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Rewane foresees structural reforms, drop in unemployment this year

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Chief Executive Officer, Financial Derivatives Company (FDC), Mr Bismarck Rewane, says Nigeria is likely to implement structural reforms this year as it gears up to raise $3bn through loans in order to meet its infrastructure deficit.

He however said the informal sector would spur projected recovery, predicting that unemployment in the formal economy would decline slowly.

He stated this in his latest Lagos Business School’s executive breakfast meeting presentation.

The April 2021 edition of the monthly report, entitled “Oil Illusion and Financial Delusion,” was a review of the economic performance of the country in the just ended first quarter of 2021 and a peep into the second quarter performance.

Rewane said the depth of recession experienced in 2020 would leave a large fiscal and debt hangover for most African countries and would reduce the scope for policymakers to respond with stimulatory measures, citing Zambia as the first country in the region to default in its Eurobond repayment.

The report stated that several African countries, including Nigeria, Kenya and South Africa were planning to borrow from the international capital markets. Ghana recently successfully issued $3 billion Eurobond.

“Nigeria will raise $3 billion in 2021. Increased borrowing to meet infrastructure need will force Nigerian policymakers to implement structural reforms,” Rewane wrote in the report.

For Sub-Saharan Africa (SSA), the FDC CEO said pro-business policies and structural reforms would help bolster economic activity over the longer term, stressing that policy initiatives to address lagging productivity, skills and infrastructure would progress slowly.

He predicted an inverted V-shaped recovery for the SSA, noting that recoveries were diverging across and within countries.

He projected that the SSA economy would expand by 3.4 per cent in 2021 and four per cent in 2022, while Inverted V-shaped recovery was expected to occur in Nigeria and South Africa.

He added that while jobs in the informal sector would rebound faster as restrictions eased, inflation was projected to average 8.1 per cent in 2021, before edging down to eight per cent in 2022.

“From our perspective, we can say that Nigeria will experience an inverted V-shaped recovery while battling persistent inflation.

“Institutional and domestic investors are jittery as they attempt to make sense of ambiguous pronouncements and conflicting data,” he stated in the report.

Noting that the International Monetary Fund (IMF) and World Bank, at their spring meetings in Washington, expressed optimism about Nigeria’s economic recovery, he argued that the upward review of their projections on the West African country, rests heavily on optimal vaccine rollouts and stronger oil prices.

The IMF last week revised its 2021 Gross Domestic Product (GDP) growth projection for Nigeria to 2.5 per cent from one per cent, this, Rewane said was “a confidence boost for the much needed investment inflows.”

He warned, however, that the snares of insecurity, hyperinflation and policy uncertainty in the country could force investors to take their funds elsewhere.

Rewane also commented on the exchange rate policy, noting that the nuanced interpretation of flexible or floating exchange rates by policymakers made investors wary and was seen as a missed opportunity to embark on a unified exchange rate system.

He added that exchange rate convergence remained the sole objective of the Central Bank of Nigeria.

He, however, said the forex rationing had continued and that the I&E window was still controlled, pointing out that limited forex supply had forced manufacturers to source over 90 per cent of forex from the parallel market.

The FDC boss stated that forex intervention in the I&E window fell throughout March to an average of $66.63 million, indicating a preference for reserves accretion at the expense of exchange rate alignment.

“In all of this, the Nigerian consumer remains financially embattled. Disposable income is flat but discretionary income is sharply lower due to rising food prices, transport costs and electricity bills. Many state governments owe salary arrears and labour is on a warpath,” he stated.

 

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Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

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Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

The Chairman of the Auto and Allied Sector Group of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Femi Eguahide, has warned that policy inconsistencies, regulatory bottlenecks and weak coordination between the public and private sectors could derail Nigeria’s clean mobility ambitions, urging the Federal Government to deepen collaboration with industry stakeholders to accelerate the transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs).

Speaking at the 3rd Nigeria Auto Industry Summit in Lagos on Thursday, Eguahide said the success of the Federal Government’s clean mobility agenda would depend on sustained stakeholder collaboration, policy consistency and the removal of operational challenges slowing investment and implementation.

The summit, organised by the Nigeria Auto Journalists Association (NAJA) under the theme, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together policymakers, regulators, automobile manufacturers, financiers, transport operators, researchers, safety agencies and development partners to chart a roadmap for accelerating Nigeria’s transition to cleaner transportation.

Eguahide acknowledged the Federal Government’s commitment to alternative energy solutions through the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), but stressed that translating policy into tangible results would require stronger coordination between government institutions and private investors.

According to him, the automotive industry remains a critical driver of industrialisation, job creation and economic growth, making it imperative for government agencies to work closely with manufacturers, assemblers, financiers and technology providers to create a more predictable and investment-friendly operating environment.

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He said effective policy implementation must be backed by continuous stakeholder engagement capable of resolving challenges surrounding vehicle conversion, local manufacturing, infrastructure development, financing and technology deployment.

Eguahide maintained that Nigeria possesses enormous potential to build a globally competitive clean mobility ecosystem, but cautioned that fragmented policies and institutional inefficiencies could slow the country’s progress if left unresolved.

He therefore urged government agencies to deepen engagement with the organised private sector to develop practical solutions that would accelerate the rollout of CNG refuelling infrastructure, EV charging networks and local automotive production.

Earlier, the Federal Government reaffirmed its commitment to expanding Nigeria’s clean mobility ecosystem through increased investment in infrastructure, local manufacturing and strategic partnerships.

Speaking on behalf of the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, the Initiative’s Chief Compliance Officer, Engr. Zayyanu Tamberi Yabo, said the programme had evolved into a key pillar of President Bola Tinubu’s transport and energy reform agenda.

According to Ahmed, the Presidential Initiative was established not merely to promote alternative fuels but to build an integrated ecosystem covering infrastructure development, investment, vehicle conversion, local manufacturing, technical capacity building and consumer confidence.

“Our approach from the beginning has been to build the foundations of a sustainable industry rather than pursue isolated interventions,” he said.

He disclosed that certified CNG conversion centres had expanded significantly across the country over the past two years, while new refuelling stations were being developed through public and private sector investments.

Ahmed added that vehicle conversions continue to rise as commercial transport operators and private motorists increasingly embrace CNG because of its lower operating costs.

He also highlighted partnerships with financial institutions, energy companies and automobile manufacturers aimed at improving access to financing and accelerating the adoption of clean mobility technologies.

Despite the progress, he identified infrastructure expansion, consumer financing, local manufacturing capacity, technical training, research, innovation and standardisation as priority areas requiring sustained attention.

In his welcome address, NAJA Chairman Theodore Opara described the summit as a strategic platform for shaping the future of Nigeria’s automotive industry.

He said reforms introduced by the Tinubu administration had created fresh momentum for CNG, electric vehicles and local automotive manufacturing, adding that stronger collaboration among government, industry players and the media would be critical to sustaining the gains.

Also speaking, the Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Chukwunonso Okeke, represented by Engr. Olalekan Omoniyi, said strict compliance with internationally recognised standards would determine the success of Nigeria’s transition to EVs and CNG-powered transportation.

He disclosed that SON had developed more than 80 Nigerian Industrial Standards for CNG vehicles and equipment, as well as 87 additional standards and the National Nigeria Guideline (NNG 1214:2024) for CNG vehicle conversions.

The SON boss warned against the proliferation of uncertified conversion centres and substandard equipment, urging mandatory certification for imported and locally assembled EVs, CNG vehicles, conversion kits and charging infrastructure.

 

Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns

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FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive

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FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive

The Federal Road Safety Corps (FRSC) has declared that road safety will remain at the heart of Nigeria’s transition to Electric Vehicles (EVs) and Compressed Natural Gas (CNG)-powered transportation, pledging to strengthen regulations, enforcement and stakeholder collaboration to ensure the shift to cleaner mobility does not compromise public safety.

The Corps Marshal of ghe FRSC, Shehu Mohammed, made the declaration while delivering a keynote address at the 3rd Nigeria Auto Industry Summit organised by the Nigeria Auto Journalists Association (NAJA) in Lagos.

The summit, themed “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together government officials, regulators, manufacturers, energy companies and other industry stakeholders to chart the future of sustainable transportation in Nigeria.

Mohammed said the growing adoption of EVs and CNG-powered vehicles presents significant opportunities for cleaner transportation, lower operating costs and improved energy security, but warned that these benefits can only be fully realised through robust safety regulations, effective enforcement and continuous collaboration among stakeholders.

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He noted that as alternative-fuel vehicles become more prevalent on Nigerian roads, regulatory institutions must evolve to address emerging technologies through specialised training, updated operational guidelines and stronger enforcement frameworks.

According to him, the FRSC has already begun positioning itself for the transition by strengthening safety regulations, engaging key stakeholders and developing operational frameworks specifically designed for EVs and CNG-powered vehicles.

The Corps Marshal stressed that Nigeria’s clean mobility agenda should not only focus on reducing carbon emissions but also on improving road safety, raising vehicle standards and building public confidence in emerging transport technologies.

He added that achieving a safe and sustainable transition would require the active participation of road users, transport operators, vehicle manufacturers, conversion centres, regulators and other critical stakeholders.

Mohammed reaffirmed the FRSC‘s commitment to working closely with government agencies, industry players and development partners to ensure that Nigeria’s journey towards cleaner transportation delivers lasting safety, environmental and economic benefits for the country.

 

FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive

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Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth

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L-R: Representative of the Controller-General of Federal Fire Service, Badmus Abdulsamad; representative of the Director-General of the Standards Organisation of Nigeria, Engr. Olalekan Omoniyi; Director, Public Relations, National Automotive Design and Development Council (NADDC), Mrs. Suzan Taiwo; Corps Marshal of the Federal Road Safety Corps (FRSC), Mr. Shehu Mohammed; National Chairman of the Nigeria Auto Journalists Association (NAJA), Mr. Theodore Opara; Head of Regulatory Compliance, Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG), Engr. Zayannu Yabo; Deputy Managing Director, CFAO Mobility, Mr. Kunle Jaiyesimi; Chairman, Auto Sectoral Group of the Lagos Chamber of Commerce and Industry, Dr. Femi Eguaikhide and MD, TSS, Mr. Frank Nneji; at the 3rd Nigeria Auto Industry Summit held at Radisson Hotel, Ikeja, Lagos...on Thursday July 30, 2026.

Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth

 

The Federal Government has declared that Nigeria’s transition to compressed natural gas (CNG) and electric vehicles (EVs) is no longer an environmental ambition but a critical economic strategy to slash transportation costs, strengthen energy security, create jobs and unlock new investments across the automotive value chain.

Making the declaration at the 3rd Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA) in Lagos, the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, said clean mobility had become a central pillar of President Bola Ahmed Tinubu’s transport and energy reforms.

Delivering a keynote address titled, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” Ahmed said the Presidential Initiative was established to coordinate Nigeria’s transition to cleaner transportation by building a sustainable ecosystem for CNG and electric mobility.

He explained that the Initiative’s mandate extended beyond promoting alternative fuels to attracting investments, expanding refuelling and charging infrastructure, supporting vehicle conversion, strengthening local manufacturing, developing technical skills and boosting consumer confidence.

According to him, the programme was conceived following the removal of fuel subsidy to provide Nigerians with a practical and affordable transport alternative by leveraging the country’s abundant natural gas resources.

“Our focus from the beginning has been to build the foundation of a sustainable industry rather than pursue isolated interventions,” Ahmed said, noting that Pi-CNG & EV has worked closely with regulators, investors, vehicle manufacturers, conversion firms, financial institutions, development partners, transport unions and state governments.

Reviewing the Initiative’s achievements over the past two years, he said Nigeria’s CNG ecosystem has expanded rapidly, with more certified conversion centres established across the country and refuelling infrastructure growing through public and private sector investments.

He added that vehicle conversions have continued to rise as commercial transport operators and private motorists increasingly embrace the lower operating costs of CNG, while thousands of technicians have been trained to ensure safe and professional conversion services nationwide.

Ahmed also disclosed that strategic partnerships with financial institutions, energy companies, vehicle manufacturers and state governments are helping to improve access to financing, stimulate infrastructure development and accelerate the adoption of clean mobility solutions.

To strengthen safety and regulatory compliance, he announced the introduction of the Nigeria Gas Vehicle Monitoring System, which he said would enhance transparency, improve regulatory oversight and build public confidence in the conversion industry.

While acknowledging the remarkable progress recorded in CNG adoption, Ahmed stressed that the Initiative remains equally committed to advancing electric mobility, saying Nigeria’s long-term transport future would be powered by multiple clean-energy technologies.

He revealed that government is engaging manufacturers, investors and development partners on electric vehicle deployment, charging infrastructure, local assembly and policy reforms aimed at accelerating market growth.

Despite the progress, Ahmed identified infrastructure expansion, consumer financing, local manufacturing, technical capacity development, research, innovation and standardisation as key areas requiring sustained investment and collaboration.

He urged government agencies, investors, manufacturers, transport operators, financial institutions, development partners and the media to work together to overcome these challenges and build a sustainable clean mobility ecosystem.

Describing the media as a strategic partner, Ahmed called on members of the Nigeria Auto Journalists Association to intensify public education on the economic, environmental and technological benefits of clean mobility.

“The transition to clean mobility is as much an information challenge as it is an infrastructure challenge. Public understanding influences public acceptance, while market confidence is built on accurate, timely and responsible information,” he said.

He pledged deeper engagement with journalists through regular technical briefings, industry dialogues and improved access to credible data to combat misinformation and promote informed public discourse.

Ahmed said Pi-CNG & EV would continue expanding CNG infrastructure nationwide, strengthen the regulatory framework, support local manufacturing and vehicle conversion capacity, deepen financing partnerships and collaborate with stakeholders to build a commercially viable clean mobility industry.

According to him, the true measure of the Initiative’s success will not be the number of conversion centres or refuelling stations established, but its ability to reduce transport costs, improve energy security, generate employment, stimulate industrial growth and improve the quality of life of Nigerians.

He commended NAJA for providing a platform for robust industry dialogue, saying stronger collaboration among government, industry players and the media would be essential to accelerating Nigeria’s clean mobility transition.

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