Business

FG To Establish Tech Hubs In 7 States To Empower 1m Youths, 500,000 MSMEs

Published

2 years ago

August 7, 2023

The Federal Government has said it has partnered Wema Bank to establish micro, small and medium enterprise, MSME, digital hubs in seven states.

Vice President Kashim Shettima, who disclosed this in a statement, signed by the Director of Information in his office, Olusola Abiola, said the hub would empower one million youths with digital skills.

He said the government reached an agreement to implement the initiative, following a meeting between the vice-president and representatives of Wema Bank.

He said the initiative was part of the commitment of the administration to create digital jobs for the youth.

The statement read: “The centres to be known as FGN/ALAT Digital and SkillNnovation Hub will open first in Lagos and Borno states, with Katsina, Cross River, Anambra, Oyo, and Kano, to follow afterwards.

”They will be run in partnership with a leading financial institution in Nigeria, WEMA Bank. The strategic objectives of the programme include to empower young entrepreneurs by providing them with tailored financial products, training and support to enable them build sustainable businesses that will support the growth of Nigeria’s economy.

“Other objectives include: supporting tech-savvy youths with keen interest in digital innovations and aspire to drive technological advancements, by providing them with financial solutions, training and access to strategic partnerships; and empowering young employees to become an integral part of the workforce in Nigeria, especially those deployed through the NYSC.”

The vice-president said one million youths would benefit from software engineering, product design and other digital training, while 500,000 SMEs would be mentored on business development.

“FGN/ALAT Digital and SkillNnovation Hub, positioned to serve as a centralized platform to provide cutting-edge digital skills, mentorship and networking opportunities, is targeted at tech-savvy youths and young entrepreneurs in Nigeria.

“The focus is on promoting entrepreneurship, skills development and the integration of young employees in the workforce, particularly getting one million youths employed in the digital economy and upskilling SMEs who can directly add value to the country’s economy.

“In training, 1 million young adults will be trained in software engineering, product management, business analysis, cloud computing, product design, using a specialized curriculum designed for the FGN/ALAT Digital and SkillNnovation Hub.

“In mentorship, 500,000 SMEs across Nigeria will be mentored by experts while coaches will train and upskill them for business growth and quantum leap.

“Under the scheme grants will be provided under a collaborative arrangement between the federal government and WEMA Bank, setting aside N500 million to be given to SMEs and techprenuers,” he stated further.
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Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

2 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.