Millions of users worldwide were left frustrated as Facebook and Instagram, two of the most popular social media platforms owned by Meta, experienced significant outages on Wednesday. The disruptions, which lasted several hours, prevented users from accessing their accounts, sharing updates, or messaging. Scale of the Outage Reports of the outage began pouring in from various countries, with users taking to other platforms like Twitter to express their concerns. According to monitoring site Downdetector, the disruption affected both mobile and web versions of the platforms, with issues ranging from login failures to unresponsive feeds. Meta’s Response In a statement, Meta…
Author: Temitope N.
The Federal Government has announced that Nigeria’s crude oil production has hit 1.7 million barrels per day (mbpd), marking a significant milestone in the nation’s efforts to revitalize its oil sector. The increase reflects ongoing initiatives to curb oil theft, enhance production capacity, and ensure compliance with OPEC quotas. Driving Factors Behind the Increase The rise in production is attributed to several key factors: Improved Security Measures: Enhanced surveillance and partnerships with security agencies have reduced oil theft and pipeline vandalism. Rehabilitated Infrastructure: Upgrades to oil facilities and refineries have boosted operational efficiency. Policy Reforms: Government initiatives, including the implementation…
The African Medical Centre of Excellence (AMCE) has announced a strategic partnership with global software giant SAP to strengthen healthcare infrastructure across Africa. This collaboration aims to leverage technology to improve healthcare delivery, streamline operations, and address critical gaps in the sector. Goals of the Partnership The AMCE-SAP partnership focuses on achieving the following objectives: Digital Transformation: Deploying SAP’s advanced software solutions to modernize administrative and clinical processes within healthcare facilities. Enhanced Patient Care: Utilizing data analytics and cloud technologies to provide personalized and efficient healthcare services. Operational Efficiency: Automating resource management to optimize costs and reduce inefficiencies in the…
First City Monument Bank (FCMB) Group has forecasted gross earnings of N226.93 billion for the 2024 fiscal year, signaling confidence in its financial performance amidst Nigeria’s evolving economic landscape. The projection aligns with the bank’s strategic goals of driving growth through innovation and customer-focused services. Key Growth Drivers The anticipated earnings growth is attributed to several factors: Increased Digital Adoption: The bank has seen significant growth in digital banking transactions, driven by its user-friendly platforms. Diverse Revenue Streams: Expansion into areas such as investment banking, wealth management, and micro-lending has bolstered earnings potential. Improved Customer Engagement: Tailored products and proactive…
Nestlé Nigeria has launched an initiative to train food vendors on business sustainability, equipping them with skills to enhance operational efficiency, reduce waste, and achieve long-term growth. The training program is part of the company’s broader commitment to supporting small and medium-sized enterprises (SMEs) in the food sector. Program Highlights The training sessions focus on key aspects of sustainable business practices, including: Financial Management: Teaching vendors how to budget effectively, track expenses, and manage profits. Waste Reduction: Providing strategies to minimize food waste and maximize resource utilization. Food Safety Standards: Ensuring vendors comply with hygiene regulations to improve product quality…
Dangote Sugar Refinery Plc has announced plans to raise N50 billion through a new debt issuance aimed at expanding its operations and consolidating its position in Nigeria’s sugar industry. The decision aligns with the company’s strategic goal to meet rising demand while enhancing its production capacity. Purpose of the Debt Issue The proceeds from the debt issuance will be used to: Fund Expansion Projects: Increase the production capacity of its sugar refineries and enhance agricultural operations. Upgrade Infrastructure: Improve operational efficiency through modernization of facilities and logistics. Boost Local Sourcing: Support the company’s backward integration program, focusing on local sugarcane…
The Nigerian Senate, in collaboration with the National Automotive Design and Development Council (NADDC), has urged automakers in the country to prioritize backward integration in their production processes. The call was made during a recent session focused on revitalizing the automotive industry and reducing Nigeria’s dependence on imported components. Importance of Backward Integration Backward integration involves sourcing raw materials and manufacturing key components locally, rather than relying on imports. According to the Senate, embracing this strategy is essential for: Boosting local industries: Encouraging the growth of upstream industries, such as steel and rubber production. Creating jobs: Generating employment opportunities across…
The Nigerian equity market witnessed a downturn as it shed N63 billion in market capitalization, reversing the gains recorded in the previous trading session. This decline has raised concerns among investors about the market’s short-term volatility amid broader economic uncertainties. Performance Metrics The market capitalization fell from N59.8 trillion to N59.7 trillion, reflecting a 0.11% decline. The All-Share Index (ASI) also dropped by the same margin, closing at 110,120.48 points. The negative performance was driven by losses in key sectors, particularly banking, industrial goods, and consumer goods. Top Losers Major decliners included blue-chip companies such as: Dangote Cement: Recorded a…
The Nigerian Senate has issued a stern warning to federal agencies lagging in the implementation of their responsibilities under the 2025 budget. During a recent plenary session, senators criticized the inefficiency of certain government agencies, which they argued could jeopardize the success of the budget and the nation’s economic stability. Accountability Concerns Senators highlighted that several agencies had either failed to meet revenue targets or mismanaged funds allocated in previous budgets. The legislative body stressed the need for improved performance, warning that persistent underperformance might attract severe penalties, including funding cuts or leadership changes. Senate’s Position Senate President Godswill Akpabio…
Prominent businessman and senator, Jimoh Ibrahim, has expressed deep concerns over the prolonged failure of the $11 billion Ajaokuta Steel Project, describing it as a monumental economic setback for Nigeria. Speaking on the project’s stalled progress, he highlighted the missed opportunities for industrial growth, job creation, and economic diversification. A Vision Unfulfilled The Ajaokuta Steel Project, initiated in 1979, was envisioned to transform Nigeria into an industrial powerhouse. However, decades of mismanagement, underfunding, and legal disputes have left the facility dormant despite billions of dollars in investment. Ibrahim lamented that the project, once a beacon of hope for the nation’s…