Business
Concerns mount as naira depreciates further at official, black markets
Concerns mount as naira depreciates further at official, black markets
The situation has remained bleak for industry operators, businesses and other people in Nigeria needing dollars and other strong global currencies as the naira further declined against the dollar on Monday in both the official and black markets.
The domestic currency depreciated by 2.54 per cent to close at N925.34 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.
This represents an N22.89 loss or a 2.54 per cent decrease in the local currency compared to the N902.45 it closed the previous day.
Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1360/$1, representing a 0.74 per cent decrease over what it closed the previous day, while peer-to-peer traders quoted around N1371.02/$1.
Again, credit ratings agency Fitch recently stated that the Central Bank of Nigeria does not have the resources to address the shortage and clear the forex backlog.
The country’s high debt service to revenue ratio is also said to be contributing to a challenging sovereign credit rating.
Gaimin Nonyane, Fitch’s Director of Middle East and Africa Sovereigns, expressed that the ongoing foreign exchange shortages in Nigeria would exert pressure on the naira. Currently, there exists a 30 per cent disparity between the official and parallel exchange rates.
She said, “We think that the central bank is still very well short of the amount it needs to be able to clear the foreign exchange backlog and also meet the extremely large external financing by the private sectors,”
Nonyane and Toby Iles, Fitch’s Head of Middle East and Africa Sovereigns, cautioned that Nigeria’s interest payments to revenue ratio, surpassing 40 per cent, posing a significant weakness for its credit rating four times higher than the median for B-rated sovereigns.
Nigeria’s debt levels have been a cause of concern to many in recent times. In the first quarter of 2023, the debt service to revenue rose to 183 per cent.
Nigeria’s total public debt as of Q3, 2023 stood at N87.9 trillion.
In the 2024 budget proposal presented to the National Assembly, the Federal Government intends to borrow N7.83 trillion to address a budget deficit of N9.18 trillion.
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Auto
Seven Drivers Emerge for Todays Naija Driver Challenge Grand Finale in Lagos
Seven Drivers Emerge for Today’s Naija Driver Challenge Grand Finale in Lagos
The maiden Nigerian Drivers Challenge will reach its climax on Tuesday, November 10, with seven finalists set to compete for honours at the National Stadium, Surulere, Lagos, in a contest aimed at promoting responsible driving, professionalism and improved road safety in Nigeria.
The grand finale, scheduled to begin at 9am, follows a nationwide response that saw 160 drivers register for the hybrid competition from 23 states of the federation.
The seven finalists emerged after preliminary assessments, including a proctored online Computer-Based Test (CBT), with participants required to attain a minimum pass mark of 60 per cent.
The final stage will feature practical driving assessments designed by the Lagos State Drivers’ Institute (LASDRI) to evaluate participants’ driving skills, vehicle control, road-use awareness and compliance with safety principles.
The eventual winner will be determined through a combination of CBT performance and practical assessment scores.
Organised to raise driving standards and promote safer roads, the Nigerian Drivers Challenge seeks to draw attention to the critical role of competent, disciplined and professionally trained motorists in reducing preventable road crashes.
The event is expected to attract representatives of government agencies, road safety institutions, automotive industry stakeholders, sponsors, the media and members of the public.
Speaking on the vision behind the initiative, Project Director, Adrian Egonu, said the encouraging response to the maiden edition demonstrated the need for platforms that promote responsible motoring.
“The Nigerian Drivers Challenge was conceived out of a conviction that safer roads begin with responsible, competent and professional drivers,” Egonu said.
He added that the initiative was more than a driving competition, describing it as a platform for raising road safety consciousness, improving driving standards and celebrating excellence behind the wheel.
The Project’s Head of Administration, Modupeola A. Elegba, also expressed satisfaction with the feedback from participants, particularly those who completed the training and CBT stages.
She said the positive responses, including participants’ appreciation of the knowledge gained on safe road use and the competition’s seamless online platform, had encouraged the organisers to expand the initiative in subsequent editions.
The organisers acknowledged the support of institutional partners, including LASDRI, the Federal Road Safety Corps and the Automobile and Touring Club of Nigeria.
Sponsors include Skinetics Aesthetics Skin Care Clinic and Med Spa, BUA Cement, Sovereign Trust Insurance Plc and AXA Mansard Health Ltd, while supporting organisations include the Lagos State Signage and Advertisement Agency, Lagos State Safety Commission, Lagos State Traffic Management Authority and Work and Play.
The public, stakeholders and members of the media have been invited to attend the grand finale.
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Auto
Four-day Abuja International Motor Fair begins tomorrow Nov 10
Four-day Abuja International Motor Fair begins tomorrow Nov 10
Nigeria’s automotive industry is set for a major convergence of manufacturers, investors, policymakers and technology players as the 26th Abuja International Motor Fair opens on November 10, 2026, at Eagle Square, Abuja, with a renewed focus on accelerating local production, investment and industry transformation.
The four-day exhibition, organised by the National Automotive Design and Development Council (NADDC) in partnership with BKG Exhibitions Limited, will bring together stakeholders across the automotive value chain, including vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies and government agencies.
A major highlight will be a three-day industry conference themed, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.” The conference is expected to examine critical policy directions, investment opportunities, local manufacturing and emerging technologies shaping the future of Nigeria’s automotive sector.
In a statement, BKG Exhibitions said the conference would feature contributions from industry leaders and experts across relevant sectors.
Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said NADDC Director-General, Otunba Joseph Osanipin, would deliver the keynote address, alongside presentations by leading figures in the automotive and transport industries.
Agwu said the fair would offer participants opportunities to engage policymakers, investors and business executives while exploring new vehicles, technologies, products and investment prospects.
Other attractions include the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic car displays and the Automotive and Future Mobility Arena.
The annual exhibition has established itself as a major platform for automotive business networking, product promotion and policy engagement, with this year’s edition expected to further advance conversations around investment, innovation, local production and sustainable industry growth.
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Railway
Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%
Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%
The Kano-Katsina-Maradi railway project has also reached 70 per cent completion, according to the APC Presidential Campaign Council.

President Bola Ahmed Tinubu has intensified efforts to complete major railway projects in Northern Nigeria, with the Kaduna-Kano Standard Gauge Railway scheduled for inauguration on December 3, 2026.
The All Progressives Congress (APC) Presidential Campaign Council disclosed this in a statement issued on Sunday by its spokesperson, Dele Alake, stating that the 203-kilometre Kaduna-Zaria-Kano railway project had attained approximately 90 per cent completion.
The council also announced that the 400-kilometre Kano-Katsina-Maradi railway project, which extends towards the Niger Republic, had reached 70 per cent completion.
According to the statement, the Kano-Katsina-Maradi project was barely five per cent complete when Tinubu assumed office in 2023, while the Kaduna-Kano railway had achieved less than 30 per cent completion.
The projects, described as part of the administration’s major infrastructure initiatives, are expected to improve transportation, strengthen regional connectivity and facilitate the movement of passengers and goods across Northern Nigeria and neighbouring countries.

The Kaduna-Kano railway is an extension of the existing Abuja-Kaduna Standard Gauge Railway and is expected to establish a continuous rail connection between Abuja, Kaduna, Zaria and Kano, linking major commercial centres in the region.
The council said the projects were recently inspected on the directive of President Tinubu by a Federal Government delegation led by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funso Adebiyi.
The delegation reportedly expressed satisfaction with the quality of construction, particularly the railway alignment, drainage infrastructure, embankment protection, stone pitching and soil stabilisation.
As part of the inspection, officials undertook a test-run journey by train from Jaji in Kaduna State to Kano to assess the completed track infrastructure and passenger comfort.
The statement added that Tinubu had directed the immediate resolution of outstanding land acquisition and compensation issues within Kaduna metropolis to facilitate the completion of the remaining railway corridor linking Abuja and Kano.
It further disclosed that the 190-kilometre Jaji-Kano section of the Kaduna-Kano railway, alongside the 250-kilometre Dawanu-Kano-Kazaure-Daura-Katsina section of the Kano-Maradi project, was scheduled for inauguration on December 3, 2026.
When fully operational, the Kaduna-Kano railway is expected to provide an alternative to road transportation, improve passenger movement and boost commercial activities along one of Northern Nigeria’s busiest economic corridors.
Similarly, the Kano-Katsina-Maradi railway is expected to strengthen cross-border transportation and trade between Nigeria and the neighbouring Republic of Niger.
The APC Presidential Campaign Council said the projects reflected Tinubu’s commitment to ensuring that ongoing infrastructure developments across the country were completed as scheduled.
Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%
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