Business

Nigeria, Europe plan $20bn gas pipeline deal

Published

2 months ago

March 21, 2026

The Federal Government has stepped up high-level discussions on a proposed $20bn transcontinental gas pipeline aimed at delivering Nigeria’s vast natural gas resources to European markets.
The move, which formed the focus of engagements in London, United Kingdom, is expected to strengthen energy security while unlocking long-term economic value for the country.
A statement by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, on Friday, said the proposed pipeline, described as a transformative gas corridor, is designed to transport up to 30 billion cubic metres of gas annually from Nigeria’s southern reserves through Chad and Libya before extending subsea to Sicily, Italy, and into the broader European market.
Ekpo, who joined key industry stakeholders for the talks, described the engagement as both timely and historic, noting that Nigeria is positioning itself to attract investment into its gas sector.
“Nigeria is set for investors to take advantage of this natural gas. With the Petroleum Industry Act and the executive orders by Mr President, the petroleum sector has set a conducive environment to attract investments to the sector.
“We must be intentional in the utilisation of our resources, so long as we have these reserves, we must take advantage of them and better the lives of those in the region,” Ekpo said.
The minister added that with the right financial backing, he sees no obstacle to the realisation of the project.
Executive Vice President, Gas, Power and New Energies at NNPC Limited, Olalekan Ogunleye, assured stakeholders of Nigeria’s policy alignment and readiness to attract investment, stressing that the national oil company remains focused on unlocking value across the gas value chain.
“The NNPC, as the national oil company of Nigeria, has a clear Gas Master Plan, and Mr President’s gas-led initiatives are designed to drive investments across the value chain. NNPC’s strategy is firmly aligned with the president’s agenda, and we are focused on creating investable opportunities, removing bottlenecks, and partnering with credible investors. Simply put, NNPC is ready for business,” he said.
Founder and Chief Executive Officer of Netoil Inc., Roger Tamraz, who is spearheading the project, described the pipeline as commercially viable and strategically important to Europe’s energy future, citing strong market demand and available financing structures.
The Chief Executive Officer of Unicorn, Alain Bolo, highlighted the project’s potential to reduce gas flaring and position Nigeria as a dominant gas supplier to Europe, while the project director at Netoil, Henry Erimodafe, described it as a “strategic win-win” capable of unlocking jobs, investments and long-term value.
The pipeline, which is still at an early development stage, is being advanced by a consortium of global industry players. It will be subject to extensive technical, commercial and regulatory processes.
Stakeholders, however, expressed optimism that the project could redefine Nigeria’s role in the global energy market while deepening energy ties with Europe.

Business

Air Peace cuts Abuja–London flights to three weekly

Published

3 weeks ago

April 25, 2026

The Exclusives

Air Peace has reduced its Abuja–London flight operations to three times weekly until July 1, 2026.

The airline said the adjustment takes effect immediately, attributing the change in schedule to the ongoing local and global constraints in the supply of Jet A1 aviation fuel.

According to the airline, the decision was taken as a proactive measure to maintain operational safety and reliability during the affected period.

The development was disclosed in a statement issued on Saturday by the management of Air Peace.

The statement titled: ‘Temporary schedule adjustment’ reads: “We sincerely appreciate your continued trust and loyalty. Due to the current Jet A1 (aviation fuel) supply constraints affecting flight operations nationwide and around the world, we wish to inform you that our Abuja-London service has been temporarily adjusted to three weekly flights until 01 July, 2026

“This measure is necessary to maintain the highest standards of safety and operational reliability during this period, with full operational frequency on our London service scheduled to resume from 01 July 2026.

“We recognise that this adjustment may impact your travel plans, and we deeply appreciate your patience and understanding. Please be assured that we are actively monitoring the situation and working closely with relevant stakeholders.”

The airline added that it would restore its full flight schedule once fuel supply conditions improve, assuring passengers that they would be kept informed with timely updates.

It also advised travellers whose bookings may be affected by the adjustment to contact its call centre for assistance.

Meanwhile, the International Air Transport Association recently expressed concern over a potential shortage of jet fuel.

The association’s Director-General, Willie Walsh, described the International Energy Agency assessment of possible jet fuel shortages as sobering.

The statement by Walsh reads: “The IEA’s assessment of potential jet fuel shortages is sobering.

“We have also estimated that by the end of May, we could start to see some cancellations in Europe due to a lack of jet fuel. This is already happening in parts of Asia.

“Along with doing everything possible to secure alternative supply lines, it’s important that authorities have well-communicated and well-coordinated plans in place in case rationing becomes necessary, including for slot relief,” the statement said.

Business

Ride-hailing grows Nigeria’s economy

Published

3 weeks ago

April 23, 2026

The Exclusives

A new nationwide report commissioned by Bolt and conducted by Ipsos has revealed that Nigeria’s gig economy has expanded into a $5.17 billion sector, with ride-hailing emerging as one of the strongest growth drivers and a major source of flexible income across the country.

The report underscores the growing importance of platform-based work in addressing Nigeria’s employment challenges, as limited formal job opportunities continue to push many citizens—particularly young people—toward digital earning opportunities such as ride-hailing and e-commerce.

According to the findings, more than 92 per cent of employed Nigerians work within the informal sector, highlighting the significance of flexible, technology-driven jobs in the country’s labour market. Ride-hailing alone accounts for 24 per cent of gig economy participation, making it one of the most accessible entry points into platform-based income generation.

Speaking at the launch of Bolt’s Gig Economy Report in Lagos, the company’s Senior General Manager for West Africa, Teddy Appa-Dankyi, said flexible earning opportunities have become central to how many Nigerians sustain their livelihoods.

He explained that ride-hailing goes beyond providing transportation services, playing a broader economic role by enabling users to diversify their income sources, cope with financial pressures, and participate more actively in the digital economy.

The report also indicates that gig work has become a relatively stable income stream for many participants. Nearly 59 per cent of ride-hailing workers remain active on platforms for more than a year, suggesting that the sector offers consistent income support rather than short-term engagement.

It further highlights the role of the gig economy in tackling youth unemployment—an issue that remains higher than the national average—as more young Nigerians combine flexible work with education, entrepreneurship, and other livelihood strategies.

Findings from Ipsos show that participants are largely attracted to gig work because of its low entry barriers and the potential for daily earnings. Many respondents said the flexibility of ride-hailing allows them to better manage their time while meeting financial responsibilities.

The study also reported improvements in living standards among many participants. About 64 per cent said their living conditions had improved significantly since joining platform-based work, while 31 per cent reported slight improvements.

Digital payments are also driving the sector’s expansion, with more than 85 per cent of ride-hailing transactions now conducted through cashless channels such as bank transfers and POS systems, further strengthening financial inclusion.

However, the report points to a notable gender imbalance in the sector. Women account for only 3 to 4 per cent of ride-hailing participants, highlighting the need for more inclusive policies and support systems to encourage female participation.

It also notes ongoing regulatory developments and the growing influence of worker associations advocating improved welfare and fair practices within the industry.

Despite these challenges, the report concludes that Nigeria’s gig economy is gradually shifting from a survival-based alternative to a more structured part of the labour market, with ride-hailing playing a central role in advancing digital inclusion, income generation, and the future of work.

Business

Consumer products must be labelled in English–FCCPC

Published

2 months ago

March 27, 2026

The Exclusives

The Federal Competition and Consumer Protection Commission (FCCPC) has called on manufacturers, distributors, and importers to label all consumer products in Nigeria in English so that consumers can easily understand the information.

Mr. Tunji Bello, the Executive Vice Chairman of the Commission, made this statement at an event marking the 2026 World Consumer Rights Day in Abuja.

Bello, represented by the Director of the Surveillance and Investigations Department of the Commission, Mrs Boladale Adeyinka, said the Commission had continued to encounter products that did not meet basic safety and quality standards.

According to him, there are so many products that are labelled in languages that are not the official languages of Nigeria.

”Every consumer product in Nigeria should be labelled in the English language; that is the official language in Nigeria. You see products in Chinese or Hindu; those products are falling short of the legal standards in the Federal Republic of Nigeria,” he said.

He said that if such products were found in the market, they were already deemed unsafe because consumers would be consuming what they do not know or what they are incapable of understanding.

Bello described the theme of the event, ‘Safe Products, Confident Consumers,’ as ‘apt’.

He said it captured a simple but important truth: that where safety was uncertain, confidence would decline, and where confidence declined, markets would become weaker, less efficient, and less trustworthy.

Speaking further, Bello noted, “We are gathered at a time when product safety has become central to market integrity, consumer confidence, and public welfare. Some of these failures arise from weak internal control.”

“Others reflect gaps in compliance culture. In certain instances, there are indications of deliberate disregard for legal and regulatory obligations.”

Tunji noted, “In certain instances, there are indications of deliberate disregard for legal and regulatory obligations. The effect is immediate and serious. Product safety, therefore, cannot be treated as a secondary matter. It is a core obligation, with clear public interest consequences.”

A representative from the Manufacturer Association of Nigeria (MAN), Mr Folorunsho Adeyemi, urged citizens to believe in Nigerian-made products.

Adeyemi said the market had been bedevilled with smuggling and counterfeiting, adding that most substandard products are smuggled into the country.

Also speaking, a representative of the Standards Organisation of Nigeria (SON), Mr. Isiaku Mohammed, said the organisation was collaborating with various agencies to make sure that only safe and standard products penetrated the markets.

Contributing, Mr. Salihu Mohammed, the Director of Planning, Research and Statistics of the National Agency for Drugs, Administration and Control (NAFDAC), urged the public to contact the agency over substandard products noticed in the market.

Mohammed said that any product with a NAFDAC number had gone through various scrutinies by the agency.

Mr Thomas Okosun of the Competition and Consumer Protection Tribunal called on the public to visit the tribunal for redress in the event of consumer rights breaches by service providers.

“If you pay for a product and they tell you that you cannot get a refund, please come to us,” he said.

The day also featured the 9th National Young Consumers Contest (NYCC) among secondary schools from across the country.