International Breweries has announced a price increase across its range of products in Nigeria, citing the need to better serve its customers in the face of current market realities. The decision to adjust prices affects several popular brands, including Eagle Lager, Eagle Extra Stout, Trophy Stout, Beta Malt, and Grand Malt. This move follows recent economic challenges characterized by inflation, foreign exchange volatility, and rising production costs. The company emphasized that the price review was necessary to maintain its commitment to quality and customer satisfaction amid the challenging economic environment. The decision was made following careful consideration of various market…
Author: Temitope N.
The Sustainable Agro and Hunger Eradication Foundation (SAHE Foundation), in partnership with the National Association of Proprietors of Private Schools (NAPPS), is set to launch the Tech Young Farmers Club (TYFC) as part of the 2024 Children’s Day celebrations. The event will take place on May 24, 2024, at the Jelili Adebisi Omotola Hall A, University of Lagos, under the theme ‘Becoming a Technology-Driven Farmer’. The TYFC initiative aims to mentor and empower young individuals, specifically those aged 12–16 (SS1–3 classes), who are considered the next generation of farmers. The program will equip them with the knowledge, skills, and resources…
The National Agency for Science and Engineering Infrastructure (NASENI) has announced its first investment in Powerstove, a pioneering Nigerian company in the production of cookstoves and carbon credit projects. This strategic move is aimed at combating global warming and promoting sustainability among Nigerian enterprises focused on decarbonization. According to a statement released on Thursday, NASENI’s investment in Powerstove includes growth capital and technical assistance, facilitating a scale-up in production from 100,000 units to over 1 million units annually. This significant scaling is expected to substantially reduce Nigeria’s carbon footprint and support the country’s transition to a more sustainable energy landscape.…
The Nigerian National Petroleum Company Limited (NNPC), in collaboration with Shafa Energy and Nigus, initiated the deployment of electric vehicle (EV) charging points at filling stations across Nigeria. This significant step was marked by a tripartite Memorandum of Understanding signed during the launch ceremony at an A.Y.M Shafa filling station in Abuja, where an EV charging station was demonstrated. Kanayo Odoe, Managing Director of NNPC New Energy Limited (NNEL), explained the roles of the partners in this initiative. Nigus, as the Original Equipment Manufacturer (OEM), supplies the charging equipment, while NNEL collaborates to distribute these installations. Shafa Energy provides the…
The EnAccess Foundation and the World Resources Institute have emphasized the importance of data-driven solutions in addressing energy sector challenges. This advocacy was highlighted at the inaugural Open Source in Energy Access Symposium and Hackathon, held in Abuja in May 2024. The event was supported by the World Bank, the Energy Sector Management Assistance Programme, and Prospect. The symposium brought together a diverse group of energy access practitioners, open-source developers, researchers, and donors. The goal was to share experiences, exchange knowledge, and explore how open-source solutions could enhance energy access in underserved regions. Abba Aliyu, Acting Managing Director of the…
The Federal Ministry of Agriculture and Food Security, in collaboration with the Federal Ministry of Budget and National Planning, has trained and empowered 1,110 smallholder poultry farmers across Nigeria’s six geopolitical zones. This initiative aims to boost agricultural productivity and reduce poverty among smallholder farmers. The Permanent Secretary of the Federal Ministry of Agriculture, Mr. Tope Fashedemi, represented by the Federal Director of Agricultural Extension Services, Dr. Deola Lordbanjou, disclosed this during a training session in Ogun State. The empowerment program, part of the National Poverty Reduction with Growth Strategy, was conducted simultaneously in all 36 states and the Federal…
Yango, a prominent tech company in Africa, has pledged its ongoing commitment to the continent’s development at the recent CEO AFRICA Forum held in Kigali. This forum gathered innovators, entrepreneurs, industry leaders, and public policymakers to discuss the future of technology and its impact on African cities. Since its inception in Africa six years ago, Yango has experienced exponential growth. The company now operates in over 13 countries and has become a household name for affordable and safe rides and deliveries in many regions. This growth has cemented Yango’s position as a leader in ride-hailing and tech services. Adeniyi Adebayo,…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State branch, has revealed that 70% of building materials in Nigeria are imported. This was disclosed during the 2024 Estate Week’s press briefing held recently in Lagos. Gbenga Ismail, the Chairman of NIESV Lagos State, highlighted the significant reliance on imported building materials, which has led to increased housing costs in the country. Ismail explained, “70 per cent of building materials are imported and if 70 per cent are imported without fluctuating exchange rate, you know the consequence.” He elaborated, “Now, what is the 30 per cent? We have cement,…
The Minister of Works, David Umahi, has announced that 750 houses along the path of the Lagos-Calabar Coastal Highway are set for demolition. This was revealed during a stakeholders’ meeting in Lagos on Thursday. Umahi stated, “If we go by the new alignment, 490 houses would be demolished, also following the gazette alignment, 750 houses would be demolished.” He emphasized, “There is no change of alignment; we are following the gazetted alignment. There would, however, be realignment at Okun Ajah area of the state by 25 kilometers to avoid damaging submarine cables.” Despite the assurances, property owners expressed dissatisfaction with…
The United Kingdom’s Civil Aviation Authority (UKCAA) has reported local airline operator Air Peace to the Nigerian Civil Aviation Authority (NCAA) due to alleged non-compliance with certain safety regulations at Gatwick Airport in London. Michael Achimugu, a spokesman for the NCAA, informed Channels Television on Monday about the complaints received from the UKCAA regarding Air Peace’s operations. These safety concerns emerged during a ramp inspection conducted by the UKCAA. Two mandatory occurrence reports on Air Peace were submitted to the UKCAA, which then forwarded these concerns to the NCAA. Investigation and Response Achimugu clarified that the complaints from the UKCAA…
Local airline operator Air Peace has addressed and resolved safety concerns raised by the United Kingdom Civil Aviation Authority (UKCAA). The airline, which commenced direct flights from Lagos to London on March 30, 2024, reassured passengers of its unwavering commitment to safety. In a statement on Monday, Air Peace detailed the resolution process: “We can confirm that the UK Civil Aviation Authority wrote to Air Peace, after their statutory Ramp Inspection on April 7, 2024, to request clarification on our use of the Electronic Flight Bag (EFB) and some other concerns. We provided the necessary information, and the matter was…
The International Monetary Fund (IMF) on Tuesday advised the Bank of England (BoE) to carefully consider the timing of interest rate cuts to avoid jeopardizing the UK’s recent economic recovery. Economic Growth Forecast and Fiscal Challenges The IMF has upgraded its UK economic growth forecast, but it also highlighted the need for “difficult” fiscal decisions to stabilize the nation’s debt. This advisory comes as Prime Minister Rishi Sunak’s Conservatives lag behind the Labour Party in polls ahead of the upcoming general election. Earlier this month, the BoE indicated a potential summer rate cut after maintaining borrowing costs at a 16-year…
The Demola Okeowo Foundation, a non-profit organization, has extended support to over 200 vulnerable residents in Ijebu Igbo, Ogun State, aiming to alleviate the impact of economic challenges on the community. Adewale Adebari, the Executive Director of the foundation, underscored the importance of collective efforts in enhancing the welfare of citizens, stating that public-private partnerships are essential for addressing societal needs effectively. He emphasized the foundation’s commitment to complementing government initiatives by reaching out to the needy, highlighting the significance of community support in fostering societal well-being. Dr. Demola Okeowo, the foundation’s Founder, called for a renewed mindset among Nigerians…
The Nigerian National Petroleum Company Limited (NNPC) is set to roll out Compressed Natural Gas (CNG) delivery installations across all its filling stations nationwide, announced NNPC’s Group Chief Executive Officer, Mele Kyari, on Wednesday. Kyari stated that this deployment aligns with a recent presidential directive urging government institutions to procure CNG-powered vehicles, as reported by The PUNCH on Monday. The directive mandates all Ministries, Departments, and Agencies (MDAs) to transition to CNG-powered vehicles and generators. During the presidential commissioning of three gas projects, Kyari highlighted NNPC’s commitment to broadening CNG as an alternative fuel for automobiles. He emphasized Nigeria’s substantial…
Sony Middle East and Africa, in collaboration with Naija Home Automation Limited, has inaugurated its latest electronics store at Jara Mall in Ikeja, Lagos State, as announced in a statement on Wednesday. The unveiling ceremony witnessed the presence of dignitaries including the Commissioner of Police, Lagos State, Adegoke Fayoade, representatives from Naija Home Automation Limited, Amit Khandelwal and Sujay Kumar, and the Regional Manager of Sony Middle East and Africa, Saurabh Bhalla, among others. Situated in one of the region’s premier shopping destinations and Nigeria’s largest technology hub, the new store provides customers with access to Sony’s state-of-the-art technology across…
Jumia, Africa’s leading e-commerce platform, has forged a strategic alliance with Newedge (Easybuy), a finance firm, to introduce a convenient shopping experience for consumers in Nigeria. Through this partnership, Jumia aims to enable consumers to purchase their desired products and opt for flexible payment plans over a specified period, enhancing convenience and accessibility across the country. By integrating Easybuy’s Buy Now, Pay Later (BNPL) solution into its platform, Jumia eliminates the constraint of immediate payment, empowering consumers to shop confidently and seamlessly. Sunil Natraj, CEO of Jumia Nigeria, expressed confidence in the partnership, emphasizing the importance of offering flexible payment…
The Federal Government, through the National Council on Climate Change, has thrown its support behind a groundbreaking initiative aimed at tackling environmental challenges and improving livelihoods across Nigeria. GreenPlinth Africa Limited, in collaboration with its partners, has launched a massive Article 6.4 project to distribute 80 million clean cookstoves free of charge to households nationwide. This initiative, touted as one of the world’s largest single clean cooking system projects, targets combating the detrimental health and environmental impacts of traditional cooking methods, including indoor air pollution and deforestation. Olawale Akinwumi, President and CEO of GreenPlinth Africa, emphasized that providing clean cookstoves…
The Federal Government has listed its April 2024 Savings Bonds valued at N4.21 billion on the Nigerian Exchange Limited (NGX), according to a market bulletin signed by NGX’s Head of Issuers Regulation Department, Godstime Iwenekhai. The bonds, comprising the FGS April 2026 and FGS April 2027 issues, total 4.214 million units with a combined value of N4.21 billion. The FGS April 2026 bonds consist of 1.228 million units valued at N1.23 billion, offering a coupon rate of 17.046 percent. Meanwhile, the FGS April 2027 bonds comprise 2.986 million units amounting to N2.99 billion, with a coupon rate of 18.046 percent.…
President Bola Tinubu has unveiled plans by the Federal Government to address Nigeria’s power challenges by injecting an additional 500 million standard cubic feet of gas into the domestic market. This initiative, announced during the inauguration of critical gas infrastructure projects in Imo and Delta States, aims to enhance industrialization, create jobs, and bolster energy supply. The move comes in response to previous nationwide blackouts triggered by gas shortages, which crippled power generation and distribution. With power generation plummeting below 2,500MW due to unpaid debts to gas companies, the government’s intervention seeks to revitalize the energy sector and mitigate future…
The Consumer Price Index report released by the National Bureau of Statistics has revealed a significant rise in Nigeria’s inflation rate, reaching 33.69% in April 2024, marking a 200 basis point increase from the previous year. This surge, attributed to both internal and external factors, underscores the challenges facing the nation’s economy. The escalation in food commodity prices, with imported food commodities hitting their highest level at 34%, reflects the impact of global supply chain disruptions caused by the Covid-19 pandemic and the Russia-Ukraine war. The Federal Government’s strategy to curb food importation has faced hurdles amidst FX scarcity and…