The Nigerian naira has continued to show resilience and stability, maintaining its gains on the newly introduced EFXM platform. This platform, developed by the Central Bank of Nigeria (CBN), is designed to facilitate the efficient exchange of foreign exchange (forex) and strengthen the naira’s position against major international currencies. Key Features of the EFXM Platform The EFXM (Electronic Foreign Exchange Market) platform aims to enhance transparency, streamline forex transactions, and create a more structured market environment. By centralizing forex trading, the platform enables banks and authorized dealers to trade in a more competitive and regulated manner. This is intended to…
Author: Temitope N.
A major terminal operator has been honored for its outstanding contributions to the logistics and maritime sector, showcasing excellence in operations and service delivery. This recognition highlights the company’s commitment to efficiency, innovation, and sustainability in its terminal management practices. Reasons for the Recognition The terminal operator was acknowledged for its significant role in enhancing port operations, improving cargo handling times, and facilitating smoother supply chain processes. The company has implemented advanced technologies and best practices that have set a benchmark in the industry, promoting productivity and reducing congestion at ports. Positive Impact on Trade and Economy This recognition comes…
The price of cocoa has reached a significant milestone, increasing to N15 million per tonne, according to the Cocoa Research Institute of Nigeria (CRIN). This development marks a substantial rise in the value of the commodity, which has implications for both local farmers and the national economy. Factors Contributing to the Price Increase CRIN attributed the rise in cocoa prices to a combination of local and global market dynamics. These include increased demand for cocoa and its by-products, as well as challenges in the supply chain that have affected the availability of the commodity. Climate change, which has impacted production…
A former leader of Ohanaeze Ndigbo, Chief John Nnia Nwodo, has called on President Bola Tinubu to take urgent action to resolve the ongoing cash scarcity affecting Nigerians. This shortage, which has impacted economic activities and daily life, has led to widespread frustration and calls for policy intervention. Concerns Over Economic Implications Nwodo highlighted that the cash scarcity is stifling business operations, particularly for small and medium-sized enterprises (SMEs), and contributing to increased hardship for the general populace. The lack of physical cash has also exacerbated the challenges of conducting transactions, leading to a reliance on digital payment systems that…
The World Bank and the Federal Government of Nigeria have launched a collaborative project aimed at enhancing digital skills among the Nigerian workforce. This initiative is part of a broader effort to bridge the digital skills gap, boost employability, and support economic development in the country. Objectives of the Digital Skills Project The project seeks to equip Nigerians, particularly the youth, with essential digital competencies that are critical in today’s technology-driven economy. By focusing on skills such as coding, data analysis, digital marketing, and software development, the program aims to increase job readiness and facilitate the growth of a digital…
The Ogun State government has successfully disbursed N3 billion to support 54,000 women as part of its empowerment initiative aimed at promoting financial independence and economic growth. This program, launched under the state’s gender-focused economic development strategy, is set to uplift women entrepreneurs and small-scale business owners, enabling them to enhance their businesses and improve their livelihoods. Objectives of the Disbursement The initiative is designed to boost women’s participation in the local economy by providing them with financial support for business expansion, skill acquisition, and sustainable economic activities. By reaching thousands of beneficiaries, the program aims to contribute to poverty…
The Nigeria Customs Service (NCS) has launched a new digital platform aimed at streamlining cargo transactions and improving the efficiency of port operations. This initiative is part of the NCS’s ongoing efforts to modernize processes, reduce delays, and enhance transparency in the import and export sector. Key Features of the New Platform The new platform, which integrates cutting-edge technology, is designed to simplify and automate cargo clearance processes. Key features include real-time tracking of shipments, faster processing times for cargo documentation, and seamless integration with other regulatory bodies involved in port operations. These improvements are expected to significantly cut down…
The Nigerian Exchange Limited (NGX) has reported a significant decline in its market value, driven by poor performance from major companies including Red Star Express and other listed entities. The exchange’s market capitalization dipped by N32 billion, reflecting a challenging trading environment and investor caution. Key Factors Behind the Decline The downturn can be attributed to a variety of factors, including weak investor sentiment, declining share prices of major players, and economic uncertainties impacting trading. Red Star Express, known for its logistics and courier services, faced particular pressure, with its stock experiencing a sharp drop amid weak trading volumes. Other…
Stanbic IBTC Pension Managers has informed its clients of scheduled downtime for its digital channels as part of routine system maintenance. The firm stated that the maintenance is necessary to upgrade and enhance the security and performance of its online platforms, ensuring a more reliable user experience for customers. Details of the Downtime The scheduled maintenance will affect Stanbic IBTC Pension’s digital services, including its website and mobile app. The downtime is expected to commence on [insert specific date] and will last from [start time] to [end time]. During this period, customers may experience disruptions when accessing account information, initiating…
Moniepoint has been honored as the best fintech company in Nigeria, an accolade presented by Qore, a leading financial technology firm known for its industry assessments and recognition programs. This award highlights Moniepoint’s remarkable achievements in revolutionizing financial services and contributing to financial inclusion across the country. Grounds for the Recognition Moniepoint, which offers a wide range of financial solutions including payment processing, point-of-sale (POS) services, and digital banking tools, has established itself as a top player in Nigeria’s fintech ecosystem. The company’s innovative approach to delivering seamless, affordable, and secure financial services has been pivotal in empowering small businesses…
FCMB Group Plc has reported a substantial profit of N82.4 billion for the fiscal year, marking a significant increase in financial performance. The bank’s latest earnings statement highlights robust growth driven by strategic investments, improved revenue streams, and operational efficiency. Key Financial Highlights Profit After Tax (PAT): The group’s net profit stood at N82.4 billion, reflecting a notable increase from the previous year’s performance. Revenue: Total revenue rose due to a combination of enhanced interest income, fee-based earnings, and other non-interest income streams. Assets and Liabilities: FCMB Group also saw growth in its asset base, which now exceeds N1 trillion,…
The Federal Government (FG) of Nigeria has reaffirmed its commitment to achieving its 2025 oil production target. During a recent briefing, the Minister of Petroleum Resources, Mr. Heineken Lokpobiri, outlined strategic measures aimed at boosting production levels and ensuring the country meets its goal of reaching 2.6 million barrels per day (bpd). Strategic Plans for Increased Production Mr. Lokpobiri stated that the government is implementing a multifaceted approach to address challenges in the oil sector. These include enhancing security in oil-producing areas, streamlining regulatory processes, and incentivizing investments in upstream activities. “We are determined to overcome current production bottlenecks and…
Chevron Nigeria Limited has reported that its $1 billion investment in the country has significantly contributed to the growth of the oil sector. According to the Managing Director of Chevron Nigeria, Mr. Rick Kennedy, the company’s strategic spending is driving job creation, enhancing infrastructure, and fostering technological advancements in the industry. Focus on Strategic Investments Mr. Kennedy highlighted that Chevron’s financial commitment is spread across various initiatives aimed at boosting production, modernizing facilities, and promoting sustainable practices. “This investment is part of our continuous effort to support the oil and gas industry in Nigeria and contribute to the country’s economic…
TotalEnergies has successfully reached over 94% local content in its operations in Nigeria, according to the company’s Director of Local Content, Mr. Chuka Afolabi. This milestone underscores TotalEnergies’ commitment to maximizing the participation of Nigerian businesses and talent in its oil and gas projects, aligning with national policies aimed at promoting local industry growth. Commitment to Local Empowerment Mr. Afolabi highlighted that achieving such a high level of local content is part of TotalEnergies’ strategy to contribute to the economic empowerment of the Nigerian workforce and companies. “We are proud of our achievement, which reflects our dedication to the Local…
Shell Petroleum Development Company (SPDC) has announced the allocation of contracts worth $1.98 billion to Nigerian firms as part of its ongoing commitment to local content development. The contracts, which cover various aspects of its oil and gas operations, aim to bolster indigenous participation in the energy sector and stimulate economic growth. Focus on Local Content Speaking at a stakeholder meeting, SPDC’s Managing Director, Osagie Okunbor, emphasized the importance of empowering local businesses in the industry. He noted that the initiative aligns with Nigeria’s Local Content Act, which mandates the prioritization of indigenous companies in oil and gas projects. “This…
The Nigerian Senate has advanced the proposed Investment and Securities Bill (ISB) as it passed its second reading during a plenary session. The bill, which seeks to modernize Nigeria’s investment and securities laws, aims to foster economic growth by providing a robust regulatory framework for capital market operations. Key Objectives of the Bill The ISB, sponsored by Senator Ibikunle Amosun, is designed to strengthen the governance of Nigeria’s capital markets and enhance investor confidence. It outlines measures to: Streamline Market Regulations: Address gaps in existing laws to reflect global best practices. Protect Investors: Introduce stricter safeguards to prevent market manipulation…
The President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa, has called on newly inducted members to prioritize integrity and professionalism in their careers. Speaking at the institute’s recent induction ceremony in Lagos, Dr. Okwuosa emphasized the critical role accountants play in building trust and driving sustainable economic growth. The Role of Integrity in Accounting In his address, Dr. Okwuosa stressed that integrity remains the cornerstone of the accounting profession. “As custodians of financial truth, your actions must reflect the highest standards of honesty and accountability. A breach of trust can undermine confidence in the profession…
The Nigeria Customs Service (NCS) has announced plans to auction vehicles classified as “overtime cargo” following the expiration of a two-week ultimatum issued to owners for clearance. The move is aimed at decongesting ports and generating revenue for the government. What Are Overtime Vehicles? Overtime vehicles refer to cars and other imported automobiles that have exceeded the statutory clearance period at ports or bonded terminals. According to customs regulations, importers have a maximum of 90 days to clear their goods, after which they are considered abandoned and eligible for auction. The Public Relations Officer of the NCS, Abdullahi Maiwada, explained,…
The Nigerian Communications Satellite Limited (NIGCOMSAT) has raised concerns that Nigeria could lose out on an estimated $1.2 trillion economic opportunity offered by artificial intelligence (AI) if it fails to prioritize investments in technology and infrastructure. The warning comes as global economies increasingly embrace AI to drive growth across sectors. AI as a Growth Catalyst AI is projected to revolutionize industries such as healthcare, agriculture, education, and financial services. NIGCOMSAT highlighted that Nigeria’s potential to harness AI for job creation, productivity, and innovation is immense but remains largely untapped. “The global AI market is expanding rapidly, and Nigeria must position…
The Nigerian Economic Summit Group (NESG) has expressed concerns over the suspension of legislative action on critical tax reform bills, warning that the delay could hinder efforts to improve the country’s fiscal policy framework. The NESG emphasized the importance of comprehensive tax reforms to boost revenue generation and foster economic growth. Legislative Inaction Raises Concerns The suspended bills, designed to streamline Nigeria’s tax system and address inefficiencies, have stalled in the National Assembly due to unspecified reasons. The NESG, a leading policy advocacy group, criticized the lack of urgency, stating that the delay undermines the progress needed to stabilize the…