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Capital projects crumble as states cut spending

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Procurement delays, worsening insecurity, and rising costs of goods and services have emerged as major reasons several state governments failed to meet their capital expenditure targets in the first six months of 2025.

Findings from states’ second-quarter Budget Implementation Reports revealed that capital spending across many states remained significantly below expectations, despite ambitious budgetary provisions designed to accelerate infrastructure growth.

A fresh breakdown of state government expenditure between January and June 2025 showed that 31 states collectively disbursed N2.75tn for capital projects.

However, this figure represents only a fraction of the N17.51tn they had budgeted for capital expenditure in the 2025 fiscal year.

The budget performance of those figures is about 15.7 per cent, meaning the 31 states achieved less than one-fifth of their capital expenditure target in the first half of 2025.

The underperformance has delayed critical infrastructure projects and deepened hardship for citizens who rely on improved roads, schools, hospitals, and water systems.

This is also coming on the heels of the fact that the states earmarked N11.34tn to finance capital projects but eventually recorded a funding gap of N3.98tn in 2024, as revenue shortfalls, rising wage bills, and heavy debt servicing weakened their fiscal capacity.

This year’s half-year performance suggests that the same structural challenges remain unresolved.

According to experts, capital spending is the fund disbursed by the state on long-term investments aimed at improving infrastructure, services, or the economy.

These expenditures are typically used for projects that have a lasting benefit, such as building roads, bridges, schools, hospitals, public transport systems, and other essential infrastructure to foster economic growth, improve quality of life, and ensure better public services for citizens.

The clamour for improved infrastructure has grown louder in the aftermath of the fuel subsidy removal and foreign exchange devaluation, which have significantly boosted revenue inflows to the federal, state, and local governments, raising public expectations for visible development outcomes.

Last month, President Bola Tinubu urged state governors to prioritise Nigerians’ welfare by investing more in their future, putting more money into rural electrification, agricultural mechanisation, poverty eradication, and improved infrastructure investment.

Tinubu implored the governors to do more to positively impact the lives of Nigerians in the grassroots, saying, “I want to appeal to you; let us change the story of our people in the rural areas.

“The economy is working. We are on the path of recovery, but we need to stimulate growth in the rural areas. We know the situation in the rural areas, let us collaborate and do what will benefit the people,” he added.

President Tinubu urged state governors to collaborate with the Federal Government to drive economic development in rural areas nationwide. “We have to embrace mechanisation in agriculture, fight insecurity, and improve school enrolment through feeding,” the President said.

Despite the revenue windfall, many states have failed to meet their mandate of delivering key infrastructure for citizens, with governors attributing the shortfall to persistent insecurity, cumbersome procurement processes, and other long-standing challenges.

An analysis of the fiscal performance of each state, utilising data from the Q1 to Q2 budget performance reports obtained from each state’s website, revealed the scale of the challenges.

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The breakdown showed sharp contrasts in budget performance across the country, with 31 states collectively spending N2.75tn on capital projects and N2.35tn on recurrent expenditure between January and June 2025.

An analysis of states’ second-quarter Budget Implementation Reports revealed that while some states channelled the bulk of their resources into infrastructure and development projects, others leaned heavily on recurrent costs such as salaries, allowances, and overheads.

Enugu State recorded the highest capital-to-recurrent ratio, with 81.9 per cent of its total expenditure (N99.59bn) going into capital projects, compared to N22.06bn for recuThe 27.1 per cent performance is indeed), Bayelsa (69 per cent), and Kebbi (68 per cent) followed closely, ranking among the most capital-focused states in the first half of the year.

Imo State led the pack on infrastructure development with N188.1bn channelled into capital expenditure, compared to just N50.29bn on recurrent. Enugu followed closely, committing N99.59bn to capital projects against N22.06bn for recurrent, making it the most capital-focused state in terms of percentage allocation.

Bayelsa also posted a strong capital bias, spending N238.29bn on capital against N107.26bn recurrent, while Abia disbursed N133.1bn on capital compared to N39.73bn recurrent. Edo and Akwa Ibom both crossed the N170bn mark in capital expenditure, allocating N179.56bn and N179.76bn respectively.

Other states that leaned more towards capital included Borno (N92.99bn vs N61.59bn recurrent), Gombe (N93.99bn vs N52.25bn), Jigawa (N82.99bn vs N56.63bn), Kebbi (N78.86bn vs N36.81bn) and Zamfara (N51.1bn vs N37.57bn).

At the other extreme, several states recorded higher recurrent spending than capital, raising concerns about long-term development priorities. Kogi was the most recurrent-heavy, spending N133.22bn on recurrent compared to N73.16bn on capital.

Ekiti followed, with N101.1bn on recurrent against N56.1bn capital, while Osun allocated N89.37bn to recurrent and only N57.13bn to capital. Oyo also tilted towards consumption, disbursing N129.06bn recurrent against N110.64bn for capital projects.

Ogun balanced closely, spending N157.15bn on recurrent and N155.64bn on capital. Similarly, Bauchi (N97.29bn recurrent vs N91.69bn capital), Kano (N115.24bn recurrent vs N90.79bn capital), Kwara (N71.59bn recurrent vs N62.68bn capital), Nasarawa (N68.3bn recurrent vs N48.49bn capital), Ondo (N84.37bn recurrent vs N61.88bn capital), Sokoto (N72.18bn recurrent vs N69.01bn capital) and Taraba (N57.88bn recurrent vs N24.17bn capital) all leaned more towards recurrent expenditure.

A few states maintained near parity between the two categories. Kaduna disbursed N108.45bn on capital and N100.31bn recurrent, while Ebonyi’s spending was almost evenly split at N36.89bn capital and N38.38bn recurrent.

The overall capital share of 53.9 per cent across the 31 states indicates that subnationals are still devoting nearly half of their budgets to recurrent obligations, despite revenue windfalls from subsidy removal and foreign exchange reforms.

The poor performance has tangible effects. In Benue, where only N23.32bn was spent on capital projects compared to N44.5bn on recurrent, key roads and agricultural projects have stalled due to insecurity. Similarly, Cross River allocated just N30.53bn for capital against N84.8bn for recurrent, limiting its capacity to address infrastructural deficits in education and healthcare.

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Commenting on this, Governor Hyacinth Alia of Benue State blamed the state’s poor performance on widespread insecurity.

“The poor recorded performance is largely due to the overwhelming insecurity challenges faced by the state during this reporting period,” the budget report said.

In June, no fewer than 200 people were killed when gunmen attacked Yelwata community in Guma Local Government Area of Benue State.

Although the state raised its 2025 capital budget by over N100bn to stimulate “aggressive urban and rural infrastructural development,” authorities admitted that implementation, particularly in the second quarter, “was significantly slowed down” as contractors were unable to mobilise.

Jigawa State also struggled, with officials describing capital performance as “below average.”

According to the report, “Procurement plans of most capital-intensive projects of most MDAs primarily target beyond the first quarter, which are to ensure providing adequate time to deal with all the necessary contract procedures. During the second quarter, many of these projects entered the implementation phase, with several undergoing tender approvals and vetting processes.”

The government, however, expressed optimism that performance “will improve significantly by the third quarter.”

Imo State reported capital expenditure performance of just 27.1 per cent as against the expected 50 per cent by mid-year.

“The 27.1 per cent performance is indeed much less than expected, however capital expenditure does not strictly follow that format of equally splitting the total amount across the four quarters,” the government said.

It cited recent funding gap analysis in primary education and health that slowed releases, coupled with insurgency in parts of the state.

“The current spate of insurgency in and around the state has also affected the mobilisation of contractors whose procurement processes have been completed to commence work,” the report noted.

Borno State attributed its weak capital performance to “low capital inflows from budgeted sources and other peculiarities of the state.”

The government disclosed that an amendment was made in the revised 2025 budget “to cater for overspending on both recurrent and capital expenditure in Q1 and Q2.”

In Ebonyi, officials said capital budget utilisation stood at just 11.3 per cent.

“The relatively low performance is primarily attributed to the budget profiling approach, which scheduled the implementation of several large-scale capital projects for the third quarter and beyond,” the report stated.

Authorities added that some expenditures in health and education were not captured in the approved budget.

“To address these issues, the state plans to undertake a budget review in the third quarter to incorporate these expenditures and realign budget provisions to support timely and efficient project execution,” the report added.

In Sokoto State, capital performance stood at 19.7 per cent as of Q2, which government admitted was “below expectations.”

“This is largely due to the procurement process attached to capital projects that takes time as well as slow performance on the part of some contractors,” the budget report said.

They added that the government had set up a Projects Monitoring Committee “to change the trend in subsequent quarters.”

Yobe blamed delays in approvals and soaring costs for its underwhelming execution.

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“Delays in the commencement of certain key projects, particularly those that required memo approvals, were primarily due to bureaucratic bottlenecks,” the report stated.

The government, however, noted progress in road, market and flyover projects, but said external factors hurt delivery timelines.

“The rainy season and the general rising costs of goods and services significantly impacted the timelines for project execution,” it said.

Governor Abdullahi Sule of Nasarawa State pointed to front-loading difficulties typical of large infrastructure projects.

“This slow pace reflects the challenge common in infrastructure projects, where initial disbursements are slower as project planning, procurement, and mobilisation processes are finalised,” the government explained.

It admitted overspending in certain areas such as “purchase of motor vehicles, rehabilitation of equipment, and anniversaries/celebrations,” but pledged to correct this in its budget review.

Zamfara said its low capital performance was mainly because “many capital projects were still undergoing procurement processes.”

“Payments for mobilisations commenced in the second quarter, while disbursements for ongoing projects will mainly occur in the third quarter after achieving significant milestones,” the government noted.

In Kebbi State, officials blamed the decline in capital spending on the “gradual re-evaluation of all capital projects to ensure proper procurement practices are followed.”

The government also prioritised the payment of outstanding contract arrears.

“The State Government continues to prioritise major infrastructural projects while ensuring a keen focus on education, health and other social sectors,” the report said, adding that MDAs have been urged to “intensify fund requests for completion of projects.”

Adamawa reported capital expenditure of N52.4bn out of a N348.9bn allocation, representing just 15 per cent performance.

“While this performance may appear low, the state is making efforts to improve investment in long-term projects,” the government explained.

Across the board, state governments blamed insecurity, procurement delays, bureaucracy, weak capital inflows, and high project costs for their poor performance. While most expressed optimism that execution will improve in the third quarter, analysts warn that persistent underperformance in capital expenditure could stall infrastructure delivery and economic growth at the subnational level.

A Professor of Economics at Babcock University, Segun Ajibola, stated that the enduring problem of high governance expenses had persisted at the state level, with inadequate oversight and accountability resulting in minimal economic benefits for grassroots citizens.

Meanwhile, Nigeria’s 31 states spent a combined N2.36tn on recurrent expenditure between January and June 2025, surpassing by 18.3 per cent or N364bn, the N1.994tn governors personally racked up on refreshments, sitting allowances, travel and utilities in the first nine months of 2024.

A breakdown of the states’ recurrent bills, obtained from official budget performance reports, shows that Ogun (N157.15bn), Kogi (N133.22bn), Oyo (N129.06bn), Kano (N115.24bn) and Akwa Ibom (N113.44bn) topped the chart as the biggest recurrent spenders in the first half of this year.

On the other hand, Enugu (N22.06bn), Katsina (N26.39bn), Zamfara (N37.57bn), Ebonyi (N38.38bn) and Abia (N39.73bn) reported the lowest recurrent allocations in the period.

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Counterfeit empire: Lagos electronics market where fake products sustain luxury

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Beneath the bustling chaos of Alaba International Market lies a hidden economy built on counterfeit goods. Refurbished televisions masquerade as brand-new, logos deceive the eye, and receipts vanish without a trace. For traders, it is a lifeline, a way to support families and even sustain luxury lifestyles; for unsuspecting buyers, it often means disappointment and significant financial loss. In this investigation, CHIJIOKE IREMEKA not only exposes the underdogs behind this imitation business but also draws parallels with similar trade hubs worldwide, offering potential solutions to curb this thriving culture

“I  didn’t know a television could be refurbished and painted the way a vehicle could be panel-beaten and sprayed,” said 31-year-old Dumebi Asika, recalling how he was shortchanged at Alaba International Market, Lagos, while trying to buy a 65-inch smart TV for his home.

The newlywed had recently rented a two-bedroom flat in Okota, Amuwo-Odofin, in the heart of Ojo Local Government Area, Lagos State, for N1.8m. After furnishing his living room with sofas, he set out to buy a fashionable smart television as a gift for his wife.

However, with the prices of new televisions rising across brands, the 65-inch TV he wanted was beyond his budget.

A new model was going for N620,000, while a tokunbo (used) television sold for N242,000. Reluctantly, he opted for a used set, but that decision would later lead to disappointment.

“Everything went wrong when I settled for tokunbo instead of my original choice. I went for a fairly used TV, but I was given a refurbished one instead,” he said.

How it began

What the smooth-talking seller, known only as Joe, actually handed Asika was an old TV set cleverly passed off as tokunbo.

“The TV worked perfectly for a couple of weeks, but after a month, it started overheating and randomly shutting down. Within a week, lines appeared across the screen. I was shocked,” he recalled.

Attempts to reach Joe through the contact on the receipt proved futile. Frustrated, Asika took the television to a local electrician, who delivered the unwelcome news: the set was not a genuine Samsung.

While the casing bore Samsung branding, the internal components: panel, motherboard, and power unit, were cheap, mismatched parts from unknown manufacturers.

Essentially, it was an assembled TV masquerading as a branded product.

“It was a screen problem, but repairing it would cost almost as much as the TV itself, with no guarantee it would last. I was advised to return it to the seller,” Asika explained.

Finding the seller, Joe, was complicated by ongoing demolition and rebuilding projects in the market, which had displaced many traders. When they finally met, Joe argued the television had been in perfect condition when it was sold, claiming Asika damaged it and should bear the responsibility.

“It was a heated argument. People gathered to intervene, but Joe insisted he had done nothing wrong, saying he sold the product two months earlier and couldn’t accommodate returns beyond that period.

“Eventually, I had to drop the faulty set, pay an additional N49,500, and accept a 55-inch LG TV instead of the 65-inch I wanted. I wish I had gone for my initial choice, a brand-new TV. But it was an experience that changed my perception of tokunbo items,” Asika lamented.

‘I paid for a 55-inch TV but 45-inch was given’

In a similar case, 48-year-old civil servant, Sunday Chinwike, fell victim to brand counterfeiters at Alaba Market. After saving for months to upgrade his living room TV, he was led to believe he could get a high-quality 55-inch LG smart television at a lower price.

Guided by local hustlers known as Osoafia boys, who posed as market insiders, Chinwike was led into a shop lined with neatly stacked LG-branded television cartons.

The shop assistants, later discovered to be impostors, showcased the television’s features, displayed an LG-branded remote control, and produced a seemingly convincing warranty card.

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“The price was N320,000, lower than elsewhere, but not suspiciously cheap. I trusted them. I didn’t understand the meaning of being careful until I was shortchanged,” Chinwike recalled.

Trader packing a counterfeited LG television into a carton after manually stamping LG logo on it

He said he was drawn in by claims of a promotional price and LG’s excess stock.

“After a brief test in the shop, the television came on, showed bright colours and looked genuine. Unfortunately, I did not pay attention to the software or the size,” the man said.

It was only after returning home that his son, Marcel, began navigating the settings and noticed anomalies.

“Some of the apps and software in the menu weren’t customised. After a series of checks, we discovered it wasn’t an LG product at all; it was a clone. We also realised it wasn’t as large as my neighbour’s television. Yet, surprisingly, most features worked, including Bluetooth and Wi-Fi,” Chinwike explained.

Shocked by the discovery, father and son returned to the shop seeking a replacement, only to encounter the real shop owner, who delivered an unexpected revelation.

“By the time we arrived, the seller had disappeared. The shop owner examined the television and said it was not his product. He said he did not even stock 55-inch LG televisions. The receipt I had did not come from his store. Apparently, Osoafia hustlers had sourced the set from another vendor and sold it as genuine,” Chinwike said.

The owner advised him to exercise more caution, clarifying that the product itself was not faulty, just that it was simply not authentic.

“The original model sells for about N750,000 and is roughly 10 inches larger than the one I bought. I had to return home with the fake television, wasting my transport fare. Still, it wasn’t entirely useless, and I learnt my lesson,” he added.

Chinwike’s experience, like that of many others, highlights a fractured system in which counterfeit global brands sustain livelihoods while ordinary Nigerians bear the brunt.

The menace of counterfeiting

Across Alaba International Market, counterfeit products, including telephones, cables, electronics, and televisions, are sold daily.

LG, Samsung, and Hisense are among the global brands most commonly imitated. Investigations by Sunday PUNCH revealed that traders import generic or substandard TV panels, assemble them locally, and brand them with popular logos. To the untrained eye, the products appear authentic, with carefully fabricated cartons, substandard remote controls, start-up screens, and serial numbers.

Experts warn that until regulatory agencies, brand owners, and policymakers enforce stricter measures, Alaba’s counterfeit economy will continue to thrive, ensnaring unsuspecting buyers behind familiar logos.

Regulatory agencies, including the Standards Organisation of Nigeria, have occasionally carried out raids in the market, seizing counterfeit goods and shutting down shops engaged in illegal activities.

However, enforcement has remained inconsistent. The market’s vast size, dense population, and political sensitivity mean that business often resumes almost immediately after raids. Brand owners have also faced criticism for weak local oversight and limited consumer education.

Millions lost to counterfeiting

The World Bank estimates that Nigeria loses around 15 per cent of potential GDP growth annually due to counterfeit products and related illegal trade.

Experts note that the Information and Communications Technology and electronics sectors are particularly vulnerable, with counterfeit devices contributing to poor service quality and financial losses for both consumers and original manufacturers.

Even international watchdogs have taken notice. In 2014, the Trademark Working Group, an informal collaboration of US companies facing challenges protecting their trademarks abroad, listed Alaba as one of Nigeria’s most notorious markets for counterfeit goods.

In 2018, SON revealed that Nigeria lost N15bn annually to counterfeiters.

A former SON director, John Achukwu, made this known at a stakeholders’ workshop on “Reduction of Substandard Products in Nigeria” for the South-East zone.

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Today, counterfeit goods are noted to make up 40 per cent of products in the Nigerian market, causing annual economic losses exceeding $20bn.

Many of these products, particularly electronics, are imported, and according to SON, the body had previously destroyed counterfeit items worth up to N500m in single operations.

Recent accounts from buyers highlight the persistence and severity of these scams.

A banker, Wilson Ebo, for instance, said he went to Alaba to buy a second-hand Samsung home theatre, only to realise it was counterfeit.

“After testing the sets and negotiating a price of N25,000, I paid and signed the receipt without scrutiny. Later, a shop assistant told me the DVD engine worked only on a generator and suggested a swap. When I asked for a refund, the seller refused. An elderly man posing as a mediator later revealed that the receipt excluded the subwoofer and speakers. It became clear that the mediator was part of the scam. I had no choice but to pay an extra N6,000, and even then, the so-called Samsung was fake, as the logo was simply glued on it,” he said.

Fake products, cheap alternatives

Sunday PUNCH’s investigation revealed a system sustained by economic hardship and weak regulation, even as some traders defended the sale of low-quality goods as affordable alternatives for the masses.

“The goods you call fake are actually cheap alternatives for the masses. If we sold only originals, what would the poor do? How many people can afford them? Customers want affordable products because of the country’s economic situation. Everyone is just trying to survive, and you cannot blame anyone for that. Those who cannot afford the original will go for an alternative and still enjoy their lives,” argued a trader, Joshua Chidozie.

He acknowledged that alternatives are not necessarily bad but warned that some hustlers do not provide buyers with true, full details.

Osoafia boys at Alaba

“If you are not careful, they will sell that same alternative to you as the original. In the market, there are always two products: original and copy. You can get the one you want, but if you don’t know and seek a cheaper product, they will sell you a copy in place of the original,” he added.

In contrast, an electronics engineer, Kenneth Ikwo, warned that the normalisation of counterfeiting has created a dangerous marketplace where deception has become routine. He noted that while consumers are often blamed for being ‘careless,’ the sophistication of counterfeit products makes it nearly impossible for the average buyer to identify a fake.

“You can’t be more careful than the criminals. Some counterfeit TVs pass basic on-the-spot tests but fail weeks or months later, long after the seller has disappeared. Beyond financial loss, the risks are serious. Substandard electronics can cause electrical faults, fires, and health hazards. Many fake TVs lack proper insulation and voltage regulation, which can burn sockets and damage entire apartments,” Ikwo warned.

He alleged that traders often source low-quality television sets from foreign manufacturers, particularly in China, without brand logos. Once in Nigeria, he noted, local printing shops produce counterfeit brand cartons to package the products as originals—a practice recently highlighted in a viral video circulating online.

Fake LG logo syndicate exposed

Recently, a suspected syndicate was exposed inside Alaba International Market for printing LG logos on cartons for 45-inch and 55-inch televisions. A viral video obtained by Sunday PUNCH showed the suspects stamping LG logos on cartons as they prepared the televisions for sale to unsuspecting customers.

Stack_of fake television inside of fake LG cartorns at Alaba Internationa Market, Ojo. Lagos

A voiceover in the video said, “Yesterday, I was in Alaba… and I came across this guy printing the LG logo on these new TVs.”

According to the narrator, over 3,000 cartons of counterfeit televisions were discovered inside the shop, raising fresh concerns about the scale of fake electronics flooding Lagos.

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Prospective buyers were urged to exercise caution, as branded packaging alone does not guarantee authenticity.

Why the menace persists

An electronics dealer in Festac town, Osita Udegbunam,  attributed the persistence of counterfeiting to poverty and the struggle for survival.

“As a first-time visitor to the market, you’ll encounter Osofia hustlers who direct you to shops or claim they have exactly what you are looking for. These are mostly unemployed young men with no capital to start trading, but with extensive knowledge of the market.

“They guide buyers to sellers, earning small tokens from both parties to survive. Even married men rely on these crumbs to support their families. This system exists in major markets – electronics, foodstuffs, and more,” he said.

Udegbunam noted that similar practices are common in Alaba Rago, the livestock market, where local boys guide buyers, as well as in cattle markets.

“However, due to hunger and desperation, some have turned to crime as a faster way to survive. No authority can solve this without addressing the root causes. Create jobs, reduce hunger, and make life meaningful for the masses, and these problems will diminish. Even graduates are involved. The hungrier the population, the more people drift into scams and crime,” Udegbunam added.

Supporting this, a trader in Oshodi, Jonathan Isibor, explained that while some hustlers are genuinely trying to make a living, others deliberately prey on unsuspecting buyers.

“The bad ones usually exploit greed. They may offer an LG 42-inch LED TV for N100,000 or quote other unrealistic prices. If you fall for it, you return the next day claiming you were scammed at Alaba. These scammers operate in organised rings, and once you fall into one, escaping their trap is difficult. The best protection is to remain alert and wary of their tricks,” he advised.

Isibor added that these hustlers cut across ethnic lines, Yoruba, Igbo, and Hausa, but are united by a single motive: defrauding unsuspecting buyers.

“Hunger knows no tribe, and crime has no colour. A Yoruba hustler may discourage you from buying from an Igbo trader, and vice versa, but they often belong to the same ring. Their sole aim is to defraud you,” he explained.

The trader also noted that task forces oversee different sections of the market. “Once you identify where you made a transaction, report it immediately to the task force, and it will be addressed. Alaba has many genuine, hardworking traders, but in a market of this size, bad actors will always exist. Buyers must stay observant, avoid shady deals, and carefully read receipts before signing or making payment,” he added.

 ‘We are hustlers, not criminals’

One of the Osoafia hustlers, Peter Balogun, rejected the criminal label often attached to them, insisting that most are simply trying to survive.

“We are not criminals,” he insisted. “We hustle to feed our homes. What we do is guide customers to traders who sell the products they are looking for. When a customer buys, we get a small commission from the trader or a token from the customer.”

Balogun acknowledged that some individuals exploit the system to commit scams, but emphasised that they do not represent the majority. “Bad people are spoiling the work for us, but many of us are genuine. Unemployment and hardship have pushed many young men into Osoafia hustling. There are no jobs. This market is how we survive,” he added.

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PHOTOS: FAAN Launches Nigeria’s First Fully Electric Airport Shuttle

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The Federal Airports Authority of Nigeria FAAN has launched electric shuttle buses at the Nnamdi Azikiwe International Airport Abuja in a major step toward modernising airport operations improving service delivery and advancing environmental sustainability.

The project was executed in collaboration with Possible EVS and NEV Electric.

Speaking at the launch, the chairman of the FAAN Board, Dr. Abdullahi Umar Ganduje described the initiative as a milestone in FAAN’s drive to modernise airport operations and align Nigeria’s aviation sector with global best practices.

“These vehicles will support airside and landside logistics staff movement and services strengthening passenger coordination and efficiency across the airport,” he said.

Ganduje noted that electric vehicles offer strong environmental and operational advantages as they are cleaner quieter and more energy efficient significantly reducing carbon emissions and FAAN’s ecological footprint.

He added that the initiative supports global sustainability targets including the International Civil Aviation Organisation’s goal of achieving net zero carbon emissions by 2050.

“By embracing electric mobility FAAN is positioning Nigerian airports to remain competitive responsible and future ready,” he stated.

The former Kano state governor further explained that the predictable performance and lower maintenance requirements of electric vehicles will enhance monitoring coordination compliance accountability and overall service reliability.

According to him this will translate into more transparent efficient and passenger friendly airport services.

For her part, FAAN Managing Director, Olubunmi Kuku said the initiative demonstrates the authority’s commitment to a sustainable climate future by reducing carbon footprint and addressing the effects of climate change.

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She noted that the electric vehicles will reduce dependence on fossil fuels lower operating and maintenance costs cut harmful emissions and enhance passenger travel experience.

“They represent more than just transport; they symbolise cleaner air quieter terminals and a commitment to pioneering sustainable infrastructure in Nigerian aviation.”

She described the collaboration with private sector partners as a model for innovation and progress.

“This partnership is a testament to what is possible when the public and private sectors align with a shared vision,”she said.

“FAAN has always prioritised passenger comfort safety and a seamless airport experience and today’s official launch of our electric shuttle buses and cabs is a further powerful demonstration of that commitment to service towards a sustainable future,” she added.

Kuku disclosed that FAAN has secured the approval to deploy 100 Electric Vehicles (EVs) to operate as airport shuttles at both the Murtala Mohammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

Abimbola Gyer, the Head of Fleet Operations at Possible Energy disclosed that the electric shuttle service will operate daily from 7 a.m. to 7 p.m. with a fare of ₦10,000 per passenger from the airport to the city centre.

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Asian stocks hit by fresh tech fears as gold retreats from peak

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Asian stocks took a hit on Friday amid fresh worries over vast investments in artificial intelligence, gold and silver tumbled after hitting multiple record highs, and oil retreated on hopes for an easing of US-Iran tensions.

Markets have endured a rollercoaster ride this week as traders weathered a weaker dollar, Donald Trump’s threats against Tehran, a resumption of tariff warnings and a possible US government shutdown.

Fresh optimism in the tech sector about the future of AI has provided support, however, with healthy earnings from companies including Meta, Samsung and SK hynix providing much cheer.

However, the positivity took a hit on Thursday after Microsoft announced a surge in spending on AI infrastructure and revived concerns that companies could take some time before seeing a return on their investments.

There are also fears that firms’ valuations may be a little too stretched and markets could be in a bubble, having soared in recent years to record highs on the back of a tech-fuelled rally.

“Microsoft suffered its worst session since the COVID‑era crash, falling 12 percent and accounting for over two‑thirds of the S&P 500’s decline,” wrote National Australia Bank’s Rodrigo Catril.

“Concerns centred on rising investment spending, slower Azure (cloud service) growth, and a longer runway to monetising AI.”

– Trump Fed pick –

Wall Street ended mostly in the red, with Dow the only advancer.

Asia also struggled amid speculation Trump will pick Kevin Warsh, a former Fed governor and a man considered more hawkish on interest rates, as the next boss of the central bank. The president has said he will name a successor to Jerome Powell on Friday morning US time.

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Hong Kong, Shanghai, Tokyo, Sydney, Singapore, Taipei and Bangkok were all down. Seoul, Manila and Wellington rose.

Paris was flat as data showed France’s economy grew slower last year than 2024. London opened lower but Frankfurt rose.

Jakarta rose after a two-day rout sparked by index compiler MSCI calling on regulators to look into ownership concerns.

The compiler said: “If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status.”

It warned this could result in “a weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities and a potential reclassification of Indonesia from Emerging Market to Frontier Market status”.

Gold was also in retreat, sitting around $5,150 an ounce, a day after topping out above $5,595. Silver was at $106 from a peak of more than $121.

The precious metals were also weighed by a slight uptick in the dollar, having tumbled on Trump appearing to be happy to see the world’s reserve currency weaken despite the potential risk of pushing up US inflation.

Investors are keeping tabs on developments in the Middle East after the US president sent an “armada” to the region and warned Iran of possible strikes if it did not reach a fresh nuclear deal.

Both main contracts were down more than one percent, having spiked as much as five percent Thursday.

Still, concerns remain about a conflict in the crude-rich region, which would send prices soaring, also putting upward pressure on inflation.

In Washington, the US Senate edged closer to a vote on a funding deal to avert a government shutdown following a bitter standoff over Trump’s sweeping immigration crackdown.

See also  Bank of England cuts rate amid tariff concerns

Current government funding lapses at midnight on Friday.

– Key figures –

Tokyo – Nikkei 225: DOWN 0.1 percent at 53,322.85 (close)

Hong Kong – Hang Seng Index: DOWN 2.1 percent at 27,387.11 (close)

Shanghai – Composite: DOWN 1.0 percent at 4,117.95 (close)

London – FTSE 100: DOWN 0.2 percent at 10,150.97

West Texas Intermediate: DOWN 1.7 percent at $64.32 per barrel

Brent North Sea Crude: DOWN 1.6 percent at $68.50 per barrel

Euro/dollar: DOWN at $1.1940 from $1.1962 on Thursday

Pound/dollar: DOWN at $1.3781 from $1.3800

Dollar/yen: UP at 153.74 yen from 153.04 yen

Euro/pound: DOWN at 86.63 pence from 86.67 pence

New York – Dow: UP 0.1 percent at 49,071.56 (close)

AFP

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