Economy
Edo, Dangote, BUA commence remedial works on 30km section of Benin Auchi road
The Edo State Governor, Mr. Godwin Obaseki, has said the State Government has arranged for a meeting on Tuesday, March 12 with representatives of the Federal Government, Dangote Group and BUAPlcto discuss and proffer short term solutions on the deplorable condition of the Benin/Auchi Road. The governor disclosed this at the weekend during a chat with journalists at the Government House in Benin City, after a closed door meeting with the Minister for Works and Housing, Engr. David Umahi. Governor Obaseki also appealed to the Federal Government to concession the road to Edo State Government as a long-term solution, noting, “As a State, we would work with the Minister and the Federal Government. The issue of roads can’t be left to one stakeholder alone; we all must come to work together.
“We are very concerned about the high-traffic roads like the Benin-Auchi road which is one of the main transport arteries in Edo State. Youths have protested severally about the poor condition of the road. We have appealed to them and they accepted and expect us to fulfill the promise on remedial action to reduce the carnage, accident, destructions, and delays commuters witness on that road. He said, “We have agreed with the Minister that we would send one of our contractors immediately to go in there this next week to commence palliative work in some very bad sections of the road. We also agreed that the bad sections particularly around Agbede, between Ekpoma and Irrua-axis and some other portions towards Uhunmwode LGA. “These bad sections have been calculated and it came to about 30km and we have to bring in other stakeholders, particularly heavy users of the road. We have singled out Dangote and BUA cement companies as they are one of the largest users of the Benin/Auchi road and can’t stay aloof.
“We are summoning a meeting with representatives of these two companies, Edo State Government, and the Federal Minister for Works and Housing on Tuesday to agree on concrete steps and measures to take and make sure that the remedial works are done on the bad sections of the road to ensure rehabilitation work are done before raining season commences. We can’t afford to have that road in that condition this year. Things are bad enough in the country. This is the main artery moving petroleum products, foods from the North to the South. We have no choice but to make sure that the road is open to traffic. These are short term measures.” I want to thank the Honourable Minister for Works and Housing for the concern he has shown to us on the State of Federal roads. Same time last year when I cried for help about the deplorable State of our roads ahead of the rainy season, we didn’t get this kind of response. That is why we have to deal with the terrible road situation during and after the rains. Obaseki said, “I believe that the Minister has shown enough sensitivity to iur plight. He has come to us ahead of the heavy rains to see what we can do and what palliative measures can be put in place in some of these federal roads. I believe that once we take some of these steps, the situation can’t be as bad as we experienced last year.
“The Minster has raised several issues. First is because of our position as a State with a unique location. We have a very large network of federal roads across the State. We are perhaps one of the few states with the largest extent of federal roads. But our citizens will always argue that they are not federal citizens but citizens of Edo and Nigeria using these roads. It’s important we come together, work together and build these roads. In working together, we have to remove the encumbrances which are the way we contract to build the roads, the people we used to build these roads, the materials used as well.” On the way forward, the governor said, We need to use more sustainable local materials instead of using expensive asphalt. We should now think of using sustainable local materials. We produce cement and steel. We have no reason why we should not begin to move towards using concrete in building our roads for it to last long. As part of the long term measures, the road should be concessioned. We will be discussing it with the Minister on Tuesday. Our focus is that the road must and should be concessioned as we can’t continue to accept what is going on anymore.
“You have contracts for almost 20 years but we have not been able to make progress, please hand over that road to us, let us concession it to people that have the money as we have done with the Benin-Asaba Road. We believe working with the private sector we can be able to raise the money to dualise the road. Before the end of this year we would push for the concession of the road and would try to achieve this before leaving office. The Minister for works, Engr David Umahi commended the Governor Obaseki for his commitment to make life better for Edo people, adding that the President directed him to take a look at the performance of contractors, adding that anyone that has performed below expectation will be sacked. “The federal government has issued warning letters to some contractors who are not living up to expectations and failures to meet up will lead to termination of contract. I commend governor Obaseki for his concern about the state of roads in Edo State. I worked with the governor throughout the night and I have seen his commitment to his people. He spoke with BUA, Dangote and invited them for a meeting on Tuesday. I commend you very highly for your work especially on concrete roads. It means you mean well for Edo people. You are a private driven person and your commitment to the State is commercial and we see a lot of returns on investments and until we run a government like the private sector, we will not make much success.” (BNR)
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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