Economy
Fuel Hike: ACCI warns of looming economic crises

Fuel Hike: ACCI warns of looming economic crises
The Abuja Chamber of Commerce and Industry (ACCI) has warned that the recent increase in fuel prices in the country can lead to severe economic crises.
The ACCI President, Emeka Obegolu, said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.
Obegolu said the price hike could have widespread repercussions, particularly on the business community, which was already grappling with inflationary pressures and high exchange rates.
According to him, the increase in fuel prices directly exacerbates the cost of operations for businesses across all sectors.
He said: “as fuel is a critical input in production and transportation, the price spike will lead to a corresponding rise in operational expenses.
“This escalation inevitably will result in higher prices for goods and services, which diminishes consumer purchasing power and reduces demand,” he said.
The ACCI boss emphasised the vulnerability of Small and Medium Enterprises (SMEs), which formed the backbone of the Nigerian economy.
Obegolu said that businesses already operating on narrow margins, were especially susceptible to the adverse effects of the rising costs and had limited capacity to absorb such shocks.
“We also anticipate potential disruptions in the supply chain due to increased transportation costs, which can further exacerbate the challenges businesses are currently facing.
“The fuel price increase was neither anticipated nor expected, especially as the nation is still reeling from the effects of a previous price hike.
“The recent unrest, culminating in a 10-day industrial strike tagged #EndBadGovernance saw business activities severely disrupted, with incidents of looting and property destruction adding to the woes of the business community,” he said.
Obegolu called on the Federal Government to take immediate action by reversing the fuel price hike and reducing living costs rather than imposing additional financial burdens on Nigerians.
He pointed out that businesses struggling to survive may be forced to shut down, while those already closed might find it impossible to recover without government intervention.
Obegolu cited a recent roundtable organised by the ACCI on “Implementing an Effective Price Control System in Nigeria”.
He said stakeholders at the meeting, including government officials, policymakers and industry experts, discussed the need for a robust regulatory framework to address the rising cost of goods and services.
He said the discussions reiterated the importance of price control in stabilising the economy and protecting consumers.
The ACCI boss cautioned that the recent fuel price hike could further aggravate Nigeria’s economic situation.
The chamber urged the government to prioritise the construction of modular refineries, which would reduce the nation’s reliance on imported refined petroleum products and foster a more sustainable economic environment.
Obegolu then restated ACCI’s commitment to continually advocate for policies that could create a conducive business environment and promote long-term economic growth in Nigeria.
Economy
Bago inaugurates empowerment programme for 716 youths in Niger

Gov. Umaru Bago of Niger State has inaugurated an empowerment programme for 716 youths sponsored by a state lawmaker, Alhaji Sani Umar (APC-Kontagora 1), in Kontagora Local Government Area of the state.
While inaugurating the programme that involved disbursement of funds on Sunday in Kontagora, he said it would enable youths to acquire skills for self-reliance.
Bago, represented by his deputy, Mr Yakubu Garba, commended the lawmaker for the empowerment programme, which he described as people-centred.
He urged the beneficiaries to make good use of the support given to them, saying that the programme was designed to have a positive impact on their lives.
He said that the state government would continue to come up with policies th positive impact on the lives of the people, especially women and youths.
Bago said that youth empowerment was crucial to fighting unemployment, restiveness and hardship.
He commended the state legislators for their support and collaboration, attributing the government’s successes to their continued assistance and foresight.
The governor reiterated his resolve to foster cohesion between the executive and legislature, ensuring the delivery of democracy dividends to the electorate.
In his remarks, Alhaji Abdulmalik Sarkindaji, Speaker of the House of Assembly, commended the lawmaker for the initiative aimed at empowering the youths to become self-reliant.
He lauded the governor for not interfering with legislative engagements, and for promoting democratic principles in governance and the polity.
Earlier in his address, Umar, the sponsor of the programme, said the empowerment was aimed at reducing unemployment and restiveness among youths in his constituency.
He thanked the governor for his support and encouragement for the programme.
Also speaking, Alhaji Aminu Bobi, Chairman of the All Progressives Congress (APC) in Niger, thanked the governor for his support and administrative prowess, which he said had brought significant changes to the state.
One of the beneficiaries, Aisha Mohammed, thanked the lawmaker for the gesture and promised to make judicious use of the funds to better her life.
The News Agency of Nigeria (NAN) reports that the event was attended by top government officials, traditional rulers, and other stakeholders in the stat
Economy
Benue at 49: Governor Alia’s Vision for Economic Prosperity and Infrastructure Growth

As Benue State celebrates its 49th anniversary, Governor Hyacinth Alia has emphasized his commitment to driving the state to unprecedented levels of economic prosperity and infrastructural development.
In a statement signed by his Chief Press Secretary, Mr. Tersoo Kula, and made available to newsmen on Monday in Makurdi, Alia outlined the significant reforms his administration has set in motion since he assumed office.
“Less than two years into our administration, we have achieved remarkable breakthroughs, unprecedented in the history of the state,” said Alia.
The governor highlighted key achievements, including the rollout of programs aimed at boosting agricultural productivity and agribusiness to ensure food security and improve livelihoods. “We have rehabilitated roads, opened new ones, constructed and fixed public facilities to make Benue more accessible, enhancing economic growth,” he stated.
Alia also underscored the administration’s focus on healthcare, pledging to advance healthcare facilities to ensure quality and accessible services for all citizens. “Our resolve is to take the state where every citizen experiences prosperity, security, and opportunity,” he added.
The governor stressed that achieving these goals requires the collective efforts of all Benue citizens. “This target cannot be achieved alone. It calls for the collaborative determination of all stakeholders, community leaders, traditional rulers, business owners, and our energetic youth. Together, the administration can build a future that mirrors our joint desires,” Alia urged.
As the state marks its 49th anniversary, the governor called on the people to remain steadfast in their commitment to promoting Benue’s growth. “I extend a hand of fellowship to all stakeholders to join hands with us in this noble endeavour,” he concluded.
Economy
NCS Records Historic ₦6.1 Trillion Revenue in 2024

The Nigeria Customs Service (NCS) has achieved a historic milestone, collecting a record ₦6.1 trillion in revenue in 2024, surpassing its ₦5.1 trillion target by ₦1.03 trillion. This represents a 20.2% increase above the target and an impressive 90.4% rise from the ₦3.2 trillion collected in 2023.
Speaking at a press briefing in Abuja on January 14, 2025, the Comptroller-General of Customs, Bashir Adewale Adeniyi, attributed the remarkable performance to strategic reforms, enhanced operational efficiency, and strong alignment with government policy objectives. “This growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times,” he noted.
The record-breaking revenue is segmented into ₦3.66 trillion for the Federation Account, ₦816.9 billion for Non-Federation Account Levies, and ₦1.63 trillion in Value Added Tax (VAT) on imports.
Adeniyi highlighted the Service’s effort to balance revenue collection with trade facilitation, granting concessions worth ₦1.68 trillion to stimulate industrial growth while tightening controls to prevent abuses.
The Service also achieved remarkable progress in trade facilitation, recording a 179.3% increase in total trade value to ₦196.94 trillion in 2024, compared to ₦70.5 trillion in 2023. This growth was driven by a surge in the export trade, which saw a 219.5% increase in value to ₦136.65 trillion.
Significant advancements were made in customs operations, including the introduction of the Advanced Ruling System and the Authorized Economic Operator (AEO) programme. The latter has reduced cargo clearance times to an average of 43 hours for AEO-certified companies. Additionally, the indigenously developed digital clearance platform, “B’Odogwu,” generated ₦31 billion in revenue during its pilot phase.
In 2024, the NCS received international acclaim, advancing 33 places in the Presidential Enabling Business Environment Council (PEBEC) rankings and being recognised among the top five agencies for trade facilitation. Strategic partnerships, such as with the Healthcare Federation of Nigeria, have streamlined the clearance of medical supplies, aligning with the federal government’s health accessibility goals.
The Service’s trade facilitation efforts under the African Continental Free Trade Agreement (AfCFTA) have also bolstered the participation of Nigerian exporters in global markets, with notable representation at the Biashara Afrika forum in Kigali.
Adeniyi attributed these achievements to the support of President Bola Ahmed Tinubu’s administration and the dedication of NCS officers. He reaffirmed the Service’s commitment to leveraging technology, fostering stakeholder collaboration, and enhancing operational efficiency to sustain growth.
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