The Nigerian Senate, in collaboration with the National Automotive Design and Development Council (NADDC), has urged automakers in the country to prioritize backward integration in their production processes. The call was made during a recent session focused on revitalizing the automotive industry and reducing Nigeria’s dependence on imported components. Importance of Backward Integration Backward integration involves sourcing raw materials and manufacturing key components locally, rather than relying on imports. According to the Senate, embracing this strategy is essential for: Boosting local industries: Encouraging the growth of upstream industries, such as steel and rubber production. Creating jobs: Generating employment opportunities across…
Author: Temitope Nlewemchi
The Nigerian equity market witnessed a downturn as it shed N63 billion in market capitalization, reversing the gains recorded in the previous trading session. This decline has raised concerns among investors about the market’s short-term volatility amid broader economic uncertainties. Performance Metrics The market capitalization fell from N59.8 trillion to N59.7 trillion, reflecting a 0.11% decline. The All-Share Index (ASI) also dropped by the same margin, closing at 110,120.48 points. The negative performance was driven by losses in key sectors, particularly banking, industrial goods, and consumer goods. Top Losers Major decliners included blue-chip companies such as: Dangote Cement: Recorded a…
The Nigerian Senate has issued a stern warning to federal agencies lagging in the implementation of their responsibilities under the 2025 budget. During a recent plenary session, senators criticized the inefficiency of certain government agencies, which they argued could jeopardize the success of the budget and the nation’s economic stability. Accountability Concerns Senators highlighted that several agencies had either failed to meet revenue targets or mismanaged funds allocated in previous budgets. The legislative body stressed the need for improved performance, warning that persistent underperformance might attract severe penalties, including funding cuts or leadership changes. Senate’s Position Senate President Godswill Akpabio…
Prominent businessman and senator, Jimoh Ibrahim, has expressed deep concerns over the prolonged failure of the $11 billion Ajaokuta Steel Project, describing it as a monumental economic setback for Nigeria. Speaking on the project’s stalled progress, he highlighted the missed opportunities for industrial growth, job creation, and economic diversification. A Vision Unfulfilled The Ajaokuta Steel Project, initiated in 1979, was envisioned to transform Nigeria into an industrial powerhouse. However, decades of mismanagement, underfunding, and legal disputes have left the facility dormant despite billions of dollars in investment. Ibrahim lamented that the project, once a beacon of hope for the nation’s…
Minister of Aviation and Aerospace Development Festus Keyamo and the Federal Competition and Consumer Protection Commission (FCCPC) are at odds over the ongoing investigation into Air Peace, Nigeria’s leading airline. The probe, initiated by the FCCPC, examines allegations of consumer rights violations and operational practices by the airline. FCCPC’s Investigation The FCCPC launched its investigation following complaints from passengers regarding alleged flight cancellations, delays, and insufficient customer support. The commission has emphasized its commitment to protecting consumer rights and ensuring accountability within Nigeria’s aviation sector. Keyamo’s Position Keyamo has expressed reservations about the investigation, suggesting it might undermine the airline’s…
A leading agribusiness firm has unveiled a comprehensive blueprint aimed at revolutionizing cassava farming practices and enhancing productivity in the sector. This initiative is designed to address the challenges faced by cassava farmers, from planting to marketing, while promoting sustainable agricultural practices. Objectives of the Blueprint The blueprint aims to improve yield quality and quantity through the adoption of modern farming techniques, provision of high-yield cassava varieties, and access to innovative technologies. Additionally, it seeks to empower farmers with the necessary knowledge and resources to increase profitability and contribute to national food security. Key Features The blueprint encompasses: Training Programs:…
Colgate has announced the appointment of a new brand ambassador, marking a strategic move to strengthen its brand presence and appeal to consumers. This new partnership aligns with Colgate’s ongoing efforts to maintain its reputation as a trusted name in oral care while connecting with a broader audience. Details of the New Ambassador The new ambassador, a well-known public figure with significant influence, brings a blend of charisma and credibility that complements Colgate’s brand image. Their association with Colgate is expected to resonate with the target demographic, leveraging their reach and popularity to promote the brand’s core values of health,…
Promasidor Nigeria Limited has praised its network of distributors for their crucial role in driving the company’s growth and enhancing market presence. This recognition comes as the company celebrates the achievements made over the past year, attributing much of its success to the dedicated efforts of its distribution partners. Acknowledging Contributions The company highlighted that its distributors have been instrumental in maintaining a steady supply of its products across various regions, ensuring accessibility and availability for consumers. Their commitment has helped Promasidor maintain its competitive edge in the food and beverage industry, contributing to increased sales and brand loyalty. Key…
A new initiative aimed at empowering women to explore and engage with financing opportunities in the green economy is set to take place. This initiative will gather women leaders, entrepreneurs, and financial experts to discuss sustainable investment strategies and explore the roles women can play in advancing eco-friendly economic practices. Purpose of the Initiative The primary goal is to build awareness and capacity among women regarding financial tools and mechanisms that support green projects, such as renewable energy, sustainable agriculture, and eco-friendly infrastructure. The event will focus on educating participants on how they can contribute to and benefit from the…
A recent auction of seized properties, including 753 duplexes, has raised significant discussions within the housing sector. The housing group has called on the government to leverage such actions as part of a larger strategy to address housing deficits and provide affordable accommodation options for the population. Details of the Auction The auction, which involved the sale of duplexes and other real estate assets seized for various infractions, has been seen as an opportunity to redirect these assets to productive uses. The housing group emphasized that, instead of being left unutilized or repurposed in ways that do not contribute to…
The Nigerian naira has continued to show resilience and stability, maintaining its gains on the newly introduced EFXM platform. This platform, developed by the Central Bank of Nigeria (CBN), is designed to facilitate the efficient exchange of foreign exchange (forex) and strengthen the naira’s position against major international currencies. Key Features of the EFXM Platform The EFXM (Electronic Foreign Exchange Market) platform aims to enhance transparency, streamline forex transactions, and create a more structured market environment. By centralizing forex trading, the platform enables banks and authorized dealers to trade in a more competitive and regulated manner. This is intended to…
A major terminal operator has been honored for its outstanding contributions to the logistics and maritime sector, showcasing excellence in operations and service delivery. This recognition highlights the company’s commitment to efficiency, innovation, and sustainability in its terminal management practices. Reasons for the Recognition The terminal operator was acknowledged for its significant role in enhancing port operations, improving cargo handling times, and facilitating smoother supply chain processes. The company has implemented advanced technologies and best practices that have set a benchmark in the industry, promoting productivity and reducing congestion at ports. Positive Impact on Trade and Economy This recognition comes…
The price of cocoa has reached a significant milestone, increasing to N15 million per tonne, according to the Cocoa Research Institute of Nigeria (CRIN). This development marks a substantial rise in the value of the commodity, which has implications for both local farmers and the national economy. Factors Contributing to the Price Increase CRIN attributed the rise in cocoa prices to a combination of local and global market dynamics. These include increased demand for cocoa and its by-products, as well as challenges in the supply chain that have affected the availability of the commodity. Climate change, which has impacted production…
A former leader of Ohanaeze Ndigbo, Chief John Nnia Nwodo, has called on President Bola Tinubu to take urgent action to resolve the ongoing cash scarcity affecting Nigerians. This shortage, which has impacted economic activities and daily life, has led to widespread frustration and calls for policy intervention. Concerns Over Economic Implications Nwodo highlighted that the cash scarcity is stifling business operations, particularly for small and medium-sized enterprises (SMEs), and contributing to increased hardship for the general populace. The lack of physical cash has also exacerbated the challenges of conducting transactions, leading to a reliance on digital payment systems that…
The World Bank and the Federal Government of Nigeria have launched a collaborative project aimed at enhancing digital skills among the Nigerian workforce. This initiative is part of a broader effort to bridge the digital skills gap, boost employability, and support economic development in the country. Objectives of the Digital Skills Project The project seeks to equip Nigerians, particularly the youth, with essential digital competencies that are critical in today’s technology-driven economy. By focusing on skills such as coding, data analysis, digital marketing, and software development, the program aims to increase job readiness and facilitate the growth of a digital…
The Ogun State government has successfully disbursed N3 billion to support 54,000 women as part of its empowerment initiative aimed at promoting financial independence and economic growth. This program, launched under the state’s gender-focused economic development strategy, is set to uplift women entrepreneurs and small-scale business owners, enabling them to enhance their businesses and improve their livelihoods. Objectives of the Disbursement The initiative is designed to boost women’s participation in the local economy by providing them with financial support for business expansion, skill acquisition, and sustainable economic activities. By reaching thousands of beneficiaries, the program aims to contribute to poverty…
The Nigeria Customs Service (NCS) has launched a new digital platform aimed at streamlining cargo transactions and improving the efficiency of port operations. This initiative is part of the NCS’s ongoing efforts to modernize processes, reduce delays, and enhance transparency in the import and export sector. Key Features of the New Platform The new platform, which integrates cutting-edge technology, is designed to simplify and automate cargo clearance processes. Key features include real-time tracking of shipments, faster processing times for cargo documentation, and seamless integration with other regulatory bodies involved in port operations. These improvements are expected to significantly cut down…
The Nigerian Exchange Limited (NGX) has reported a significant decline in its market value, driven by poor performance from major companies including Red Star Express and other listed entities. The exchange’s market capitalization dipped by N32 billion, reflecting a challenging trading environment and investor caution. Key Factors Behind the Decline The downturn can be attributed to a variety of factors, including weak investor sentiment, declining share prices of major players, and economic uncertainties impacting trading. Red Star Express, known for its logistics and courier services, faced particular pressure, with its stock experiencing a sharp drop amid weak trading volumes. Other…
Stanbic IBTC Pension Managers has informed its clients of scheduled downtime for its digital channels as part of routine system maintenance. The firm stated that the maintenance is necessary to upgrade and enhance the security and performance of its online platforms, ensuring a more reliable user experience for customers. Details of the Downtime The scheduled maintenance will affect Stanbic IBTC Pension’s digital services, including its website and mobile app. The downtime is expected to commence on [insert specific date] and will last from [start time] to [end time]. During this period, customers may experience disruptions when accessing account information, initiating…
Moniepoint has been honored as the best fintech company in Nigeria, an accolade presented by Qore, a leading financial technology firm known for its industry assessments and recognition programs. This award highlights Moniepoint’s remarkable achievements in revolutionizing financial services and contributing to financial inclusion across the country. Grounds for the Recognition Moniepoint, which offers a wide range of financial solutions including payment processing, point-of-sale (POS) services, and digital banking tools, has established itself as a top player in Nigeria’s fintech ecosystem. The company’s innovative approach to delivering seamless, affordable, and secure financial services has been pivotal in empowering small businesses…