Nigeria’s oil industry faces another setback as vandals have interrupted crude supply to the Forcados terminal, a key export hub in the Niger Delta region. This act of sabotage has led to a temporary halt in crude flow, sparking renewed concerns over the security of oil infrastructure in Nigeria. Forcados Terminal: A Strategic Export Hub The Forcados terminal, operated by Shell Petroleum Development Company (SPDC), is one of Nigeria’s largest crude oil export terminals. Located in the Western Niger Delta, it has a capacity to export around 200,000 barrels of crude per day and plays a crucial role in Nigeria’s…
Author: Temitope Nlewemchi
The government of Kogi State is seeking inclusion in Nigeria’s 13% derivation fund, granted to oil-producing states. With recent declarations of its oil-producing status, Kogi leaders argue that the state deserves an equitable share of the revenue derived from its natural resources. Governor Yahaya Bello and other state officials have formally appealed to the Federal Government, urging that Kogi receive fair access to these funds, which are currently distributed among Nigeria’s long-established oil-producing states. The Push for Revenue Sharing Inclusion Kogi’s demand for a share in the derivation fund reflects its view that the state should benefit financially from its…
The Federal Government of Nigeria and the World Bank are jointly calling for urgent efforts to intensify women empowerment programs across the country, underscoring the crucial role of women in driving economic development and societal progress. This call was made during a recent gathering that highlighted the significant disparities in access to resources and opportunities between men and women in Nigeria, and the critical need for comprehensive measures to address these gaps. According to representatives from the World Bank, empowering women is a key component of economic and social development strategies. Research consistently shows that when women have access to…
Nigeria’s housing deficit, estimated at over 20 million units, remains one of the country’s most pressing challenges. In a recent statement, the CEO of Loft & Keys, a Nigerian real estate firm, highlighted the pivotal role that micro-mortgages could play in bridging this gap and making home ownership accessible to millions of Nigerians. According to the CEO, the current mortgage market in Nigeria is not accessible to the majority of citizens due to high costs, limited financial products, and strict eligibility criteria that make it difficult for low- and middle-income earners to qualify. With only a fraction of Nigerians able…
The Lagos State Government has recently disbursed N740 million in pensions to 348 retirees, reaffirming its commitment to ensuring the welfare of public servants after their years of service. The beneficiaries, who are retired employees from various state agencies, received the funds as part of the government’s ongoing efforts to support retired workers and ease their transition into post-service life. Consistent Payouts to Retirees During the disbursement event, Babajide Sanwo-Olu, Governor of Lagos State, reiterated the administration’s dedication to clearing pension arrears and providing retired workers with the financial security they deserve. According to the state’s Pension Commission (LASPEC), these…
The United Kingdom has pledged N1 billion in non-lethal military equipment to the Nigerian military as part of its ongoing commitment to support Nigeria in its fight against security threats, including insurgency, terrorism, and other regional security challenges. This donation, facilitated by the UK Ministry of Defence and the British High Commission in Nigeria, aims to enhance the operational capacity of Nigerian forces while underscoring the UK’s commitment to regional security in West Africa. Details of the Donation The N1 billion donation comprises a range of non-lethal equipment, including protective gear, communication tools, surveillance technology, and medical supplies. The focus…
The Nigerian film *Three Working Days*, directed by Jerry Ossai, has made a remarkable debut in Nigerian cinemas, grossing N14.8 million within its opening week. This achievement highlights the growing momentum of Nollywood in the global entertainment industry and the strong local interest in Nigerian-made content. A Strong Start for a Local Production *Three Working Days* captivated audiences with its unique storyline, quality production, and relatable themes, appealing to a broad range of moviegoers across Nigeria. The movie’s performance signals a positive trend for the Nollywood industry, showcasing that Nigerian audiences are increasingly willing to support homegrown productions in theaters,…
In a recent session, the House of Representatives has called on the Central Bank of Nigeria (CBN) to expedite the withdrawal of old naira notes from circulation. This move aims to streamline the currency transition process and reinforce public confidence in the nation’s monetary system. The CBN had previously initiated a currency redesign policy that involved the introduction of new naira notes to replace the old ones. This decision was aimed at combating inflation, curbing counterfeit currency, and enhancing the overall integrity of the financial system. However, the transition has faced various challenges, including public reluctance to embrace the new…
As global economic challenges and local agricultural disruptions persist, stakeholders are voicing concerns over a projected increase in food inflation in 2025. Various industry experts, economists, and agricultural organizations are closely monitoring the situation, predicting that a combination of factors will contribute to rising food prices in the coming years. Factors Contributing to Food Inflation 1. Climate Change Impacts: Erratic weather patterns and climate-related events are increasingly affecting agricultural productivity. Droughts, floods, and changing seasons disrupt planting and harvesting schedules, leading to lower yields. As a result, reduced supply can drive up prices, affecting consumers globally. 2. Supply Chain Disruptions:…
The Standards Organization of Nigeria (SON) has announced plans to simplify the certification process for small and medium-sized enterprises (SMEs) in a bid to enhance their competitiveness and market access. This initiative aims to reduce bureaucratic hurdles and foster a more conducive environment for SMEs to thrive in Nigeria’s dynamic economic landscape. Addressing the Challenges Faced by SMEs SMEs play a crucial role in Nigeria’s economy, contributing significantly to job creation and economic growth. However, many SMEs struggle to navigate the complex certification requirements necessary to market their products and services. The existing certification process has often been criticized for…
Sabistation, a prominent organization dedicated to celebrating excellence and achievement in various sectors, has honored renowned personalities, including Aliko Dangote and Dr. Ugochukwu Agbogu, for their outstanding contributions to industry and society. The event highlighted the significant impact these individuals have made in their respective fields and their commitment to driving positive change within Nigeria. Celebrating Leadership and Impact The recognition ceremony, held recently, served as a platform to celebrate leaders who have demonstrated remarkable dedication and vision in their pursuits. Aliko Dangote, Africa’s richest man and the founder of Dangote Group, was honored for his transformative influence on the…
The Bureau of Public Procurement (BPP) is advocating for a significant increase in local content requirements, proposing that at least 70% of materials and services used in public procurement be sourced locally. This initiative aims to bolster the Nigerian economy by enhancing local manufacturing capabilities, creating jobs, and promoting sustainable economic growth. Rationale Behind the 70% Local Content Policy The push for 70% local content stems from the need to reduce Nigeria’s dependence on imported goods and services. By fostering a robust local industry, the BPP aims to stimulate economic activity and promote self-sufficiency in various sectors. According to BPP…
The Central Bank of Nigeria (CBN) has announced a strategic initiative aimed at increasing remittance inflows by engaging the Nigerian diaspora community. With remittances serving as a vital source of foreign exchange and financial stability, this move comes as part of the CBN’s broader effort to bolster Nigeria’s economy amid ongoing currency challenges. Targeting New Channels for Remittance Growth In a statement, the CBN emphasized the potential impact of increased remittances on Nigeria’s economy, underscoring the importance of inflows in stabilizing the naira and supporting economic development. The bank is set to launch new platforms that make it easier for…
Golden Terra Oil has been awarded a prominent marketing accolade in recognition of its innovative strategies and impactful campaigns in the competitive edible oil industry. The award, presented by the Marketing Excellence Council, highlights the company’s consistent efforts to elevate its brand visibility and customer engagement through various channels, including digital marketing, community outreach, and in-store promotions. Commitment to Quality and Innovation Golden Terra Oil’s marketing team attributes their success to a blend of quality assurance, consumer trust, and brand adaptability. With a focus on promoting health benefits, sustainable sourcing, and transparency, the brand has become a favorite among health-conscious…
The United Nations Foundation has announced the launch of a new global campaign focused on addressing critical challenges, including climate change, health equity, gender equality, and youth empowerment. This initiative, which brings together public and private stakeholders, aims to create actionable strategies for sustainable progress and raise awareness on issues that affect billions worldwide. A Multi-Faceted Approach to Global Issues The UN Foundation’s campaign seeks to engage multiple sectors to tackle global issues more comprehensively. By uniting government bodies, corporations, NGOs, and local communities, the foundation aims to foster a collaborative approach where resources, knowledge, and policy-making are aligned. The…
A recent industry report has revealed that research and development (R&D) investment continues to play a crucial role in market growth across various sectors. The report highlights how businesses investing in R&D are driving product innovation, improving efficiency, and adapting more quickly to evolving consumer demands, which collectively fuel growth in competitive markets. Key Findings on Research Investment and Growth The report underlines that companies with robust R&D strategies not only create new products but also enhance existing ones, making them more cost-effective, efficient, and appealing to consumers. These advancements are contributing to a broader trend of steady growth in…
The Lagos State Government (LASG) is set to initiate a comprehensive urban regeneration project on Lagos Island aimed at revitalizing the area’s infrastructure, enhancing its livability, and preserving its rich cultural heritage. The project, part of Governor Babajide Sanwo-Olu’s broader vision for a more sustainable Lagos, focuses on improving urban facilities, expanding green spaces, and addressing structural issues impacting the historic island. Key Objectives of the Urban Regeneration The Lagos Island regeneration project is designed to address several pressing issues, including infrastructure decay, traffic congestion, inadequate drainage, and deteriorating public spaces. The LASG has highlighted specific objectives for the initiative,…
Africa Specialty Risks (ASR), a leading provider of insurance solutions across Africa, has received approval to operate as a Lloyd’s service company. This strategic move allows ASR to extend its capabilities, leveraging Lloyd’s platform to offer specialized risk solutions to clients across the continent. Operating as a Lloyd’s service company enables ASR to access the unique underwriting capabilities of the Lloyd’s marketplace, known for its expertise in insuring complex and large-scale risks. ASR’s alignment with Lloyd’s will facilitate more tailored and innovative insurance products, addressing a range of African-specific risks, including political risk, terrorism, property, and specialty liability. Strengthening Insurance…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has initiated a rigorous screening process to evaluate bidders for oil block licenses, assessing their technical and operational capacities. This examination is part of NUPRC’s efforts to ensure that only capable operators are awarded oil blocks to maximize productivity and manage Nigeria’s resources efficiently. According to the NUPRC, the technical screening aims to verify that prospective bidders have the expertise, technology, and operational resources required to explore and develop the oil blocks effectively. The commission is assessing whether bidders have sufficient financial stability, workforce expertise, and adherence to environmental standards. The bidding process…
A Pan-African youth organization has committed to tackling poverty and promoting sustainable development across Africa, focusing on creating pathways for economic growth, education, and employment for young people. The group, comprising young leaders from various African nations, plans to address the root causes of poverty and empower youth to play a central role in the continent’s development. The Vision: Ending Poverty through Youth-Led Initiatives With nearly 60% of Africa’s population under the age of 25, the organization believes that empowering young people is key to sustainable economic development. The group’s vision includes providing resources, mentorship, and training to foster entrepreneurship,…