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Nigeria News (Standard)

Favour Ashe Wins 100m National Title in Lagos After Setback at Accra African Championships

Sprinter bounces back with 9.93s finish at YABATECH, credits personal struggles for renewed focus and success

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Sprinter bounces back with 9.93s finish at YABATECH, credits personal struggles for renewed focus and success

Nigeria’s fastest man, Favour Oghenetejiri Ashe, reclaimed his spot at the top of national athletics on Tuesday after winning the men’s 100 metres final at the Commonwealth Games National Trials held at Yaba College of Technology (YABATECH), Lagos. Ashe clocked an impressive 9.93 seconds in the final, surpassing his previous season best and marking his second national title.

The competition saw Ashe first ease into the finals with a 9.98-second run in the semifinals, before dominating a strong field of sprinters in the final race. The event was widely attended, with spectators rising to applaud Ashe’s return to form following his disappointing performance at the recent Africa Senior Athletics Championships in Accra, Ghana.

Ashe had gone to Accra with high hopes but ended up without a medal—a result that left him struggling personally and professionally. Speaking to journalists after his victory in Lagos, Ashe admitted he battled depression as a result of his performance in Ghana. He described the experience as a wake-up call that pushed him to re-evaluate his training and mental readiness.

“After what happened in Accra, I was really down,” Ashe said during a post-race interview. “But I used that disappointment as motivation to work harder and retune my approach to training and competition.”

With this latest victory and a confirmed wind reading of +0.5, Ashe has not only improved on his personal best for 2024 but also sent a strong signal ahead of upcoming international competitions. Athletics stakeholders say his performance is proof that Nigerian athletes can overcome setbacks with determination and proper support from coaches and sports authorities. The Athletics Federation of Nigeria is expected to announce the final list of athletes representing Nigeria at major meets later this year.

Source: https://guardian.ng/sport/accra-disappointment-was-fillip-to-retune-my-career-says-ashe/

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Nigeria News (Standard)

Minister Tegbe Unveils Plan for 277GW Power Capacity by 2060, Presidency Rejects Claims on Tinubu’s Re-election Promise

Federal government targets massive energy expansion with renewables as Presidency dismisses reports on Tinubu’s alleged electricity pledge

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June 25, 2026

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Federal government targets massive energy expansion with renewables as Presidency dismisses reports on Tinubu’s alleged electricity pledge

Minister of Power, Joseph Tegbe, has announced that Nigeria is set to pursue an ambitious target of increasing the nation’s installed electricity capacity to 277 gigawatts (GW) by the year 2060. Speaking on Monday at the Lagos Chamber of Commerce and Industry (LCCI) Renewable Energy Outlook Conference held at Commerce House in Lagos, Tegbe said government’s energy transition agenda will focus on leveraging renewable resources and private sector investment to tackle energy poverty and drive industrial growth.

Tegbe highlighted that the plan forms part of government’s broader strategy to address both climate change and the persistent lack of adequate power supply across the country. According to him, boosting power generation is central to Nigeria’s economic competitiveness and long-term development. The minister explained that by focusing on renewables, government aims to improve access for millions of Nigerians currently facing unreliable electricity, while also meeting global climate commitments.

He stated: “Nigeria’s energy transition agenda is designed not only to tackle climate concerns but also to address energy poverty, improve industrial competitiveness and create jobs.” Tegbe added that achieving this target would require significant investments from both public and private sectors, as well as policy reforms to attract investors into the power sector.

Meanwhile, Special Adviser to President Bola Tinubu on Media and Publicity, Bayo Onanuga, has refuted claims circulating online that President Tinubu vowed not to seek re-election if he failed to substantially improve power supply during his tenure. Onanuga described such reports as false and misleading, insisting that the President has not made any such commitment regarding his political future or electricity targets.

The power sector remains a critical challenge for Nigeria’s development, with frequent outages affecting businesses and households nationwide. Stakeholders at the conference urged government to prioritise implementation of reforms and ensure transparency in project execution. Experts say realising a 277GW capacity will depend on stable policy direction, sustained funding, and effective regulation over the coming decades.

Source: https://guardian.ng/news/nigeria-targets-277gw-power-by-2060-presidency-denies-tinubus-dont-vote-for-me-comment/

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Nigeria News (Standard)

Economists Gather in Uyo to Assess Nigeria’s Debt and Poverty Under Buhari, Tinubu Administrations

Experts to review monetary policy, food security, and manufacturing as Akpan Ekpo Centre hosts national dialogue at UniUyo

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June 25, 2026

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Experts to review monetary policy, food security, and manufacturing as Akpan Ekpo Centre hosts national dialogue at UniUyo

Leading economists and policy experts will converge on Uyo, Akwa Ibom State this Friday for a national dialogue aimed at appraising Nigeria’s economic performance since 2015. The event, holding at the University of Uyo and convened by the Akpan Ekpo Centre for Public Policy, is set to address critical issues such as the country’s rising debt profile, persistent poverty, governance record, and manufacturing sector challenges.

The forum is being organised in honour of renowned economist and public policy scholar, Professor Akpan Hogan Ekpo, who will deliver the keynote address as he marks his 72nd birthday. According to organisers, participants will include academics and senior stakeholders from across the country’s economic landscape.

Among those scheduled to speak are Professor Chikanele Asuru, who will focus on trends in monetary and fiscal policy, labour market dynamics, poverty rates and growing inequality. Professor Emmanuel Onwioduokit is expected to examine Nigeria’s debt management approach in recent years—including under both President Muhammadu Buhari (APC) and President Bola Tinubu (APC)—and offer recommendations for sustainable fiscal practices.

The dialogue comes at a time when Nigerians are grappling with inflationary pressures that have pushed food prices higher and worsened living conditions for millions. The National Bureau of Statistics recently reported inflation above 30 percent, while unemployment remains a pressing concern. Many observers say effective policy responses are urgently needed to reverse declining manufacturing output and ensure food security.

Stakeholders at the event are expected to produce recommendations for government action on key challenges affecting ordinary citizens. The outcomes from the Uyo dialogue may inform future interventions by federal ministries as well as legislative oversight by the National Assembly. As at press time, no official government statement had been released regarding anticipated responses to the dialogue’s resolutions.

Source: https://guardian.ng/business-services/economists-to-appraise-nigerias-performance-at-uyo-dialogue/

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Nigeria News (Standard)

Manufacturers Association Reports ₦1.9trn Decline in Bank Credit as Capacity Utilisation Falls Nationwide

MAN urges urgent reduction of benchmark interest rate after sector credit drops to ₦6.61trn by end of 2025

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June 25, 2026

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MAN urges urgent reduction of benchmark interest rate after sector credit drops to ₦6.61trn by end of 2025

Bank lending to Nigeria’s manufacturing sector has dropped sharply by ₦1.92 trillion, falling from ₦8.53 trillion in December 2024 to ₦6.61 trillion at the close of 2025, according to the Manufacturers Association of Nigeria (MAN). The development, which MAN described as a severe financial constraint, has led to reduced capacity utilisation and job losses across the country.

The Director-General of MAN, Segun Ajayi-Kadir, disclosed this data on Tuesday while highlighting the challenges manufacturers are facing amid declining commercial credit from banks. He stated that the manufacturing sector experienced a significant 22.5 percent contraction in bank credit allocation within the year—one of the largest drops among all major economic sectors, with only general services posting a higher shortfall at 25 percent.

Ajayi-Kadir explained that the reduction in available credit has suppressed manufacturers’ ability to operate at optimal levels, stagnated their contribution to Nigeria’s GDP, and intensified price pressures due to production shortfalls. He warned that unless urgent steps are taken, including an adjustment in monetary policy, the sector’s performance would remain hampered.

“The present funding arrangement is not sustainable for our members or the wider economy,” Ajayi-Kadir said, urging monetary authorities to lower the benchmark interest rate by at least 200 basis points over the next two quarters. He emphasised that improved access to affordable financing is critical if manufacturers are to boost output and sustain jobs amid current economic headwinds.

MAN called on policymakers and relevant agencies to urgently address these concerns through coordinated interventions targeting lower lending rates and better access to long-term capital for industrial players. Without such action, stakeholders warned that further contractions could undermine Nigeria’s ambitions for industrial growth and economic diversification.

Source: https://guardian.ng/business-services/credit-to-manufacturers-down-by-23-to-n6-6tr-as-capacity-utilisation-drops/

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