BUSINESS
Nasarawa Gov, Sule Commissions N2bn Karu Retail, Recreational Centre
Nasarawa State Governor, Abdullahi Sule, on Thursday performed the groundbreaking ceremony of the Karu Retail and Recreational Centre to boost economic activities around the Abuja corridors.
The N2 billion project located at the Muhammadu Buhari International Market Karu, Karu Local Government Area is joint venture between the state government and The Mall company under a Public Private Partnership (PPP) arrangement.
Sule said that the project was a dream come true and in line with the Nasarawa Economic Development Strategy (NEDS) document, his administration’s development blueprint for the state.
The governor said his administration had leveraged the proximity of Karu to Abuja, the Federal Capital Territory (FCT) to attract several investments for the socioeconomic development of the state.
According to the governor, the Karu Retail and Recreational Centre is a significant offering both for economic and social impact on the state as it had already attracted a retail industry giant, ShopRite.
Sule expressed optimism that the project would create job opportunities for the teeming youth in the state.
He said that the project would be an architectural masterpiece that would not only transform the landscape of the area, but would improve the infrastructural development rating of Karu and attract more attention to the Muhammadu Buhari International Market.
The governor pointed that, being an investor and coming from the private sector, it was difficult for his administration to watch while the Muhammadu Buhari International Market, located in a prime location, is not being utilised in order to generate revenue for the state.
“The mall is therefore, critical to unlock the Nasarawa potential and build a self sufficient economy that allows citizens to strive, to compensate the hardworking, protect the vulnerable and sustain what we have for the future generation,” Sule said.
The governor promised that government would build a world-class pedestal bridge to link the Centre with the modern bus terminal, fitted with electronic advertisement platform that would generate additional revenue for the state.
He urged both private and public sector investors to take advantage of the business climate and ease to doing in the state saying, “Nasarawa is no longer a civil service state but a destination for investment.”
Earlier, Mr Yahaya Yahaya, CEO of The Mall company, described the project as a well thought out development and business model, which promises to deliver sustainable return on investment for all the parties involved.
He said the project to be completed within One year, would feature ShopRite as the retail anchor and a well-balanced tenants mix of indigenous and international food retail chains.
Yahaya said it would also feature restaurants, electronic and gadget stores, fashion retailers, pharmacies and other line tenants.
He said that the Centre would also have an expansive recreational park and children’s playground, while retaining the ecological footprint of the site for the benefit of the people.
Yahaya maintained that the development of a modern retail and recreational park in Nasarawa was beyond building a shopping mall, but providing an opportunity for the agriculture sector to grow as food would move from the farm to shelf and to the table.
He thanked the state government and other stakeholders for the opportunity to be part of the development of the state.
Also, the Managing Director of Nasarawa Investment Development Agency (NASIDA) Mr Ibrahim Abudullahi said the project was a landmark partnership for the retail sector in the state.
He pointed out that Gov Sule was poised to revitalise the economy of the state through private sector participation.
Abdullahi, therefore, encouraged other investors to take advantage of the business – friendly environment created by the administration, to invest in Nasarawa State.
He said that NASIDA, as a one-stop-shop agency for investors in the state was always ready guide investors in order to ensure profitable investment in the state.
In a goodwill message, the Etsu Karu, Luka Baba, appreciated the governor for his development initiatives across the state.
The royal father thanked the governor for the significant change in the development of particularly Karu Local Government Area. (NAN)
From Ayinde Akintade, Osogbo
The National President of Association of Mobile Phone and Allied Products Traders of Nigeria (AMPAT), Hon. Musa Mamsa, has attributed the mobile phone and allied products sector as one of the strongest pillars of modern commerce, driving communication, digital trade, financial inclusion, and security.
Mamsa, who described the group as a crucial link to the sustainability of the digital economy, disclosed this in Osogbo during the inauguration of the Osun State Chapter executives of the association.
According to him, the group is not just contributing to the gross domestic product of the country but also a major employer of youths across the country.
He described the traders, technicians, distributors, and innovators in the sector as the major contributors to society.
“The mobile phone and allied products sector has become one of the strongest pillars of commerce in modern society. From communication to digital trade, from financial inclusion to security, mobile technology drives the engine of today’s world,” he said.
Mamsa commended the Osun Chapter for its resilience and unity despite past challenges, including the global pandemic.
He urged the newly inaugurated executives to uphold the association’s constitution, protect members’ welfare, work in harmony with government agencies, security institutions, and community leaders, and promote peace among traders.
Mamsa also appreciated the Osun State Government for supporting business communities and expressed readiness to partner with authorities to promote peace, economic development, and technological empowerment.
In his address, the newly inaugurated chairman, Oseni Taofeek, promised to place members’ welfare at the centre of his administration while strengthening unity and promoting growth within the association.
While thanking members of AMPAT for the opportunity to serve, Taofeek said, “We will tackle challenges, seize opportunities, and work tirelessly to promote trade and commerce.”
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By Tony Obiechina, Abuja
Nigeria’s total merchandise trade increased to N38.9 trillion in the third quarter of 2025, reflecting positive momentum in the nation’s import-export performance even in the face of global economic uncertainties.
The latest ‘Foreign Trade in Goods Statistics Q3 2025’ report by the National Bureau of Statistics (NBS) released on Thursday indicated that the Q3 merchandize trade value grew by 8.
71% year-on-year from the N35. 8 trillion recorded in the corresponding quarter of 2024 but 2.36% rise compared to the N38.04 trillion value recorded in Q2, 2025.In the quarter under review, the trade data showed that exports accounted for 58.
59% of total trade with a value of N22.8 trillion, showing an increase of 11.08% over the N20.54 trillion value recorded in the corresponding quarter of 2024, and by 0.28% compared to the N22.75 trillion value recorded in Q2, this yearAccording to the NBS, crude oil remained Nigeria’s dominant export commodity in Q3 2025, with a value of N12.81 trillion, representing 56.14% of total exports for Q3 2025.
The import-export trade reflected that non-crude oil exports totalled N10.01 trillion, accounting for 43.86% of total exports, and in this category, non-oil products contributed N2.9 trillion, or 13.14% of total exports.
A further analysis of the merchandize trade data in the quarter under review revealed that agricultural produce exports amounted to N786.62 billion, reflecting an 11.69% decline from N890.72 billion in Q3 2024 and a 37.39% drop compared to N1.26 trillion in Q2 2025, while Raw material exports were valued at N1.04 trillion, representing a 136.38% increase from N439.82 billion in Q3 2024 and a 26.83% rise compared to N819.72 billion recorded in the preceding quarter.
Also, Solid mineral exports amounted to N100.81 billion, showing a 29.75% increase from N77.70 billion in Q3 2024 and an additional 30.41% growth from N77.31 billion reported in the preceding quarter.
The data further showed that the value of manufactured goods exports stood at N978.53 billion, reflecting a 6.03% decline from N1.04 trillion in Q3 2024. However, compared to Q2 2025, the Q3 2025 value represented a 21.74% increase over the N803.81 billion recorded in the previous quarter.
The statistics agency reported that Exports of other oil products in Q3 2025 totalled N7.01 trillion, showing 51.72% rise from N4.62 trillion in Q3 2024, but dipping by 9.42% from the N7.74 trillion recorded in Q2 2025.
Overall, the exports data for Q3 2025 reflected a mixed performance across sectors, with strong gains in raw materials and solid minerals contrasting declines in agricultural exports and some oil-related categories.
On the import side, the data showed that Imports accounted for 41.41% of Nigeria’s total trade in the quarter under review, peaking at N16.12 trillion and representing 5.51% increase from the N15.28 trillion recorded in Q3 2024, and 5.47% rise compared to N15.29 trillion in the preceding quarter.
Despite the growth in imports, Nigeria maintained a positive merchandise trade balance in Q3 2025.
Specifically, the NBS reported that the nation’s trade surplus stood at N6.69 trillion, but represented 10.36% decline from the N7.46 trillion recorded in Q2 2025, due to the faster pace of import growth relative to exports.
On the merchandise trade based on the countries traded with, the NBS data showed that on the import side, China remained Nigeria’s leading trading partner in Q3 2025, followed by the United States, India, the United Arab Emirates, and Belgium.
According to the data, the most imported commodities during the quarter included petroleum oils and oils obtained from bituminous minerals (crude), gas oil, premium motor spirit (petrol), durum wheat, and cane sugar intended for sugar refining.
On the export side, Nigeria’s top five trading partners were India, Spain, France, the Netherlands, and Italy. The major commodities exported to the countries during the quarter under review comprised crude oil, natural gas, other petroleum gases in a gaseous state, kerosene-type jet fuel, and urea, whether or not in aqueous solution.
Analysts believe that the trade surplus recorded by Nigeria during the quarter was reflective of the improving performance of the economy as the government continued to consolidate on the modest achievements of the nation’s monetary and fiscal policy reforms.
For instance, they maintained that the higher trade volumes pointed to improved production levels, stronger demand for Nigerian commodities, and greater activity at the ports while the increase in total exports demonstrated the resilience in the country’s main revenue-generating sectors.
The Central Bank of Nigeria (CBN) has launched a major overhaul of the Agricultural Credit Guarantee Scheme Fund (ACGSF), unveiling a new strategic direction aimed at expanding credit access to smallholder farmers and accelerating national food security efforts.
Speaking in Abuja at the inauguration of the reconstituted ACGSF Board, CBN Governor, Olayemi Cardoso, described the revamp as “a new dawn” for agricultural financing.
He said the initiative reflects the Federal Government’s renewed commitment to reposition agriculture as a driver of inclusive growth, rural development, and economic diversification.Cardoso noted that the ACGSF-established in 1977-remains one of the country’s most impactful development finance tools.
Yet, despite employing nearly two-thirds of Nigeria’s labour force and contributing over 20 per cent to GDP, the agric sector continues to receive less than five per cent of total bank credit. This structural mismatch, he said, has stunted the potential of millions of farmers for decades.The CBN governor stressed that the agricultural landscape has evolved far beyond subsistence farming, now governed by integrated value chains, technology, climate risks and a growing agritech ecosystem. In line with these realities, he said the Scheme must transform into a dynamic, data-driven institution capable of supporting modern agriculture.
He highlighted the 2019 amendment that expanded the Scheme’s share capital from N3 billion to N50 billion and broadened its operational scope. One of the notable enhancements, he added, is the inclusion of farmers’ representatives on the new Board-an “inclusive and strategic” move to ensure policies are grounded in real sector needs.
Cardoso emphasised that the central objective of the revamp is to unlock affordable credit for smallholders who account for 90 per cent of the nation’s agricultural output but remain underserved due to limited collateral, poor credit history and weak access to financial services.
He urged the Board, chaired by Dr. Olusegun Oshin, to design products tailored to women, youth and other underserved groups while leveraging fintechs, microfinance banks and cooperatives to deliver innovative lending models. He also called for the deployment of technology-from satellite imagery to digital dashboards-to track loan utilisation and ensure measurable impact.
Dr. Oshin welcomed the reforms and advocated further expansion of the Fund to meet the scale of investment required for meaningful sectoral transformation.
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