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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 Approves Framework to Unlock $50bn Deep Offshore Investment

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President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has approved a new investment framework aimed at attracting up to $50 billion in fresh investment into Nigeria’s deep offshore oil and gas sector.

The reform is designed to end project-by-project negotiations and introduce clear rules and incentives for large-scale offshore developments.

The framework, implemented through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, is expected to revive major projects that have remained stalled for years.

One of the key projects targeted is the approximately $10 billion Bonga South West development.

The new framework will provide transparent eligibility requirements and implementation procedures, giving investors greater certainty while protecting Nigeria’s long-term economic interests.

It also allows NNPC Limited, as the government’s nominated counterparty under Production Sharing Contracts, to make the necessary amendments to eligible contracts to implement the incentives.

According to the Special Adviser to the President on Oil and Gas, Olu Verheijen-Arowolo, qualifying projects will be required to maximise activities within Nigeria where commercially and technically feasible.

She said the policy would help expand local engineering, fabrication, marine logistics, technical services and project management, while creating skilled jobs and strengthening domestic supply chains.

President Tinubu commended the Federal Ministry of Justice, Ministry of Finance, Ministry of Petroleum Resources, Nigeria Revenue Service, NNPC Limited, NUPRC, NCDMB and other industry stakeholders for their contributions to developing the framework.

The President said countries that attract long-term investment are those that provide certainty, stressing that the reform would create an investment environment based on clear rules, strong institutions and lasting partnerships.

He said the initiative would help attract capital, grow Nigerian businesses, create jobs and ensure that the country’s natural resources deliver greater long-term value.

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NERC Dissolves Kaduna Electricity Distribution Company Board Over ₦456.5bn Insolvency

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The Nigerian Electricity Regulatory Commission (NERC) has dissolved the Board of Kaduna Electricity Distribution Company (Kaduna Electric) with immediate effect over severe financial insolvency amounting to ₦456.5 billion.

NERC, in a statement, said the decision followed the company’s poor financial and operational performance.

According to the commission, Kaduna Electric remitted only 41.93 percent of its adjusted market invoices in 2025 and recorded aggregate losses of 71.88 percent.

The company also invested ₦2.48 billion against a required capital investment of ₦24.51 billion, while customer metering coverage remained below 36 percent.

To ensure continued electricity supply and operational stability, NERC has constituted an interim board of Special Directors chaired by Dr. Abdullahi Garba.

The commission also appointed Dr. Abubakar Umar Hashidu as Administrator of the company for an initial six-month term.

NERC further said Afrexim would coordinate a transparent 12-month competitive process to secure a competent replacement core investor for Kaduna Electric.

The commission assured electricity consumers across Kaduna Electric’s franchise area that distribution services would remain safe and uninterrupted during the transition.

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Subsidy Removal Best Thing That Happened to Nigeria — NRS Chairman

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President Bola Ahmed Tinubu
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The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has described the removal of petrol subsidy as one of the best economic decisions taken in Nigeria, saying President Bola Tinubu deserves commendation for the policy.

Adedeji made the remarks while appearing on Channels Television’s Sunday Politics on Sunday, August 9, 2026.

He said many of the positive economic developments being recorded by the government were linked to the decision to remove the subsidy, which he described as unsustainable and harmful to the country’s economy.

According to him, the subsidy regime had existed for decades and placed a heavy burden on government finances.

“All the good results that I will reel out soon come as a result of that courageous decision. So, it is not a mistake; it is the best thing that has happened to this country,” Adedeji said.

The NRS chairman said Tinubu inherited an economy facing several structural challenges, including an unsustainable petrol subsidy regime, an underperforming oil sector and a narrow tax base.

He said the administration had introduced major reforms to address these challenges and urged Nigerians to assess the policies based on their long-term economic impact rather than emotions.

Adedeji also challenged those seeking to contest the 2027 presidential election to explain how they would handle the country’s economic challenges differently.

He specifically questioned whether they would reverse the removal of fuel subsidy or the unification of the foreign exchange market.

The NRS chairman further argued that retaining the subsidy would have placed an even greater strain on Nigeria’s finances, particularly amid global energy market pressures.

He estimated that the subsidy bill could have risen to about ₦53 trillion, while the exchange rate might have reached ₦3,500 to the dollar.

President Tinubu announced the removal of petrol subsidy during his inauguration speech on May 29, 2023. The decision led to a sharp increase in petrol prices and contributed to higher transportation, food and production costs.

While the reform has increased government revenues and boosted allocations to the federal, state and local governments, its effect on the cost of living remains a major concern for many Nigerians.

 

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