Economy Archives - Page 4 of 7

Posted on July 17, 2025July 17, 2025 by admin — Leave a comment

Meet the Teenage Geniuses Behind Nigeria’s First Homemade Electric Car

Meet the Teenage Geniuses Behind Nigeria’s First Homemade Electric Car

Fifteen brilliant SS3 students from Brilliant Footsteps Academy in Sokoto, Nigeria, have achieved something incredible. They’ve designed, engineered, and assembled a fully functional electric car, dubbed BMT 1.0, entirely from scratch.

This talented group of 10 girls and 5 boys worked tirelessly to bring their vision to life, with minimal guidance. Their hard work paid off, and the result is a car that can run up to 30km on a single 3-4 hour charge, powered by a Battery Management System.

Dr. Shadi Sabeh, the school’s proprietor, proudly notes, “This isn’t just a project. It’s a message. African innovation is alive, and it starts in our classrooms.”

Their achievement has garnered national attention, showcasing Nigeria’s youth as leaders in Africa’s tech future. Let’s amplify their story and inspire others. Share this post and help these talented students reach greater heights.

Meet the BMT 1.0 team and let’s celebrate African innovation

Posted on July 17, 2025July 17, 2025 by admin — Leave a comment

2025 World Youth Skills Day Celebration Brings Together Young Entrepreneurs and Stakeholders in Kwara State

The HANDSKILLS ENTREPRENEURSHIP INITIATIVE FOR COMMUNITY DEVELOPMENT recently organized a successful celebration of the 2025 World Youth Skills Day, bringing together a diverse group of young entrepreneurs, youth organizations, community organizations, NGOs, and government agencies.

The event, held at KWACCIMA House, Afon Junction, Ganmon, Kwara State, saw an impressive turnout of stakeholders committed to empowering the youth. Notable attendees included:

– Hon. Commissioner for Youth Development, Kwara State
– Kwara North Youth Development
– Alagbado Youth Development
– SLF Foundation
– Ajikays Designs
– Sao-Legend Enterprises
– Shakky Beauty Palace
– Bambless Concept
– Riche Rose Fashion
– Love Exotic Cake and Kitchen Delights
– Alaro-Baba Alaso-Oke
– Zenith Bank

This gathering highlights the importance of skills development and entrepreneurship in driving youth empowerment and economic growth in Kwara State. The HANDSKILLS ENTREPRENEURSHIP INITIATIVE FOR COMMUNITY DEVELOPMENT deserves commendation for bringing these stakeholders together to promote a common goal.

Posted on July 16, 2025July 16, 2025 by admin — Leave a comment

2025 WORLD YOUTH SKILLS DAY CELEBRATION’S SPEECH BY: COMR. SULAIMAN ABDULFATAI, President HANDSKILLS ENTREPRENEURSHIP INITIATIVE FOR COMMUNITY

“Your Excellency, Hon. Commissioner for Youth Development, Amb. Ndanusa Sheu, distinguished guests, esteemed leaders, and fellow youths, I urge Nigerian youths to venture into skills entrepreneurship as a pathway to self-reliance and legitimate wealth creation.

The more creative you are, the higher your chances of success. It’s time to shift our focus from relying on others for handouts to empowering ourselves. We should seek wisdom and progress from our leaders, not just financial favors.

Given the current state of our nation, it’s crucial that we take charge of our own future and that of the next generation. I appreciate your presence here today, sir. We request the Kwara State government’s support in promoting the importance of hand skills among our youth, who often view them as inferior.

I recall a Corps member who shunned skills due to his father’s 45-year experience as a radio mechanic without building a prosperous business or securing a pension. This is what our organization aims to change – we provide products, markets, patronage, assistance, information, and connections to uplift our members.

I also plead with Kwara State government under the leadership of His Excellence Alh. Abdulrasaq Abdulrahman to care for young entrepreneurs the way they care for sports and entertainment. We need SME clinics in our states to nurture young entrepreneurs and create more jobs. It’s time for us to prioritize skills development and job creation.

I thank our patron, Hon. Justice S. O. Muhammad, Alh. Binta Abubakar Mora, GM Harmony FM, Kwara Chamber of Commerce, Industry, Mines, and Agriculture, and all our members for their unwavering support.

Posted on July 9, 2025July 10, 2025 by admin — Leave a comment

EFCC Arrests Nine Suspected Illegal Miners in Niger State

EFCC Arrests Nine Suspected Illegal Miners in Niger State

In a significant crackdown on illicit mining activities, the Economic and Financial Crimes Commission (EFCC) has apprehended nine individuals suspected of engaging in illegal mining operations in Niger State’s Kaniyan Village, Mokwa Local Government Area.

The suspects, comprising five Chinese nationals and four Nigerians, were arrested by operatives of the EFCC’s Kaduna Zonal Directorate. The arrests were made possible through actionable intelligence that uncovered the illicit mining activities in the area.

The Arrests

Recovered Items

A substantial amount of equipment and materials were recovered from the site, including:

Power generators
Industrial crushing machines
Gold melting machine
Vehicles (trucks and SUV)
Drilling machines
Explosives
Chemicals
Mining equipment

Next Steps

The EFCC has confirmed that the suspects will be charged to court upon completion of investigations. This move underscores the Commission’s commitment to combating illegal mining and protecting Nigeria’s natural resources.

Conclusion

The EFCC’s efforts to curb illegal mining activities are crucial to preserving Nigeria’s natural resources and promoting economic stability. As the investigation unfolds, it remains to be seen what further actions will be taken against those involved in these illicit activities.

Posted on July 4, 2025July 4, 2025 by admin — Leave a comment

The Time for Nigerian Institutions to Lead by Example is Now

The Time for Nigerian Institutions to Lead by Example is Now

By Comr. Sulaiman Abdulfatai, CEO, Saolegend.com / President, Hand Skill Entrepreneurship Initiative for Community Development

As I reflect on the state of our nation, I’m often left wondering why our institutions seem to be competing with common Nigerians in businesses that don’t require any unique expertise or innovation. We’ve all seen it – Unilorin Bread, Kwarapoly water, and other similar ventures that, while entrepreneurial, don’t necessarily showcase the potential of our institutions.

It’s high time our institutions focused on producing goods and services that make Nigerians look up to them. Instead of competing with small-scale businesses, our institutions should be at the forefront of innovation and production. Imagine if our universities and polytechnics started producing cutting-edge products like:

Generators
Solar panels and solar components
Electric bikes
Sewing machines
Raw materials like clothes, artificial leather, and shoe soles
Agricultural machinery and equipment
Water treatment systems
Medical equipment and devices
Renewable energy systems
Advanced textiles and fashion products

The list goes on. By focusing on these areas, our institutions can empower their students with valuable skills and knowledge, improve their mindset towards production, and contribute meaningfully to the nation’s economic development.

Benefits of Institutional Innovation

By taking the lead in innovation and production, Nigerian institutions can:

Enhance their reputation and credibility
Foster innovation and entrepreneurship
Contribute to the nation’s economic growth
Empower students with valuable skills and knowledge
Improve the quality of life for Nigerians
Attract foreign investment and partnerships
Develop a culture of innovation and excellence

A Call to Action

I propose that each institution identifies a product or service that meets the needs of its community and starts producing it. This approach will not only benefit the community but also provide students with hands-on experience and practical skills.

Potential Products by Institution Type

Universities:
- Advanced medical equipment
- Renewable energy systems
- High-tech agricultural machinery
Polytechnics:
- Solar panels and solar components
- Electric bikes
- Water treatment systems
Colleges of Education:
- Educational technology products
- Innovative teaching aids
- Special needs equipment

The Future is in Our Hands

It’s time for Nigerian institutions to take the lead and set an example for others to follow. Let’s work together to create a future where our institutions are synonymous with innovation, entrepreneurship, and excellence. The time for change is now – let’s seize it!

Join the Conversation

What do you think Nigerian institutions should focus on producing? Share your ideas and let’s work together to build a brighter future for our nation.

Posted on July 2, 2025July 2, 2025 by admin — Leave a comment

“Senate Moves to Amend Procurement, Local Content Law to Empower Local Contractors”

The Senate has taken a significant step towards empowering local contractors by resolving to amend the Public Procurement and Local Content Acts. This move aims to eliminate restrictive provisions that hinder the participation of local contractors in government contracts.

The decision was made after a motion was sponsored by Senator Suleiman Umar Sadiq, who highlighted the need to engage local contractors in small-scale federal government contracts to stimulate grassroots economic development. He noted that despite existing local content policies, many small-scale contracts are often awarded to larger, non-indigenous firms, limiting economic benefits to local communities.

Sadiq argued that engaging local contractors would enhance community participation, create jobs, and increase productivity. He also urged the Senate to direct the government to relax certain bidding requirements, such as three years of tax clearance for contracts below ₦50 million, to make them more accessible to local firms.

Several senators supported the motion, citing the need to amend the laws to allow local contractors to compete fairly. The Senate President, Godswill Akpabio, noted that he promoted local contractors during his tenure as governor of Akwa Ibom State and lamented that foreign firms often fail to build local capacity.

The Senate has directed its Committees on Public Procurement and Local Content to identify gaps in the existing laws and draft a bill to address them. The committees have been tasked with conducting a holistic review of the laws and expanding the compulsory involvement of local companies beyond the oil and gas sector to other sectors of the economy.

Some senators, like Adams Oshiomhole, cautioned that local contractors must be adequately equipped and competent to deliver quality work. The Senate’s move is expected to stimulate grassroots economic development and promote the growth of small and medium-sized enterprises (SMEs) and local contractors.

Posted on July 1, 2025July 1, 2025 by admin — Leave a comment

CAC LAUNCHES AI-POWERED REGISTRATION PORTAL TO REVOLUTIONIZE BUSINESS REGISTRATION IN NIGERIA

CAC LAUNCHES AI-POWERED REGISTRATION PORTAL TO REVOLUTIONIZE BUSINESS REGISTRATION IN NIGERIA

At the 2025 Stakeholders Forum in Port Harcourt, the Registrar-General/CEO of CAC, Hussaini Ishaq Magaji, SAN, announced the launch of the new portal. According to Magaji, the portal features instant name reservations, intelligent name suggestions, and the ability to register businesses using only a director’s or proprietor’s National Identification Number (NIN).

The CAC aims to process business registrations within 30 minutes, generating certificates and delivering them to customers’ emails, subject to real-time NIN verification. To address potential delays due to external validation from NIMC, the CAC has developed a contingency solution using AI-powered photo ID matching.

The Commission is also exploring partnerships with super agents, including the Nigerian Inter-Bank Settlement System (NIBSS), and has received over 100 requests from potential partners. Upcoming services include Two-Factor Authentication & OTP Verification for all transactions and a CAC Mobile App, expected to launch by the last quarter of this year.

To maintain quality service delivery, the CAC has reviewed certain service fees, effective August 1, 2025. The launch event featured goodwill messages from prominent stakeholders, including the Chairman of the Nigerian Bar Association Port Harcourt Branch, and technical support from the CAC team to resolve customer complaints.

This development is poised to significantly improve the business registration process in Nigeria, making it more efficient and user-friendly.

Posted on July 1, 2025August 30, 2025 by admin — Leave a comment

CAC LAUNCHES AI-POWERED REGISTRATION PORTAL TO REVOLUTIONIZE BUSINESS REGISTRATION IN NIGERIA

CAC LAUNCHES AI-POWERED REGISTRATION PORTAL TO REVOLUTIONIZE BUSINESS REGISTRATION IN NIGERIA

The Corporate Affairs Commission (CAC) has unveiled a new Artificial Intelligence (AI)-powered registration portal, marking a significant milestone in its transformative initiatives. This cutting-edge technology is set to overhaul the Company Registration Portal (CRP) and make doing business in Nigeria more efficient.

At the 2025 Stakeholders Forum in Port Harcourt, the Registrar-General/CEO of CAC, Hussaini Ishaq Magaji, SAN, announced the launch of the new portal. According to Magaji, the portal features instant name reservations, intelligent name suggestions, and the ability to register businesses using only a director’s or proprietor’s National Identification Number (NIN).

The CAC aims to process business registrations within 30 minutes, generating certificates and delivering them to customers’ emails, subject to real-time NIN verification. To address potential delays due to external validation from NIMC, the CAC has developed a contingency solution using AI-powered photo ID matching.

The Commission is also exploring partnerships with super agents, including the Nigerian Inter-Bank Settlement System (NIBSS), and has received over 100 requests from potential partners. Upcoming services include Two-Factor Authentication & OTP Verification for all transactions and a CAC Mobile App, expected to launch by the last quarter of this year.

To maintain quality service delivery, the CAC has reviewed certain service fees, effective August 1, 2025. The launch event featured goodwill messages from prominent stakeholders, including the Chairman of the Nigerian Bar Association Port Harcourt Branch, and technical support from the CAC team to resolve customer complaints.

This development is poised to significantly improve the business registration process in Nigeria, making it more efficient and user-friendly.

Posted on June 27, 2025June 27, 2025 by admin — Leave a comment

President Bola Ahmed Tinubu has signed the Tax Reform Bills into law

President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, which makes a major shift in our tax system. As a Nigerian, this new law directly affects you. So this is a simple breakdown of the law, read to see how it impacts you.

1. FIRS Renamed:

The Federal Inland Revenue Service (FIRS) is now called the Nigeria Revenue Service (NRS).

2. Unified Revenue Collection: The NRS will now handle revenue collections previously managed by agencies like the Nigeria Customs Service, NUPRC, NPA, and NIMASA.

3. Low-Income Relief: Workers earning ₦800,000 or less annually are now exempted from income tax.

4. High-Income Tax: A 25% personal income tax applies only to individuals earning above ₦50 million annually.

5. Small Business Exemption: Small business owners are fully exempted from paying income tax.

6. Corporate Tax Cut: Starting in 2026, company income tax for medium and large firms will be reduced from 30% to 25%.

7. VAT Exemptions on Essentials: There is no VAT on essential items like food, medical services, pharmaceuticals, school fees, and electricity.

8. No Tax Hike: VAT remains at 7.5%, and corporate income tax stays at 30%—there has been no increase.

9. New Development Levy: A 2%–4% Development Levy will now fund critical national institutions like NELFUND, TETFund, NITDA, and NASENI.

Posted on June 27, 2025June 27, 2025 by admin — Leave a comment

“Simplifying Taxation: President Tinubu Signs Four Key Tax Reform Bills”

On June 26, 2025, President Bola Ahmed Tinubu GCFR, alongside NGF Chairman AbdulRahman AbdulRazaq CON and member governors, signed four key tax reform bills into law at the Presidential Villa: