The price of rice, onions, yam, cooking gas, and pasta sky rocketed in November compared to the previous month as traders across markets in Lagos State complained of low patronage despite the yuletide season just around the corner. The recent increase in the price of food items has been attributed to seasonal fluctuations as well as limited supply in the market, which is overwhelmed by customer demand. However, traders have also complained about the decline in sales turnover, attributing it to the dwindling purchasing power of average Nigerians. While the price of major food items like onions, yam, and pasta…
Author: Temitope N.
According to NAN, Olawale said that issues concerning welfare of members and unfair labour practices by some oil majors had yet to be fully resolved. He asked the government and all other concerned entities to take advantage of the extension to do the needful. Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has announced the extension of its earlier issued 14-day ultimatum to the Federal Government by another 7 days. This is coming barely 4 days to the expiration of the ultimatum it gave on November 15, where it threatened to go on a nationwide strike due to non-implementation…
The Kogi State Governor, Yahaya Bello, has said that the dredging of the Lower Rivers Niger and Benue will provide over 2 million direct and indirect jobs to Nigerians upon completion. The project is expected to aid the handling of some major exports from that region and imports from the coastal areas as well as boost the federal government’s diversification initiatives. This was made known by Bello during the inauguration of the commencement of the hydrographic survey and charting of the Lower Rivers Niger and Benue; from Lokoja to Burutu, on Thursday, according to NAN. The governor in a statement…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has established that it backs the Federal Government’s decision to remove subsidy on Premium Motor Spirit (PMS) by 2022. This was made known by IPMAN’s President, Mr Chinedu Okoronkwo, in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos He added t that the Petroleum Industry Act (PIA) signed into law by President Muhammadu Buhari on August 16 has no provision for subsidy. Okoronkwo stated that as marketers, they have always advised the government to remove petrol subsidy because it is not in the interest of the development…
The National Agricultural Seeds Council (NASC) has disclosed that up to 50% of all quality seeds supplies in West Africa are originated from Nigeria. This was made known by the Director-General of the Council, Dr Philip Ojo on Friday in Abuja at the preparation for activities to mark the 2021 annual SEEDCONNECT Africa Conference and Exhibition. According to the News Agency of Nigeria, Ojo said that fellow West African nations have required Nigeria’s help in seep production systems. He warned that the planting of adulterated seeds would not only lead to poor yield but would hamper the country’s economic prosperity.…
The Kaduna State Government has raised the need for the immediate restoration of telecommunication services in some parts of the states where they were earlier halted. This is coming barely 2 months after telecommunication companies shut down their services in some parts of Kaduna State at the instance of the state government and security agencies as part of measures to check the activities of bandits, kidnappers and other criminal elements. This was made known by the Kaduna State Commissioner for Internal Security and Home Affairs, Mr Samuel Aruwan, while addressing the press in Kaduna, according to NAN, Aruwan said that…
According to data on Nigeria’s balance of payment from the Central Bank of Nigeria (CBN), Nigeria recorded a current account deficit of $424 million in the second quarter of 2021, dropping to its lowest level in over two years. Although Nigeria’s balance of payment continues to trail in the negative region, it dropped significantly by 79.8% compared to a deficit of $2.1 billion recorded in the previous quarter. Also, it reduced by 87% compared to a deficit of $3.27 billion recorded in Q2 2020. The upward movement in the country’s balance of payment is attributed to the significant surge in…
The Federal Government unveiled the launch of an enhanced e-passport, which they say will improve the passport application process for Nigerians at home and in the Diaspora. The rollout of the e-passport was conducted at the Nigerian High Commission in London, United Kingdom. In a statement on Tuesday, the Minister of Interior Affairs, Ogbeni Rauf Aregbesola, assured of the FG’s commitment with the enhanced e-passport, stating that the FG is committed to providing passports to all its citizens. What we have come to do here is symbolic of the core mandate of the Ministry of Interior Affairs and indeed, the…
The federal government of Nigeria has established that it is not in consensus with the International Monetary Fund’s economic growth projection of 2.7% for Nigeria, for the year 2021. Zainab Ahmed, the minister of Finance, Budget and National Planning, made this known during the Nigerian Development Update Report launch for November 2021, tagged, “Time for Business as Usual”. The IMF had recently reviewed Nigeria’s outlook projection to a new 2.7% and 2.8% for 2021 and 2022 respectively, but the minister says Nigeria in the last three quarters of this year has hit a 3.3% growth and will improve to reach…
The Federal Government directed AITEO Eastern Exploration and Production Company Ltd (AEEPCo), to halt operating in the Nembe oil spill area of Bayelsa State until a proper investigation is carried out. This was disclosed on Tuesday in a statement by Mr Saghir el Mohammed, Press Director, Ministry of Environment, in Abuja. The statement added that adequate measures need to be put in place to ensure the safety of lives and property, at the site of the spill at Santa Barbara in Nembe Local Government Area of Bayelsa state. “The Federal Government has directed the exploration company, AITEO Eastern Exploration and…
The Federal Government has assured it citizen it will take necessary steps to bring down the cost of cooking gas across the country as it is worried about the situation. This is as the government has said that it needs N6 billion for the procurement of kits to convert the first one million cars as well as facilitate the procurement of equipment that will enable gas pump stations to come on board in its move to ensure the transition of cars from the use of petrol to gas. This was disclosed by the Minister of State for Petroleum, Timipre Sylva,…
Shareholders of Guinness Nigeria Plc have confirmed the N1.008billion dividend declared and recommended by the Board of the Company at the 71st Annual General Meeting held in Lagos, as the Company recorded a 54% increase in revenue for the year ended June 30, 2021. Appreciating the support of the shareholders, the Chair, Board of Directors, Guinness Nigeria Plc, Dr Omobola Johnson maintained that the Company will keep up with its growth strategy to continue on its path of profitability. “We are confident that our strategy is comprehensive and robust. We are keen on making the right investments that will drive…
At least 135 private health facilities have been beckoned on by the Lagos State Government into its mass vaccination strategy programme targeted at vaccinating 4 million residents by December 2021 bringing to 360, the number of public and private vaccination sites in Lagos. This was made known by the Lagos State Commissioner for Health, Prof. Akin Abayomi, explaining that the 360 vaccination sites comprising the 135 private health facilities and 225 existing public vaccination sites have been earmarked for the mass vaccination campaign. Abayomi, who noted that more private facilities would be added to the list, said the enrolled facilities…
SME.NG in partnership with Access Bank Plc and other leading institutions, including the Bank of Industry (BOI), LAPO Microfinance Bank, Chapel Hill Denham, and the Impact Investment Foundation Nigeria are launching the Ebi Marketplace – a Nigerian innovation for female entrepreneurs. The Ebi Marketplace consists of an access to capital market, an e-commerce mall and a knowledge market for female entrepreneurs in Nigeria seeking to digitize their businesses. Conceptualised and developed by SME.NG as a tangible solution to the impact of COVID-19 on female entrepreneurs, the Ebi Marketplace aims to close the gender digital divide in Nigeria by supporting women’s…
Since 2015, Ghana’s Central Bank raised its benchmark interest rate for the first time, citing “significant” inflation risks as justification. Stakeholders are wondering if Nigeria will follow suit as the nation awaits the Central Bank of Nigeria’s final Monetary Policy Committee (MPC) meeting for this year (2021). According to a statement from the Bank of Ghana’s Monetary Policy Committee, the rate was lifted by 100 basis points to 14.5 per cent. The rate hike, which is the first since November 2015, reverses some of the 250 basis point reduction announced last year to help the West African country’s coronavirus-ravaged economy.…
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has voted unanimously to retain the benchmark interest rate (MPR) at 11.5%, whilst keeping all other monetary parameters constant. This was disclosed by the CBN Governor, Godwin Emefiele, while reading the communique at the end of the 282nd Monetary Policy Committee meeting on Tuesday, 23rd November 2021. The MPC stated that its policy over the previous months has begun to show results, owing to the 4.03% growth in real GDP and the 6th consecutive monthly decline in headline inflation. The governor noted the continued moderation in the headline inflation,…
The Central Bank of Nigeria (CBN) said that First Bank is a very significant part of the Nigerian banking system, and it is happy that investors are showing interest in First Bank’s shares. This was made known by the CBN Governor, Godwin Emefiele at the Monetary Policy Committee meeting held today, November 23rd, 2021. The apex banks stated that one person cannot own First Bank and the major shareholders should see themselves as representatives of other shareholders. Emefiele stated that First Bank is essentially too valuable to the banking sector to fail. “Remember that First Bank was established in 1894…
The Nigerian Communications Commission (NCC) has informed Nigerians about a false Davido’s airtime and data give away advert on social media. The regulator said that a syndicated group is on the prowl to swindle unsuspecting members of the public, particularly millions of Nigerian telecom consumers, by capitalising on the generosity of Davido. This disclosure is contained in a statement issued by NCC’s Director of Public Affairs, Dr Ikechukwu Adinde, on Tuesday, November 23, 2021. The Nigerian-American music star, songwriter and producer recently announced he would donate N250 million to various orphanage homes across Nigeria. Adinde in the statement said that…
The Nigeria Deposit Insurance Corporation (NDIC) established that over 97% of depositors at deposit money banks (DMBs) in the country would be completely protected by the N500,000 Maximum Insured Limit. The Managing Director/ Chief Executive Officer of the Nigeria Deposit Insurance Corporation, NDIC, Mr Bello Hassan stated this during the 2021 Finance Correspondents and Business Editors (FICAN) workshop organized by the Commission. The NDIC’s maximum coverage limits of N500,000 per depositor in commercial, merchant, and non-interest banks, primary mortgage banks, and mobile money operators, as well as N200,000.00 per depositor in microfinance banks, remained the most adequate and robust in…
Flour Mills of Nigeria (FMN) Plc and Honeywell Flour Mills Plc, two of Nigeria’s largest flour mills, disclosed an acquisition deal that will see the former purchase over 71.6% of the shares of Honeywell. Honeywell shares are already up 9% during intraday trading ahead of the actual share price for the transaction being determined. Honeywell share price is up 183% YTD coming into this transaction while Flour Mills share price is up 13% YTD. While the companies are yet to reveal the actual purchasing price for the transaction, we ponder on how the transaction will be paid for. Currently, both…