Business
Nigeria’s economy growing, exchange rate stabilising, says FG
Nigeria’s economy growing, exchange rate stabilising, says FG
The Federal Government has given an update on the state of nation’s economy.
It says a lot of progress is being made with the economy just as the exchange rate is stabilising.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said this while briefing State House correspondents at the end of Council of State meeting on Tuesday.
Edun said the meeting presented an opportunity to update council members on the economy.
He said, “We gave them an update on how far progress has been made in terms of the macroeconomic policies being followed under the leadership of President Bola Ahmed Tinubu.
“And these policies are anchored on his eight priority areas and the results to date have been very encouraging.”
The minister also said, “We looked at the data, or we reported on the evidence and the data of this half year for which data was available, compared to the first quarter and the second quarter of 2023. And in broad terms, the economy is growing.
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“The balance of payments, in particular, the trade balance and a current account balance are in surplus.
“The exchange rate is stabilizing, and inflation, though high, uncomfortably high for the liking of Mr President and his team, it is slowing and it is set to fall.”
On his part, Chairman of the Governors’ Forum and Governor of Kwara State, Abdulrahman AbdulRazaq, said the Council also passed a vote of confidence in President Bola Tinubu.
He disclosed that after the Council of State meeting, the governors also met with the President in an executive session where another vote of confidence was passed.
He said, “Council members, especially those of the Nigerian governors’ forum, were satisfied with the presentation by the members of the Federal Executive Council, and after that meeting, there was an executive session between members of the Nigerian governor’s forum and Mr President, and frank and fruitful discussions were held between both parties.
“I’m glad to say we’re on the right track. And to say in the same vein, members of the NGF also, like the members of the Council of State, passed a vote of confidence in Mr President. We also wish him well and pray for God, guidance for him.”
Nigeria’s economy growing, exchange rate stabilising, says FG
Auto
Chanrai Storms Nigeria’s Gas Market, Unveils High-Capacity CNG, LNG Solutions to Power Energy Shift
Chanrai Storms Nigeria’s Gas Market, Unveils High-Capacity CNG, LNG Solutions to Power Energy Shift
By Rasheed Bisiriyu
Nigeria’s drive towards cleaner and more affordable transport fuel gathered fresh momentum on Friday as Chanrai Nigeria Limited formally entered the country’s gas distribution space, unveiling high-capacity CNG and LNG compression technologies in Lagos.
The company, a member of the globally diversified Kewalram Chanrai Group, announced a strategic partnership with India’s Tulip Compression to roll out advanced compressor packages and integrated “single window” CNG solutions aimed at accelerating the Federal Government’s Presidential CNG Initiative.
Chief Operating Officer of Chanrai Nigeria Limited, Anil Sahgal, described the Tulip CNG Compressor Packages as a “game-changer” for Nigeria’s evolving energy landscape.
“With our commitment to safety, efficiency and OEM-grade partnership, we’re empowering the nation to achieve its CNG ambitions while driving economic growth and environmental sustainability,” Sahgal said.
The move marks Chanrai’s expansion beyond its traditional business interests — which span automobiles, agro-products, healthcare and fast-moving consumer goods — into the fast-growing gas infrastructure segment, as fleet operators and industrial users increasingly seek alternatives to petrol and diesel.
Under the partnership, Chanrai Nigeria and Tulip Compression will deliver Compression Station on Single Window (CssW) solutions — integrating compressors, dispensers, storage and stainless-steel tubing under one brand — to simplify deployment and reduce installation timelines.
The compressor packages come in a wide capacity range, from 250 to 4,500 standard cubic metres per hour, making them suitable for small refuelling stations as well as large gas hubs.
A 1,400 SCMH gas engine-driven booster compressor is designed to refuel heavy-duty CNG trucks in about 20 minutes by drawing gas from tube trailers.
The systems are available in both electric motor-driven and gas engine-driven configurations, eliminating the need for large gas generators while ensuring energy efficiency and lower life-cycle costs.
According to the company, the equipment features dual-chamber leak-proof safety systems, advanced sealing technology to eliminate gas loss and global certifications including ATEX, CE, BIS and SGS standards.
The unveiling underscores the growing private sector response to government reforms encouraging gas adoption as a cost-effective and environmentally friendly alternative fuel.
With the compressor packages now available for immediate orders, Chanrai Nigeria said it would provide 24/7 after-sales support, operations and maintenance services, as well as remote asset monitoring solutions.
The development signals intensifying investment in CNG infrastructure as Nigeria seeks to deepen local gas utilisation, reduce fuel import dependence and cushion consumers from volatile petrol prices.
Entertainment
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
A team of leading Nigerian artistes and entertainment executives has paid a courtesy visit to the Managing Director of the Nigerian Railway Corporation (NRC), Kayode Opeifa, ahead of the 2026 Valentine Love Train experience.
The delegation included celebrated musician Sunny Neji, Managing Director of Ojez Entertainment Limited, Joseph Odobeatu, and veteran vocalist Yinka Davies.
The high-profile visit formed part of final preparations for the Valentine-themed train ride scheduled for Saturday, February 14, 2026, at the Mobolaji Johnson Train Station.
Dr. Opeifa received the artistes and commended the creative industry for choosing the national rail system as the venue for the annual Valentine event. He noted that the partnership reflects growing public confidence in the corporation’s safety standards, operational improvements, and renewed focus on customer experience.
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“The 2026 edition aims to deliver an unforgettable experience while deepening public engagement with the rail service,” Opeifa said, reaffirming the NRC’s commitment to providing secure and efficient transport for passengers during special events.
Organisers disclosed that this year’s edition will feature an expanded entertainment lineup, including performances and appearances by Charles Inojie, Yinka Davies, Sunny Neji, and Segun Arinze. Guests are expected to enjoy live music, comedy, a couple’s game show, fashion showcases, and special performances throughout the Lagos–Ibadan–Lagos train ride, culminating in a Valentine banquet ball.
The Valentine Love Train has in recent years become a fixture on the NRC’s festive calendar, attracting couples, families, and leisure seekers with its blend of travel, romance, and entertainment. The initiative also aligns with ongoing efforts by the corporation to promote rail transportation as a viable and enjoyable alternative for intercity travel.
With final logistics being fine-tuned, organisers say the 2026 edition promises to combine safety, comfort, and premium entertainment for participants.
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
Auto
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
The 20th edition of the Lagos International Motor Fair and the 13th Africa Autoparts Expo is set to spotlight investment, technology transfer and industry collaboration as organisers intensify efforts to position Nigeria as a major automotive hub in West Africa.
The three-day event, which will also incorporate the Africa Motorcycle and Tricycle Expo, is scheduled to hold from March 17 to 19, 2026, at the Federal Palace Hotel in Lagos.
Organisers said the upcoming edition would focus strongly on accelerating the development of the country’s automotive sector by creating platforms that connect global manufacturers with local industry players.
“Nigeria has all it takes to become a global automotive industry giant,” the organisers stated, noting that the fair remains a strategic contribution toward driving growth despite prevailing industry challenges.
Chairman of the Organising Committee, Ifeanyichukwu Agwu, said the exhibitions had over the years evolved into a key platform for attracting investment into automobile spare parts and accessories manufacturing while strengthening aftermarket activities across the region.
“We have consistently used these events to attract investment into auto components manufacturing and to showcase the enormous capacity and potential of this critical sector of the economy,” he said.
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Agwu, who also serves as Managing Director of BKG Exhibitions Limited, disclosed that the 2026 edition would place emphasis on business-to-business engagement between original equipment manufacturers (OEMs) and auto parts dealers from Nigeria and neighbouring countries.
According to him, the goal is to foster partnerships capable of leading to the establishment of component manufacturing plants locally.
He added that the exhibition is expected to support government policies aimed at building a sustainable automotive industry by stimulating the emergence of companies involved in component production.
Calling for policy adjustments, Agwu urged the Federal Government to prioritise spare parts and components manufacturing over vehicle assembly, arguing that deeper technology transfer and innovation occur within the components segment.
“Spare parts manufacturing is where real technology transfer occurs. It involves precision engineering, planning and innovation—far beyond the coupling processes involved in assembly,” he said, while also advocating a review of the existing automotive policy to better support local production.
Despite the challenges associated with hosting large-scale industry events, Agwu reaffirmed the organisers’ commitment to sustaining the platform, warning that neglecting the automotive sector could have far-reaching consequences for the economy and employment.
The organisers said more than 100 original components manufacturers from countries including China, India, South Korea, South Africa, Singapore and Turkey, alongside major automobile distribution and manufacturing companies operating in Nigeria, are expected to participate.
In addition to product exhibitions, the event will feature seminars and technical workshops focusing on policy, investment opportunities, technology transfer and industry best practices, with each day structured to deliver value to exhibitors, investors, policymakers and other stakeholders.

Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
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