As the Central Bank of Nigeria’s Monetary Policy Committee (MPC) convenes for its 300th meeting on May 19 and 20, 2025, the Organised Private Sector (OPS) is urging the committee to consider reducing the current benchmark interest rate of 27.50%. The OPS argues that a rate cut would alleviate the financial burden on businesses and stimulate economic growth. The OPS contends that the prevailing high interest rates have escalated borrowing costs, thereby hindering production, investment, and job creation. They warn that maintaining or increasing the current rate could exacerbate economic challenges, particularly for small and medium-sized enterprises. While the OPS…
Author: Temitope N.
Aliko Dangote has attributed the recent reduction in petrol prices to the Federal Government’s naira-for-crude policy. This initiative allows local refineries, including the Dangote Petroleum Refinery, to purchase crude oil using the Nigerian naira instead of foreign currency. This shift has significantly lowered operational costs and reduced reliance on foreign exchange, enabling the refinery to offer more affordable fuel to Nigerians . In a statement released on Monday, Dangote expressed gratitude to President Bola Tinubu for implementing the policy, highlighting its role in stabilizing and reducing petrol prices despite global crude oil market fluctuations. He emphasized that local refining at…
The Central Bank of Nigeria (CBN) has once again held the benchmark interest rate steady at 27.50%, signaling its continued effort to tackle the country’s high inflation and stabilize the naira. This decision was announced at the conclusion of the Monetary Policy Committee (MPC) meeting held on Monday. The CBN had previously raised the Monetary Policy Rate (MPR) by a total of 600 basis points in the first quarter of the year, a sharp policy stance aimed at curbing inflation, which has remained stubbornly high. The decision to retain the rate comes amid mounting pressure on consumer prices, a volatile…
The recently concluded Winnipeg Trade Fair in Canada recorded a strong turnout of over 2,000 attendees, with Nigeria’s delegation making a significant impact through its vibrant pavilion showcasing “Made-in-Nigeria” products. Key Highlights from Nigerian Participation: – 32 Nigerian exhibitors across agriculture, manufacturing and tech sectors – $3.8 million in immediate deals signed during the 3-day event – 120 serious business leads for Nigerian exporters – Special focus on Nigerian cocoa, sesame and leather products **Notable Achievements:** 1. **Agricultural Breakthrough**: Two Canadian distributors committed to importing $1.2 million worth of Nigerian organic spices annually 2. **Tech Interest**: Three Nigerian fintech…
The National Insurance Commission (NAICOM) has announced strict enforcement of the compulsory insurance policy for all public buildings across Nigeria, as stipulated in Section 65 of the Insurance Act 2003. This move aims to enhance public safety and boost insurance penetration in the country. Key Details of the Directive: – Applies to all buildings accessible to the public (schools, hospitals, hotels, offices, etc.) – Requires minimum third-party liability coverage – Building owners must display valid insurance certificates visibly – Compliance verification to begin October 2024 Penalties for Non-Compliance: – ₦500,000 fine for individual building owners – ₦1 million fine for…
Nigeria’s Ambassador to the United Kingdom, Sarafa Isola, has declared that the country’s ongoing economic reforms are successfully transforming it into a continental investment powerhouse. This assessment comes as recent policy changes begin yielding measurable results in foreign direct investment (FDI) inflows. Transformative Reforms Driving Change: 1. Foreign Exchange Management – Unified exchange rate system – Increased forex market liquidity – Special windows for investors 2. Tax Regime Improvements – Revised fiscal incentives for pioneer industries – Streamlined tax compliance processes – Double taxation agreements with key partners 3. Sector-Specific Breakthroughs – Petroleum Industry Act implementation – Electricity Act 2023…
A new report by the National Bureau of Statistics (NBS) has revealed that women hold just 33% of formal sector jobs in Nigeria, highlighting persistent gender disparities in the country’s labor market. **Key Findings from the Report:** – Women represent only 1 in 3 formal sector workers – Gender gap widens at senior management levels (22% female representation) – Best-performing sectors for female employment: • Education (41%) • Healthcare (38%) • Financial services (35%) – Worst-performing sectors: • Construction (11%) • Transportation (9%) • Engineering (14%) **Root Causes Identified:** 1. Cultural biases in male-dominated industries 2. Limited access to STEM…
Nigeria’s Minister of Labour and Employment, alongside other key stakeholders, is set to headline the upcoming National Productivity Summit focused on driving workplace excellence and industrial growth. The high-profile event scheduled for October will bring together government officials, private sector leaders, and labour unions to address critical workforce challenges. Summit Highlights: – Theme: “Building a Competitive Workforce for Nigeria’s Industrial Revolution” – Focus areas: skills development, labour productivity, and workplace innovation – Expected attendance: 500+ delegates from across sectors The Labour Minister will deliver the keynote address on “Repositioning Nigeria’s Labour Market for Global Competitiveness,” outlining the government’s new productivity…
The Nigerian Civil Aviation Authority (NCAA) has confirmed that domestic airfares will continue to operate under a deregulated system, with airlines maintaining the autonomy to set prices based on market conditions. This announcement comes amid growing passenger concerns over recent fare increases on domestic routes. Current Pricing Landscape: Economy class tickets on major domestic routes now range between ₦50,000 and ₦150,000, with prices fluctuating based on several factors. The NCAA emphasized that this pricing structure has been in place since the 2016 deregulation policy took effect. NCAA Director-General Capt. Musa Nuhu clarified the authority’s position: “Our role is to ensure…
Nigeria’s domestic refineries are operating at just 42% of their combined capacity due to severe crude oil supply shortages, industry data has revealed. The development comes despite recent government efforts to revive the country’s refining sector and reduce dependence on fuel imports. **Key Details:** – The nation’s three main refineries in Port Harcourt, Warri, and Kaduna have a combined capacity of 445,000 barrels per day (bpd) – Current production stands at approximately 187,000 bpd due to feedstock constraints – The Dangote Refinery, Africa’s largest, is also reportedly facing similar crude supply challenges **Root Causes:** 1. **Pipeline Vandalism**: Persistent attacks on…
The Nasarawa State government has initiated high-level talks with the Dangote Group to attract significant industrial investments to the state. Governor Abdullahi Sule revealed this development during an economic forum in Lafia, positioning the state as the next frontier for industrial growth in Nigeria’s North-Central region. “We’re actively engaging with Aliko Dangote and his team to bring transformative projects to Nasarawa,” Governor Sule stated. “Given our mineral resources and strategic location, we’re ideal partners for their expansion plans.” The discussions reportedly focus on three key sectors: 1. **Solid Minerals Development**: Leveraging Nasarawa’s deposits of limestone, baryte, and lead-zinc ores for…
Lagos-based port operator ABC Terminals has recorded a remarkable 30% year-on-year increase in export volumes during the first half of 2024, according to newly released operational data. The surge comes as Nigeria’s non-oil export sector shows signs of robust growth following government interventions to diversify the economy. The terminal, which handles agricultural commodities, solid minerals, and manufactured goods at Apapa Port, processed 450,000 tonnes of exports between January and June 2024, up from 346,000 tonnes during the same period last year. The biggest growth came in three key sectors: 1. **Agricultural Products** (42% increase): Particularly cocoa, sesame seeds, and cashew…
Lagos State Governor Babajide Sanwo-Olu stood proudly among Nigeria’s most accomplished business and public sector leaders at Tuesday’s Business Leadership Awards, where his administration’s transformative infrastructure projects earned him top honors. The annual ceremony, held at the Eko Convention Centre, recognized exceptional contributions to Nigeria’s economic and social development across multiple sectors. Sanwo-Olu received the “Excellence in Public Service Leadership” award for spearheading landmark initiatives including the Lagos Rail Mass Transit system, the Lekki Deep Sea Port, and the ongoing Fourth Mainland Bridge project. The selection committee highlighted his administration’s innovative approaches to urban planning and crisis management during the…
In a significant move to empower small and medium-sized enterprises (SMEs), a leading financial technology firm has launched a groundbreaking mobile application designed to simplify and accelerate access to business financing. The new app promises to transform the way SMEs secure loans, manage cash flow, and grow their operations in an increasingly digital economy. With SMEs accounting for a substantial portion of global employment and GDP, the lack of accessible financing has long been a critical hurdle. Traditional banks often impose stringent requirements, leaving many small business owners struggling to secure timely funding. The newly launched app seeks to disrupt…
In a concerted effort to bolster the skills and leadership capacities of artisans and technicians, the Kano State Government has collaborated with Global Sight Nigeria to conduct a comprehensive training program. This initiative aims to enhance the operational efficiency and business acumen of artisan and technician associations across the state. Overview of the Training Program The one-day workshop, held recently in Kano, brought together leaders from 165 artisan and technician associations. The training focused on equipping these leaders with essential skills in leadership, communication, and business development. Participants were also educated on the importance of effective communication and the role…
Nigeria’s public debt has surged by ₦57.3 trillion over the past 18 months, escalating from ₦87.38 trillion in June 2023 to ₦144.67 trillion by December 2024. This represents a 65.6% increase, as reported by the Debt Management Office (DMO). Breakdown of Debt Accumulation Federal Government Debt: Domestic Debt: The Federal Government’s domestic debt rose from ₦48.31 trillion in June 2023 to ₦70.41 trillion by December 2024, marking a 45.7% increase. This growth was significantly influenced by the securitization of ₦22.7 trillion in Ways and Means Advances from the Central Bank of Nigeria. External Debt: External debt increased from ₦29.9 trillion…
The Dangote Petroleum Refinery has firmly responded to recent criticisms from oil marketers, asserting its capability to meet Nigeria’s domestic fuel demands. This rebuttal comes in the wake of claims by industry stakeholders suggesting that the refinery lacks the capacity to satisfy the nation’s fuel requirements, thereby necessitating continued fuel imports. Marketers’ Concerns Oil marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), have expressed reservations about the federal government’s proposed fuel import ban. They argue that the current domestic refining capacity is insufficient, and an…
Oil marketers across Nigeria have issued a cautionary note to the federal government, advising against a hasty implementation of a fuel import ban. They argue that the country’s current refining capacity is insufficient to meet domestic demand, and an abrupt policy shift could lead to fuel shortages and price hikes. Industry Leaders Voice Concerns The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have been at the forefront of this advisory. Hammed Fashola, IPMAN’s National Vice President, emphasized that while the Dangote refinery is operational, other refineries are still under…
The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in April 2020 to mitigate the economic impact of the COVID-19 pandemic. The repayment was completed as of April 30, 2025, according to Christian Ebeke, the IMF’s resident representative in Nigeria. Background of the Loan In April 2020, amidst the global economic downturn caused by the COVID-19 pandemic, Nigeria secured a $3.4 billion loan from the IMF under the Rapid Financing Instrument (RFI). This facility was designed to provide rapid financial assistance to member countries facing urgent balance of payments needs.…
The Nigerian government has lauded the progress of its Naira-for-Crude initiative, a strategic policy aimed at enhancing the value of the naira, bolstering local refining capacities, and reducing the nation’s reliance on foreign exchange for petroleum transactions. Policy Overview Launched on October 1, 2024, the Naira-for-Crude deal permits local refineries, notably the Dangote Petroleum Refinery, to purchase crude oil from the Nigerian National Petroleum Company Limited (NNPC) using the naira instead of foreign currencies. This approach is designed to alleviate pressure on Nigeria’s foreign exchange reserves and promote domestic economic stability. Government’s Position At a recent meeting of the Technical…