Business
Nigeria Imports N1.34 Trillion Power Equipment
Nigeria imported electricity equipment and tools valued at N1.34 trillion ($6. 71 billion) from China and some other countries in the last two years, New Telegraph investigations have revealed.
The equipment include electric switchboards, conductors, power capacitors, power converters, power generation boilers, power generators and electricity meter. Also included are distribution boards, transformers, circuit breakers and disconnects, power plant valves, power storage devices, switchgears, turbines and voltage regulators.
Statistics from the World Trade Organisation (WTO) revealed that some power equipment valued at $2.89 billion were shipped from China to Nigeria between 2014 and 2015.
Others are United Kingdom, $773.8 million; India, $399.1 million; United States of America, $321million; South Africa, $230.3 million; Sweden, $260.4 million and Republic of Korea, $122.5 million.
It was also learnt that some of the equipment, which were imported by the Transmission Company of Nigeria (TCN), have been abandoned and are rusting at the seaports. Worried by the neglect of the poower equipment, in July 2014, the Federal Government secured the release of 248 containers rusting at the Lagos and Tincan Island ports to Transmission Company of Nigeria (TCN).
The containers were meant for the Independent Power Project (IPP) and were imported by the defunct Power Holding Company of Nigeria (PHCN). Also, in 2011, the PHCN abandoned 250 containers, containing vital equipment to boost power generation in the coun-try.
Of the containers, 140 of them were abandoned at the Ports and Cargo Terminal in Tin Can Port, while 110 containers were moved to Ikorodu terminal as over time cargoes. Also, in 2015, some power equipment in 27 containers were abandoned at the Lagos Port Complex.
The consignments were the remnant of the 69 imported into the country between July and August 2014. A source at a shipping line that ferried the equipment to the port revealed that the consignee of the goods, a Romania firm, Dextron Engineering Company Limited, incurred a demurrage of N100 million on the cargoes.
The company was contracted by TCN to handle power project in Kaduna. The source told this newspaper that the shipping line that allegedly brought the containers to the port had written several letters to TCN to clear the cargoes, but there was no response.
In 2015, Nigeria Customs Service (NCS) asked the transmission companies that took over assets and liabilities of the defunct PHCN to remove their abandoned imported electricity equipment from Ikorodu Lighter Terminal before end of this year or forfeit them to the Federal Government.
According to its Zonal Coordinator in charge of Zone A, Assistant Comptroller-General Eporwei Edike, the electricity equipment imported by the defunct PHCN had been left unclaimed at the terminal in Lagos for years.
He said: “A lot of containers loaded with electricity equipment lying uncleared at the terminal belong to the defunct PHCN. These containers were transferred to Ikorodu from the ports.
Meanwhile, Korea has said that it would focus on its top export market, Nigeria and other four African countries by investing $17.2 billion on electricity between 2016 and 2025.
Already, the trade volume between Nigeria and Korea had exceeded $4.4 billion between 2014 and the first quarter of 2016. The country said that its power company, Korean Electric Power Corporation (KEPCO), would also invest the money on water and electricity in Mozambique, Kenya, Ethiopia and Uganda
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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