as a global hub for digital services”, Oduwole stated.
The statement further clarified that the MoU also affirms the government’s support for Itana’s mission to facilitate the seamless entry of international tech firms into Nigeria, thereby driving innovation and digital inclusion across the continent.
Corlins Walter
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The Executive Secretary, Nigerian Content Development and Monitoring Board(NCDMB), Engr. Felix Omatshola-Ogbe, alongside former acting Director-General of the Department of State Services(DSS), Matthew Seiyefa, and the Bayelsa State Commissioner for Youths Development, Kemepado Nimizigha, have charged youths of the Niger Delta region to maintain peace and tranquility in the region.
The trio gave the charge in their separate remarks at the Youths session of the 2025 edition of the NCDMB Practical Nigerian Content (PNC) held in Yenagoa, the Bayelsa State capital, Tuesday.
In his opening remarks, Ogbe , represented by the Head of Department, Government Relations,Teddy Bai, noted that Nigeria stands at a defining moment as global energy systems were rapidly transforming adding that the nation must be deliberate in preparing for a future which balances traditional oil and gas operations with cleaner and more innovative energy solutions.
He said the 2025 PNC Youth forum themed, ‘Building Youth Capacity, Securing Investments, Sustaining Growth In The Oil And Gas Industry’ was not a mere gathering to discuss issues, but to chart new pathways toward meaningful youth engagement, responsible participation in the oil and gas value chain, and sustainable development for the local communities.
Ogbe emphasized that Nigeria’s energy sector was undergoing a transition, with the youths considered as great partners at the heart of the energy sector transition.
“As youths, you’re not just the leaders of tomorrow. You’re contributors and solution-creators today. Your creativity, digital literacy, and innovations are needed in the transitioning energy sector and its value chain.
“It’s my profound pleasure to address you at this year’s PNC 2025 Youth Event, a platform that continues to grow in importance as we collectively shape the future of our energy sector and, indeed, our nation.
“At the heart of this transition is you-the Nigerian youth. Your creativity, digital literacy, and entrepreneurial capacity are crucial assets for solving some of our most pressing challenges, including Pipeline vandalism and crude oil theft, Environmental degradation, Skills gaps in emerging energy technologies, and innovations for local content development.
“The NCDMB recognizes your central role, and this event is one of many interventions designed to empower, inform, and prepare you for opportunities ahead.
“The Nigerian youth must be champions of protection- not destruction- of national assets”, he said.
In his keynote address, Pro-Chancellor of the Niger Delta University (NDU), and former acting Director-General of the Department of State Services(DSS), Mathew Seiyefa, called on youths to maintain the peace in the oil rich Niger Delta region and Nigeria at large.
He cited instances of youth restiveness and their perceived causes in various parts of the region and other parts of the country, saying without peace no meaning development can take place in any part of the world as investors and Government need peace before siting developmental projects in any given area.
In his goodwill message, the Bayelsa State Commissioner for Youth Development, Alfred Kemepado Nimizigha, represented by the Director-general of the State’s Centre for Youth Development, Robert Igali, lauded the NCDMB for the programme.
The Commissioner urged youths to engage in meaningful activities rather than taking to social vices, noting that the Governor Douye Diri’s led ‘prosperity administration’ would continue to embark on several initiatives and programmes aimed at empowering youths across the state.
Ariwera Ibibo-Howells, Yenagoa
Ahead the December 31 effective date for enforcement of the ban on alcoholic drinks and beverages in PET or glass bottles below 200ml, the Food, Beverage, and Tobacco Senior Staff Association (FOBTOB) has warned that Nigeria risks losing more than N2 trillion in investments.
The union urged the federal government to reverse the planned ban, cautioning that the Senate’s directive to the National Agency for Food and Drug Administration and Control (NAFDAC) would trigger severe socioeconomic consequences across the industry.
Speaking at a Press Conference, in Lagos, the President of FOBTOB, Jimoh Oyibo, said repealing the directive would prevent massive job losses and protect the country from economic disruption.
“Repealing the order would avert the grave repercussions that would most definitely follow the ban, especially by saving approximately 5.5 million jobs, both direct and indirect,” he said.
Oyibo appealed to the Senate to invite stakeholders to a public hearing, insisting that all parties must be allowed to present their positions before any decision is made.
“For a fair hearing and to demonstrate good faith, the Senate should invite relevant stakeholders to a Public Hearing to ‘hear the other side’ and be adequately informed to make an informed decision,” he said.
The union leader urged the Senate to carefully review and endorse the validated National Alcohol Policy, describing it as a multi-sectoral framework developed after last year’s public hearing, when the initial call for the ban was raised.
He urged the lawmakers to consider the entire value chain in the alcoholic beverage industry, including formal and informal workers and legitimate local manufacturers, before approving any enforcement.
Highlighting the economic implications, Oyibo said close to N2 trillion invested in machinery and raw materials could be wasted, while over 500,000 direct workers and an estimated five million indirect workers, including suppliers, distributors, marketers, and logistics operators, could lose their livelihoods.
He said “Nearly N2 trillion worth of investments in machinery and raw materials could be lost. Indigenous Nigerian manufacturers risk total collapse, discouraging future investments.
“Smuggling and the circulation of unregulated alcoholic products may skyrocket, worsening public health dangers. Government tax revenue could decline sharply as factories shut down or scale back operations.
“With rising unemployment and no safety nets, this ban will plunge families into poverty. The very children the policy claims to protect may be forced out of school if their parents lose their jobs”.
A Canadian based Nigerian Estate Developer, Andrew Enofie, has said that diversification of investment into the real estate sector remains the key to business sustainability.
Enofie said this during the launch of The Golden Gate investments, in Port Harcourt, recently.
He said real estate sector has always remain stable during period of inflations, adding that diversification into the sector would ensure that businesses never loose out during such periods.
He also called on Nigerian businessmen to put their money into the Canadian estate industry with the view to reaping maximum benefit.
According to him, Canada has one of the lowest inflation rate in the world and Nigerian businessmen can reap benefits by putting their monies into the Canadian estate sector.
Enofie said his company, with many years of experience in the real estate sector, can assist Nigerian businessmen with the quest to acquire property in Canada.
According to him, investors have more opportunities to diversify their funds, saying “it also open doors for investors to invest in the Canadian real estate market.
“With the launch of this fund, we are strategically positioned to navigate current market dynamics,r3 rising demand, shifting rates and evolving economic trends, while focusing on sustainable growth”, he said.
Also speaking, an investor, Mike Ifeanyi, also called on investors to invest in real estate.
He commended the company for its pledged to assist Nigerian businessmen willing to invest in Canada, but added that the whole thing must be transparently done inorder to avoid fraud.
Also speaking, Chukwudi Kelvin, yet another investor, described the event as an eye opener, stressing that time has come for Nigerian investors to go into the Canadian estate sector.
By: John Bibor,/Isaiah Blessing/Umunakwe Ebere/Afini Awajiokikpom
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