Local fuel refining, $750m loan will stabilize naira - Report - Newstrends
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Local fuel refining, $750m loan will stabilize naira – Report

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Local fuel refining, $750m loan will stabilize naira – Report

The naira is projected to exchange between N1,423.26/$ and N1,550/$ in the second half of this year, report by United Capital report titled: Balancing Act: Nigeria’s Path to Stability.

The naira yesterday exchanged at N1,570/$ at the parallel market, and appreciated by 6.05 per cent to close at N1,500.32/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM)- official window.

The report released yesterday, said local petrol supply from the Dangote Refinery and a $750 million disbursement from the World Bank will keep naira stable in the remaining months of the year.

The World Bank recently granted the Federal Government a $750 million loan to offer subsidies to developers and operators of solar mini-grids in areas across the country that lack electricity access.

The loan, approved under the Distributed Access through Renewable Energy Scale-up (DARES) project, aims to increase the supply of electricity to households and micro, small, and medium-sized enterprises (MSMEs) through private sector-led distributed renewable energy initiatives.

The commencement of production of Premium Motor Spirit (PMS) also known as petrol by the Dangote Oil Refinery   and Petrochemicals company is also expected to lift the naira.

The development is expected to harness Africa’s abundant crude oil resources to produce refined products locally, even as the company aims to catalyze a virtuous cycle of industrial development, job creation, and economic prosperity

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The report said financial system liquidity is expected to increase by 40.2 per cent in the second half of the year while Bond yields are likely to remain elevated due to the government’s reliance on the domestic debt market. It added that investors are expected to favor short-term rates over longer-term exposure, leading to mixed sentiments in the bonds market.

It said the naira has experienced notable volatility in during the first half of 2024, with much of the weakness attributed to devaluation in January 2024 when the Central Bank of Nigeria (CBN) revised its methodology for setting the official exchange rate.

“The currency weakened by 34.33 per cent in the official market, from N988.46/US$ on January 2, 2024, to N1.505.30/US$ by June 28, 2024, and fell by 21.05 per cent in the parallel market, from N1,200/$ to N1,520/$ over the same period,” it said.

It explained that although this adjustment has seen improvements in the elimination of the premium between the official and parallel markets, and improved market turnover, indicating some reform progress, but the local currency has continued to weaken against the greenback.

 “However, the naira continued to weaken, losing 7.3 per cent against the US dollar post-devaluation due to high dollar demand for fund repatriation after the CBN cleared a backlog of foreign exchange requests, coupled with the ongoing dependency on imported petrol,” it said.

The report said the sustainability of these measures’ hinges on improved capital inflows through improved crude oil production and enhanced export revenues replenishing foreign reserves.

 “Should these vital inflows fail to materialize, the efficacy of CBN interventions may wane over time, leaving the naira vulnerable to further depreciation in the absence of robust external support,” it said.

In addition to the power subsidy, the Federal Government plans to provide performance-based grants to eligible mini-grid operators based on new customer connections for isolated mini-grids and a percentage of capital expenditures for interconnected mini-grid projects.

The grant will also cover standalone solar (SAS) systems for households, MSMEs, and agribusinesses, supporting the rapid deployment of SAS solutions in rural and underserved areas through supply- and demand-side support.

Local fuel refining, $750m loan will stabilize naira – Report

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Seven Drivers Emerge for Tuesday Naija Driver Challenge Grand Finale in Lagos 

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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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Four-day Abuja International Motor Fair begins tomorrow Nov 10 

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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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Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%

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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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