By Gloria Ikibah

Business leaders, policymakers, and members of the diplomatic community recently gathered in Lagos for the 2025 annual stakeholder conference of Eurocham Nigeria (The European Business Chamber) to discuss the impact of Nigeria’s economic reforms on trade, investment, and sustainable growth.

With the theme “Achieving Growth Post-Reforms,” the conference provided a platform to explore opportunities across key sectors, including trade, aviation, tourism, energy, finance, and workforce transformation.

In his welcome address, Eurocham Nigeria President, Mr. Yann Gilbert, emphasized the organization’s role in championing policies that foster economic progress and strengthen EU-Nigeria business ties.

Delivering a keynote speech, Honorary President of Eurocham Nigeria and European Union Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, reaffirmed the EU’s dedication to Nigeria’s economic transformation. He outlined initiatives aimed at deepening trade relations and unlocking investment potential, introducing the EU-Eurocham Support Grant as a mechanism to boost private-sector growth.

In a second keynote address, Minister of Aviation and Aerospace Development, Festus Keyamo (SAN) who was represented by the Special Adviser on Aviation and Aerospace Development, Ms. Janet Oputa, highlighted the aviation sector’s role in post-reform economic expansion. Speaking on “Aviation: A Catalyst for Growth,” she detailed ongoing infrastructure projects and emerging investment opportunities in Nigeria’s air transport industry.

A key feature of the event was a presentation by Ms. Danelee Masia, Director Economist for South Africa and Sub-Saharan Africa at Deutsche Bank, titled “Nigeria: A Path to Renewed Growth.” She provided a macroeconomic analysis of Nigeria’s recovery, focusing on fiscal reforms, foreign exchange policies, and investment trends shaping the nation’s future.

Eurocham Nigeria reaffirmed its commitment to strengthening partnerships between Nigeria and the European business community. The organization pledged continued advocacy for pro-business policies, regulatory enhancements, and economic cooperation initiatives that benefit both Nigeria and the EU.

By Gloria Ikibah

The Director General, Technical Aid Corps (TAC), Rt. Hon. Yusuf Buba Yakub, has reaffirmed the Corps’ dedication to strengthening Nigeria’s reputation on the international stage.

The Director-General stated this during a courtesy visit by a delegation from the Diplomatic Correspondents Association of Nigeria (DICAN), led by its Chairman, Comrade Frederick Idehai, on Monday in Abuja

Buba highlighted the role of TAC in promoting Nigeria’s influence abroad by deploying technical expertise to 35 African, Caribbean, and Pacific countries, and noted that the Corps has contributed to the professional growth of individuals who have gone on to hold key government positions, including cabinet ministers, while also impacting millions of lives.

Additionally, he assured DICAN of TAC’s readiness to collaborate in advancing the 4Ds foreign policy of President Bola Ahmed Tinubu’s administration. This policy anchored on Democracy, Development, Demography, and Diaspora was introduced by the Ministry of Foreign Affairs under Minister Ambassador Yusuf Maitama Tuggar., which aims to position Nigeria strategically within the global community.

He further emphasised TAC’s commitment to working closely with DICAN, ensuring that the association is actively involved in the Corps’ activities through mutual collaboration and support.

Earlier in his remarks, DICAN Chairman, Comrade Idehai, expressed the association’s interest in partnering with TAC to promote its initiatives in alignment with the 4Ds doctrine. He underscored the strategic role of diplomatic correspondents in fostering national development and stability.

Comrade Idehai also highlighted DICAN’s mandate as a professional body of journalists and editors from print, electronic, online, and wire services, who cover diplomatic affairs, including the Ministry of Foreign Affairs, embassies, and international organizations.

He explained that the association was duly registered with the Corporate Affairs Commission (CAC) making it a credible partner for engagement.

As controversies trailed the purported electricity tariff hike by the Federal Government, the Nigerian Electricity Regulatory Commission has issued regulations on the procedure for tariff reviews.

The latest order, signed by NERC Chairman, Sanusi Garba, stated that pursuant to the provisions of the Electricity Act 2023, the commission is obligated to review and approve a fair tariff to allow licensees to recover prudent costs and a reasonable return on capital invested in the business for the provision of electricity services.

It stated that Section 116(1) of the Act provides that activities in the generation, transmission, distribution, trading, supply, system operation, and electricity distribution franchising shall be subject to tariff regulation, saying Section 116(2) further provides for the commission to develop a tariff methodology that allows licensees operating efficiently to recover the full efficient costs of their business activities, plus a reasonable return on investments by shareholders.

“In exercise of the powers conferred in Section 116 of the Act, the commission has developed and adopted the Multi-Year Tariff Order Methodology as an incentive-based price regulation framework for the determination and projection of tariffs payable in the Nigerian Electricity Supply Industry,”

NERC stressed that the Multi-Year Tariff Order methodology provides for a major review of electricity tariffs every five years, during which all tariff assumptions are reviewed to ensure the industry’s viability and efficiency.

One year before the major tariff hike, the commission said it would issue a notice to all licensees about its intention while requesting them to submit applications for the review of tariffs supported with necessary documentation within 120 days of the notice.

“The commission shall, one year before the expiration of the major tariff review order in force or as may be considered necessary, issue a notice to all licensees about its intention to commence the process for a major review of the existing tariff. The notice shall be published in three national dailies and on the website of the commission.

“The Notice shall request for submission of applications for the review of tariffs supported with documentation that includes but not limited to audited financial statements, budgets, investment plans (in line with prevailing guidelines on Performance Improvement Plans), and proof of wide consultation with customers in the licensees’ service area concerning the proposed filing of the application for tariff review and any other information as deemed necessary by the commission,” the regulation stated.

The regulator said an initial review of the applications shall be completed and a consultation paper developed no later than 90 days after the deadline for the submission of the applications.

“The consultation paper developed by the commission shall outline the basis for the tariff review applications by the licensees including their proposals on capital investments, service improvements, new connections, loss reductions, reset of tariff assumptions if any, and possible impact on rates payable by the affected customers.

“The consultation paper shall be published on the commission’s website and public notices issued soliciting comments with a timeline of 21 days for submission by stakeholders. The commission shall within 90 days from the publication of the consultation paper review all comments and schedule and conclude a Rate Case Hearing, having regard to the stakeholders’ responses to the consultation paper,” the regulation stated.

It was stated that all comments and observations received from the public on the consultation paper and the Rate Case Hearing shall be examined and considered in the development of a draft tariff order for the consideration of the commission.

Upon due consideration of the outcomes of the general stakeholders’ presentation and the Rate Case Hearing, the commission said it shall consider and approve a Major Tariff Review Order within 30 days from the date of the Rate Case Hearing held at the commission.

“Any licensee whose tariffs have been reviewed shall communicate the outcome of the tariff review to its customers vide its website and other communication channels,” it said.

For monthly or minor reviews, the commission said it shall review the prevailing operating end-user tariffs and changes may be made thereto to account for changes in generation fuel costs, the Nigerian and United States inflation rates, United States dollar exchange rate to the naira, and average generation availability relative to the preceding month.

The commission also stated that it may, at its discretion, conduct a minor review of end-user tariffs at other short periods but no longer than six months.

The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, has said there would be an electricity tariff review in a few months.

Verheijen said the current N200bn monthly electricity subsidy benefits only the wealthiest 25 per cent, leaving the poor masses in the dark.

She said the government would put in place a subsidy system that works for the masses.

“Today, the Federal Government spends over N200bn per month on electricity subsidies, but much of this support benefits the wealthiest 25 per cent of Nigerians rather than those who truly need assistance. To address this, the Federal Government is working towards a targeted subsidy system to ensure that low-income households receive the most support. This approach will make electricity more affordable and accessible for millions of hardworking families,” she stated.