Nigeria ranks as the 4th largest source country for study permits to Canada according to reports, which is a recent update on the economic impact of international education in Canada. Study permits from Nigeria, India, Phillipines, Hong Kong and Colombia combined contributed $30.9 billion to Canada’s GDP in 2022, amounting to 1.2% of Canada’s GDP for that year. The report, which includes both long-term students at schools, colleges, and universities, as well as short-term students, highlights that international education “plays an important role in the globalization of [the Canadian] economy, allowing it to thrive in a fast-changing and competitive environment.” The report…
Author: Temitope Nlewemchi
President Bola Tinubu recently proposed the idea of adjusting wages at shorter intervals of two or three years, instead of every five years. He said this while expressing his concern for the welfare of Nigerian workers, whilst calling for realistic expectations regarding the minimum wage. This was shared at a meeting with Members of organized labour on the new minimum wage at the State House, which had in attendance, the Secretary to the Government of the Federation, some ministers, heads of agencies, and aides to the president. The meeting followed the president’s decision to engage more with stakeholders before making a definite…
Spotify, the global music streaming giant, has announced that Nigerian music sensations Ayra Starr and Tems are the most streamed Nigerian artists globally for the first half of 2024. Phiona Okumu, Spotify’s Head of Music for Sub-Saharan Africa, revealed the rankings during an announcement in Lagos. The top 30 artists with the highest global streaming numbers were highlighted in Spotify’s Global Impact List for 2024, the News Agency of Nigeria first reported. Ayra Starr and Rauw Alejandro’s “Santa” topped the list, while Ayra Starr’s “Comma” secured the second spot. Tems’ “Love Me Jeje” followed closely in third place. Other notable…
The Nollywood movie “Muri and Ko” has recorded grossing over N100 million from ticket sales at the Nigerian box office. This milestone, reported by Filmoneng, a leading West African distribution company, was achieved as of Monday, June 8, 2024. Released on June 12, 2024, “Muri and Ko” generated N50 million in its first week, showcasing its immense popularity and strong audience reception. Within three weeks, the film had amassed N89 million, reflecting its continued success and widespread appeal. The star-studded cast includes Kunle Remi, Bisola Aiyeola, and Bukunmi Adeaga-Ilori (Kiekie). Joining them are Femi Jacobs, Buchi Franklin, Charles Okocha, Gloria…
The Corporate Affairs Commission (CAC) has asked the 4,173 Bureau De Change companies whose licences were recently revoked by the Central Bank of Nigeria (CBN) to change their names within three months. The Commission in a notice issued on Wednesday said their failure to change the names with which they were registered as companies would result in the cancellation of their certificate of incorporation and dissolution. While urging shareholders and directors of the companies to take action, the CAC said details of the affected companies have also been published on its website for them to re-confirm. What the Commission is…
Nollywood indigenous film Lakatabu has garnered an estimated N126.4 million at Nigerian cinemas in under four weeks, reflecting the growing appetite for local productions among cinema-goers. This was announced by Filmoneng, a leading West African movie distribution company known for its success with blockbuster titles like ‘A Tribe Called Judah’ and ‘Omoghetto The Saga’. According to the company’s recent statement, Lakatabu, which premiered on June 21, 2024, has quickly become one of the year’s most successful Nollywood films. Lakatabu stars Odunlade Adekola, one of Nigeria’s highest-grossing actors of 2023. His star power undoubtedly contributed to the film’s robust performance at the box office. Data…
Health-related expenses push over one million Nigerians into poverty every year, according to the World Bank’s Human Capital Public Expenditure and Institutional Review. The report provides an analysis of the financing and governance constraints affecting the delivery of basic education and primary health care in Nigeria. According to the report, Nigeria ranks poorly in Universal Health Coverage (UHC) within Africa, with an index score of 44. Despite some progress, Nigeria’s UHC remains among the lowest on the continent, reflecting the limited coverage of essential health services. The report read: “Nigeria ranks near the bottom in Africa in Universal Health Coverage.…
The Federal Government of Nigeria, through its Debt Management Office (DMO), has announced plans to raise at least N300 billion through its bond offer scheduled for July 2024. This amount is 33% lower compared to the previous month’s N450 billion target, as the DMO adjusts to a recent trend of lower demands for government bonds. The bond offer will be conducted by auction, featuring three different re-openings, each with distinct maturity dates and interest rates, providing a variety of options for potential investors. Breakdown of the bond offer The first bond offering in the Federal Government of Nigeria’s July 2024…
The Nigerian National Petroleum Corporation (NNPC) is planning to borrow an additional $2 billion in crude oil-backed loans from international creditors to boost its financial inflow. Reuters reported that two sources familiar with the matter confirmed the details on Tuesday. In addition, Mele Kyari, the Group Chief Executive Officer (GCEO) of the NNPC, informed Reuters that the national oil company is in discussions with international creditors to raise an oil-backed credit facility. This follows the recent revelation that the national oil company is struggling to pay international oil traders a backlog of $6 billion amid subsidy removal. Kyari said the…
The World Bank says it has committed over $200 million towards developmental projects in Ekiti State. The Ekiti State Government quoted the global bank’s official in a statement published via its X page on Tuesday. The World Bank Country Director, Dr Ndiame Dipo, revealed this during a strategic meeting of the Ekiti State Government with Heads of Development Agencies at the Transcorp Hilton, Abuja, that $60 million had already been disbursed from the money. Investment in critical projects Dipo was said to have called on all relevant stakeholders in the state to collaborate in bringing development in the state. The statement partly…
The Minister of Communications and Digital Economy Dr Bosun Tijani, has said the country’s digital economy is capable of revolutionising the nation’s economy as it has been projected to generate N18.3 billion by 2026. Tijani stated this on Tuesday at a media engagement on the National Digital Economy and e-Governance Bill in Abuja. According to him, Nigeria has unicorn companies like Flutterwave, Jumia, Andela, and Interswitch which have demonstrated that the digital economy is strong and can lift the country to where it should be. “For those who follow the growth and trajectory of our economy in Nigeria, you should…
The Australian government has announced a substantial increase in fees for citizenship applications and passports, set to take effect from July 1, 2024. These changes will affect various applicants, including permanent residents, adoption cases, and specific foreign applicants. The new fee structure, effective July 1, 2024, will introduce higher costs for permanent residents, individuals seeking citizenship through adoption, and foreigners applying under specific international agreements. While the fee adjustments are broad, certain families and groups will benefit from exemptions or minimal fee changes. The revised fees will impact a wide range of applicants, necessitating careful planning and budgeting for those…
The total transactions on the local bourse have hit N2.35tn at the end of May, indicating a 115.40 per cent increase compared to the first five months of 2023. This was disclosed in the domestic and foreign portfolio participation in equity trading report released by the Nigerian Exchange Limited on Thursday. According to the report, domestic investors maintained their dominance in the market as they transacted about N1.79tn (79.63 per cent) in the five months compared to N458.29bn (20.37 per cent) for foreign investors. A further breakdown showed that domestic institutional investors had the upper hand at N906bn compared to…
The naira has emerged as the worst-performing currency in the world in the first half of 2024. According to a report by Bloomberg on Friday, devaluation, insufficient dollar liquidity, and market volatility have hindered efforts by the Central Bank of Nigeria to strengthen the currency. Besides the naira, Egypt’s pound and Ghana’s cedi were the world’s other worst performers in the first six months of the year. “What will matter going forward is whether it can stabilise on improving foreign exchange inflows and perhaps see some appreciation.” According to PwC in its latest economic report on Nigeria, the naira depreciated against…
The Minister of Housing and Urban Development, Ahmed Dangiwa, has said the country’s housing market has the potential to unlock a $1tn economy. Speaking during the groundbreaking ceremony for the 250-housing unit Renewed Hope Estate in Akwa Ibom, recently, Dangiwa emphasised that the housing sector could catalyse a $1tn economy. The project, which is part of the Renewed Hope Cities and Estates programme launched by the President with a groundbreaking for 3,112 Renewed Hope City in Karsana, Abuja in February 2024, has further covered states like Kano, with 500-unit Renewed Hope City; and Katsina, Gombe, Yobe, and Sokoto, each with…
Following the start of operations at the Dangote refinery, the Airlines Operators of Nigeria has confirmed a reduction in the price of aviation fuel in the country. This development was achieved after the association met with the management team of the Dangote group to discuss bottlenecks making the important commodity expensive with a backlash of increased airfares. Since the end of the fuel subsidy regime in the country over a year ago, the prices of all petroleum products have skyrocketed. In February, airline operators lamented the skyrocketing price of aviation fuel, describing the development as critical and requiring immediate government…
The President of the National Association of Nigeria Travel Agencies, Yinka Folami, has confirmed readiness to collaborate with the Lagos Aviation School to end quackery, among its members. The association disclosed that on Tuesday during the unveiling of a new building for the school in Lagos. Speaking with journalists at the sideline of the event, the Group Managing Director of Finchglow Holdings, a parent company of the aviation school, Bankole Bernard, stated that the collaboration would increase the level of professionalism among travel agents. He said, “The collaboration coming from NANTA is to increase the level of professionalism of their…
Stakeholders in the Nigerian aviation industry are set to chart a way to tackle challenges confronting the sector. They will be focusing on the theme ‘Aviation Survivability amidst a Challenging Macro-Economic Environment’ at the 28th edition of the Annual Conference of the League of Airport and Aviation Correspondents. This was contained in a press statement signed by the Chairman of the Conference Planning Committee, Chinedu Eze, on Tuesday. The crucial deliberation meeting slated for Friday, July 26, 2024, will be held in Lagos. According to Eze, this year’s conference was informed by the challenging state of the country’s economy, which…
The domestic crude oil supply crisis that recently led to accusations and denials in the oil sector may warrant an investment plunge in the industry, operators declared on Wednesday. According to operators at the Lagos Chamber of Commerce and Industry, the crisis may damage the confidence of International Oil Companies and investors in refineries. This came as a section of the 650,000-capacity Dangote Petroleum Refinery caught fire on Wednesday, sparking reactions on social media as videos of the incident went viral. The management of the facility, however, allayed fears about the incident, as it stated that the situation had been…
Nigeria is being positioned as a leading gas-powered economy through the construction of three key gas projects with a combined worth of about $4.15bn, the Federal Government announced on Thursday. It said the projects, being handled by the Nigerian National Petroleum Company Limited, include the Ajaokuta-Kaduna-Kano Gas Pipeline Project; Obiafu-Obrikom-Oben Gas Pipeline Project, popularly called OB3 gas project; and the Assa North-Ohaji South gas project, also known as ANOH project. The Permanent Secretary, Federal Ministry of Petroleum Resources, Nicholas Ella, disclosed this in Abuja during an interactive session with employees of the ministry. He said, “Under the Decade of Gas…