Business
Nigeria undergoing economic reset, says Governor Soludo
Nigeria undergoing economic reset, says Governor Soludo
Nigeria’s economy is currently undergoing a reset with the removal of petrol subsidy and floating of the naira, Anambra State Governor, Prof Chukwuma Soludo, has said.
The governor said it was sensible to eliminate the ‘’debilitating scam’’ called subsidy which benefitted largely the urban elite.
He spoke on Thursday while giving the 13th convocation lecture of Abuja-based Veritas University.
Soludo, who was Central Bank of Nigeria (CBN) governor between May 2004 and May 2009, commended Tinubu for ending ‘forex and electricity subsidies.”
The governor said, “Nigeria is undergoing a fundamental and disruptive reset. Hopefully, we have ended the debilitating scam called fuel subsidy as well as the forex and electricity subsidies.
“We have entered a ‘muddling-through’ phase which we must navigate carefully. Soon we must migrate from the destructive subsidies that benefitted largely the urban elite to a productive social contract that creates opportunity for all.”
Soludo urged Nigerians to sit up and craft a pragmatic new deal and an emergency national infrastructure plan similar to the United States (US) Marshall Plan to take the nation to great heights.
He said, “As we muddle through the shocks occasioned by the needed disruptive changes, we must sit and craft a pragmatic New Deal for Nigeria plus an emergency national infrastructure plan akin to the U.S Marshall Plan for Europe after the Second World war.
‘’Some elements of the new deal such as the minimum wage legislation, draft tax reform bill, and planned cash transfers are positive signs.
“This moment calls for historic coordination between the federal and state governments to agree on the critical elements of the augmented New Deal and Marshall Plan as well as their implementation to deliver outcomes within the shortest possible time.
“A key issue will be the ‘national plan’ for the deployment of the apparent ‘fiscal/subsidy windfall’.
“I say ‘apparent’ windfall because much of the nominal increase in fiscal revenues is largely money illusion. In the US, dollar terms and real purchasing power terms, much of the current revenue windfall is still far lower than in previous years.
“For example, a state that received N5 billion or $43.4 million as monthly federation account allocation in 2007/8 when the exchange rate was N118 to a dollar and a bag of cement sold for a few hundred Naira would need to receive at least N77 billion a month at current exchange rate and prices to be restored to its 2007/8 position. But the state does not get even a third of such.
“Fixing the oil output will be a critical game changer in the short to medium term. However minuscule or even non-existent the windfall in real terms, the federation must be seen to intentionally execute a new deal that pragmatically coheres with our peculiar federalism while urgently addressing the needs of the people.
“Besides the humongous investment to build infrastructure for the 21st century, we urgently need to prioritise our national investment in human capital — to transform our abundant human resources into productive capital. In the 21st and 22nd centuries driven by digitalisation, only societies that intentionally mine their human capital will triumph.
“Deploying our depleting natural resources to invest in the bridge to the future—human capital—will not only give our teeming population a stake in society but also secure their future.
“As a country, we must aim to remember this time in our history as the moment when we dared to remove the negative subsidies but deployed a part of the windfall to benefit our children and youths—via their education and health.
“At the minimum, we should set a national target to bring down the out-of-school children to zero within 5-8 years, and qualitative tuition-free secondary education to all Nigerian children within 10 years, while mainstreaming selected centres of excellence for the exportable labour force.”
The governor charged the graduating students not to fail the country.
He said, “The future you seek is in your palms, and only those who plan can control the future. As I look into your eyes, I can see hope.
“Nigeria may not have offered you much, but in fulfilment of your divine purpose on earth, you will be expected to give more than you have received.’’
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Auto
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
Chinese automotive brands strengthen foothold in UK, Spain, Italy and France as new-energy vehicles drive growth
Omoda and Jaecoo are accelerating their European expansion, buoyed by surging demand in key markets and a growing appetite for electrified vehicles, as the automotive brands recorded a 123 per cent year-on-year increase in global sales to 73,421 units in September 2026.
The latest performance underscores the brands’ growing international reach, with cumulative sales for the first nine months of the year reaching 587,846 units, according to figures released by the company.
The United Kingdom emerged as a major growth driver, with the brands recording 22,296 registrations in September, more than double their performance in the corresponding period of 2025. The volume translated into a 6.37 per cent market share and second place among automotive brands in the country for the month.
A standout performer was the Jaecoo 7, which recorded 10,813 registrations in the UK during September to become the country’s best-selling new-car model for the month. Its cumulative registrations for the first nine months of the year stood at 39,473 units.
The model’s performance highlights the growing competitive presence of the Chinese automotive brands in a market traditionally dominated by established European, Japanese and South Korean manufacturers.
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Beyond sales, Omoda and Jaecoo are also deepening their long-term commitment to the UK through plans to establish a research and development centre at UTAC Millbrook in Bedfordshire. The proposed facility will focus on areas such as chassis tuning and advanced driver-assistance systems, enabling the brands to tailor their vehicles more closely to European driving conditions and customer expectations.
Spain, Italy and France also delivered strong performances, reinforcing the brands’ broader European growth strategy.
In Spain, September registrations increased by 91.5 per cent year-on-year to 4,010 units, lifting the brands’ market share to a record 4.3 per cent. Electrified vehicles accounted for 98 per cent of their sales in the country, highlighting the importance of alternative-powertrain models to their European strategy.
Italy recorded 4,678 registrations in September, giving the brands a 3.31 per cent market share. Their cumulative registrations between January and September rose by 256.23 per cent to 32,945 units, reflecting a rapid expansion in one of Europe’s important automotive markets.
France, another market in which the brands are building their presence, recorded combined September registrations of 3,003 units. Jaecoo contributed 2,589 units, an impressive showing approximately six months after its entry into the French market.
The gains across these countries point to an increasingly coordinated European push, with Omoda and Jaecoo seeking to translate their expanding product portfolios into stronger market positions.
Electrification drives global growth
New-energy vehicles (NEVs) remained a major contributor to the brands’ worldwide performance, with sales reaching 53,957 units in September, representing an 184 per cent increase year-on-year.
The volume accounted for approximately 73.5 per cent of total monthly sales, underlining the growing contribution of electrified models to the brands’ global business.
The figures suggest that electrification is becoming central to Omoda and Jaecoo’s expansion, particularly in markets where consumers are increasingly considering hybrid and other electrified powertrains alongside conventional petrol vehicles.
With rising registrations in major European markets, expanding technical development plans and strong demand for the Jaecoo 7, the brands are seeking to consolidate their position in an increasingly competitive automotive landscape.
Sustaining the momentum will depend on their ability to maintain product appeal, strengthen dealer and after-sales networks, and respond to the differing regulatory requirements and consumer preferences across Europe.\
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
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Railway
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
The Nigerian Railway Corporation has denied allegations that it deliberately creates artificial scarcity of tickets on the Abuja-Kaduna Train Service to facilitate their resale at exorbitant prices, blaming the persistent shortage on surging passenger demand and the activities of ticket touts exploiting the system.
The corporation, in a statement signed by its Chief Public Relations Officer, Callistus Unyimadu, said demand for rail services on the corridor had exceeded available capacity by more than 10 times, creating a severe imbalance between the number of passengers seeking tickets and the limited seats available.
The clarification followed a viral social media video by Instagram blogger Faizah Raji, operating under the handle @wearegst, who accused the NRC of withholding tickets from its official electronic booking platform and reselling them through unnamed agents at prices reportedly twice the approved fares.
However, the NRC described the allegations as misleading, insisting that the corporation neither buys nor sells train tickets but facilitates passenger access to the railway service through approved ticketing arrangements.
According to the management, Raji had acknowledged in her account that the corporation warned passengers to purchase tickets exclusively through authorised platforms but subsequently bought a ticket from an agent after failing to secure one through the official portal.
The NRC said while her experience might be genuine, patronising unofficial ticket sellers despite repeated warnings did not establish the corporation’s involvement in the alleged racket.
It warned passengers that tickets obtained through unauthorised agents, particularly those purchased with another person’s identification details, could be invalid and expose travellers to financial losses or denial of boarding.
The corporation explained that electronic ticketing across its standard-gauge railway operations was handled by private concessionaires under public-private partnership arrangements approved by the Infrastructure Concession Regulatory Commission and the Federal Executive Council before 2023.
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It identified SecureID/TPS as the ticketing service provider for the Abuja-Kaduna Train Service, Global Software Digital Solutions for the Lagos-Ibadan Train Service, and Fane Warri-Itakpe Ticketing Solutions Limited for the Warri-Itakpe Train Service.
NIN verification introduced to combat ticket fraud
The NRC traced the growing challenge of ticket racketeering to fraudulent practices that persisted despite measures introduced to strengthen passenger identification and railway security.
It said the government introduced the use of the National Identification Number as a condition for purchasing train tickets following the 2022 train attack, partly to curb ticket racketeering.
However, according to the corporation, fraudsters subsequently devised ways of obtaining multiple NINs to purchase tickets in bulk for resale to unsuspecting passengers.
To tackle the practice, the NRC introduced an additional verification procedure in 2025, modelled on the system used at the Murtala Muhammed International Airport Terminal 2 in Lagos.
Under the arrangement, passengers’ NIN details are checked against the information used to purchase their tickets, while personal identification cards are also required before boarding.
The corporation said its verification system at Idu and Kubwa in Abuja, as well as Rigasa in Kaduna, is integrated with the National Identity Management Commission database, enabling officials to retrieve the photograph associated with the NIN used for a ticket purchase.
This, it explained, helps officials identify passengers attempting to travel with tickets purchased using another person’s identity.
The NRC, however, acknowledged that security challenges at the Rigasa station, which it described as having been hurriedly adopted, had occasionally made enforcement difficult because of limitations in its access-control infrastructure.
NRC vows crackdown on racketeering
Despite the challenges, the corporation declared zero tolerance for ticket racketeering, warning that any employee found participating in or colluding with fraudulent ticket sellers would face summary disciplinary action.
It also said the electronic ticketing concessionaires had been directed to improve the accessibility and ease of use of their booking platforms to ensure passengers could obtain tickets more conveniently while complying with established procedures.
The management maintained that the growing preference for train travel among Nigerians had placed considerable pressure on available capacity, reinforcing the need for passengers to use only approved booking channels.
It described the purchase of tickets through third parties using another person’s NIN or name as unacceptable and an act of economic sabotage that undermines the integrity of the railway system.
The corporation assured passengers that it remained committed to improving customer service, strengthening security and ensuring that rail travel became a preferred alternative for Nigerians.
It reiterated its commitment to providing safe, affordable, reliable and convenient train services across the country’s railway corridors while intensifying efforts to prevent criminal activities and protect the corporation’s reputation.
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
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Auto
Naija Driver 2026: Online CBT Screening Holds today
Naija Driver 2026: Online CBT Screening Holds today
LAGOS, NIGERIA — The race to identify Nigeria’s safest and most skilled drivers enters a decisive phase today, Saturday, October 17, as registered candidates nationwide prepare for the 11am online computer-based test (CBT) screening of the inaugural Nigerian Drivers Challenge, Naija Driver 2026.
The organisers have urged candidates to log in prepared, with a functional laptop or desktop computer, webcam and reliable internet connection, warning that smartphones and tablets will not be supported for the 20-minute, 40-question examination.
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