Rome Business School Unveils Landmark Report on Nigeria’s Digitalisation and AI Landscape

Rome Business School Unveils Landmark Report on Nigeria’s Digitalisation and AI Landscape

 

Nigeria’s digital economy is undergoing a revolutionary transformation, driven by the rapid adoption of digital technologies, artificial intelligence (AI), and government-backed initiatives aimed at fostering innovation. However, despite significant progress, challenges such as inadequate infrastructure, digital literacy gaps, and regulatory roadblocks continue to pose hurdles.

A new report by Rome Business School, a leading international business education institution, takes a deep dive into this evolving landscape, analyzing how digitalization is reshaping industries like finance, telecommunications, agriculture, and education. It also outlines critical obstacles that must be overcome to unlock Nigeria’s full digital potential.

According to Asunmo Olakunle, General Manager of Rome Business School Nigeria, digitalization is no longer a choice but a necessity for economic growth. “We are witnessing impressive transformations across key sectors. However, to fully capitalize on these opportunities, Nigeria must improve its digital infrastructure, bridge the skills gap, and establish clear regulatory frameworks,” he stated.

The report highlights how AI, blockchain, and cloud computing are becoming indispensable tools for businesses. In the financial sector, AI-driven solutions are now widely used for fraud detection, credit scoring, and customer service automation, with 32% of financial institutions leveraging these innovations to streamline operations and enhance security. Similarly, the agricultural sector is seeing a shift with the adoption of IoT solutions and mobile applications that enable farmers to monitor crop health, access larger markets, and reduce reliance on middlemen.

Professor Antonio Ragusa, Founder and Dean of Rome Business School, commended the private sector’s role in accelerating digital growth. “From fintech to agritech and e-commerce, businesses are leveraging AI and digital solutions to enhance efficiency, improve service delivery, and create new economic opportunities,” he said.

Despite these advancements, Nigeria’s digital transformation is not without obstacles. Infrastructure deficits, including inconsistent power supply and unreliable internet connectivity, continue to hinder widespread adoption, particularly in rural areas. Many businesses and individuals struggle with the affordability of digital tools, limiting their ability to embrace new technologies. Furthermore, concerns about data privacy, ethical AI usage, and regulatory uncertainty remain key areas that require urgent attention.

The government has been proactive in advancing digitalisation through initiatives like the National Digital Economy Policy and Strategy (2020–2030) and the 3MTT (Three Million Technical Talent) program, which aims to train three million technology professionals by 2030. These efforts are crucial for bridging the digital skills gap and preparing Nigeria’s workforce for the future.

With over 150 million internet users, Nigeria is poised to emerge as a leading digital economy in Africa. However, achieving this vision will require a coordinated effort between the government, private sector, and academia to invest in digital infrastructure, capacity-building programs, and well-defined regulations.

To further contribute to this effort, Rome Business School will release a series of industry-specific reports covering finance, agriculture, healthcare, and manufacturing. These reports will offer actionable insights for businesses, policymakers, and investors seeking to navigate Nigeria’s digital economy.

Beyond research, the institution is actively engaged in training programs, workshops, and professional certifications designed to equip individuals and businesses with the knowledge and skills necessary to thrive in the digital age.

“Our goal is not just to analyze trends but to empower Nigerian businesses and individuals with the knowledge and tools they need to succeed,” Olakunle concluded.

The full report is available on Rome Business School’s official website, offering valuable insights for industry leaders, entrepreneurs, and policymakers shaping Nigeria’s digital future.

 

 

Despite these advancements, Nigeria’s digital transformation is not without obstacles. Infrastructure deficits, including inconsistent power supply and unreliable internet connectivity, continue to hinder widespread adoption, particularly in rural areas. Many businesses and individuals struggle with the affordability of digital tools, limiting their ability to embrace new technologies. Furthermore, concerns about data privacy, ethical AI usage, and regulatory uncertainty remain key areas that require urgent attention.

Governor Soludo Signs Historic N607 Billion 2025 Budget into Law

Governor Soludo Signs Historic N607 Billion 2025 Budget into Law

 

Anambra State Governor, Charles Soludo, has signed the N607 billion 2025 Appropriation Bill into law, marking a major stride in the state’s developmental journey. Themed “Changing Gears 2.0,” the budget underscores the administration’s determination to transform Anambra into a modern, prosperous, and livable homeland.

The 2025 budget reflects a bold 48% increase from the previous year’s allocation, signaling a renewed focus on the state’s five developmental pillars: Security, Law and Order; Human Capital and Social Agenda; Environment; Governance and Value System; and Infrastructure and Economic Transformation.

Of the total budget, a significant 77% (N467.5 billion) has been allocated to capital expenditure, emphasizing investments in infrastructure, economic transformation, human capital development, and social welfare. The remaining 23% (N139.5 billion) is dedicated to recurrent expenditure.

“This budget is a testament to our administration’s commitment to transparency, accountability, and people-centered leadership,” Governor Soludo stated. “It will serve as a catalyst for sustainable growth and development in Anambra State.”

The governor expressed gratitude to the Anambra State House of Assembly for their diligence in passing the bill, highlighting the collaborative efforts to make the state a model of good governance and equity.

“Together, we will continue to work tirelessly to make Anambra State a beacon of governance, prosperity, and equity. May Anambra continue to win!” Governor Soludo affirmed.

 

Anayo Nwosu: Insights from a Seasoned Banker on Forex Strategy

Anayo Nwosu: Insights from a Seasoned Banker on Forex Strategy

 

With the recent shifts in Nigeria’s foreign exchange landscape, Anayo Nwosu, a seasoned banker, has shared valuable insights on the evolving forex market, advising businesses and individuals on strategic financial positioning.

“The commencement of local petroleum product supply by the Dangote Refinery will significantly reduce the pressure on the demand for dollars in Nigeria. For a long time, Nigeria has spent heavily on importing petroleum products, which fueled the demand for foreign currency. Now, with local production, that demand will drop,” Nwosu noted.

Nwosu also highlighted the broader impact of Dangote’s operations on Nigeria’s foreign exchange inflows. “Dangote will not only meet local demand but also generate foreign exchange through exports to sub-Saharan Africa. This is a game-changer. The refinery’s reach covers West, Central, and Southern Africa, and it will control the sale of aviation fuel across the continent. It’s no surprise that 16 European refineries are considering shutting down due to this competitive threat.”

Despite these benefits, Nwosu cautioned about potential challenges. “If the Federal Government prioritizes selling crude oil to meet Dangote’s needs, Nigeria’s FX earnings from crude oil will decline, which may reduce the FX available to the Central Bank of Nigeria for official sales to banks. This could impact importers and businesses that rely on FX for Letters of Credit and other transactions.”

However, Nwosu pointed out a crucial trend that savvy business owners should note. “The naira has already appreciated between N150 and N200 in just a week. This indicates that the exchange rate for the dollar to naira has started falling. Smart businesses should take advantage of this and hold their funds in naira, not dollars, as the market adjusts.”

His overall advice is strategic but simple: “Importers and distributors of foreign products must read the economic weather well. The forex landscape is changing rapidly, and those who act now will be better positioned for future gains.”

Anthony Emeka Nwosu

NNPC Ltd. Grapples with Financial Pressures Due to Rising PMS Supply Costs, Raising Concerns Over Fuel Supply Sustainability

NNPC Ltd. Grapples with Financial Pressures Due to Rising PMS Supply Costs, Raising Concerns Over Fuel Supply Sustainability

 

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has acknowledged recent media reports highlighting the company’s significant outstanding debts to petrol suppliers. This situation has intensified the financial strain on NNPC Ltd., raising concerns about the long-term sustainability of fuel supply in Nigeria.

In response to these challenges, NNPC Ltd. reiterated its unwavering commitment to its statutory role as the “supplier of last resort” under the Petroleum Industry Act (PIA). The company remains focused on safeguarding the nation’s energy security amidst the mounting financial pressures caused by escalating Premium Motor Spirit (PMS) supply costs.

NNPC Ltd. is proactively engaging with relevant government agencies and key stakeholders to navigate these financial challenges and maintain a steady and consistent supply of petroleum products across the country. This collaborative approach aims to mitigate potential disruptions and uphold the company’s dedication to ensuring national energy security, even in the face of daunting economic realities.

NNPC Ltd. reassures the public of its commitment to transparency and responsible management, pledging to keep Nigerians informed about ongoing developments and efforts to stabilize the fuel supply chain. As the nation’s leading energy provider, NNPC Ltd. will continue to take all necessary steps to address the current situation and sustain its mission of ensuring reliable fuel availability nationwide.

Urgent Message for President Tinubu: Dele Momodu’s Open Letter

Urgent Message for President Tinubu: Dele Momodu’s Open Letter

 

Dele Momodu, the publisher of Ovation magazine and a prominent media entrepreneur, has penned a candid open letter to President Bola Tinubu, expressing his deep concerns over the state of the nation and offering pointed advice. Despite his opposition status, Momodu underscores his longstanding relationship with the President and emphasizes his commitment to delivering the truth.

Nigeria’s Economic Crisis

Momodu begins by highlighting the dire economic situation, stating, “Nigeria is in big trouble. Our economy has virtually collapsed.” He criticizes the government’s extravagant spending during a period that demands strict frugality, pointing to purchases of presidential jets, construction of lavish monuments, and the distribution of cash as palliatives. According to Momodu, such actions signal a failed and careless administration. He urges President Tinubu to curb excessive spending to free up resources for essential development.

Performance Over Politics

Addressing the President’s apparent desire for a second term, Momodu advises that the best path to re-election lies in tangible performance, not in reckless expenditure. He calls for investments in vocational skills for the youth, local agriculture, and educational institutions. He dismisses the strategy of cash distribution through politicians as “unhealthy and unhelpful,” labeling it the “height of cluelessness.”

Beware of Flattery and Enforce Discipline

Momodu warns President Tinubu to be wary of sycophants in the National Assembly who have turned him into a deity. He specifically mentions Ndume as a trustworthy ally and stresses the importance of listening to genuine advice. Furthermore, Momodu calls for strict enforcement of discipline within the leadership, citing Nyesom Wike’s public disrespect over the Fubara matter as a situation requiring immediate sanction to prevent national chaos.

Momodu concludes by acknowledging that he does not expect President Tinubu to act on his suggestions but hopes his words will resonate during a moment of reflection.

SELL YOUR HOARDED DOLLARS AND COUNT YOUR LOSSES BEFORE IT IS TOO LATE

SELL YOUR HOARDED DOLLARS AND COUNT YOUR LOSSES BEFORE IT IS TOO LATE

 

The USD is on the downward trend, and it may reach unexpectedly low before June as petroleum marketers started lifting AGO (Diesel) from Dangote refinery earlier this week. PMS lifting to commence in May. This will further crash the USD.

The reason being that large percentage of the importers sourcing the USD are petroleum products importers, now that they pay in Naira for lifting from Dangote refinery, there will be a less pressure on the USD and dollar will be more available to other importers who do not need as much dollars as petroleum products importers.

The CBN has also tightened the noose on the banks. Nobody can get the USD without actually needing it. You submit your three years tax certificates, international passport, visa, oversea’s vendor’s account number (in which the bank will help you pay as you will not be given any physical dollar), proforma and any other document as may be required by your bank.

Similarly, your bank will have to apply to the CBN portal on your behalf, and upon qualifying for the application, your bank will pay the said amount into your overseas vendor’s account. There is no room for hoarding of the USD, which will, in turn, cause unnecessary artificial scarcity in the market.

As an importer sourcing dollars from the bank, you are only entitled to 20 percent of the total sum needed, and note that this will not be given to you in cash either. It will be paid into your dollar card which you can only spend outside the country when you travel abroad for your importation activities. You don’t have any business spending dollars in Nigeria.

The same thing goes for those who patronise the bereaux de change. Before you can get the USD from the aboki, you must definitely need it outside the shore of Nigeria. There are no longer undocumented transactions. You have to submit your NIN and BVN. If you are going to study abroad and you want to pay your school fees, you must submit a copy of your admission letter, school invoice, and account number. Then the aboki will help you pay.

No longer undocumented transactions, and you can not collect it from the aboki, let alone hoarding it. Just like an importer, you as a student are also entitled to 20 percent of the total amount. You may need some money outside the school fees, like accommodation, transportation and some other miscellanies. Don’t forget that aboki will not give you this 20 percent in cash. It will be paid into a designated facility designed by the CBN.

You may think you can buy your way and play the game, but I doubt it because no aboki will want to toy with his business. As a matter of fact, they all now register with 250k for one state operation and 500 million Naira deposit. For an aboki that wants to operate nationwide, they have to register with 500k and deposit 2 billion Naira. You heard me right, 2 billion Naira. And any infraction may make them lose their deposit.

No, aboki will even favor you at the expense of his business because the CBN is now giving them 20,000 dollars per week to trade with, and they will pay the Naira equivalent to the CBN Though they have not reached the target, they can only get 10k USD for now, and as more dollars are available, they can get the 20k USD as promised.

I don’t think any aboki will want to play any dirty game to lose this opportunity, because henceforth, they have to account for how the USD given to them the previous week was used with documents to back it up before they can qualify for another allocation. And you think with all these stringes attached, an aboki will want to favor you as a customer to lose his business? Not even a politician can make him play the ball. For your information, about 4173 abokis were deregistered, and licenses were withdrawn. We are only left with manageable 1500 plus. Any uncomplied aboki will be deregistered with the speed of light.

In a long while, this month of March was the only month the federal allocation would be shared without a dollar going up. Instead, it nosedived. I trust our super corrupt governors before these policies, they would have converted their state allocations to dollars, weakened our Naira, and strengthened the dollars. Very unpatriotic it sounds. Another shocker is that commercial banks can not hoard dollars again. They are given a threshold to maintain, and any excess should be sold to their customers.

This also includes the profits they make on the dollar transactions that used to be shared by the shareholders before now. Any profit from the dollar transactions should be reinjected into their dollar business, and when the threshold is reached, they should sell the spillovers. Is God not wonderful? Our almighty banks, abokis, and super governors are all caged with one stroke of policies. Nigeria is on the right tracks, and we are going to get it right.

 

Afreximbank Signs Memorandum of Understanding MOU to Support-the-Anambra-State

Afreximbank Signs Memorandum of Understanding MOU to Support-the-Anambra-State

The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed a memorandum of understanding (MOU) with Nigeria’s Anambra State Government to collaborate on state development efforts through the provision of project preparation and advisory services, including a potential debt financing programme of up to US $200 million.

 

Under the terms of the MOU signed by Mrs. Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, and Prof. Charles Soludo, Governor of Anambra State, during the Anambra Investment Summit, Afreximbank and the state government will jointly prioritize strategic projects for preparation and funding, collaboratively evaluating each project to formulate a time-bound work programme for effective execution.

Afreximbank will work with the state government to establish bankability for key projects, including the Ikenga Mixed-Use Industrial City, the Anambra Export Emporium and the Akwaihedi Unubi Uga Automotive Industrial Park, as well as any other project agreed upon by the parties.

Afreximbank and the Anambra State Government will also conclude all prerequisite actions necessary for securing a financing programme of up to $200 million from Afreximbank and its affiliated entities for the projects contingent upon conclusion of a substantive agreement between the parties.

In addition, the MOU provides for the parties to collaborate on trade and investment promotion in Anambra State through the African Sub-Sovereign Governments Network (AfSNET) and facilitate the implementation of the African Continental Free Trade Agreement. The Bank will work with the Anambra State Investment Promotion and Protection Agency to provide training and capacity building on trade and investment, undertake investment forums, identify, and prepare strategic trade and investment projects and foster collaboration between sub-sovereign governments in Africa. The AfSNET network is expected to facilitate direct exchange of information and peer learning from sub-sovereign governments in Africa.

Other areas of collaboration covered in the MOU include the provision of transaction advisory services aimed at facilitating the procurement of debt and equity capital. It will also focus on export development advisory, twinning services, and senior debt structuring.

Afreximbank is ready to support Anambra State, as it is doing in Ogun and Abia States (Enyimba Industrial City), to promote similar projects here

In an address to the summit, Mrs. Awani, speaking on behalf of His Excellency Prof Benedict Oramah, President and Chairman of the Board of Directors, said that Afreximbank’s mission aligned seamlessly with Anambra’s industrialization objectives, including its vision for a smart mega city, noting that the Bank had identified the emergence of industrial parks and special economic zones as a strategic priority to accelerate Africa’s industrial infrastructure development.

“These facilities do not only optimize capital deployment but also drive economies of scale and nurture ecosystem development,” she said. “They also enable the use of otherwise inaccessible technologies and cutting-edge infrastructure”.

Noting that such projects required substantial funding, she said that innovative partnerships, including public-private partnerships, had emerged as instrumental bridges capable of closing the infrastructure gap that spanned the African continent, adding that the African private sector held immense potential to bolster a wide spectrum of public sector endeavours.

“Just as we have championed the transformative potential of industrial parks and special economic zones across Africa through public and private sector collaboration, committing over US$1.5 billion so far to the realization of these projects, Afreximbank is ready to support Anambra State, as it is doing in Ogun and Abia States (Enyimba Industrial City), to promote similar projects here,” Mrs. Awani continued. “With peace and security gradually returning to the state, with our youth beginning to realize that their future cannot thrive in an environment of widespread insecurity, we can look forward to a similar US$400 million industrial park project in collaboration with the State. It makes business sense to do so, and we have advanced discussions with Anambra State Investment Promotion and Protection Agency (ANSIPPA) to implement creating over 10,000 jobs while bringing export-oriented businesses to Anambra state.

The Bank, leveraging its fundraising capabilities in Africa’s capital markets, could also raise funds that could be deployed into impactful infrastructure projects in the state using various financing instruments and mechanisms which could be explored with the state government, she added.

Ms. Awani announced that Afreximbank’s broader collaboration with Nigeria had been fruitful over the years and had seen the Bank invest over US$36 billion into the Nigerian economy since its creation in 1993. Afreximbank flagship projects currently underway in Nigeria include the US$300-million 500-bed Africa Medical Centre of Excellence in Abuja in partnership with King’s College, London, the Afreximbank Africa Trade Centre, also in Abuja, and the Africa Quality Assurance Centre in Shagamu, Ogun State, which is already operational.

She announced that the Bank was implementing AfSNET, a platform for sub-sovereign governments throughout Africa to promote economic development and encourage intra-African trade and investment by allowing collaboration between the public and private sectors, facilitating peer learning, and allowing Afreximbank to take its products and services to the grassroots, where trade and investment actually take place.

The 2023 Anambra Investment Summit  held under the theme “Laying the Foundation for a Prosperous and Smart Mega City.”

Accompanying Mrs. Awani to the summit was Eric Intong Monchu, Afreximbank Regional Chief Operating Officer, Anglophone West Africa, and a number of other senior Afreximbank officials.

Africa Investment Forum showcases $1.475 billion in green and renewable energy deals at African Development Bank 2023 Annual Meetings

Africa Investment Forum showcases $1.475 billion in green and renewable energy deals at African Development Bank 2023 Annual Meetings

The Africa Investment Forum presented four renewable energy and sustainability projects worth nearly $1.5 billion to investors on the sidelines of the African Development Bank Group’s (www.AfDB.org) 2023 Annual Meetings.

 

The curated projects, which are drawn from all of Africa’s regions, are sourced from the Africa Investment Forum’s pipeline. They reflect gathering urgency in Africa, the world’s most vulnerable region to climate change, to accelerate climate action, including closing financing gaps by securing an ever-increasing share of global capital for the continent.

The African Development Bank’s 2023 Annual Meetings are being held under the theme, Mobilizing Private Sector Financing for Climate and Green Growth in Africa.

The investment roundtable, held in Sharm El Sheikh, attracted a range of private investors, including venture capital and private equity firms.

From hydropower to plastic recycling green projects showcase ample opportunities on the continent

The transactions included a hybrid hydrogen feedstock/ ammonia project in North Africa that will source 400 MW of renewable energy to produce—without Co2 emissions— 183 tons of hydrogen feedstock daily to generate 1,000 tons a day of green ammonia via electrolysis. Additional investment of $27 million is needed to move the project towards bankability.

The second transaction, in West Africa, is a 27 MW hydropower project that has successfully undergone feasibility assessments. It has also attracted funding support from a number of international entities and multilateral development agencies.  Among projected benefits, the deal will service 700,000 households, generate 600 direct and indirect jobs over the life of the project, and reduce Co2 emissions by 81,000 tons each year. The project represents an increase of 10% in the country’s total electricity generation capacity.

The investment roundtable, held in Sharm El Sheikh, attracted a range of private investors, including venture capital and private equity firms

The investment roundtable also featured an opportunity to invest in a $73 million plastic recycling and sustainability company’s expansion drive into seven African countries across West, Central and Southern Africa. The project has attracted the interest of several funders of project preparation and technical assistance to conduct feasibility studies in the target countries. It promises important benefits: creation of 16,000 jobs as well as opportunities for 20,000 waste pickers in targeted countries. It will also divert 214,000 metric tons of plastic waste (PET,PP,PE) from landfill dumps and reduce carbon emissions by 149,000 metric tons. Currently only 10% of Africa’s plastics are recycled.  The project resonated positively with growth capital investors that attended the roundtable.

The transaction incorporates important technological features, including cutting-edge processing lines and app-based collection and payment options. These features were viewed as enhancing the project’s scalability across Africa  and the project resonated positively with growth capital investors that attended the roundtable..

The fourth transaction is an opportunity to invest in a $440 million Southern Africa hydropower independent power producer that will generate 544,000 MWh/year of energy. It will also include water distribution and flood prevention elements. Other benefits include 3,000 construction jobs through project completion. The transaction sponsors are seeking $12.5 million to finalize the project’s development phase.

Africa Investment Forum Senior Director, Chinelo Anohu, hosted the event. She said, “there is a need for the Africa Investment Forum on the continent. We can’t overemphasize both the convening power and the strength of the platform.” She said the transactions showcased represented only a small part of the platform portfolio.

In addition to the African Development Bank, representatives of the Africa Investment Forum founding partners Africa Finance Corporation, Africa50, Islamic Development Bank, Development Bank of Southern Africa, Trade and Development Bank and Afreximbank attended.

Investors present asked follow-up questions to learn more about the projects presented.

The event also included an update on the Africa Investment Forum’s current pipeline, comprising 90 deals valued at $62.9 billion and classified as either in the capital raise phase or the bankability phase.

The Africa Investment Forum’s flagship Market Days event, to be held in November 2023, will bring together international deal sponsors, investors and government leaders to showcase transactions that are ready to progress toward closure.

Championed by the African Development Bank and seven other founding partners (Africa50, Africa Finance Corporation, Afreximbank, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank and Trade and Development Bank), the Africa Investment Forum is Africa’s investment marketplace to accelerate transactions to close Africa’s investment gaps.

WITH PRICE CONTROL REMOVED, WHAT/ WHO IS THE BUDGET OF 3.5 TRILLION NAIRA FOR SUBSIDY IN 2023 FOR?

WITH PRICE CONTROL REMOVED, WHAT/ WHO IS THE BUDGET OF 3.5 TRILLION NAIRA FOR SUBSIDY IN 2023 FOR?

 

Directly or indirectly, officially or unofficially, it is clear that the cap on the pump price of Petrol (PMS) has been removed. All over Nigeria, for a few months now, the price of Petrol has varied from one filling station to the other. As at 6th of January, Prices ranged from a minimum of 240 Naira per liter in Benin, 340 Naira in Kaduna, 360 Naira in Umuahia, 400 per liter in Owerri to 500 Naira per liter in Port harcourt , no filling Station is selling at the so called controlled price, except in some filling stations in Abuja and Lagos. And nobody is enforcing any price as it used to happen in the past. So it is clear we have deregulated. Thats fine!

I think the Government should own up and announce this policy officially. It is deceitful and dis-ingenious for this Government to announce that payment of subsidy will end in June, when they would have ended their regime. Why wait? Why make such deceitful proposition? Who will enforce the plan, Buhari/Oil Minister or the new President? I urge the government to come clean and level up with the citizens instead of this deceit and hanky-panky game with our commonwealth and citizen wellbeing.

By announcing the deregulation now, which is already a fiat accompli Nigerians will attain the following benefits:

First, an official deregulation will mean, that many more companies and oil marketers can import fuel under the supervision of the regulatory agency, thus immediately easing the scarcity and ending the double jeopardy of many motorists and road users. For months now many motorists spend hours and in some cases, days and nights trying to buy the product at inflated prices. They lose many productive hours searching for petrol and when they find it, they pay exorbitant prices. Those who buy from hawkers run the risk of buying adulterated fuel which destroy car engines, in addition to the indignity of buying petrol from hawkers. This is not to talk of the misery of those who travelled in commercial vehicles this season. Many were stranded at motor parks as they found that their budget could not meet the daily changing fares!

Secondly and most important, an official deregulation now will obviate the need for more subsidy payment and at least we can save the 3.5 trillion Naira budgeted for the first six months of this year by this outgoing government. 3.5 trillion Naira can do so much for our infrastructure, especially when it is noted that only 5.9 Trillion is the entire Capital budget in a 22 Trillion Budget for 2023. It can build several roads and bridges across the Country or transform our entire Educational and Healthcare system.

Thirdly it will disabuse the minds of some Nigerians who speculate that this 3.5 trillion naira has been put in the budget for other purposes including Election funding and send forth and parting gifts for the Government officials and politicians of the Party in power. This set of Nigerians can see that government has ‘surreptitiously’ deregulated while still retaining subsidy payment. And they ask for what purpose? Hence the speculation.

To deny this speculation and save a whooping 3.5 trillion naira, I urge this Government to formally announce the deregulation now or if they are ‘afraid’ to do for whatever reason, then they should open up the market ‘surreptitiously’ as well so that supply can expand and allow market forces to fix price. To allow only NNPC to be importing while removing the price cap after paying subsidy is profoundly confounding. The current situation is deeply damaging Nigerian Economy, increasing poverty and misery for many Nigerians while creating a lot of opportunities for arbitrage and corruption for NNPC and Government officials. President Buhari should bite this Bullet and save Nigerians from multiple jeopardy which they are facing right now. It is true that we have lost the battle against corruption, but we must not watch helplessly as Poor Nigerians are openly ‘raped’ and ravaged by the ‘oil curse’

*Mazi Sam Ohuabunwa* _OFR,MON, NPOM_
_Convener, the NEW NIGERIA GROUP (NNG)

SLB Opens New Regional Office in Lagos

SLB Opens New Regional Office in Lagos

Global technology company, SLB (formerly known as Schlumberger) (www.SLB.com), officially opened its new West Africa regional office in Lagos, Nigeria. In October 2022, the company launched a new identity focusing on energy innovation and decarbonization to address the world’s energy needs today and to forge the road ahead for the energy transition. The new West Africa office reflects this new identity and will optimize employee experience and create a sustainable business environment for all stakeholders.

 

Its modern design embodies the company’s bold sustainability roadmap through daylight harvesting, interactive and collaborative hotspots for employees, disability access and other exciting features that bring forward the company’s evolved identity and culture.

 

Delivering his speech at the office opening in Lagos, Sopiribo Ideriah, managing director for SLB in West Africa countries, said,” As a technology leader, our unmatched market breadth, differentiated performance, and unique portfolio of products and service, has always positioned us for growth and advancement in the energy industry. All of this is owed to our people, who are the backbone of our organization. I would like to thank all SLB staff – past and present – for their commitment and passion in delivering high quality services to our customers.”

The ceremony coincided with the celebration of the 70th Anniversary of SLB’s presence in Nigeria

 

The ceremony coincided with the celebration of the 70th Anniversary of SLB’s presence in Nigeria. “For seven decades, SLB has worked in Nigeria as a local company.  In 1952, SLB logged Nigeria’s first commercial oil well in Oloibiri, Bayelsa State, and has since logged several other historic wells in the country.  Our ability to continuously drive technology innovation has led to the development of new oilfield technologies that enhance our customers’ operational performance, while maintaining the highest standards in HSE, ultimately delivering value to all our stakeholders. Investing in local socio-economic projects and developing local talent through our borderless career culture, we have significantly contributed to the capacity development of Nigeria and are confident that we will continue to do business in ways that benefit our people, society, and the country.” Ideriah added.

 

Also speaking at the event, Wallace Pescarini, president of the Offshore Atlantic Basin at SLB, said “I would like to take this opportunity to express my gratitude to our various stakeholders for their support over the years, including our clients, suppliers, contractors, and other business partners. We are thrilled to live our purpose of creating amazing technology to unlock access to energy for the benefit of all and could not have achieved this without your trust. As we look to the future and its evolving energy landscape, we remain committed to creating value for our customers and key stakeholders in Nigeria.”

 

Following the opening of its regional head office, SLB hosted key stakeholders at a dinner ceremony where the company’s historic past and innovative present were recognized and celebrated.