Business
Paying for oil exports, others in naira will strengthen our currency, says Dogara
Paying for oil exports, others in naira will strengthen our currency, says Dogara
Former Speaker of the House of Representatives, Yakubu Dogara, has offered a number of suggestions on how to immediately strengthen the nation’s currency, the naira.
One of the measures, he said, was for the Federal Government to mandate those buying Nigeria’s crude oil to pay in naira and not United States dollar.
Similarly, he said all payments for exports should be made in the local currency, which he noted would reduce the desperation for the USD and continued fall in the naira’s value.
Dogara also asked the Federal Government to unlock “idle dollars” in private vaults to crash the foreign exchange (FX) rate.
Dogara spoke on Wednesday at the special edition of The Platform, an event powered by The Covenant Nation to facilitate national development.
Themed, ‘Democracy and the Free Market Economy’, the programme was held to mark Nigeria’s 25 years of unbroken democracy.
The naira had appreciated marginally to N1,480/$ at the parallel section of the FX market on June 10 — but fell to N1,483 at the official window on the same trading day.
Dogara said the naira was grossly undervalued, attributing this to an insatiable demand for dollars.
The former lawmaker said the forex issue is the primary problem currently affecting Nigeria’s economy.
He said both legitimate and shady transactions were being conducted in dollars, stressing that unless the appetite for dollars was curbed, the demand would always exceed the supply.
He said, “So many reasons have been adduced by pundits to be responsible for FX rate instability in Nigeria.
“I believe the naira is grossly undervalued. This is because the most productive nations are not necessarily the nations with the strongest currencies.
“I think the only infliction point we witnessed was due to the advent of the BVN, which crippled the ability of corrupt officials and other shady characters to keep their loot in anonymous bank accounts.
“Almost all ill-gotten money is stashed in USD in private vaults as the naira is too bulky to warehouse.
“Therefore, I am of the firm belief that our insatiable appetite for USD is what is killing the naira.
“Believe it or not, nearly all big-ticket deals and transactions, both legitimate and shady, are closed in USD in Nigeria.
“Just find out, there is no hefty bribe that is not paid for in USD. Some schools in Nigeria charge fees in foreign currencies, and even our most valued export is paid for in USD.
“So, to me, wittingly or unwittingly, the USD is our currency of choice and as long as we don’t kill our appetite for USD, the demand for USD will always outstrip its supplies.
“The challenge before the government is how to unlock and make the USD locked up in private vaults in Nigeria begin to chase the naira. That to me is the commonsensical solution.
“I believe we have enough dollars in this country that we can unlock to make our economy work and to crash the FX rate.”
Dogara urged the government to mandate the use of the naira for the payment of all Nigerian exports, including crude oil, to strengthen the local currency.
“To achieve this, the government must demand that all Nigerian exports, including crude oil exports, be paid for in naira, just as we don’t pay for any import into Nigeria from any country in naira. It is not too much to demand that,” he said.
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Auto
Seven Drivers Emerge for Tuesday Naija Driver Challenge Grand Finale in Lagos
Seven Drivers Emerge for Tuesday 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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