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France collaborate to develop inland dry port

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The French Government has agreed to collaborate with the Federal Government to develop inland dry ports in the country.

Mr Hassan Bello, Executive Secretary/Chief Executive Officer, Nigerian Shippers’ Council (NSC), disclosed this during a collaborative meeting between the duo and investors delegation on Thursday in Abuja.

The News Agency of Nigeria (NAN) reports that the thrust of the meeting was the development of inland dry ports, rail transportation infrastructure, export and import promotion and development between both countries.

Bello explained that after due study,  five locations were chosen by the Federal Government for the construction of a dry port and they were, Funtua, Kano, Ibadan, Plateau and Isiala Ngwa in Abia.

According to him, the dry port at Funtua is already 68 per cent completed and with efforts by the Nigerian Railway Corporation (NRC)  it can  be ready for operations in October or November.

He noted that reasonable progress had also been made in the other various ports, adding that the critical issue was that the projects were concessioned  to the private sector.

“The Federal Government thinks that in order to bring shipping closer to the people there should be ports.

“The guidelines for the policy is that dry port will decongest the sea port,  it will make things easier for everybody, secondly we have to galvanise export.

“Nigeria cannot be import dependent country for a long time,  we need to export to earn all the foreign currency.  It is intended that the dry port will be centred for export.

“In which case we are going to bring standards. Pre-export inspectors so that once you are exporting, it is certified,  everything is sealed and taken by rail mostly to the ship that is waiting and off it goes.

“What it does is that you are spreading the economy and giving exporters access to the ports. We are calling for government to declare the dry port as centres for exports so everything will be there.

“There will also be free zones, so most of the taxes will be lessened. We want to make these ports very comprehensive, we have to add value, we must have the compliment of the cold storage as to really cure these post-harvest losses.

“The most important thing is that we need to enhance and open the ports for local and international investments,’’ Bello said.

On railway, the NSC boss, said rail capacity was key to the success of the dry ports, adding that to earn the confidence of investors, we should have scheduled railway services.

He noted that some countries had indicated interests to invest, therefore, it was important to get things right.

According to him, the idea is not just to have a port, but to have a modern/electronic port that is in accordance and compliance with the ISPS code and of international standard.

He thanked the Managing Director, NRC, Fidet Okhiria, for accepting to ensure availability of land for investors to create additional values.

He,  however,  urged him to take a critical independent survey of all the ports and lay it before the Federal Government so that rail shouldn’t be a cause for delay of the port.

He also appealed that the ports shouldn’t be allowed to be congested like the Apapa ports, goods be cleared 24 hours,  no demurrage or rent seeking and the ports must relate to the economy and the community.

Representing the French government, its Regional Agriculture Counsellor, Dr Sonia Darracq, expressed readiness of its government to collaborate with Nigeria.

While reiterating the importance of the dry port, Darracq, said it would amongst other things,  boost the agricultural sector of the country, as it would curb post-harvest losses of food products.

“I am in contact with some French companies that will be interested in partnering in the development of the dry port be it for food or other things.

“And I brought in some documentation for companies that also cover the cold chain sector and they will  be very much willing to know better about your policy in terms of dry-port development in order to investigate some ways of cooperation.

“I am here to understand better,  what the government and  private sector plan in developing the dry port sector and all other infrastructure.

“I am mostly concerned with the transportation of our food but I’m also very keen to know the strategy of development of the highway,  the roads.

“I came here specifically at the request of the number one in France in the cold chain.  This is a group of French companies which deals in cold chain for more than 50 years.

“They have a vast experience,  they are private companies and are very much willing to start business discussions with you.

“I am a government person and the French government is very much willing to assist in the form of some financial tools we can activate for the beginning.

“We want to be part of the transformation of all or few environmentally friendly energy sources for all activities including the cold chain transportation and everything.

“To that we can  easily activate not only the French financial assistance but also the European Union.

“ I will write a  report that I will share with my ambassador but also with the EU representatives here because I think this is  for us,  a golden opportunity to work together and to be part of this development that is critical for the country,’’she added.

The Managing Director, NRC in his remark, reiterated the importance of rail in industrialisation and development.

Okhiria reiterated efforts of President Muhammadu Buhari’s administration to link the country through rail, stating that work was on going to revitalise/construct the narrow and standard gauge lines in the country.

He said :“ the Federal Government has taken the bull by the horns to develop the infrastructure and the dry ports now have rail tracks to move products.

“If we succeed in linking the rails, we will not only reduce congestion but encourage people to use other ports and boost the economy in the long run.

“I pray the government continues to have the will to develop the sector as it is not a cheap project.’’ (NAN)

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Business & Economy

Tinubu Rules Out Fuel Subsidy Return, Says Nigeria Cannot Go Back to ‘Egypt’

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President Bola Ahmed Tinubu
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President Bola Tinubu has ruled out any return to petrol subsidy, insisting that the removal of the policy was necessary to prevent Nigeria’s economy from sliding into bankruptcy.

The President reiterated his position on Monday during a meeting with members of the City Boy Movement, a youth-driven political and advocacy group, where he defended the economic reforms introduced by his administration.

Tinubu said the government could no longer sustain the financial burden of subsidising petrol, arguing that the country lacked the resources required to continue funding the scheme.

“I came, and I removed the subsidy on my first day. Nigeria would have gone bankrupt; there was nothing left to pay for subsidies,” he said.

Using a biblical and Quranic analogy to underscore his position, the President declared that reversing the policy would amount to returning to an unsustainable economic system.

“When Moses (Musa) left Egypt, the Red Sea parted and gave way. You cannot ask Moses to go back to Egypt. With your energy and support, we will never go back to Egypt,” he stated.

The removal of petrol subsidy, announced during Tinubu’s inauguration on May 29, 2023, marked a major shift in Nigeria’s fiscal policy. The decision significantly increased petrol prices and contributed to mounting pressure on household incomes, transportation costs and businesses.

Petrol prices, which were below ₦200 per litre before the policy change, have since risen substantially, with prices reported at between ₦1,350 and ₦1,405 per litre across major filling stations.

The resulting increase in energy and transportation costs has continued to fuel public concerns over inflation, declining purchasing power and the overall cost of living.

However, the Federal Government has maintained that subsidy removal is critical to reducing fiscal pressure, improving public revenue and creating room for investment in infrastructure and other priority sectors.

Tinubu acknowledged the political contest surrounding the policy, noting that his opponents had promised to restore fuel subsidy. He nevertheless maintained that his administration would not reverse the reform.

Beyond defending the policy, the President urged members of the City Boy Movement to mobilise support for his administration by communicating its achievements and future plans to young Nigerians across campuses, markets and rural communities.

He also encouraged eligible young people to obtain their Permanent Voter Cards (PVCs) and participate in the electoral process.

The debate over fuel subsidy remains a central issue in Nigeria’s economic policy, with the government defending the reform on fiscal sustainability grounds while households and businesses continue to grapple with the effects of higher fuel prices.

 

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FG Rules Out Electricity Tariff Hike, Targets 24-Hour Power Supply

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Power Station and Meters
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The Federal Government has ruled out any plan to increase electricity tariffs, saying its priority is to improve power supply and ensure reliable electricity across the country.

The Minister of Power, Joseph Tegbe, gave the assurance in Ibadan, Oyo State, on Thursday, amid concerns and speculation about a possible increase in electricity tariffs.

Tegbe spoke during the groundbreaking ceremony for five interconnected mini-grid projects with a combined generation capacity of 17.7 megawatts and a 17.74-megawatt-hour Battery Energy Storage System (BESS).

“I want to say this clearly and without ambiguity: there is no plan to increase electricity tariffs. What we are planning is a power sector that works around the clock. Our commitment is 24/7 power,” the minister said.

He urged Nigerians to disregard reports suggesting an impending tariff hike, stressing that the government was focused on improving electricity generation, transmission and distribution.

The five mini-grid projects are located in Bola, Jiboye, Molade-Adelubi, Ogo Oluwa and Sooko-Elega. They are expected to provide electricity to communities across Akinyele, Ido, Ibadan North, Egbeda and Lagelu Local Government Areas of Oyo State.

According to the minister, the projects are designed to expand electricity access, reduce dependence on petrol and diesel-powered generators, and create a more favourable environment for businesses, investment and job creation.

Tegbe said the Federal Government was also implementing a broader energy strategy aimed at improving electricity supply through designated energy corridors, including the Lagos-Ogun, Abuja-Kaduna-Kano and Benin-Enugu-Port Harcourt corridors.

He added that efforts were underway to strengthen the national grid and upgrade generation and transmission infrastructure across the country’s eastern, western and central corridors.

The minister described the mini-grid initiative as part of President Bola Tinubu’s Renewed Hope Agenda, noting that similar electricity interventions had been implemented in communities across several states with support from the Rural Electrification Agency (REA).

He commended Tinubu for his leadership and acknowledged the contributions of the REA, project developer Paras Energy and Natural Resources Development Limited, the World Bank and the Ibadan Electricity Distribution Company.

Tegbe also recognised the Oyo State Government, traditional rulers and other stakeholders for their roles in facilitating the projects.

The initiative is expected to improve electricity reliability in the beneficiary communities, support local economic activities and reduce energy costs for households and businesses.

 

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Oyedele Warns Against New Taxes, Urges Governments to Explore Revenue Alternatives

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President Bola Ahmed Tinubu
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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against imposing new taxes or increasing the tax burden on vulnerable citizens and productive sectors amid economic pressures.

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, where he presented the communiqué of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

The minister said governments should prioritise identifying areas of savings, improving revenue mobilisation and strengthening fiscal management rather than introducing additional tax burdens that could further strain households and businesses.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Oyedele made the remarks while responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public expenditure.

He urged governments to look inward for savings and explore more efficient ways of generating revenue while protecting vulnerable populations from further financial pressure.

On public borrowing, the minister said debt financing remained necessary to support economic growth but stressed that borrowed funds should be deployed to stimulate job creation and promote inclusive development.

He noted that governments should prioritise limited public resources for essential services, including healthcare and education, while leveraging private capital to support other investment needs.

Oyedele also cautioned against treating taxation and borrowing as mutually exclusive options, explaining that both have economic implications and must be carefully balanced.

According to him, excessive taxation of vulnerable households could reduce their capacity to afford basic necessities, including food, healthcare and education.

He described public debt as a future tax burden, emphasising the need for governments to adopt fiscal policies that balance present revenue needs with long-term economic sustainability.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” he said.

The minister’s remarks underscore the need for developing economies to strengthen domestic revenue mobilisation, improve public spending efficiency and manage debt sustainably without undermining household welfare or productive economic activities.

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