Economy
Stakeholders harp on technology to drive business sustainability, profitability
The Group Managing Director, Flourmills Nigeria, Mr Paul Gbedodo, said on Thursday that Nigeria was behind in transitioning from the hardware age to the digital age.
Gbedodo spoke at the 36th Omolayole Management Lecture with the theme “Leading at the speed of technology: Innovations for the corporate world”, in Lagos.
He, however, expressed hope that the transition was going to happen much faster than experienced in the rest of the world once it begins in the country.
This, he owed to the current internet penetration which was growing rapidly.
Gbedodo said it was imperative for the corporate Nigeria to leverage technological advances to create new businesses.
He said they should also do this to transform the efficiency of existing businesses, create access and reach to the evolving digital market place and consumers.
According to him, there is urgent need to reset corporate leadership in Nigeria from the traditional, industrial age mindset to technologically compliant digital age leadership.
“Failure to act promptly could be fatal for the business.
“This will have implications for all stakeholders whose livelihood and commercial prosperity are connected to these corporate organisations,” he said.
In his remarks, the President, Chairman of Council, Chartered Institute of Personnel Management (CIPM), Mr Olawale Adediran, said technology had dictated the speed of evolution of human life over the centuries.
He said that CIPM’s 51st annual conference in 2019 drew attention to an imminent global disruption.
Adeniran urged individuals, workers and leaders of families, governments and organisations to have a good understanding of how to leverage technology for productivity, profit and growth.
He maintained that top earning individuals and global entities were those that had been digitally transformed to deliver sustained value to stakeholders.
“We cannot ignore the pact of technology in this rapidly changing and uncertain world,” he said.
Adeniran said that Nigeria was not yet where she wanted to be, but was making progress.
“We are making progress, and like every other country, Nigeria has its own fair of challenges; maybe a little too much than we should have.
“However, with a clear vision, collective will, plus a culture of stewardship, there will be a way.
“To make Nigeria the country of our dreams, we have the obligation and responsibility to stand up, step in, stand out and do all we can to make her the true Giant of Africa,” he said.
The Guest of Honour, Dr Michael Omolayole, urged managers of the economy to address issues hindering the nation’s growth and development.
According to him, the country’s index of misery was at a high.
He said the development of human capacity and the nation should be top priorities of politicians.
“I urge the civil society to speak up politely and consistently to find lasting solutions to Nigeria’s economic challenges,” he said. (NAN)
By: Fabian Apechihin
Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.
Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.
Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.
Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.
“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.
IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.
Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.
The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.
Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.
Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”
In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.
- Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin
Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.
The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.
The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).
According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.
“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.
The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.
She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.
She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.
“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.
The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.
In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.
Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.
She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.
Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.
End
By: Fabian Apechihin
The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.
In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.
“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.
According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.
FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.
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