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NES Seeks Harmonization Economic Policies

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The Nigerian Economic Society (NES) has called on the Federal Government to properly articulate its policies and strategies to enhance economic growth as well as create opportunities for the private sector to access regional and global markets.

The NES made the call yesterday in eleven-point communiqué read by the President, Professor Akpan H. Ekpo to round off the Society’s 49th Annual conference with theme, "Global Competitiveness and the Nigerian economy: The way forward" held in Abuja.

The Society further urged the Federal Government to introduce innovation in the payments system, invest in agricultural sector, create an environment to discourage rent seeking particularly in oil sector, improve infrastructural facilities in the country, massively fund the education sector at all levels and promote Small and Medium Enterprises, among others.

According to Prof. Ekpo, "Government should create an environment to discourage rent seeking, particularly in oil sector. More reforms are necessary in the sector, particularly in the light of recent mind-boggling revelations in the operations of Department of Petroleum Resources and the allocation and payments for oil blocks, from the public hearing on the oil sector by the House of Representatives.

"There is the need for Government to improve infrastructural facilities in the country, particularly in the transport and energy sectors as well as improving human capacity to promote efficiency and competitiveness of the economy.

He stressed that efforts should be made to break the monopoly of Power Holding Company of Nigeria (PHCN) in power transmission by bringing in other companies, by breaking the country in to five or six zones and franchise granted to each of these larger power companies for each zone to enhance rapid growth in the sector.

He canvassed for encouragement of foreign banks to enter the Nigerian banking landscape to encourage inflow of foreign capital and help drive down costs of credit and administration leading to low interest margins.

In respect of education, the NES noted that with the seeming unattractiveness of employment in the sector, the government needed to review wages in the sector to attract capable hands and grantee quality education for the country and enhance its competitiveness.

The Society emphasized the need for cooperation of all stakeholders, private and public operators in the economy in addressing the economic problems of the country particularly in the power sector.


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General News

Enugu Air Commences Operations Today

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Enugu State-owned commercial airline, Enugu Air, is set to officially launch its operations today Monday, July 7, 2025. The launch ceremony will take place at the Akanu Ibiam International Airport, with the Minister of Aviation and Aerospace Development, Festus Keyamo, expected to attend alongside other dignitaries, according to a statement from the airline.

Dr Obi Ozor, Commissioner for Transportation, Enugu State, said Enugu Air is a key component of Governor Peter Mbah’s vision for a modern, integrated transportation system, aimed at positioning Enugu as a major aviation hub in Nigeria.

The airline will begin operations with a fleet of three Embraer jets, from the E170 and E190 series, chosen for their performance, passenger comfort, and suitability for regional routes.

The airline’s inaugural routes will form a strategic triangular operation connecting Enugu, Abuja, and Lagos, with plans to expand services to Port Harcourt, Owerri, Benin, Kano, and other key cities across Nigeria and beyond.

Ozor said, “With a strong foundation built on innovation and sustainability, Enugu Air is poised to transform regional air travel, boost state pride, and raise Enugu’s profile nationally and globally.”

The launch of Enugu Air is expected to have a significant impact on the aviation industry in Nigeria, providing more options for air travel and promoting economic development in the region.

With its modern fleet and strategic routes, Enugu Air is set to revolutionize air travel in Nigeria and establish Enugu as a major player in the country’s aviation sector.

 


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Cybervergent Selected as World Economic Forum’s 2025 Technology Pioneer Company

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In affirmation of its global standing, Cybervergent, a Pan-African technology company that leverages artificial intelligence to transform how organisations manage risk, governance, privacy, and cybersecurity, has been selected as one of the World Economic Forum’s (WEF) Technology Pioneers for 2025—a global cohort spotlighting companies transforming industries through breakthrough technologies and responsible innovation.

The WEF, an international organisation committed to improving the state of the world through public-private collaboration, brings together global leaders to shape economic, technological, and societal agendas. Cybervergent now joins this global community.

The company is recognized for its innovative approach to building digital trust, reimagining how organisations manage cybersecurity, risk, privacy and governance.

Commenting on the company’s milestone, Adetokunbo Omotosho, CEO of Cybervergent, said, “I am honoured that Cybervergent has been named a Technology Pioneer by the World Economic Forum. This is more than an accolade — it’s a validation of our commitment to redefining cybersecurity, privacy, and risk management to build true digital trust.

“What makes this recognition even more meaningful is the fact that Cybervergent demonstrates innovation in AI and infrastructure can emerge from any region, challenging conventional perceptions.”

Some past recipients of the Technology Pioneer recognition, including Google, Spotify, and Airbnb have gone on to fundamentally reshape global industries.

As a member of the 2025 Technology Pioneers community, Cybervergent will be contributing to discussions shaping cybersecurity, AI, and cyber resilience across industries and the global digital economy.


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Moove Plans to Raise $1.2Bn Debt Round for US Autonomous Vehicle Expansion

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Moove, an African mobility fintech startup, is on a quest to secure a $1.2 billion debt financing round to support the rollout of a fleet of autonomous vehicles.

This is in partnership with Alphabet Inc.’s Waymo in the United States, according to a Bloomberg report citing sources familiar with the matter.

The startup has since attracted backing, including from Uber Technologies Inc., and entered a strategic partnership with Waymo in December 2024 to provide financing for self-driving cars.

Ladi Delano, co-founder of Moove, noted that the company has a solid financial track record.

“Moove has built strong relationships with some of the world’s leading lenders. We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment,” he said.

The round is reportedly oversubscribed, with strong participation from private credit firms and banks.

Waymo has also not made any official statement regarding the funding round. While final details are expected to be concluded in the coming weeks, the deal will mark a significant milestone for the firm as it ramps up its global ambitions.

Founded in 2020 by Nigerian entrepreneurs, Ladi Delano and Jide Odunsi, Moove began by providing vehicle financing for ride-hailing drivers in Africa’s largest cities.

 


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