Business News - Inside Business Africa

Oct162026 by info@insidebusinessafricang.comNo Comments

Keyamo slams Atiku over Nigeria Airways collapse

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has accused the presidential candidate of the African Democratic Congress, Atiku Abubakar, of hypocrisy over his comments on the state of the country, citing the liquidation of Nigeria Airways and the unpaid entitlements of its former workers. Keyamo stated this in a post shared on his X handle on Wednesday, stating that the administration in which Atiku served as vice-president liquidated the national carrier in September 2004, leaving thousands of workers jobless and without their pensions and gratuities. “Your Excellency, Atiku Abubakar, this is hypocrisy at its peak! Let me just talk only about the sector that I head, Aviation,” the minister wrote. The minister claimed that the former workers were left to strug...

Oct162026 by info@insidebusinessafricang.comNo Comments

Tesla unveils flying car prototype, eyes 2028 production

Africa, Aviation, Breaking News, Business, Corporate Stories, Economy, Energy, Exclusive, Finance, Growth & Insight, Industry, Innovation, Insurance, Interviews, News, Power, Technology, Technology & Innovation, Travel, What's Hot, World

Tesla has unveiled a prototype of its new Roadster sports car that can briefly rise into the air using rocket technology, with production targeted for 2028. According to CNN, the demonstration was held on Thursday at a SpaceX testing facility in Texas, United States, where the two-seater vehicle performed a series of manoeuvres, including driving upside down before making a short airborne movement. The prototype was operated without a driver during the test, with Musk saying the decision was taken “to make sure we don’t kill anyone.” “Success is not guaranteed. I mean that. It’ll probably work, but if it doesn’t work, we’re at a safe distance,” he said. CNN reported that the vehicle uses 10 nozzles and high-pressure air tanks to generate thrust, with Musk claiming it could acce...

Oct162026 by info@insidebusinessafricang.comNo Comments

FG’s illusory fuel price relief

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FOR more than three years, Nigerians have been told to endure economic pain in the name of necessary reforms. The removal of petrol subsidy, foreign exchange market liberalisation, soaring electricity tariffs, punishing inflation and the collapse of household purchasing power have all been presented as sacrifices that would eventually deliver prosperity. Yet, as petrol prices surged beyond N1,400 per litre amid renewed global oil-market turmoil, the Federal Government has responded with a 30-day discount scheme whose limitations are glaring even before implementation. This is not economic rescue. It is a token gesture dressed up as bold intervention, offered to a population already exhausted by years of sacrifice. Coming after mounting public anger, labour agitation and opposition...

Oct162026 by info@insidebusinessafricang.comNo Comments

Tinubu’s NNPC order cuts deductions to N8.4tn – W’Bank

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The deductions from Nigeria’s Federation Account fell by N1.7tn in the first half of 2026, following the Federal Government’s move to stop certain oil revenue retentions by the Nigerian National Petroleum Company Limited and redirect gas-flaring penalties to the Federation Account. The World Bank disclosed this in its Nigeria Development Update report analysed by our correspondent on Thursday, noting that total deductions declined from N10.1tn in the first half of 2025 to N8.4tn in the corresponding period of 2026. The reduction represented a fall of N1.7tn, or 16.8 per cent, year-on-year. As a share of the nation’s Gross Domestic Product, deductions dropped from 4.6 per cent to 3.4 per cent, a decline of 1.2 percentage points. The World Bank attributed the development...

Oct162026 by info@insidebusinessafricang.comNo Comments

Elumelu Team Eyes $15bn Infrastructure Projects for West Africa

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Nigerian businessman Tony Elumelu is part of a team considering a $15 billion pipeline of investment projects across West Africa, aimed at reducing the region’s infrastructure deficit, according to a Bloomberg report published on Thursday. Elumelu, who is chairman of Heirs Holdings Limited and co-chair of the West Africa Integration and Investment Summit, worked with the team to identify projects that can be presented to lenders. The project list is being put together ahead of the inaugural regional summit, which will hold in Sierra Leone in November. Elumelu, founded Heirs Holdings in 2010 as a family-owned investment company. It holds interests in financial services, power, energy, oil and gas, hospitality, technology and healthcare. Through Heirs, he holds a controlling stak...

Oct152026 by info@insidebusinessafricang.comNo Comments

WAPP plans second phase of regional electricity market

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The West African Power Pool says the second phase of the regional electricity market is expected to be launched early next year as efforts continue to strengthen cross-border electricity trading and improve power supply across the sub-region. The Secretary-General of WAPP, Abdoulaye Dia, disclosed this at the 68th meeting of the WAPP Executive Board held recently in Lomé, Togo. According to a statement by the Transmission Company of Nigeria, Dia said the organisation has continued to implement guidelines on institutional strengthening and the progressive operationalisation of the independent system and market operator. He said the process includes functional and accounting unbundling, as well as an orderly transition that will allow the WAPP Information and Coordination Centre to ...

Oct152026 by info@insidebusinessafricang.comNo Comments

Denmark reaffirms commitment to Nigeria’s maritime safety

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Maritime October 15, 2026 12:32 am By Anozie Egole The Danish Government has committed to exploring further cooperation with the Federal Government of Nigeria in maritime security, with emphasis on intelligence sharing and capacity building to sustain security gains in the Gulf of Guinea. This formed the crux of discussions when the Director-General of the Nigerian Maritime Administration and Safety Agency, Dr. Dayo Mobereola, led a delegation of the agency to receive a Danish delegation at NIMASA headquarters in Lagos. The delegation was led by Sustainability Lead Tumi Onamade and Senior Advisor, Maritime Energy, Water and Environment Trade Council of Denmark. The Deputy Director/Head of Public Relations at NIMASA, Osagie Edward, announced this in a statement on Wedne...

Oct152026 by info@insidebusinessafricang.comNo Comments

FG seeks $78.5bn for 65 projects

Africa, Agriculture, Appointments, Aviation, Breaking News, Business, Capital Market, Corporate Stories, Economy, Energy, Exclusive, Finance, Growth & Insight, Industry, Innovation, Insurance, Interviews, Logistics, Maritime, News, Oil & Gas, Politics, Power, Technology, Technology & Innovation, Travel, What's Hot, World

Nigeria is seeking $78.5bn in private capital to finance 65 projects across critical sectors of the economy, as the Federal Government steps up efforts to attract investors, expand productive capacity and create jobs. The investment opportunities were presented by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, alongside Central Bank of Nigeria Governor, Olayemi Cardoso, at the ongoing IMF-World Bank Annual Meetings in Bangkok. The projects cover oil and gas, electricity, manufacturing, mining, transportation, agriculture, technology, healthcare and urban development, according to details published on the Federal Ministry of Finance’s Projects Nigeria investment portal. The government estimates that the proposed investments could generate 366,763 jobs, p...

Oct152026 by info@insidebusinessafricang.comNo Comments

Sanwo-Olu Reaffirms Commitment To Human Capital Development

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Lagos State Governor, Mr Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to human capital development, pledging to sustain public servants’ participation in the programmes of the Chartered Institute of Personnel Management of Nigeria (CIPM) beyond his tenure. ICSAN At 60: Sanwo-Olu Seeks Stronger Governance In Public, Private Sectors Gridlock As Tanker Spills 33,000 Litres Of Groundnut Oil On Lagos-Ibadan Expressway Lagos E-Hailing Drivers Continue Indefinite Strike Into Day 3 Over Fares, Welfare The governor gave the assurance when he received a delegation of CIPM, led by its President and Chairman of the Governing Council, Mallam Ahmed Ladan Gobir, at the State House, Marina, Lagos, during his formal decoration as a Fellow of the Institute. Sanwo-Olu sai...

Oct152026 by info@insidebusinessafricang.comNo Comments

High interest rates threaten solar investment in Nigeria — PowerChina

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The Regional Director, Africa, of PowerChina I²-ESS Energy Storage Centre, Timmy Shi, has said high interest rates in Nigeria are threatening investment in the solar energy sector. Shi said Chinese companies have an advantage in the Nigerian market because they have access to cheaper financing, adding that the cost of funds is a major consideration for foreign investors seeking to establish businesses in the country. “Chinese companies are coming in because they have access to cheaper funds. That is why Chinese companies and their products have flooded the Nigerian market and are leading. Money from China is cheaper, but high bank interest rates are keeping many companies from investing in solar in Nigeria,” she said. Shi spoke during the power panel session of the recent Associat...