In a strategic move to address Nigeria’s housing deficit, a prominent real estate company has completed the allocation of residential plots to investors. The initiative, part of the firm’s broader commitment to expanding affordable housing, aims to provide more Nigerians with access to land ownership and contribute to reducing the nation’s housing shortfall. The allocated plots are situated in a newly developed estate strategically located to offer residents both accessibility and tranquility. The estate boasts essential infrastructure, including paved roads, drainage systems, and provisions for electricity and water supply, ensuring a conducive environment for prospective homeowners. This development aligns with…
Author: Temitope N.
The Central Bank of Nigeria has reported a significant drop in interest earnings from the Federal Government’s Ways and Means advances, collecting just N3.1 billion in 2024 compared to over N1.6 trillion the previous year. This marks a dramatic decline in revenue generated from lending to the federal government, reflecting recent changes in fiscal and monetary policy direction. The sharp reduction follows the securitization of outstanding Ways and Means advances worth N22.7 trillion in 2023. These funds, previously extended as overdrafts to help the government manage its budget shortfalls, were converted into long-term debt instruments. The new arrangement spread repayments…
In a coordinated and urgent mission, the Nigerian government has successfully rescued and repatriated 78 women who were victims of human trafficking in Côte d’Ivoire. The operation highlights the growing commitment by authorities to confront the persistent threat of human trafficking, particularly involving young Nigerian women lured abroad with false promises of employment. The rescued victims, mostly aged between 13 and 30, had been trafficked under deceptive schemes, only to find themselves trapped in forced labor and sexual exploitation in various parts of Abidjan. Their ordeal came to light following mounting pressure from the public and civil society figures who…
Nigeria is pushing for stronger international collaboration as the world races toward a cleaner energy future, with the country’s Minister of Solid Minerals Development, Dele Alake, making a compelling case for inclusive partnerships at the 2024 Future Minerals Forum held in Riyadh, Saudi Arabia. In his address, Alake underscored the urgency of forging strategic alliances that not only advance the energy transition agenda but also ensure that resource-rich nations, particularly in Africa, are not sidelined in the global shift. He argued that the path to a sustainable energy future must be inclusive, fair, and beneficial to all stakeholders, especially those…
The Nigeria Customs Service (NCS) has announced a revenue collection of N1.75 trillion for the first half of 2024, derived from total trade valued at N36 trillion during the same period. **Key Highlights:** 1. **Revenue Performance** – First half 2024 collection: N1.75 trillion – Represents 63% of annual target (N2.79 trillion) – 32% increase compared to same period in 2023 2. **Trade Volume Analysis** – Total trade value: N36 trillion (January-June 2024) – Import-export ratio: 60:40 – Top imports: Petroleum products, vehicles, machinery – Major exports: Crude oil, agricultural products 3. **Operational Efficiency** – 98% of collections through electronic platforms…
The Federal Government has issued a strong warning to oil refineries and industrial operators across the country regarding improper waste disposal practices. The Minister of Environment, Balarabe Lawal, delivered the caution during an environmental compliance meeting with industry stakeholders in Abuja on Tuesday. Key Points from the Warning: 1. Immediate Compliance Mandate – All refineries and industrial plants must adhere strictly to approved waste management protocols – Facilities found violating environmental regulations will face severe sanctions 2. New Monitoring Measures – Deployment of specialized surveillance teams to high-risk industrial zones – Mandatory installation of real-time effluent monitoring systems by Q1…
The Chartered Institute of Taxation of Nigeria (CITN) has called on newly inducted tax professionals to play an active role in shaping the nation’s fiscal policy direction. The charge was given during the institute’s recent induction ceremony for associate members held in Lagos. CITN President, Mr. Samuel Agbeluyi, emphasized that tax practitioners must go beyond compliance to serve as catalysts for positive change in Nigeria’s economic landscape. He tasked the 283 newly inducted members with applying their expertise to advocate for balanced tax policies that support both revenue generation and economic development. The institute outlined several key areas where tax…
Lagos, Nigeria – Thousands of e-hailing drivers across Nigeria are set to down tools next week in a coordinated strike against what they describe as unfair labor practices by ride-hailing platforms. The drivers, operating under the Amalgamated Union of App-based Transporters of Nigeria (AUATON), are demanding better pay, improved working conditions, and more transparent policies from companies like Uber, Bolt, and inDrive. Why Drivers Are Protesting The drivers’ grievances center on several key issues: Low Earnings and High Commissions Drivers say their take-home pay has dropped significantly due to increasing platform commissions, which can be as high as 25-30% per…
The Enugu State Government has announced that the concession process for Akanu Ibiam International Airport is over 70% complete, with full completion expected by the second quarter of 2025. Dr. Obi Ozor, the State Commissioner for Transportation, stated that the Federal Government, through the Ministry of Aviation, is collaborating with private sector investors to finalize the concession. Upon completion, the new operators will undertake significant upgrades, including the completion of the international terminal, cargo terminal, maintenance, repair and overhaul (MRO) facilities, construction of aircraft hangars, and extension of the existing runway. In addition to the airport concession, the Enugu State…
The Nigerian pension industry has significantly bolstered the nation’s real sector by allocating a substantial ₦5.51 trillion towards long-term financing initiatives. These investments span critical areas such as infrastructure, private equity, real estate, and subnational infrastructure projects, underscoring the industry’s pivotal role in economic development. Growth in Pension Assets The National Pension Commission (PenCom) reported a remarkable 22.65% increase in the industry’s Net Asset Value (NAV), rising from ₦18.36 trillion as of December 31, 2023, to ₦22.51 trillion by December 31, 2024. This growth is attributed to additional contributions and investment income, reflecting a robust and expanding pension sector. Strategic…
Investors on the Nigerian Exchange Limited (NGX) experienced a significant upswing on April 8, 2025, as the market rebounded from previous losses. The All-Share Index (ASI) increased by 159.86 points, representing a 0.15% growth, closing at 104,376.73 points. This positive movement added approximately ₦100 billion to the market capitalization, bringing it to ₦65.589 trillion. Key Drivers of the Market Rebound The resurgence was largely driven by renewed investor interest in banking stocks. Notable performers included Zenith Bank, FBN Holdings, and United Bank for Africa (UBA), which recorded gains of 3.3%, 3.7%, and 2.6% respectively. Sectoral Performance Despite the overall market…
Access Holdings Plc has announced a potential delay in releasing its audited financial statements for the year ending December 31, 2024, due to pending approval from the Central Bank of Nigeria (CBN). The company submitted the financial statements to the CBN for review, a prerequisite before public disclosure. Public holidays have further impacted the review process, making it unlikely for Access Holdings to meet the extended filing deadline with the Nigerian Exchange Limited (NGX). Consequently, the NGX has granted an additional extension, allowing the company to file the results on or before April 20, 2025, subject to CBN’s approval.…
The Nigerian National Petroleum Company (NNPC) Limited’s recent suspension of crude oil deliveries to the Dangote Refinery has significantly influenced Nigeria’s oil production figures, contributing to a decline in the Organization of the Petroleum Exporting Countries’ (OPEC) overall output. Background of the Suspension In October 2024, NNPC initiated a naira-for-crude arrangement, allowing local refiners, including the Dangote Refinery, to purchase crude oil using the Nigerian naira instead of U.S. dollars. This initiative aimed to bolster domestic refining capacity and reduce reliance on imported petroleum products. However, by March 2025, NNPC suspended this arrangement, citing prior commitments of its crude oil…
The United States’ recent imposition of a 14% tariff on Nigerian exports has sent ripples through the country’s trade and economic sectors, threatening up to ₦323.96 billion in non-oil exports. The tariff, announced by former U.S. President Donald Trump on April 3, is part of a broader trade policy aimed at correcting what he describes as “unfair trade imbalances” between the U.S. and its partners. Trump’s new policy applies a general 10% tariff on all U.S. imports, with increased rates for countries that impose steeper duties on American goods. Nigeria, which reportedly levies a 27% tariff on U.S. exports, has…
In response to a recent lead poisoning crisis in Zamfara State, Nigerian authorities have intensified efforts to combat illegal mining activities, which are often linked to such health emergencies. The Zamfara State government confirmed the lead poisoning incident in Bungudu Local Government Area on March 19, 2025, prompting immediate intervention. Governor Dauda Lawal has taken decisive action by banning illegal mining in the state and directing security operatives to adopt stringent measures against violators. He emphasized that illegal mining significantly contributes to the rampant banditry and criminal activities plaguing Zamfara. Law enforcement agencies have been instructed to take bold action…
The Nigerian-American Chamber of Commerce (NACC) is set to host a high-profile gala this April to mark its 65th anniversary, and the lineup of attendees reflects the importance of the occasion. Vice President Kashim Shettima will serve as the Special Guest of Honour, while Lagos State Governor Babajide Sanwo-Olu will act as Chief Host. The event, scheduled to take place on April 12 at the Lagos Continental Hotel, Victoria Island, promises to be a landmark celebration of bilateral relations and business development between Nigeria and the United States. This year’s gala will not only celebrate the chamber’s legacy but also…
In a move designed to protect consumers and improve transparency in the telecom sector, the Nigerian Communications Commission (NCC) has proposed a new policy that will give subscribers a 12-month grace period to reclaim unused airtime on deactivated SIM cards. The new guideline, currently under review, could mark a significant shift in how telecom operators manage dormant lines and prepaid balances. At the heart of the proposal is the goal of addressing the longstanding issue of unclaimed airtime and prepaid credits, especially in cases where lines become inactive due to long-term non-use. Under current practices, once a SIM card is…
The Central Bank of Nigeria (CBN) has reported a decline in the country’s money supply, which fell to N110.3 trillion in February 2024. This marks a reduction from previous months, reflecting the impact of recent monetary policies aimed at stabilizing the economy and curbing inflationary pressures. The drop in money supply follows the CBN’s tightened monetary measures, including increased interest rates and liquidity control strategies. These policies were implemented to manage inflation, strengthen the naira, and ensure economic stability amid fluctuating forex reserves and rising consumer prices. Impact of the Decline in Money Supply A contraction in money supply generally…
Nigerians may soon face another increase in petrol prices as negotiations over the proposed naira-for-crude oil exchange drag on, leading to a surge in fuel imports. The prolonged discussions have created uncertainty in the downstream sector, with marketers warning that continued reliance on expensive imports could push pump prices higher. The naira-for-crude policy, introduced as an alternative to dollar payments for crude oil transactions, was expected to ease pressure on Nigeria’s foreign exchange reserves and stabilize fuel prices. However, delays in finalizing agreements between oil producers and the government have left fuel importers with no choice but to continue sourcing…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced that the Port Harcourt Refinery has successfully operated for 180 consecutive days without interruption. This milestone marks a significant step in Nigeria’s efforts to strengthen local refining capacity and reduce dependence on imported petroleum products. According to PETROAN, the refinery’s sustained operation underscores the government’s commitment to revitalizing the country’s refining infrastructure. The Port Harcourt Refinery, which resumed operations after years of inactivity, has been processing crude oil consistently, ensuring a steady supply of refined products to the domestic market. Impact on Fuel Supply and Pricing The continued…