General News
BoI, NCDMB Sign MoU to Build In-country Capacity for Manufacturing of Oil, Gas Components
The Bank of Industry (BoI) and the Nigerian Content Development Monitoring Board (NCDMB) have signed a Memorandum of Understanding (MoU) to develop local capacity for the manufacturing of oil and gas components and equipment in the country.
The move according to them is expected to increase Nigeria’s 10 per cent capacity in manufacturing oil and gas components, equipment and machinery.
The Executive Secretary, NCDMB, Simbi Wabote, at the BoI/NCDMB signing of the NOGaPs Memorandum of Understanding (MoU) in Lagos, said the partnership has made available a pool of funds to encourage in-country manufacturing, pointing out that the NCDMB and BoI are putting up funds to encourage people to manufacture in Nigeria with an attractive interest rate of 8 per cent.
“The other fund is to support businesses that wants to establish themselves within the industrial parks that has been built by the NCDMB. We have two of those parks that are almost ready to be commissioned this year.
“We are in the process of getting tenants into those parks to manufacture oil and gas equipment in the country, so it is highly incentivised in terms of encouraging them to establish themselves, “he said.
He noted that the fund is to encourage in-country manufacturing, maintaining that according data and statistics, over 98 per cent of oil and gas contracts have been awarded to Nigerians.
In his words: “Today, we pride ourselves that almost 98 per cent of the contracts in the sector is given to Nigerians, but when you drill deep into the components and equipment that are used in the industry, the manufacturing capabilities is extremely limited that we cannot even boast of 10 per cent. So, we want to up the game in manufacturing and all it requires is that the business would be domiciled within the park and manufacture within the park.”
According to him, the loan scheme is incentivised with an 8 per cent interest, a one-year moratorium and a 5 year pay back period.
Also speaking, the Managing Director, Bank of Industry, Oluwakayode Pitan, said so far, over 62 companies have benefitted from the Nigerian Content Intervention Fund (NCIF) $300 million facility disbursed to eligible companies to solve the funding challenge of the local supply chain in the oil and gas industry.
According to him, the beneficiaries went through a risk assessment of the bank and of the Board before the funds were disbursed, saying that the repayment ratio of the fund is close to 100 per cent with all the loans performing.
“All we are looking for are Nigerians who want to manufacture in Nigeria. The industrial parks are of high quality that meets global standards. I want to encourage manufacturers who are looking at the oil and gas sector in particular to go the parks and take space, “he urged.
PalmPay has opened a new office at 33 Old Yaba Road, Lagos, reinforcing its commitment to innovation, customer service, and operational growth in Nigeria.
The new office represents a continued investment in PalmPay’s people, operations, and infrastructure, supporting the company’s ability to deliver reliable financial services at scale. Designed to accommodate PalmPay’s growing team, the workspace enables closer cross-functional collaboration while strengthening service delivery nationwide. Located in Yaba, one of Lagos’s most established commercial and technology corridors, the office further anchors PalmPay within Nigeria’s innovation and financial ecosystem.
Speaking at the office launch, Managing Director Chika Nwosu highlighted that the new workspace reflects PalmPay’s long-term vision and dedication to excellence. “This new office represents an important step in our growth journey and our commitment to building secure, reliable, and inclusive financial solutions for our users,” he said.
The launch event was attended by PalmPay’s leadership team, employees and customers, who toured the facility and marked the company’s continued growth and progress.
With the opening of its office at 33 Old Yaba Road, PalmPay continues to strengthen its presence in Nigeria and reaffirm its mission to drive financial inclusion through innovative digital solutions.
PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.
The Nigerian Aviation Handling Company Plc has announced the signing of a chain of contracts with major airlines for the provision of total handling solutions.
In a statement on Tuesday, the company announced the signing of contract renewals with Air France, KLM and Virgin Atlantic, as well as the African operator, RwandAir.
NAHCO also signed fresh contracts with United Nigeria – Regional, Bellagio and Malaikair.
According to the statement, the contracts with Air France and KLM are for three years and will run till 2028, respectively. The duration of the contract with Virgin Atlantic was also put at three years.
The duration for the RwandAir contract is for three years, effective 1 October 2025.
The statement read, “The new contract with United – Regional would be for a period of five years, effective from 1 August 2025. For Bellagio and Malaikair, the contracts are for three and five years, respectively.
“Bellagio Air, Nigeria’s rising star in aviation, is redefining air travel with a blend of luxury, efficiency, and reliability. Headquartered in the vibrant city of Ikeja, Lagos, Bellagio Air is committed to providing world-class service across key domestic and regional routes.”
The Group Executive Director, Commercial and Business Development, NAHCO Plc, Saheed Lasisi, who expressed his delight with the new contracts, said NAHCO is already ready to exceed customers’ expectations.
According to Lasisi, NAHCO’s more than 46 years of unblemished excellent service delivery puts it heads and shoulders above any other service provider in the industry.
“This is what we have been doing for almost half of a century. We will continue to delight our customers and make our stakeholders happy by exceeding expectations in all aspects of our service offerings. We are always willing and ready to do more,” Lasisi added.
The Group Managing Director/Chief Executive Officer, NAHCO Plc, Olumuyiwa Olumekun, added that with the new fleet of equipment the company is deploying, service delivery will only be better.
Nigerian Communications Commission (NCC) has unveiled a forward-looking strategy that places satellite-enabled mobile connectivity at the heart of the country’s drive to bridge its long-standing coverage gaps.
The draft Spectrum Roadmap for the Communications Sector for 2025 to 2030 lays out how satellite technologies could help deliver reliable voice and data services to millions of Nigerians who live beyond the reach of conventional mobile networks.
The direction is outlined in the Commission’s draft Spectrum Roadmap for the Communications Sector covering the period.
The proposed approach highlights non-terrestrial networks as a complement to existing mobile infrastructure, especially in areas where terrain, insecurity, or high costs limit the deployment of base stations.
The NCC said D2D satellite technology, which allows standard mobile phones to connect directly to satellites, is gaining traction globally as a means of delivering voice and data services without reliance on ground towers.
According to the regulator, the technology could help close persistent coverage gaps in rural, riverine, and border communities that remain outside the reach of conventional networks.
It also noted that satellite-backed connectivity could improve network reliability by providing alternative links during fibre cuts, power failures, or other disruptions affecting terrestrial systems.
The Commission added that wider adoption of D2D services could support emergency communications, public safety operations, Internet of Things applications, and services such as smart agriculture in underserved regions.
It also pointed to potential investment opportunities through partnerships between mobile network operators and satellite companies, including more efficient use of shared spectrum resources.
Beyond D2D services, the roadmap places emphasis on Low-Earth Orbit satellites to expand broadband access to remote parts of the country.
It also proposes better utilisation of Geostationary Orbit satellites and the exploration of high-altitude platforms, such as stratospheric balloons, to support mobile backhaul and rural connectivity.
The policy signals come shortly after Airtel Africa announced an agreement with SpaceX to introduce Starlink-powered direct-to-cell services in Nigeria.
The NCC’s roadmap is expected to shape future spectrum allocation, licensing decisions, and technology adoption across the telecommunications sector.
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