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The Supreme Court on Friday, dismissed the suit of the 13 states challenging the constitutionality of the law that established the Economic and Financial Crimes Commission.
The seven-man panel of justices led by Justice Uwani-Abba-Aji, in a unanimous decision, dismissed the suit for lacking in merit.
Details shortly…
Children Born in Nigeria, Other Resource-rich African Nations 25% More Likely to Live in Poverty - IMF
AFOLABI
A child born in a resource-rich country (RIC) like Nigeria and other sub-Saharan African countries today is expected to live four years less on average, and is 25 per cent more likely to live in poverty, the International Monetary Fund (IMF) has said.
In a report themed, “Growth in Sub-Saharan Africa is Diverging,” the IMF stated that Sub-Saharan Africa is home to nine of the world’s top 20 fastest-growing economies this year.
Such startling statistics, however, rarely feature in discussions of the region’s outlook, it said, noting that instead, headline figures typically emphasise the relatively modest average economic performance.
This disconnect reflects a two-track growth pattern, where a significant part of the region underperforms, it said.
According to the IMF, over the past ten years, growth in sub-Saharan Africa’s resource-intensive countries (RICs)—and especially in fuel exporting economies such as Angola, Chad, and Nigeria—has slowed down sharply, falling far below growth in non-RICs (such as Ethiopia, Rwanda, and Senegal).
Indeed, it noted that incomes in RICs have essentially stagnated, marking a sharp contrast with the decade leading up to 2014, when RICs experienced rapid growth, in line with the region’s strong overall performance.
“The post–2014 divergence between RICs and non-RICs has been driven largely by the combination of two factors.
First, RICs and especially fuel exporters experienced a dramatic decline in their commodity export prices around 2014–15, as the commodity “super-cycle”—a period of sharply rising commodity prices—came to an end. Since then, the terms-of-trade decline has only been partially reversed.
“Second, and critically, the impact of the terms-of-trade shock on RICs was exacerbated by pre-existing structural vulnerabilities, including a poor business environment, limited human capital, weak governance, and poor management of resource revenues,” the report said.
It noted that weak governance, systemic corruption, and an unfavorable business climate take a toll on productivity and output, adding that the effects are most striking when commodity prices fall. “Such weaknesses affect both the resource sector itself and prospects for the economy diversifying into other sectors. For instance, the potential for theft of oil production undermines productive efficiency and diverts precious resources from more productive uses.
“Or weak governance can be a central impediment for private sector investment more broadly. Fuel exporters outside the region, with generally stronger governance, have weathered the commodity price slump far better,” the report said.
According to the IMF, staff analysis confirms that terms-of-trade shocks have a stronger and longer-lasting impact on growth in countries with weak governance.
“We estimate that for every one-per cent worsening in a country’s terms of trade, medium-term growth is around ¼ percentage point higher in countries with smaller governance challenges,” it said.
The report explained that fiscal policy in RICs, including in sub-Saharan Africa, is generally far more correlated with economic shocks, intensifying their effects, compared to other countries.
“For instance, when commodity prices are high, many RICs, particularly fuel exporters, have embarked on costly capital projects that are often poorly planned and implemented, with corresponding sharp reductions in capital spending when commodity prices fall. In addition, many fuel exporters also provide sizable fuel subsidies, the cost of which increases as oil prices rise, limiting their ability to save during booms, while crowding out growth-friendly development spending.
“The average oil-exporting country in sub-Saharan Africa has since 2011 consistently spent all its oil revenues in the year when they accrued,” the report said.
On the way forward, the IMF report argued that reversing the growth divergence is a regional priority, as RICs make up about two-thirds of sub-Saharan Africa’s gross domestic product (GDP) and population.
“It is also a humanitarian priority. Poor growth performance has translated into poor development outcomes—progress in tackling poverty in RICs effectively halted in 2014.
“Compared to children in other parts of the region, a child born in a RIC today is expected to live 4 years less on average, and is 25 percent more likely to live in poverty.
“Reigniting durable growth will require a stable macroeconomic environment. More prudent and consistently implemented fiscal frameworks can help address poor resource management challenges—and also help ensure growth is more resilient going forward. Further, broad-based reforms to address structural weaknesses—strengthening governance, enhancing the business environment, accumulating human capital, and addressing infrastructure bottlenecks—can help countries diversify and grow.
“And for fuel exporters, facing the global green-energy transition, the need to diversify is ever more urgent,” it concluded.
The Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Ahmad has been suspended indefinitely.
According to a statement on Thursday, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), Nyesom Wike, Lere Olayinka, the suspension of Ahmad is with immediate effect.
“Ahmad has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA,” the statement added.
Olayinka did not, however, state the reason for Ahmad’s suspension.
Edo State Governor, Monday Okpebholo, on Thursday, ordered the freezing of all state bank accounts with immediate effect, until further notice.
The governor warned commercial banks, heads of ministries, departments and agencies to comply with the order freezing the account immediately without delay.
The governor also asked the Commissioner of Police to halt the violent cult clashes in the state in 48 hours.
These were disclosed in statements by the Chief Press Secretary to the Governor, Fred Itua, on Thursday.
In one of the statements, the governor warned that anyone, including heads of MDAs and civil servants who flouted the order on the accounts would be severely punished.
He said, “All bank accounts in all the commercial banks have been frozen. Commercial banks must comply with the order and ensure that not a dime is taken out of the confers of government until there is further notice.
“Heads of ministries, departments and agencies must comply with this order and ensure that there is a full compliance without any further delays.
“After the necessary investigations and reconciliations, the governor will do the needful and decide on the way forward. For now, this order stands.”
The governor asked the relevant government agencies to reverse the Ministry of Roads and Bridges to the Ministry of Works.
Okpebholo said since no bridges or good roads were constructed by the administration of Godwin Obaseki, it was, therefore, absurd to maintain such a name.
He ordered relevant government agencies to implement the new order and immediately reflect the new name.
“It is funny how you can call a government institution the Ministry of Roads and Bridges. Ironically, no single bridge was built by the same administration. Not even a pedestrian bridge.
“In the coming days, we will look at more actions taken by the previous administration and more decisions will be taken that will be done in the best interest of the state.”
On the cult clashes, the governor asked the police commissioner to instruct his officers and men across the various formations to immediately swing into action and halt the unnecessary bloodbath.
The statement read, “As the governor of Edo State, cultism cannot be allowed here. We must end it very fast too.
“I have ordered the Commissioner of Police to halt the madness within 48 hours. All those involved in the killings should be stopped.
“Some associations that are causing trouble in the state, especially in Benin City, cannot be allowed to operate.
“They all remain banned, and the commissioner of police must ensure that his men carry out this instruction by giving teeth to this ban.
“Edo must be safe. That was one of my key priorities during the campaigns and I plan to ensure that we restore it at all costs. We will not fold our arms and allow them to create unnecessary tension.”
Speaking late night on Wednesday, the governor said his traducers tried hard to pull him down but God gave him victory at the September 21 governorship election.
Speaking at a thanksgiving service at the Sam Ogbemudia Stadium, Benin, he also recounted how he found a dead bat on his bed hours before he was declared the winner of the election.
He urged Nigerians to trust in God alone, irrespective of their challenges in life.
In his words, “I want to thank God. In this last election, while I was praising God, they (traducers) were busy operating from Arise. They were busy operating from Facebook. They were busy operating from Channels.
“But, I took the battle to God because I know the secret. A few days before the election, they said this guy (Okpebholo) was crazy when we gathered to praise God in this state.
“They asked, ‘What is he doing?’ They were there at Arise. But, I was listening to the voice of God and I won the battle.”
He said after the election on Sunday morning, he came to his room and met a dead bat on his bed.
“After the election on Sunday morning, I came to my room. I met a dead bat on my bed, without me shooting any arrow. But, the spirit of God was there. The arrow of God; the hand of God delivered me.
“I am grateful to the men of God that stood in the gap. I am grateful to those who believe that with God, all things are possible. And I will advise you to trust in God alone because he will do it for you,” Okpebholo said.
The governor disclosed that he did not consult any native doctor, or prophet or visit any native doctor to seek help throughout the electioneering period.
The thanksgiving worship service had in attendance prominent politicians and clergymen, among others.
President Bola Tinubu has appointed Daniel Bwala, the spokesperson for the Atiku Abubakar campaign in 2023, as his special adviser on public communications and media.
Bayo Onanuga, special adviser to the president on information and strategy, said in a statement on Thursday that Tinubu also appointed Olawale Olopade as the director-general (DG) of the National Sports Commission (NSC) and Abisoye Fagade as the director-general of the National Institute for Hospitality and Tourism.
The president also appointed Adebowale Adedokun as the DG of the Bureau of Public Procurement (BPP).
“Olopade, the new director-general of the National Sports Commission, is a sports administrator with many years of experience in the sector,” the statement reads.
“He served as commissioner of youth and sports in Ogun state and was chairman of the local organising committee of the 2024 national sports festival.
“The new director-general of the National Institute for Hospitality and Tourism, Dr. Abisoye Fagade is a marketing communication professional. He is the founder and managing director of Sodium Brand Solutions.
“Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of research/training and strategic planning at the bureau before his appointment.
The special adviser on public communications and media, Mr. Daniel Bwala is a lawyer and notable public affairs analyst.
“The president enjoins the newly appointed officers to discharge their duties with dedication, patriotism, and excellence.”
In January, Bwala said he would appreciate it if Tinubu offered him any form of appointment.
Bwala said he was not supporting Tinubu’s administration because of an appointment.
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In the buildup to the 2023 elections, Bwala dumped the All Progressives Congress (APC) to join the Peoples Democratic Party (PDP).
The lawyer had said that he was committed to supporting Tinubu’s administration to succeed.
During a visit to the president, Bwala said if supporting the president would take him back to the APC, “so be it”.
The Nigerian National Petroleum Company (NNPC) Limited says Nigeria’s oil production has reached 1.8 million barrels per day (bpd).
According to NAN, Lawal Musa, NNPC chief production war room officer, spoke during a briefing on the national oil company’s production on Thursday.
Musa, who doubles as a senior business advisor to Mele Kyari, NNPC group chief executive officer (GCEO), said the increased oil production followed the continuous dislodgement of pipeline vandals and crude oil thieves.
He said the achievement was based on the partnership between the leadership of the company, stakeholders, and security agencies.
“We achieved this because of the clear mandate by President Bola Tinubu to ramp up crude oil production in the country,” Musa said.
On November 11, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Nigeria’s current production level, including crude oil and condensates, has reached 1.8 million barrels per day (bpd), up from 1.54 million bpd in September.
Enorense Amadasu, executive commissioner of development and production at NUPRC, said there are plans to raise the figure to 2 million bpd by year-end.
Amadasu said the country’s crude oil and condensate output is expected to increase amid a plan to open bids for 31 onshore and offshore oil blocks.
The next day, the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production, excluding condensates, increased marginally to 1.33 million bpd in October.
The federal executive council (FEC) has approved a $2.2 billion external borrowing plan to strengthen the country’s finances and support economic reforms.
Wale Edun, the minister of finance and coordinating minister of the economy, spoke to journalists at the end of the FEC meeting on Thursday, presided over by President Bola Tinubu.
The minister said the financing package will be raised through a combination of eurobonds and sukuk.
He said approximately $1.7 billion is expected from the eurobond offer and $500 million from the sukuk financing.
The minister disclosed that the borrowing would happen this fiscal year, stressing that the ultimate funding arrangement would be decided by market conditions and the transaction adviser’s counsel.
“The first objective is to complete the federal government’s external borrowing programme with the approval of the $2.2 billion financing package, which will include access to the international capital market through a combination of Eurobonds and Sukuk bonds —approximately $1.7 billion from the Eurobond offer and $500 million from Sukuk financing,” Edun said.
“The actual composition of the financing will be finalised once the national assembly has considered and approved the borrowing plan.
“After the external borrowing approval is granted, the funds will be raised as soon as possible within the year.
“The exact combination of instruments will depend on the advice of transaction advisers and market conditions when we decide to enter the market.
“Earlier in the year, we demonstrated the resilience of the Nigerian financial markets and their capacity to handle more complex and sophisticated offerings, such as the domestic issuance of dollar bonds that attracted investors from both Nigeria and abroad.”
Edun said the success of the domestic dollar bond demonstrates the Nigerian financial market’s tenacity.
He said the most recent overseas borrowing was “made possible by the government’s economic agenda, which includes market-based pricing for important economic variables like foreign exchange and petroleum goods”.
‘FEC APPROVED $250 BILLION HOUSING FUND’
The minister said the council also approved the establishment of a N250 billion real estate investment fund with the goal of addressing Nigeria’s housing deficit.
“Approval has been granted for the Ministry of Finance Incorporated (MOFI) real estate investment fund,” he said.
“This fund will serve as the basis for the revival of long-term mortgage financing in the Nigerian economy.
“The MOFI real estate investment fund will initially amount to N250 billion and will provide low-cost, long-term mortgages to Nigerians who wish to acquire homes. It will help address part of the 22 million-unit housing deficit.
“Of course, it will create jobs, stimulate economic growth, and pave the way for other private sector investors to participate in the housing construction industry, with significant benefits for the broader economy.
“The concept is long-term. Investors will have the opportunity to earn market rates of interest and returns on investment, blended with seed funding of N150 billion.”
Edun said the initiative will provide Nigerians with the opportunity to secure mortgages at interest rates significantly lower than the current market rates, which can exceed 30 percent, with tenures that could extend up to 20 years or more.
[STATE HOUSE PRESS RELEASE] President Tinubu Appoints Three Director-General And One Special Adviser On Public Communication
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Appoints Three Director-General And One Special Adviser On Public Communication](/media/k2/items/cache/32c22052715dc5bfa215c7acc3547522_S.jpg)
President Bola Tinubu has approved the appointment of three Nigerians as directors-general of various agencies and one special adviser on Public Communications and Media.
The new appointees are:
(1) Mr. Olawale Olopade -- Director-General, National Sports Commission
(2) Dr. Abisoye Fagade -- Director-General, National Institute for Hospitality and Tourism
(3) Dr. Adebowale Adedokun -- Director-General, Bureau of Public Procurement
(4) Daniel Bwala -- Special Adviser, Media and Public Communications (State House)
Olopade, the new Director-General of the National Sports Commission, is a sports administrator with many years of experience in the sector.
He served as commissioner of youth and sports in Ogun state and was chairman of the local organising committee of the 2024 National Sports Festival.
The new Director-General of the National Institute for Hospitality and Tourism, Dr. Abisoye Fagade is a marketing communication professional. He is the founder and managing director of Sodium Brand Solutions.
Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of Research/Training and Strategic Planning at the bureau before his appointment.
The Special Adviser on Public Communications and Media, Mr. Daniel Bwala is a lawyer and notable public affairs analyst.
The President enjoins the newly appointed officers to discharge their duties with dedication, patriotism, and excellence.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
November 14, 2024
The federal government, under the leadership of President Bola Tinubu, has proposed the sum of ₦47.9 trillion as the budget for the 2025 fiscal year.
The figure, which includes new borrowings of ₦9.22tn, was approved by the Federal Executive Council (FEC) during its meeting on Thursday at the Aso Rock Villa in Abuja.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents after the FEC meeting presided over by President Tinubu.
Bagudu also disclosed that the Council approved the Medium Term Expenditure Framework (MTEF) for 2025-2027.
According to the Minister, the federal government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels for its budget proposal.
He added that FEC also pegged the exchange rate at N1,400 to a US dollar while 6.4 percent is targeted for the Gross Domestic Product (GDP) growth.
Bagudu said, “The Federal Executive Council approved a memorandum by the Ministry of Budget and Economic Planning, presented by the Director General of the Budget Office, Tanimu Yakubu, on the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2025-2027.”
The Minister added that the framework would be transmitted to the National Assembly on Friday, November 15, or Monday, November 18.
The parameters adopted include “an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a GDP growth of 4.6 per cent,” Bagudu noted.
“For 2025, the Federal Government’s budget estimate for aggregate expenditure is N47tn, including a borrowing of N13.8tn, which is 3.87 per cent of the estimated GDP.
“This includes projections, with, for the first time, provisions for contributions to the development commissions that have been approved by the National Assembly.
“The budget size approved for presentation to the National Assembly in the MTEF is N47.9tn, with new borrowings of N9.22tn to finance the budget deficit in 2025. We aim to sustain the commendable market deregulation of petroleum prices and the exchange rate, compel the Nigerian National Petroleum Corporation Limited to significantly lower its oil and gas production costs, and potentially amend relevant sections of the Petroleum Industry Act 2021 to address key risks to the Federation,” he added.
The Inspector-General of Police (IGP) Kayode Egbetokun has banned security aides and escorts from accompanying VIPs to polling booths and collation centres during the upcoming Ondo governorship election, on Saturday, November 16.
The move, announced Thursday in a statement by police spokesperson Olumuyiwa Adejobi, aims to promote a peaceful, transparent, and credible electoral process.
The IGP has appointed Deputy Inspector-General Sylvester Alabi as the coordinating DIG for the election to ensure proper security management. Assistant Inspector-General Bennett Igweh and Commissioner of Police Tunji Disu will serve as AIG and CP elections, respectively.
The statement further imposed restrictions on movement across roads, waterways, and other transportation methods in Ondo state from 6 a.m. to 6 p.m. on election day. However, exceptions are allowed for essential services such as ambulances, media personnel, and fire services.
“Security aides and escorts attached to VIPs are banned from accompanying VIPs to polling booths and collation centers to prevent disruptions,” the IGP’s statement reads. Unauthorized security and quasi-security personnel are also prohibited from operating, and a strict ban on siren use by unauthorized vehicles will be enforced.
To ensure accessibility, special accommodations will be made for individuals with disabilities, pregnant women, nursing mothers, and others with mobility challenges at polling stations. Additionally, designated election lines will be announced for inquiries and incident reporting.
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President Bola Ahmed Tinubu has officially approved the acquisition of shares of Mobil Producing Nigeria Unlimited (MPNU) by Seplat Energy.
Seplat Energy disclosed this in a statement, on Wednesday.
In the statement, Seplat said it would work with all parties to bring the transaction to completion.
The oil company thanked President Tinubu for granting and acquisition and his support.
According to the statement, Tinubu‘s approval was communicated by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
It read, “Seplat Energy Plc, is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (“MPNU”) (“the Transaction”).
“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for granting this approval, and appreciates the support and diligence of the various Ministries and regulators for all the work on this Transaction.
“The Company will now work with all parties to bring the Transaction to completion,” it stated.
Seplat explained that further information concerning to takeover of Mobil would be made public in line with regulatory requirements after completing the transaction process.
“Further announcements will be made as and when appropriate, in line with regulatory requirements,” it added.
The Abuja Division of the Court of Appeal has disqualified Olusola Ebiseni as the Labour Party’s candidate for the Ondo State governorship election set for Saturday, November 16, 2024.
In a unanimous decision, the three-member panel, led by Justice Hamma Barka and delivered by Justice Adebukola Banjoko, ruled that “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”
Justice Banjoko further announced that the Certified True Copy of the judgment would be provided to all parties in due course for review.
Justice Abba Mohammed, concurring with the lead judgment, supported the panel’s decision.
This ruling reverses an earlier Federal High Court decision in Abuja, which had directed the Independent National Electoral Commission (INEC) to recognize Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the upcoming polls on November 16.
Previously, Justice Nwite of the Federal High Court had upheld the validity of a second Labour Party primary election, which produced Ebiseni and Awude as candidates, and ordered INEC to recognize and publish their names.
Justice Nwite’s judgment noted evidence of Ebiseni’s payment of N20 million for a nomination form and an additional N5 million paid to Festus Olorunfemi as compensation for his withdrawal from the race.
However, the appellate court’s recent decision has now invalidated the Federal High Court’s ruling, thereby disqualifying Ebiseni from the governorship race.
Olugbenga Edema, the governorship candidate of the New Nigeria Peoples Party (NNPP) in Ondo, has asked a federal high court to disqualify Lucky Aiyedatiwa from participating in the election.
The state governorship election is slated to take place on November 16.
In an application, Edema said the court should compel the Independent National Electoral Commission (INEC) to withdraw the nomination of Aiyedatiwa, the incumbent governor of Ondo and candidate of the All Progressives Congress (APC), from participating in the election.
He said Aiyedatiwa and his deputy were elected in an invalid party primary election conducted by the APC on April 20.
The NNPP candidate said the primary election was in contravention of the provisions of the Electoral Act, 2022, adding that the court should interpret the application of section 15 of the third schedule to the 1999 Constitution.
“Let 1. The Independent National Electoral Commission (INEC); 2. All Progressives Congress (APC); 3. Lucky Orimisan Aiyedatiwa; and 4. Olayide Owolabi Adelami,” the court document reads.
“Within Seven (7) Days after service of these Summons on them, inclusive of the day of such service, cause an appearance to be entered for them to this Summons, which was issued upon the application of HON. OLUGBENGA OMOGBEMI EDEMA and NEW NIGERIAN PEOPLES PARTY, who are interested in the interpretation and application of the Section 15 of the Third Schedule to the Constitution of the Federal Republic of Nigeria 1999 (as Amended), Sections 82 (1)(5); 84 (1)(2)(4a,b)(13) of the Electoral Act, 2022 and the Time Table and Schedule of Activities issued by the Independent National Electoral Commission for the Ondo State 2024 Governorship Election as well as other relevant laws and constitutional provisions.
“Whether the 1st Respondent is not bound or obligated to adhere to the clear and mandatory provisions Section 15 of the Third Schedule to the Constitution of the Federal Republic of Nigeria, 1999 (as amended); and Sections 82 (1)(5); 84 (1)(2)(4a,b)(13) of the Electoral Act, 2022, in determining which political party should be included in the list of political parties for election in the Ondo state gubernatorial election coming up on the 16th November, 2024.
“Whether by the combined provisions of Section 15 of the Third Schedule to the Constitution of the Federal Republic of Nigeria, 1999 (as amended); and Sections 82 (1)(5); 84 (1)(2)(4a,b)(13) of the Electoral Act, 2022, the 2nd Defendant conducted a valid primary election for the purpose of presenting candidates for the forthcoming Ondo State gubernatorial election slated for the 16th of November, 2024 to entitle the 1st Defendant to include its candidates in the final list of candidates published on the 7th day of November, 2024.
“Whether by the provision of section 84(13) of the Electoral Act, 2022, the 1st Defendant is not obligated to exclude/delist the names of the 3rd and 4th Defendants, being the candidates of the 2nd Defendant, from the list of approved candidates for the forthcoming Ondo State gubernatorial election slated for the 16th November, 2024, having been nominated from an invalid Party Primary election conducted on the 20th of April 2024.”
Edema left the APC to join the NNPP in June after he lost in the party’s primary election to Aiyedatiwa.
He was among the party’s aspirants who alleged that the election did not hold in most parts of the state.
President Bola Tinubu says reforms in the Nigeria Customs Service (NCS) will strengthen trade and border security across the country.
Tinubu spoke in Abuja on Wednesday at the opening ceremony of the comptroller-general of customs (CGC) conference.
The president, represented by Nuhu Ribadu, the national security adviser (NSA), said the reforms align with his administration’s objective to grow Nigeria’s economy through industrialisation and diversification.
This, he said, demonstrates the service’s comprehensive modernisation agenda.
“Responding to our administration’s call for enhanced trade facilitation and economic growth, the service has introduced significant reforms, including the advanced ruling system and the authorised economic operator programme,” NAN quoted Tinubu to have said.
“These initiatives align with global best practices and show how agencies can innovatively implement solutions that advance our national economic objectives while meeting international standards.
“Such reforms enhance trade facilitation and create a more predictable business environment that supports our broader financial goals.”
Tinubu said the reforms contributed to Nigeria’s improved global ranking and ease of doing business.
The president pledged support for the agency’s modernisation and reform efforts, committing to back policies designed to strengthen the service’s capacity to fulfil its duties.
He said the NCS has shown progress in revenue generation, enhancing the government’s ability to fund essential development projects.
Tinubu said upon assuming office, he outlined a vision of strengthening Nigeria’s economy by building on existing frameworks and implementing necessary reforms.
He said his administration is determined to improve Nigeria’s trade and investment status globally as part of the reform initiatives.
“This goal is being pursued through strategic efforts to enhance trade facilitation, modernise port infrastructure, and streamline business processes to minimise trade barriers,” he said.
Tinubu said in less than two years of his administration, over $30 billion in foreign investment commitments have been secured, “reflecting the positive impact of these policies on both domestic and international investor confidence”.
He said the conference’s theme reflects the evolving economic landscape, noting that sustainable progress depends on strengthening existing alliances and forging new ones.
“Your deliberations should chart a path for enhancing our trade processes and compliance frameworks in ways that position Nigeria to maximise the opportunities presented by regional and continental integration while maintaining robust border security,” he said.
He said the outcome of the conference should provide a clear roadmap for achieving the objectives in line “with our national economic aspirations”.