Month: November 2025

Tamrose Limited has emerged as a powerful case study in the transformative impact of targeted financial support, disciplined management, and a strong commitment to local content development. The company’s remarkable growth trajectory—and its recent full repayment of a $10 million facility from the Nigerian Content Intervention Fund (NCI Fund)—has earned it widespread commendation from the Federal Government, the Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian Maritime Administration and Safety Agency (NIMASA), and several private-sector stakeholders.

At a major stakeholder event held at the NCDMB Headquarters in Yenagoa, senior government officials and industry leaders celebrated Tamrose’s achievements, noting that its progress exemplifies the kind of sustainable advancement Nigeria aims to see across its indigenous oil and gas service ecosystem.

Delivering his remarks, the Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reaffirmed the Federal Government’s commitment to scaling up support for indigenous players. He praised Tamrose’s performance as proof that structured financing and deliberate institutional backing can significantly strengthen Nigerian companies, enabling them to compete not only domestically but across Africa.

According to the Minister, “Over 70 companies have accessed the NCI Fund, but only 21 have fully repaid their loans—and Tamrose is proudly one of them. This is precisely why the Fund exists: to build local capacity, strengthen Nigerian service companies, and support their operations across the marine and offshore value chain.” Lokpobiri emphasized that Tamrose’s ability to expand its fleet from four to fifteen vessels, create jobs, and extend its operations beyond Nigeria reflects “a clear benchmark for operational excellence and financial fidelity.”

Representing the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, the General Manager of Corporate Communications and Zonal Coordination, Mr. Esueme Dan Kikile, described Tamrose’s evolution as the ideal outcome envisioned under the Nigerian Content framework. “Tamrose has shown leadership, discipline, and an unwavering commitment to capacity building,” he stated. “Their growth from a modest local operator to a major marine logistics provider demonstrates the power of the NCI Fund. It is evidence that when indigenous companies are supported, they deliver real value to Nigeria’s oil and gas sector.”

The event—tagged “Celebration of Growth and Impact”—brought together an impressive cross-section of stakeholders, including the Bank of Industry Managing Director, Dr. Olasupo Olusi; NIMASA Director General, Dr. Dayo Mobereola; former Bayelsa Deputy Governor, Rear Admiral Gboribiogha John Jonah (Rtd); and representatives from leading financial institutions and international oil companies such as Keystone Bank, ExxonMobil, First E&P, and Oriental Energy.

In his address, the Executive Chairman of Tamrose Limited, Mr. Ambrose Ovbiebo, expressed deep appreciation for the institutional partnerships that enabled the company’s expansion. He noted that the 2019 NCI Fund support was a “foundational catalyst” that accelerated Tamrose’s transformation. “Tamrose stands here today as a symbol of what is possible for all Nigerian entrepreneurs when the right support systems are in place,” he said. “We believe strongly that Nigerian companies can not only thrive locally but also lead across Africa and the world.”

He shared that the company’s fleet—now comprising ten security patrol vessels and five platform supply vessels—has positioned Tamrose as a reliable offshore logistics partner for oil and gas operations in Nigeria and Angola. Beyond operational expansion, Tamrose has also delivered significant socio-economic impact: nearly 250 direct jobs created, over 600 indirect livelihoods supported, and more than 100 cadets trained under its Cadetship Training Scheme to global maritime standards.

Furthermore, the company has strengthened its human capital commitments by enrolling more than 1,500 employees under HMOs, thus improving healthcare access for its workforce. These initiatives collectively contribute to Nigeria’s local content objectives, especially NCDMB’s target of achieving 70% local content by 2027.

As stakeholders concluded the event, a central message resonated: Tamrose’s journey demonstrates that indigenous companies can achieve phenomenal growth when backed by responsible financing, consistent oversight, and policies designed to build national capacity.

Encouraged by this success, government and regulatory agencies pledged renewed financial and institutional support to help more indigenous firms replicate—and even surpass—Tamrose’s achievements, ensuring a stronger, more competitive, and more inclusive Nigerian oil and gas services industry.

The Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government to take decisive steps to stabilise energy costs and broaden access to affordable finance for productive sectors, even as Nigeria’s inflation rate eased in October 2025. The economic think tank emphasised that despite recent improvements in headline inflation, businesses—especially small and medium-sized enterprises (SMEs)—continue to operate under extremely challenging conditions marked by high costs, volatile energy prices, and limited access to credit.

In a policy brief shared with Nairametrics, CPPE’s Chief Executive Officer, Dr. Muda Yusuf, highlighted that the current moderation in inflation, while encouraging, is still fragile. Without deep structural reforms, he warned, the easing trend could quickly reverse. Yusuf stressed that stabilising energy prices and ensuring affordable financing are essential to strengthening the productive base of the economy and supporting sustainable growth.

According to the CPPE, the business environment remains under intense pressure. Energy-related expenses—in particular the cost of powering factories, shops, farms, and digital operations—remain among the biggest contributors to inflation and the most critical barriers to business competitiveness. Many SMEs reportedly spend a significant portion of their operating budgets on diesel, petrol, and alternative power sources because of inconsistent grid supply and rising tariff costs.

To reverse this trend, the CPPE urged the government to accelerate reforms that improve energy supply and reduce costs. The organisation recommended increased investment in transmission and distribution infrastructure to reduce technical losses and improve grid stability. It also encouraged the expansion of renewable energy initiatives, particularly solar and off-grid solutions designed for SMEs and rural communities where electricity access remains unreliable. In addition, the group advocated for renewed incentives that support energy-efficient manufacturing, helping producers cut costs while reducing dependence on expensive power sources.

Beyond energy sector reforms, CPPE underscored the urgent need for affordable financing across critical economic sectors. The current high-interest-rate environment, driven partly by aggressive monetary tightening aimed at controlling inflation, has made borrowing prohibitively expensive for many businesses. This has limited expansion plans, stalled new investments, and curtailed the productive capacity of agriculture and manufacturing—two sectors essential for job creation and economic stability.

To ease this burden, CPPE called for the introduction of targeted, lower-interest financing for SMEs, farmers, and manufacturers. It proposed expanding credit guarantee schemes that help de-risk lending for financial institutions, making them more willing to extend credit to small businesses. Strengthening development finance institutions to provide long-term, concessionary loans was also highlighted as a key step toward boosting output and promoting economic resilience.

The think tank’s recommendations come on the heels of new inflation data released by the National Bureau of Statistics (NBS). The NBS reported that headline inflation eased to 16.05% in October 2025, down from 18.02% recorded in September. Year-on-year, headline inflation stood at 17.82%, a major decline from the 33.88% observed in October 2024. Food inflation—which has been a major driver of household hardship—also posted a marked drop to 13.12% year-on-year, significantly lower than the 39.16% recorded a year earlier.

Despite the improved numbers, Yusuf reiterated that inflation remains high relative to household incomes and business margins, making targeted interventions essential to sustain the progress.

The Federal Government has recently amplified its consumer credit agenda as part of broader efforts to ease cost-of-living pressures. President Bola Tinubu announced in October that 153,000 Nigerians had benefited from N30 billion in loans disbursed through the National Consumer Credit Corporation (Credicorp). These loans were provided for needs ranging from vehicle purchases and solar systems to digital devices and home improvements. Tinubu also highlighted the rollout of YouthCred, a credit platform targeting young Nigerians, particularly National Youth Service Corps (NYSC) members, to support entrepreneurship and essential purchases.

Earlier in February, Credicorp launched a scheme enabling Nigerians to access loans for purchasing locally assembled vehicles—a move that aligns with the administration’s goals of promoting local manufacturing and improving mobility for low- and middle-income earners.

Still, the CPPE maintains that while government credit initiatives are commendable, a more comprehensive strategy is required. Stabilising energy costs and widening access to affordable financing, the organisation argued, will not only support SMEs—the backbone of Nigeria’s economy—but also help sustain the recent moderation in inflation and lay the groundwork for stronger, more inclusive economic growth.

Federal civil servants across Nigeria are pressing the government to urgently settle three months of unpaid arrears from the N35,000 wage award introduced in 2024 as a temporary relief measure. The allowance, meant to cushion the effects of worsening economic pressures, has become a crucial lifeline for many workers as inflation, fuel costs, and general living expenses continue to surge.

Speaking in Abuja on Sunday during interviews with the News Agency of Nigeria (NAN), several civil servants voiced growing frustration over what they described as an unnecessary and demoralizing delay by the Federal Government. They said the stoppage of payments has deepened concerns about government commitment to worker welfare at a time when salaries are struggling to keep up with economic realities.

Many workers stated that the delay seems to reflect a recurring pattern where government agencies fail to act proactively, only responding when public outcry reaches a breaking point. According to them, the current situation is yet another example of a governance culture that often requires agitation before obligations are honored.

Civil Servants React to the Delayed Payments

One of the public workers, Dr. Uche Anune, criticized the government for what he called a lack of urgency and sensitivity to workers’ daily struggles. “The government should not wait until workers feel agitated before fulfilling its obligations,” he said. “Whenever anything concerns workers’ welfare, there seems to be a tendency to delay until people start protesting. That should not be the case.”

The N35,000 wage award was introduced as a stopgap measure pending the conclusion of negotiations for a new minimum wage. It was intended to be disbursed monthly, but several civil servants noted that after the government acknowledged five months of outstanding arrears earlier in the year, only two months were paid before the process stalled again.

Another worker, Joseph Edeh, said the prolonged delay has cast doubts on the sincerity of the Federal Government. “They paid two months and stopped. Why are we being treated like this? Nobody is happy,” he said. “What they should do now is clear the arrears—pay the remaining three months at once—and move on.”

Others echoed the same sentiment, stressing that the allowance, though small, goes a long way toward covering essential expenses. Miss Franca Ofili explained that many civil servants depend heavily on the N35,000 addition to supplement their salary. “That N35,000 can go a long way. We need the money,” she said. “The government should clear the outstanding arrears at once.”

Economic Hardship Heightens Workers’ Concerns

The delay in payment comes at a time when many Nigerian households are grappling with severe financial strain. Following the removal of fuel subsidy, the depreciation of the naira, and rising energy tariffs, the cost of transportation, food, housing, and basic services has increased sharply. In the absence of an updated national minimum wage, the wage award has effectively become a critical buffer for many families.

Civil servants argue that the government’s delay in paying the arrears is worsening the economic pressure on workers, some of whom already struggle to afford necessities such as school fees, rent, and daily transportation.

Government’s Position on the Outstanding Arrears

Responding to the concerns, the Federal Government insisted it has not abandoned its pledge to fully settle the arrears. According to Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, the remaining three tranches are tied to government revenue inflows. He stated that two batches of payments have already been made, with the last disbursed in August.

“Contrary to insinuations, the Federal Government has not reneged on the payment of the wage award arrears,” Mokwa said. “The government will continue to pay the wage award in installments of N35,000 per month until the outstanding arrears are exhausted.”

However, for many civil servants who have waited months for relief, official assurances are no longer enough. They say what matters now is timely action—not repeated promises. Until the payments resume, workers remain anxious and increasingly vocal about the need for the government to demonstrate consistency, transparency, and respect for its commitments.