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Uber Contributed ₦34 Billion to Nigeria’s Economy in One Year

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Ride-hailing giant Uber says it has contributed more than ₦34 billion to Nigeria’s economy over the past year through its operations, partnerships, and the activities of drivers using its platform.

The figure was disclosed in Uber’s latest economic impact report, released on Tuesday, which assessed the company’s role in supporting mobility, job creation, and income generation in Nigeria’s fast-growing digital economy. According to the report, the platform has become a major enabler for thousands of drivers and delivery partners who rely on the service for their livelihoods.

The study highlighted that Uber’s presence has helped expand transport access across major Nigerian cities, offering affordable alternatives to traditional taxis while also boosting the informal economy. Beyond driver earnings, the ₦34 billion contribution includes spending linked to fuel, vehicle maintenance, insurance, and other business-related activities spurred by Uber’s operations.

Speaking on the findings, Tope Akinwumi, Uber’s Country Manager for Nigeria, said the results underscore the company’s growing importance to urban mobility and economic development. “Uber is not just transforming the way people move around cities; we are also providing earning opportunities and contributing directly to Nigeria’s GDP. Our focus remains on building technology-driven solutions that make transport safer, more reliable, and more inclusive,” he said.

Analysts say the platform’s role in driving employment is especially significant, given the country’s rising youth unemployment. Many drivers view Uber as either a full-time job or a critical source of supplementary income. The report also noted that flexible working conditions make it easier for individuals to balance other commitments while earning on the platform.

However, challenges remain. Industry observers point to regulatory disputes, high fuel costs, and inflationary pressures that affect drivers’ profitability. Some drivers’ unions have in recent months called for better fare structures and reduced commission rates. Uber acknowledged these concerns, stating that it continues to engage with stakeholders to find sustainable solutions.

The company reaffirmed its commitment to Nigeria, noting plans to expand services and deepen partnerships in the years ahead. With urban populations growing rapidly and demand for reliable transportation increasing, Uber believes its operations will remain an important part of the country’s economic and social fabric.

 

Nigeria’s Non-Oil Sector Loses Ground as Oil Output Rebounds in Q2 2025

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Nigeria’s non-oil economy, which has for years been the country’s primary driver of growth, saw its dominance slightly reduced in the second quarter of 2025 following a strong rebound in oil production.

This was revealed in the latest Gross Domestic Product (GDP) report released on Monday by the National Bureau of Statistics (NBS). According to the data, the non-oil sector contributed 95.95 percent to real GDP in Q2 2025, a marginal decline compared to 96.49 percent in the corresponding period of 2024 and 96.03 percent recorded in the first quarter of 2025.

“In real terms, the non-oil sector contributed 95.95 percent to the nation’s GDP in the second quarter of 2025, lower than the share recorded in the second quarter of 2024, which was 96.49 percent, and lower than the first quarter of 2025 recorded as 96.03 percent,” the report stated.

The dip reflects a resurgence in crude oil output, which has been gradually recovering after years of production shortfalls caused by pipeline vandalism, oil theft, and underinvestment. Rising global oil prices and improved security around key production facilities contributed to the sector’s stronger performance.

Despite the marginal decline, the non-oil economy remains the bedrock of Nigeria’s growth, driven largely by sectors such as trade, agriculture, telecommunications, and financial services. Analysts note that while the oil sector has gained ground, structural challenges and market volatility mean the government will continue to rely on the resilience of non-oil activities to sustain economic stability.

The NBS report is expected to influence fiscal and monetary policy decisions in the coming months, particularly as Nigeria seeks to balance its dependence on oil revenues with ongoing efforts to diversify the economy.

Oracle Appoints Two New CEOs Amid Ongoing TikTok Deal

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LOracle Corporation, the American technology giant founded by billionaire Larry Ellison, has announced the appointment of two new chief executives as the company navigates its high-stakes role in the ongoing TikTok ownership negotiations.

The company confirmed on Monday that longtime executives Safra Catz and Clay Magouyrk will now serve as co-chief executive officers, a move designed to strengthen leadership at a time of rapid shifts in the global technology landscape. The appointments come as Oracle continues discussions linked to its cloud partnership with TikTok, the popular video-sharing app facing mounting regulatory scrutiny in the United States.

Industry observers note that the leadership reshuffle signals Oracle’s intent to position itself more aggressively in cloud services and consumer technology. While Catz has been at the helm since 2014, Magouyrk, who previously led Oracle’s cloud infrastructure division, is expected to bring fresh momentum to the company’s efforts to compete with rivals such as Amazon Web Services and Microsoft Azure.

In a statement, Oracle said the appointments reflect its “commitment to sustained innovation, global growth, and the delivery of secure cloud services at scale.” The company also emphasized that the leadership transition would not disrupt ongoing partnerships or its participation in sensitive negotiations involving TikTok’s U.S. operations.

The TikTok deal, which has drawn significant attention from lawmakers and regulators, centers on concerns over data privacy, national security, and the app’s ties to Chinese parent company ByteDance. Oracle has been identified as a key technology partner in safeguarding American user data, though details of a potential ownership structure remain under discussion.

Analysts suggest that the introduction of dual leadership could help Oracle balance its traditional enterprise business with its growing involvement in consumer-facing platforms. However, the move has also raised questions about how responsibilities will be divided between the co-CEOs and whether the arrangement can provide stability at such a critical juncture.

Oracle shares closed higher on Wall Street following the announcement, reflecting investor confidence in the company’s new leadership structure and its positioning in the unfolding TikTok saga.

 

FirstBank Partners with E1 Lagos GP to Champion Sports and Culture

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FirstBank of Nigeria has announced a strategic partnership with the E1 Lagos Grand Prix, an international powerboat racing event, as part of its commitment to promoting sports, tourism, and cultural exchange in Nigeria.

The partnership was unveiled on Monday in Lagos, where the bank confirmed it would serve as an official sponsor of the E1 Lagos GP, the first African stop of the global E1 World Championship. The event, which features electric-powered race boats competing on waterways, is expected to draw international athletes, tourists, and investors to Nigeria’s commercial capital.

Adesola Adeduntan, Chief Executive Officer of FirstBank, said the collaboration aligns with the bank’s longstanding mission to support initiatives that foster youth development, innovation, and cultural integration. “Our sponsorship of the E1 Lagos GP is a statement of FirstBank’s commitment to advancing sports as a platform for unity and progress while showcasing Nigeria’s rich cultural heritage to the world,” he said.

Organizers of the E1 World Championship noted that Lagos was selected as a host city due to its vibrant culture, strong sporting tradition, and unique coastal geography. The event is expected to provide significant economic benefits, from increased tourism spending to job creation in hospitality, logistics, and event management.

Beyond the races, the Lagos GP will feature cultural showcases, live entertainment, and community engagement programs designed to highlight Nigeria’s creative industries. FirstBank said its involvement would go beyond financial support, with initiatives planned to ensure local communities benefit directly from the event.

Sports analysts believe the partnership underscores a growing recognition of the economic and social potential of sports in Nigeria. With global attention on Lagos during the competition, FirstBank’s sponsorship positions the institution as not only a financial leader but also a cultural and social partner.

The E1 Lagos GP is scheduled to take place later this year, with thousands of spectators expected to attend both on-site and through global broadcast platforms.

Nigeria’s FX Reserves Climb to $42.03 Billion, Highest in 72 Months

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Nigeria’s foreign exchange reserves have surged to $42.03 billion, reaching their highest level in six years and offering a major boost to the country’s financial stability.

According to the latest figures released by the Central Bank of Nigeria (CBN) on Monday, the reserves hit the 72-month peak following a combination of improved crude oil earnings, stronger remittance inflows, and increased foreign investment. The figure represents a sharp rise compared to recent years, when external buffers were strained by oil production challenges, pandemic-induced shocks, and persistent demand pressures on the naira.

Analysts say the surge will strengthen Nigeria’s ability to defend its currency, service external debt, and reassure investors about the resilience of its balance of payments. “Crossing the $42 billion mark is significant for Nigeria, particularly at a time when exchange rate volatility has been a pressing concern,” said one Lagos-based financial analyst.

The CBN attributed the gains largely to rising global oil prices and improved production levels after months of disruptions caused by theft, pipeline vandalism, and underinvestment in the sector. With oil accounting for more than 80 percent of Nigeria’s foreign exchange earnings, the rebound has translated into stronger fiscal buffers for the government.

Beyond oil, increased diaspora remittances and capital inflows have also played a role in the reserves build-up. The apex bank noted that reforms aimed at stabilizing the foreign exchange market and improving investor confidence have begun to yield results.

Economists, however, cautioned that sustaining the momentum will depend on Nigeria’s ability to diversify its sources of foreign exchange, curb inflationary pressures, and manage capital outflows. They also warned that heavy reliance on oil revenues continues to pose long-term risks, especially in a global market increasingly shifting toward renewable energy.

Still, the reserves milestone has been widely welcomed by policymakers and market watchers, who see it as a sign of improving economic fundamentals and a potential cushion against external shocks.

 

Lagos Landmass Expands from 3,577 to 4,050 Sq Km Through Massive Reclamation

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Lagos State has recorded a significant increase in its landmass, expanding from 3,577 square kilometres to 4,050 square kilometres, following years of large-scale land reclamation projects across its coastal areas.

The new figures, released on Monday by the Lagos State Ministry of Physical Planning and Urban Development, highlight the transformative impact of reclamation efforts that have reshaped parts of the state’s geography. Projects such as the Eko Atlantic City development, shoreline extensions in Lekki, and reclamation works in Epe and Badagry were cited as major contributors to the growth.

Officials explained that the expansion was necessary to address the state’s rapid urbanization and rising population, estimated at more than 22 million people. With limited natural land space and growing pressure on housing, infrastructure, and commercial development, land reclamation has been adopted as a strategic response to Lagos’ space constraints.

Dr. Oluyinka Olumide, the state’s Commissioner for Physical Planning, noted that the additional land has opened new opportunities for urban renewal, investment, and infrastructure development. “The expansion of Lagos through reclamation is not just about increasing size; it is about creating planned communities, boosting economic activity, and securing the state’s future against coastal erosion,” he said.

Experts, however, have raised concerns about the environmental implications of aggressive reclamation. Marine ecologists warn that disruptions to natural shorelines may affect ecosystems, fisheries, and flood resilience if not carefully managed. Some community groups in riverine areas have also expressed fears of displacement and long-term ecological damage.

The state government has assured that environmental safeguards are being enforced and that projects are subject to impact assessments before approval. Authorities also pledged to prioritize sustainability as they integrate the reclaimed areas into broader urban planning frameworks.

With Lagos already regarded as Nigeria’s commercial hub, the expansion is expected to further cement its status as a global megacity, providing room for real estate growth, industrial development, and new social amenities.

 

Parents Decry Soaring School Fees in Enugu as Private, Faith-Based Institutions Raise Charges

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Parents in Enugu metropolis have expressed growing concern over what they describe as unbearable increases in tuition fees and levies charged by many private and faith-based schools in the state.

Findings by the News Agency of Nigeria (NAN) revealed that a large number of nursery, primary, and secondary schools in the state have raised their tuition and related levies by between 20 and 50 percent compared to the last academic session.

The development comes at a time when many households are already struggling with the rising cost of living, driven by inflation, high food prices, and economic uncertainty. Parents say the sharp hike in school charges has placed them under severe financial strain, with some considering withdrawing their children from private schools to seek more affordable alternatives.

“I have three children in private school, and the fees have gone up by almost 40 percent this term,” lamented Mrs. Ifeoma Nnaji, a parent in GRA, Enugu. “When you add uniforms, books, and development levies, it becomes almost impossible to cope. Many families are cutting down on other essentials just to keep their children in school.”

Some parents accused schools of exploiting the economic situation, while others acknowledged that institutions may be grappling with higher operating costs, such as increased salaries, diesel for power generation, and learning materials.

School administrators who spoke with NAN defended the increment, noting that inflation and rising utility costs made fee adjustments unavoidable. A proprietor of a faith-based secondary school explained: “We are not happy about raising fees, but we have to maintain standards, pay teachers a living wage, and keep the school running. Without adjustments, we cannot sustain operations.”

Education analysts warn that the trend could widen the inequality gap, as quality education becomes increasingly out of reach for lower and middle-income families. They urged government authorities to intervene by strengthening public schools, regulating arbitrary levies, and providing targeted support for struggling households.

Parents in Enugu have appealed to the state government to step in to protect families from what they termed “unjustifiable exploitation,” stressing that education should remain a priority for all children regardless of economic background.

 

Paris Saint-Germain’s Ousmane Dembélé Wins 2025 Ballon d’Or

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Paris Saint-Germain forward Ousmane Dembélé has been crowned the 2025 Ballon d’Or winner, securing football’s most prestigious individual award after a season of remarkable performances.

The French winger edged out Barcelona’s teenage sensation Lamine Yamal to claim the honor, which was presented on Monday night at the Théâtre du Châtelet in Paris. The accolade marks the first time Dembélé has lifted the Ballon d’Or, placing his name among the elite players who have defined the sport.

Dembélé’s recognition comes after a stellar campaign for both club and country. At PSG, he played a central role in the team’s attacking line, contributing decisive goals and assists in Ligue 1 and the Champions League. On the international stage, he further solidified his reputation with key performances for France, helping the team maintain its status as one of Europe’s most formidable sides.

The 28-year-old’s journey to the Ballon d’Or has been defined by resilience. Once considered one of football’s most talented yet injury-prone players, Dembélé has reinvented himself in recent years, showing consistency, maturity, and leadership on and off the pitch.

The runner-up, 18-year-old Lamine Yamal, made history by becoming the youngest finalist for the award. His breakthrough season at Barcelona, marked by dazzling skill and composure beyond his years, has already established him as one of the brightest prospects in world football.

With this victory, Dembélé becomes only the second PSG player to win the Ballon d’Or, following Lionel Messi’s triumph in 2021 during his time at the French club. The award is expected to further elevate his status as one of the defining players of his generation.

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White House Clarifies $100,000 H-1B Visa Application Fee Applies Only to New Applicants

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The White House has clarified that the Trump administration’s newly announced $100,000 application fee for the H-1B visa program will not affect existing visa holders or those seeking renewals.

In a post on its official X account, the administration explained that the additional charge will apply solely to new applicants entering the program. The clarification follows widespread concern among foreign workers and U.S. employers who rely on the H-1B system to fill specialized roles in technology, research, and other high-skill industries.

According to the statement, individuals who secured spots in this year’s H-1B lottery — with visas scheduled to take effect from October 1 — will also be exempt from the new fee.

The administration defended the policy as part of a broader immigration reform agenda, arguing that the measure is intended to manage application volumes and ensure that companies prioritize American workers.

However, business groups and immigration advocates have warned that the steep fee could discourage global talent from applying, potentially harming U.S. competitiveness in fields such as software engineering, data science, and medical research.

The H-1B visa program, capped at 85,000 new visas per year, remains one of the most sought-after routes for skilled foreign professionals seeking employment opportunities in the United States.

 

Nigeria Federal Government Issues Warning to Contractor Over N56bn Abuja–Lokoja Highway Project Delays

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The Federal Government has issued an official notice to the contractor handling a N56 billion section of the Abuja–Lokoja highway, citing unsatisfactory progress in the execution of the project.

The warning was delivered by the Minister of Works, David Umahi, during an inspection tour of the ongoing works, according to the News Agency of Nigeria (NAN).

Umahi expressed concern over the pace of construction, stressing that the government would not tolerate further delays on a project of such national importance. He said the contractor must immediately accelerate its activities to meet agreed timelines or risk losing the contract.

“The government has made huge commitments to this project. If by November we do not see significant improvement, the contract will be terminated and reassigned to contractors capable of delivering,” the minister warned.

The Abuja–Lokoja highway is regarded as a critical transport corridor, linking the Federal Capital Territory with Kogi State and serving as a gateway to southern Nigeria. The project, which has faced repeated delays, is expected to ease traffic congestion, improve trade flows, and enhance road safety along the busy route.

Umahi reiterated the government’s resolve to prioritize infrastructure delivery, adding that contractors must uphold the highest standards of efficiency and accountability in handling public projects.