MTN Nigeria, one of the leading telecom operators in the country, has called for fair regulations and a level playing field in the telecommunications industry. The company emphasized the need for regulatory policies that encourage competition, foster innovation, and ensure the sustainable growth of the sector. During a recent forum, MTN urged the Nigerian government and regulatory authorities to ensure that all industry players operate under fair conditions to improve service delivery and drive digital transformation across the nation. Speaking at the event, [insert name], a senior executive of MTN Nigeria, highlighted the importance of a balanced regulatory framework in…
Author: Temitope Nlewemchi
Nigeria’s inflation rate has soared to 32.70% in September 2024, largely driven by the skyrocketing cost of petrol and other fuel products, according to the latest report from the National Bureau of Statistics (NBS). This marks a significant increase from the 30.80% recorded in August and continues the upward trend that has plagued the country for several months, with fuel prices emerging as one of the major contributors to the relentless rise in inflation. The report, released on [insert date], highlights how the high cost of petroleum products has had a cascading effect on almost every sector of the economy,…
Nigeria’s foreign exchange (forex) crisis has severely impacted the development of four major inland dry port projects across the country, bringing them to a standstill. These dry ports, designed to ease congestion at seaports and promote efficient cargo distribution inland, are crucial components of Nigeria’s infrastructure development strategy. However, due to the ongoing forex shortage, contractors and project financiers are struggling to source critical imported equipment and materials, causing significant delays in the completion of the projects. The stalled projects include inland ports in Kano, Funtua, Ibadan, and Jos, all of which are part of Nigeria’s broader efforts to improve…
The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate surged to 32.70% in September 2024, marking a significant increase from the previous month. This jump represents the highest inflation rate the country has seen in recent years, intensifying concerns about the cost of living and economic stability. According to the NBS report, the sharp rise in inflation is largely driven by escalating food prices, increased transportation costs, and the continued depreciation of the naira. The spike in inflation comes amidst ongoing economic challenges, including foreign exchange shortages, rising fuel prices, and supply chain disruptions. Breakdown of Inflation…
MTN Foundation has officially commissioned seven new science and technology laboratories at Government Science Secondary School (GSSS), Gombe, as part of its ongoing commitment to improving education in Nigeria. The unveiling ceremony, which took place on [insert date], marked a significant step forward in the foundation’s efforts to enhance the learning environment and provide students with the tools needed to excel in STEM (Science, Technology, Engineering, and Mathematics) education. The event was attended by local government officials, representatives from MTN Foundation, school administrators, and students, all of whom expressed excitement and gratitude for the state-of-the-art facilities. These new laboratories, designed…
Aircraft owners and industry stakeholders are raising concerns over an impending pilot shortage that could significantly impact aviation operations worldwide. With the demand for air travel rebounding after the disruptions caused by the COVID-19 pandemic, the aviation sector is grappling with the challenges of insufficient pilot numbers to meet growing operational needs. ### Growing Demand for Air Travel As global travel restrictions ease and consumer confidence returns, airlines and private aviation companies are experiencing a surge in demand for flights. The International Air Transport Association (IATA) has projected that passenger numbers will return to pre-pandemic levels by 2024, creating an…
Following the recent merger between Access Bank and ARM Pensions, the newly formed entity is set to enhance its customer engagement strategy across Nigeria. This initiative aims to deepen relationships with clients and improve the overall customer experience as the company integrates its services and offerings in the pension fund administration sector. The merger, finalized in, has created a significant player in the Nigerian pension landscape, combining Access Bank’s extensive financial services network with ARM Pensions’ expertise in asset management and retirement solutions. With this strategic union, the management team is keen on leveraging the strengths of both organizations to…
Heirs Insurance Limited has called on Nigerians to embrace insurance as a vital tool for securing their financial future and managing risks. In a recent public address, the company emphasized the importance of insurance in safeguarding assets, protecting livelihoods, and ensuring peace of mind in the face of unexpected events. The appeal comes at a time when insurance penetration in Nigeria remains low, despite the country’s growing middle class and expanding economy. According to recent statistics, less than 2% of Nigerians have any form of insurance, a figure that lags behind many other African nations. This gap, Heirs Insurance argues,…
In a strategic move to enhance Nigeria’s economic diversification, the Nigeria Customs Service (NCS) has reaffirmed its commitment to promoting the growth of non-oil exports. This initiative is vital as the country seeks to reduce its dependence on oil revenues and stimulate broader economic development across various sectors. The commitment comes in light of recent economic challenges that have underscored the need for diversification away from oil, which has historically dominated Nigeria’s export landscape. With oil prices fluctuating and global demand shifting, the Nigerian government has increasingly recognized the importance of developing other sectors, particularly agriculture, manufacturing, and technology, to…
Retailers across Nigeria are grappling with significant challenges in restocking their inventories as the ongoing foreign exchange (FX) crisis continues to impact the economy. With the naira experiencing considerable depreciation against major currencies, businesses are struggling to secure the foreign currency needed to import essential goods and materials, leading to stock shortages and inflated prices. The FX crisis has been exacerbated by a combination of factors, including declining oil revenues, fluctuating global commodity prices, and a growing demand for foreign currency. As a result, many retailers find themselves unable to access the foreign exchange markets, which has led to increased…
The upcoming Lagos Trade Fair is poised to attract an impressive 3,500 exhibitors from various sectors, marking a significant event for local and international businesses alike. Scheduled to take place from [insert date] at the [insert venue], this year’s fair promises to be a vibrant showcase of innovation, entrepreneurship, and economic collaboration, highlighting the potential of Nigeria’s diverse market. Organized by the Lagos Chamber of Commerce and Industry (LCCI), the trade fair aims to provide a platform for businesses to network, share ideas, and explore new market opportunities. This year’s event is particularly noteworthy as it comes at a time…
In a significant development for Nigeria’s manufacturing sector, a court has ruled against manufacturers who challenged the recent hike in power tariffs implemented by the Nigerian Electricity Regulatory Commission (NERC). The decision, announced on [insert date], has raised concerns among industry stakeholders about the potential implications for production costs and overall economic competitiveness. The case was brought forth by the Manufacturers Association of Nigeria (MAN) and several key industry players, who argued that the tariff increase would further burden manufacturers already struggling with high operating costs. The plaintiffs contended that the increase in electricity tariffs would lead to higher production…
Ministers Festus Keyamo and David Lokpobiri are set to unveil a significant new investment in Nigeria’s aviation sector with the launch of a 15 million liters aviation fuel depot. This project represents a strategic initiative to enhance fuel supply and distribution in the country, addressing longstanding challenges in the aviation fuel supply chain and positioning Nigeria as a key player in the regional aviation market. The unveiling ceremony, scheduled for October 17, 2024, will take place at the depot’s location, where key stakeholders from the aviation industry, government officials, and members of the media are expected to gather. The new…
In the third quarter of the year, Nigeria’s Customs Service reported the processing of $937 million in agricultural exports, highlighting a significant contribution to the nation’s economy. This impressive figure underscores the ongoing efforts to enhance the agricultural sector and improve export capabilities, as officials emphasize the importance of diversifying Nigeria’s economy beyond its traditional reliance on oil. During a recent press briefing, a Customs official revealed that the agricultural export figure for Q3 represents a notable increase compared to previous quarters. The surge in agricultural exports is attributed to various factors, including improved production levels, increased farmer participation, and…
Elon Musk has officially unveiled Tesla’s highly anticipated self-driving robotaxi, marking a monumental leap forward in the company’s journey toward autonomous vehicle technology. This innovative robotaxi is set to redefine how we think about transportation, offering a vision of a future where cars can operate without any human intervention. The vehicle, powered by Tesla’s advanced Full Self-Driving (FSD) technology, is designed to navigate roads, respond to traffic signals, and transport passengers safely, all without the need for a driver. Musk has long teased the concept of a Tesla robotaxi as part of his vision to create a sustainable, autonomous transportation…
The Federal Government of Nigeria has officially granted permission for petroleum marketers to lift petrol directly from the Dangote refinery without the need to go through the Nigerian National Petroleum Company Limited (NNPC). This move marks a significant shift in the country’s oil distribution framework and confirms speculations that the NNPC would no longer serve as the sole off-taker of fuel produced at the Dangote refinery, one of the largest in Africa. This development comes as part of broader reforms aimed at deregulating Nigeria’s petroleum sector and encouraging greater market competition. The announcement was made in a statement on Friday…
A new bill proposed in Nigeria will require individuals involved in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number (TIN) as a prerequisite for opening new accounts or operating existing ones. Titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters,” the legislation aims to boost tax compliance and improve revenue collection. The bill also mandates that non-residents supplying taxable goods or services to Nigeria, or earning…
The Hollywood blockbuster Deadpool & Wolverine has achieved a major milestone in Nigeria, surpassing the N700 million mark at the box office after spending over two months in cinemas. This accomplishment places it among the top-grossing films in the region. As of its latest report, the film grossed a total of N700,213,987, with over 142,000 admissions, according to Nigerian box office data. Leading the pack is A Tribe Called Judah by Funke Akindele, followed by Wakanda Forever and the original Black Panther. Spider-Man: No Way Home also made the list. Since its premiere on July 26, 2024, Deadpool & Wolverine…
The Apapa Port Command of the Nigeria Customs Service (NCS) has achieved a significant milestone, reporting a revenue collection of N1.61 trillion in the third quarter of 2024. This impressive figure surpasses the total revenue collected in 2023, demonstrating the command’s remarkable performance. Comptroller Babatunde Olomu, the Customs Area Controller of Apapa Command, attributed this achievement to the diligence and integrity of the command’s personnel. He emphasized the ongoing commitment to working with stakeholders to enhance revenue collection and curb smuggling activities. Olomu highlighted the notable results achieved in July and September, with collections reaching N201.8 billion and N193.9 billion,…
The Hollywood romance film, It Ends With Us, has shattered Nigerian box office records, grossing an impressive N64.6 million. Distributed by FilmOne, the movie continues to captivate audiences, who are encouraged to ‘head to the cinema and fall in love all over again,’ as shared by the company on X (formerly Twitter). Directed by Justin Baldoni and based on Colleen Hoover’s best-selling novel, It Ends With Us hit theaters on August 9, 2024. The film tells the emotionally charged story of Lily, a young woman seeking to escape a traumatic past as she embarks on a new romance. However, her…