The Ministry of Finance Incorporated (MOFI) has unveiled a N100 billion real estate fund aimed at addressing Nigeria’s housing deficit and boosting infrastructure development. The initiative seeks to provide affordable housing solutions while attracting private sector investment into the real estate market. According to MOFI, the fund will be used to finance large-scale housing projects, particularly in urban centers where demand for affordable housing remains high. The initiative aligns with the government’s broader strategy to bridge the housing gap, estimated at over 20 million units, and improve living conditions for Nigerians. MOFI’s Managing Director emphasized that the real estate fund…
Author: Temitope N.
Eko Electricity Distribution Company (EKEDC) has announced a new initiative to provide free prepaid meters to its customers, aiming to improve billing transparency and reduce estimated billing complaints. The rollout is part of the federal government’s mass metering program designed to enhance electricity distribution and customer satisfaction. The initiative will cover thousands of households and businesses within EKEDC’s coverage areas, including parts of Lagos and Ogun states. By distributing free meters, the company hopes to eliminate the long-standing issue of estimated billing, which has been a major source of frustration for customers. According to EKEDC, the deployment process will be…
The Nigerian Railway Corporation (NRC) and APM Terminals have officially commenced freight services between Lagos and Ibadan, marking a significant boost for cargo transportation in the country. The new rail service is expected to ease congestion at the Apapa port and improve the movement of goods between the two major cities. The initiative aims to provide businesses with a faster and more efficient alternative to road transport, which has long been plagued by gridlock and delays. With the Lagos-Ibadan rail corridor now operational for freight, importers and exporters can move cargo more seamlessly, reducing both transit time and logistics costs.…
A 12-year-old Nigerian student has emerged as the winner of the prestigious MED-EL ear care contest, showcasing remarkable knowledge and advocacy for hearing health. The competition, organized by MED-EL, a global leader in hearing implant technology, aims to raise awareness about hearing loss and the importance of ear care. The young champion competed against participants from various countries, impressing judges with their understanding of hearing health, innovative ideas, and commitment to spreading awareness. Their presentation highlighted the significance of early detection, proper ear hygiene, and the role of technology in improving the lives of people with hearing impairments. Winning this…
The Dangote Refinery is gearing up to reach full production capacity, marking a major milestone for Nigeria’s energy sector. However, the company has yet to disclose where it will source the crude oil needed to sustain operations, raising questions about supply stability. The $19 billion refinery, one of the largest in the world, has been gradually ramping up operations and recently began supplying petroleum products to the Nigerian market. Once fully operational, it is expected to refine up to 650,000 barrels of crude per day, significantly reducing Nigeria’s dependence on imported fuel. Despite this progress, uncertainty lingers over whether the…
MTN Nigeria has increased its tariffs by 50%, raising the cost of data and other services for millions of users. The price hike, which took effect recently, has sparked mixed reactions among customers, many of whom are already grappling with rising living costs. The telecom giant attributes the increase to inflation, rising operational expenses, and the need to maintain service quality. MTN stated that the adjustment was necessary to keep up with economic challenges, including fluctuating exchange rates and the high cost of network expansion. Subscribers have expressed frustration over the new pricing, with many taking to social media to…
The Nigerian government has assumed full control of Keystone Bank, a move aimed at stabilizing the financial institution and ensuring its continued operations. This development comes amid increasing regulatory scrutiny and efforts to maintain the health of the country’s banking sector. The Central Bank of Nigeria (CBN) spearheaded the transition, citing the need to protect depositors and maintain public confidence in the financial system. While specific details on the government’s plans for the bank remain unclear, authorities have assured customers that Keystone Bank will continue operating as usual, with no disruptions to services. Keystone Bank has faced financial challenges in…
Friends, family, and industry leaders gathered to celebrate the 60th birthday of a former President of the Chartered Insurance Institute of Nigeria (CIIN), recognizing his contributions to the Nigerian insurance sector. The event, which was attended by top executives, regulatory officials, and professionals from the insurance and financial industries, highlighted his impact on industry reforms, professional development, and mentorship. Speakers at the celebration praised his leadership in driving innovation, enhancing regulatory compliance, and promoting ethical standards in the insurance profession. During his tenure at CIIN, he played a key role in advancing policies that improved insurance penetration in Nigeria, strengthened…
Nigeria’s domestic refiners are pushing back against crude oil producers over the lack of local crude supply, accusing them of prioritizing exports while neglecting the country’s refining sector. The dispute comes as local refiners struggle to access feedstock, hindering their operations despite government efforts to boost domestic refining capacity. Operators of modular and conventional refineries argue that despite policies aimed at reducing dependence on imported fuel, they are being sidelined in crude oil allocations. Many refiners claim that crude producers prefer to sell to foreign buyers, where they can fetch higher prices, rather than supplying local processors at regulated rates.…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to suspend the newly introduced 4% Comprehensive Import Supervision Scheme (CISS) charge on imports, warning that it will worsen production costs and stifle business growth. In a statement, LCCI argued that the additional levy would place an undue burden on importers, manufacturers, and consumers, leading to higher prices of goods and increased inflation. The chamber stressed that businesses are already struggling with multiple taxes, forex instability, and rising logistics costs, making it difficult to absorb further financial pressures. The CISS charge, introduced as part of the…
A new report by Nigerian data analytics firm, Mustard Insights, has revealed that 44% of businesses in the country reduced their workforce in 2024 due to economic challenges and operational constraints. The report, based on a nationwide survey of companies across various sectors, attributed the layoffs to rising inflation, foreign exchange volatility, high production costs, and declining consumer spending. Many businesses, particularly in manufacturing, finance, and retail, struggled to maintain profitability, leading to widespread job cuts. Industry experts have raised concerns over the impact of these workforce reductions, warning that high unemployment rates could further weaken economic growth and increase…
The Nigeria Labour Congress (NLC) has strongly condemned the recent dismissal of workers by the Ibadan and Kaduna Electricity Distribution Companies, calling it an unjust and unacceptable move. According to reports, hundreds of employees were laid off without due process, sparking outrage among labor unions and affected workers. The NLC has accused the electricity distribution companies (Discos) of disregarding labor rights and failing to provide adequate severance packages for those affected. In response, workers at Kaduna Electric staged a protest, demanding immediate reinstatement and fair treatment. The NLC has vowed to take further action if the Discos do not reconsider…
The House of Representatives has urged the Federal Government to temporarily halt the divestment of assets by International Oil Companies (IOCs), including Shell and TotalEnergies, until they meet their environmental and financial obligations. Lawmakers expressed concerns that IOCs exiting Nigeria’s oil sector have not fully addressed issues related to environmental degradation, abandoned assets, and outstanding liabilities. They stressed that communities in oil-producing regions continue to suffer from pollution, loss of livelihoods, and inadequate remediation efforts, making it crucial for these companies to fulfill their responsibilities before transferring their assets. The move comes amid a wave of divestments by major oil…
The Bureau of Public Enterprises (BPE) has emphasized that tolling is a crucial component for maintaining and expanding Nigeria’s road infrastructure sustainably. According to the agency, implementing toll systems on major highways will generate the necessary funds for road maintenance, reduce reliance on government funding, and enhance the overall quality of transportation networks. Speaking on the issue, BPE’s Director-General, Ayodeji Gbeleyi, stated that tolling would provide a steady revenue stream for road repairs and new projects, ensuring that Nigerian roads remain in good condition without straining public finances. He added that private sector participation in road infrastructure development is key…
The World Bank has called on the Federal Government to tackle key obstacles hindering private sector growth in Nigeria, stressing that reforms in critical areas could unlock billions of dollars in investment and drive economic expansion. In its latest assessment, the global financial institution highlighted issues such as inconsistent policies, inadequate infrastructure, forex shortages, and high operational costs as major constraints affecting businesses in the country. It emphasized that without urgent interventions, private sector-driven economic recovery could be stalled. The World Bank advised the government to create a more stable policy environment, improve access to credit, and enhance ease of…
Nigerians may face another round of price hikes as the Nigerian Ports Authority (NPA) plans to implement a 15% tariff increase on port-related charges. The move, which is aimed at boosting revenue and improving port infrastructure, has raised concerns among importers, exporters, and other industry stakeholders. According to sources within the NPA, the tariff adjustment is necessary to keep up with rising operational costs and to fund ongoing port modernization projects. However, businesses fear that the increase will further strain the economy, as higher port charges often translate to increased costs for imported goods, logistics, and overall consumer prices. Freight…
The Federal Government has projected that Nigeria’s real estate sector will grow to an estimated value of $2.25 trillion by 2025, driven by increasing urbanization, infrastructure development, and rising demand for housing and commercial spaces. The Minister of Housing and Urban Development, Ahmed Dangiwa, made this announcement while addressing industry stakeholders in Abuja. He emphasized that the government is implementing key policies to unlock the sector’s full potential, attract investment, and bridge Nigeria’s housing deficit. “Nigeria’s real estate market is on a strong growth trajectory. With the right investment climate and policy framework, we expect the sector to hit $2.25…
Abike Dabiri-Erewa, the Chairman of the Nigerians in Diaspora Commission (NIDCOM), has lauded Nigerian entrepreneur and philanthropist, Edoki, on her nomination for a prestigious award in the United Kingdom. The recognition, which highlights Edoki’s outstanding contributions in her field, has brought pride to Nigeria, with Dabiri-Erewa celebrating her achievements. In a statement, Dabiri-Erewa expressed pride in Edoki’s accomplishments, noting that her nomination underscores the growing influence of Nigerians abroad and their role in global development. “This is another milestone for a Nigerian making us proud on the international stage. Edoki’s nomination is a testament to her dedication and excellence, and…
The Nigerian Communications Commission (NCC) has approved a 10-year renewal for MTN Nigeria’s first 800MHz spectrum licence, a key move that will allow the telecom giant to continue expanding and enhancing its network services across the country. The approval of the licence renewal is seen as a significant milestone for MTN, as it secures access to valuable spectrum that is critical for delivering high-speed mobile data and expanding its network coverage. The 800MHz frequency is particularly important for operators seeking to improve the quality and reach of their services, especially in underserved and rural areas. MTN Nigeria, in a statement,…
Stanbic IBTC Holdings has announced plans to channel 27% of its recently raised capital through a rights issue into supporting small and medium-sized enterprises (SMEs) and expanding its commercial banking operations. This strategic move is part of the institution’s broader effort to drive economic growth and strengthen its position in Nigeria’s financial sector. The rights issue, which successfully raised significant funds from shareholders, is expected to enhance the bank’s ability to provide tailored financial solutions for businesses. By increasing its focus on SMEs, Stanbic IBTC aims to address one of Nigeria’s critical economic challenges: limited access to capital for small-scale…