Marking its 10th anniversary, Fast Credit, a leading financial services firm in Nigeria, has launched a scholarship program aimed at supporting students across the country. The initiative is part of Fast Credit’s commitment to giving back to the community and empowering Nigeria’s youth by reducing the financial barriers to quality education. A Decade of Growth and Community Impact Since its founding, Fast Credit has grown from a small lending business into a well-established player in Nigeria’s financial services industry. With this new scholarship program, the company celebrates not only its financial milestones but also its dedication to creating meaningful social…
Author: Temitope Nlewemchi
A leading healthcare firm has urged the government to make health insurance mandatory, highlighting the critical role that expanded coverage could play in improving access to quality healthcare for Nigerians. The call comes as Nigeria faces significant healthcare challenges, including inadequate funding, rising medical costs, and limited access to services, particularly for low-income families. Current State of Health Insurance in Nigeria Nigeria’s National Health Insurance Scheme (NHIS) was launched to provide affordable healthcare access, especially for vulnerable groups. However, the scheme’s voluntary nature has limited its reach, with less than 5% of Nigerians currently enrolled in any form of health…
The ongoing strike by the National Agency for Food and Drug Administration and Control (NAFDAC) staff has intensified challenges for Nigeria’s pharmaceutical manufacturing sector, already strained by economic instability, import restrictions, and a volatile foreign exchange market. The agency’s strike, primarily over labor disputes related to salaries and work conditions, has disrupted essential regulatory services, including product approvals, import and export clearances, and quality assessments, leaving many manufacturers in limbo. Impact on Drug Approval and Supply Chain Delays The strike has significantly affected drug approval processes, stalling the introduction of new medications into the market and causing prolonged delays in…
In a significant act of corporate social responsibility, Dangote Cement Plc has provided crucial support to an orphanage in Kogi State, delivering a substantial donation of food items to assist the facility’s day-to-day needs. The donation underscores Dangote Cement’s commitment to improving community welfare, particularly for vulnerable groups, through various philanthropic initiatives aimed at enhancing quality of life and supporting sustainable development in the communities it operates. Details of the Donation The donated items include staple food supplies such as rice, beans, and garri, along with cooking oil, condiments, and other essential provisions. According to representatives from Dangote Cement, these…
Nigerian Breweries Plc, the country’s largest brewer, has reported a significant increase in foreign exchange (FX) losses, reaching an all-time high of N160 billion as of the third quarter of 2024. This stark rise in losses reflects the financial impact of the naira’s devaluation and the ongoing FX crisis, which has added substantial financial pressure on companies reliant on imported raw materials, such as Nigerian Breweries. Currency Challenges Amplify FX Losses Nigerian Breweries has been grappling with FX losses over the past few quarters as the naira’s devaluation has increased the cost of its foreign-currency-denominated obligations. The situation is particularly…
The International Monetary Fund (IMF) has expressed concerns over Nigeria’s debt servicing burden, noting its significant impact on the country’s socioeconomic development. In a recent report, the IMF highlighted that Nigeria’s growing debt obligations are diverting funds away from critical development areas such as infrastructure, education, healthcare, and economic diversification. Debt Burden and Fiscal Constraints With Nigeria’s debt servicing costs representing a substantial portion of its annual budget, the IMF emphasized that these expenditures are increasingly crowding out essential government spending. Nigeria’s debt service-to-revenue ratio remains alarmingly high, with a significant percentage of government income directed toward meeting debt obligations.…
FirstBank Nigeria has announced that its ongoing system migration will not disrupt banking services for its customers. The bank, known for its extensive reach and robust service offerings, stated that the transition is aimed at enhancing system efficiency and providing customers with a more responsive and secure digital banking experience. Commitment to Uninterrupted Service In a statement, FirstBank representatives confirmed that the migration process has been carefully planned to minimize any potential impact on its millions of customers across Nigeria and beyond. The bank emphasized its commitment to providing uninterrupted service and maintaining all essential banking operations, assuring customers that…
In a shift that could alter Nigeria’s electricity transmission landscape, the Nigerian Electricity Regulatory Commission (NERC) has proposed that electricity Distribution Companies (Discos) should assume a greater financial role in repairing and maintaining the country’s transmission infrastructure. The NERC, responding to ongoing transmission issues that contribute to frequent power outages and inefficiency, suggests that allowing Discos to handle these expenses could improve the reliability and consistency of electricity supply across the country. Challenges in the Current Power Transmission Framework Nigeria’s power sector operates under a segmented framework, where the Transmission Company of Nigeria (TCN) is responsible for transmitting electricity from…
Amid rising concerns over delayed pension payments, Nigerian pensioners have issued a warning to the Federal Government and four state governments over a mounting debt of N193 billion in unpaid pensions and gratuities. With months of arrears yet to be addressed, many retired civil servants and their unions are organizing to demand immediate payment, highlighting the hardship and financial strain this prolonged delay has caused for retirees across the country. Mounting Pension Debt and Unmet Commitments According to the Nigerian Union of Pensioners (NUP), the debt comprises various unfulfilled pension obligations from both the federal and state governments, including unpaid…
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has called for decisive action to address Africa’s pressing challenges and unlock the continent’s full potential. Speaking at a recent international forum, Adesina urged African leaders, policymakers, and private sector stakeholders to move beyond rhetoric and take bold, strategic actions to address longstanding issues, including economic instability, food insecurity, climate change, and infrastructure deficits. Addressing Economic Instability Adesina highlighted Africa’s economic landscape, noting that while the continent’s growth rate has shown resilience, it remains vulnerable to external shocks, especially as global markets and economies face volatility. He emphasized the need…
The Nigeria Customs Service (NCS) has officially launched an indigenous software designed to enhance the efficiency and speed of cargo clearance operations across the country’s ports and borders. The unveiling of this technology marks a significant step in the NCS’s ongoing efforts to streamline trade facilitation, reduce bottlenecks, and foster a more business-friendly environment for importers and exporters. The software, which was developed by Nigerian IT professionals, is expected to greatly improve the process of customs documentation and clearance, reducing delays that have historically plagued the system. According to customs officials, the new platform will not only simplify the entire…
A consumer advocacy group has called on the House of Representatives to investigate the management and disbursement of the N200 billion National Mass Metering Program (NMMP) fund, aimed at addressing the persistent issue of metering gaps in Nigeria’s electricity sector. The group is raising concerns about the lack of transparency and the slow progress of the program, which was intended to provide prepaid electricity meters to millions of Nigerian households. The NMMP was launched by the Federal Government in partnership with the Central Bank of Nigeria (CBN) to curb estimated billing practices and promote efficiency in the distribution of electricity.…
The Federal Competition and Consumer Protection Commission (FCCPC) has pointed the finger at unscrupulous hoarding practices as a major contributor to the recent surge in food prices across Nigeria. As inflation continues to strain household budgets, the Commission is urging tighter regulations and market oversight to curb price manipulation and protect consumers from exploitative practices. According to the FCCPC, certain individuals and groups in the supply chain have been deliberately stockpiling essential commodities, such as rice, grains, and cooking oil, in an attempt to artificially create scarcity. This hoarding has led to inflated prices, making it increasingly difficult for average…
A leading terminal operator in Nigeria has announced plans to introduce a comprehensive empowerment initiative aimed at supporting its scholarship beneficiaries. The program, which is designed to provide skills development, mentorship, and career opportunities, is part of the company’s long-term commitment to youth empowerment and educational development in the country. The terminal operator, known for its role in Nigeria’s maritime and logistics sectors, has been awarding scholarships to deserving students for several years. The new empowerment initiative seeks to build on these efforts by equipping beneficiaries with practical skills and resources to help them succeed both academically and professionally. Expanding…
Sahara Group, a leading energy and infrastructure conglomerate, has officially launched its highly anticipated Graduate Trainee Programme, aimed at nurturing young professionals and equipping them with the skills and knowledge needed to thrive in the energy industry. This initiative underscores Sahara Group’s commitment to human capital development and its focus on empowering the next generation of leaders in Africa. The programme is designed to offer recent graduates the opportunity to gain hands-on experience and exposure to various facets of the energy sector, including power generation, oil and gas, and infrastructure development. It also aligns with Sahara Group’s broader mission of…
Greenplinth Africa, a leading environmental and sustainability organization, has announced an ambitious plan to distribute 80 million clean cookstoves to women across the continent. The initiative is part of a broader campaign aimed at reducing indoor air pollution, promoting clean energy adoption, and improving the overall health and livelihoods of women in Africa. Addressing the Health and Environmental Crisis Indoor air pollution caused by the use of traditional cooking methods, such as wood, charcoal, and kerosene, has been identified as a significant health hazard, particularly for women and children. According to the World Health Organization (WHO), over 3 billion people…
The National Bureau of Statistics (NBS) has revealed that residents of nine Nigerian states collectively spent N312.27 billion on cooking gas in the third quarter of 2024. This figure highlights the increasing reliance on Liquefied Petroleum Gas (LPG) as a primary energy source for households, driven by government policies promoting cleaner energy and reducing dependence on firewood and kerosene. Breakdown of Expenditures The NBS report detailed the cooking gas consumption expenditures across these nine states, with Lagos, Rivers, and Kano emerging as the top spenders. These states accounted for a significant portion of the overall expenditure due to their large…
The International Monetary Fund (IMF) has projected that Nigeria’s economy could experience relative stability despite the sharp depreciation of the naira, which recently fell to 1,654.09/$ in the parallel market. This drop reflects ongoing challenges in the country’s foreign exchange (forex) management, inflationary pressures, and a tightening global economic environment. Naira Depreciation and Its Drivers The recent weakening of the naira against the U.S. dollar has raised concerns among both economic experts and the public. This depreciation can be attributed to multiple factors, including dwindling foreign reserves, reduced oil revenues, and rising demand for foreign exchange, particularly from import-dependent sectors.…
The Nigerian electricity distribution companies (Discos) have expressed growing concern over the federal government’s cessation of electricity subsidy payments. The Discos, who rely heavily on these subsidies to offset the cost of distributing power to consumers, have warned that this decision is adversely affecting their operations and could lead to further disruptions in the country’s already unstable power supply. The subsidy withdrawal, which was introduced as part of broader reforms in the power sector, has sparked debate among industry stakeholders. While the government argues that the removal is necessary to create a more sustainable and market-driven electricity sector, the Discos…
The World Bank has announced a significant increase in its funding for the agribusiness sector, doubling its investment to $9 billion. This move is part of the institution’s broader strategy to strengthen global food security, improve agricultural productivity, and foster economic growth in developing nations. The funding, which will be channelled towards agribusiness projects across various regions, aims to address the growing challenges posed by climate change, supply chain disruptions, and rising food demand. Rationale Behind the Increased Funding The decision to increase agribusiness funding comes at a time when the global agricultural sector faces unprecedented challenges. Climate change, for…