The National Bureau of Statistics (NBS) has reported a staggering 137% increase in the price of locally produced rice over the past year. The sharp rise, attributed to various economic and supply chain factors, has added to the financial burden of many Nigerian households, where rice is a staple food. Drivers of the Price Hike Several key factors have contributed to the unprecedented surge in local rice prices: Production Challenges: Flooding, poor infrastructure, and insecurity in major rice-producing regions have disrupted farming activities and reduced output. Inflation: Rising inflation rates have impacted the cost of agricultural inputs, such as fertilizers…
Author: Temitope N.
In a significant move to bolster financial security, digital payment platform PalmPay has partnered with the Nigerian Financial Intelligence Unit (NFIU) to address the growing challenge of financial fraud in Nigeria. The collaboration underscores a shared commitment to enhancing the integrity of the nation’s financial ecosystem. Partnership Goals The partnership aims to leverage technology and intelligence to combat fraudulent activities, including identity theft, money laundering, and unauthorized transactions. Key objectives include: Fraud Prevention: Strengthening fraud detection mechanisms within the PalmPay platform. Data Sharing: Facilitating seamless exchange of financial intelligence between PalmPay and the NFIU to identify suspicious activities. User Education:…
Real estate giant Nedcomoaks has pledged renewed support for housing development in Nigeria, emphasizing its dedication to bridging the nation’s housing deficit. The company announced plans to expand its footprint in the affordable housing sector while maintaining its reputation for delivering premium residential and commercial properties. Addressing Housing Deficit Nigeria’s housing deficit, estimated at over 20 million units, remains a pressing challenge, with many Nigerians unable to access affordable and quality homes. Nedcomoaks aims to tackle this issue by investing in large-scale projects that cater to diverse income brackets. “We understand the critical need for affordable housing in Nigeria and…
In a bid to promote renewable energy adoption and entrepreneurial growth, Dangote Cement has launched a comprehensive training program for solar energy entrepreneurs. The initiative, which is part of the company’s corporate social responsibility efforts, aims to equip participants with the technical and business skills necessary to thrive in the burgeoning solar energy sector. Program Overview The training, which targets young entrepreneurs and small business owners, covers critical aspects of solar energy systems, including: Installation Techniques: Practical sessions on installing and maintaining solar panels and related equipment. Business Development: Guidance on creating sustainable business models and accessing financing. Energy Efficiency…
Champion Breweries Plc has announced plans to raise N20 billion through a bond issuance, marking a strategic move to bolster its operations and finance expansion projects. The bond offering, expected to hit the capital market in the coming weeks, is part of the brewery’s broader effort to strengthen its financial position and tap into emerging opportunities in the Nigerian beverage industry. Details of the Bond Issuance The bond program, structured under the company’s recently approved debt issuance framework, will be open to institutional and retail investors. The funds raised are intended to support several key initiatives, including: Capacity Expansion: Upgrading…
Despite being Africa’s largest economy, Nigeria faces significant challenges in fully leveraging the opportunities presented by the African Continental Free Trade Area (AfCFTA). Experts attribute the country’s struggles to poor infrastructure, which hampers its ability to compete effectively within the free trade bloc. AfCFTA: A Strategic Opportunity The AfCFTA, launched in January 2021, is designed to foster economic integration by eliminating trade barriers among African nations. It aims to create a single market for goods and services, enhancing intra-African trade and economic growth. With its large population and diverse economy, Nigeria is positioned to play a leading role in this…
The Presidency has confirmed that significant progress is being made on the rehabilitation of the second plant at the Port Harcourt Refinery, a critical component of Nigeria’s efforts to revamp its domestic refining capacity. The project, part of a broader plan to reduce dependence on imported petroleum products, is expected to bolster the country’s energy sector upon completion. Current Status of the Project According to a statement from the Presidency, work on the second plant is moving steadily, with a target to meet its scheduled completion timeline. The project involves upgrading the refining unit to enhance its output and efficiency,…
A recent report has revealed that 29 Nigerian states collectively spent over N2 trillion on travel, entertainment, and other miscellaneous expenditures within the last year. This revelation has raised concerns among fiscal analysts and citizens about the prioritization of public funds amid ongoing economic challenges in the country. Breakdown of the Spending The report, compiled from the audited financial statements of the states, highlighted the following areas of expenditure: Local and International Travels: Significant portions of the budget were allocated to transportation and accommodation for official trips. Entertainment and Hospitality: Lavish spending on receptions, events, and protocol-related activities formed a…
The Federal Government has unveiled plans to introduce special train services for the end-of-year season, aimed at providing Nigerians with safe, affordable, and efficient transportation during the holidays. The initiative, led by the Nigeria Railway Corporation (NRC), seeks to accommodate the anticipated surge in travel as families and individuals reconnect across the country. Enhanced Travel Options The seasonal train services will operate on key routes, including Lagos-Ibadan, Abuja-Kaduna, and Warri-Itakpe. Additional trips are expected to cater to increased demand, ensuring smoother travel experiences. Objectives of the Initiative Easing Road Congestion: With the holiday season typically characterized by heavy traffic on…
The Nigerian Senate has summoned Festus Keyamo, the Minister of Aviation and Aerospace Development, to address the persistent flight delays and other pressing issues plaguing the aviation sector. The decision followed growing complaints from passengers and stakeholders about the inefficiency of air travel in the country. Key Issues Behind the Summons Flight Delays and Cancellations: Airlines have increasingly struggled to maintain schedules, causing widespread frustration among travelers. The Senate seeks explanations for the frequent disruptions and measures to address them. Operational Challenges: High aviation fuel costs, inadequate infrastructure, and foreign exchange shortages are some of the challenges crippling airline operations.…
Unilever has announced a significant milestone in its sustainability efforts, achieving plastic neutrality in November 2024. This achievement underscores the company’s commitment to reducing plastic waste and advancing environmental sustainability across its global operations. What Plastic Neutrality Means Plastic neutrality implies that Unilever has successfully offset its plastic usage by ensuring an equivalent amount of plastic is removed from the environment. This is achieved through initiatives like recycling, waste collection programs, and partnerships focused on environmental restoration. Key Drivers of the Achievement Recycling Initiatives: Unilever scaled up its recycling efforts by collaborating with waste management organizations to process plastic waste…
Nigeria’s Minister of Industry, Trade, and Investment has announced plans to engage with the Central Bank of Nigeria (CBN) over the $2.4 billion outstanding foreign exchange (FX) forward contracts. The move aims to address growing concerns from businesses affected by delays in fulfilling these contracts, which are essential for international trade and operations. Understanding FX Forward Contracts FX forward contracts are agreements between the central bank and businesses to exchange foreign currency at a predetermined rate on a future date. These contracts help businesses hedge against foreign exchange volatility and facilitate transactions involving imports, exports, and other cross-border operations. However,…
Zenith Bank has earned the prestigious Bank of the Year award from the Financial Times (FT) for 2024, solidifying its position as a leader in Nigeria’s banking industry and across Africa. The accolade recognizes the bank’s exceptional performance, innovation, and contribution to the financial sector. Recognition of Excellence The award, presented at the FT Global Banking Awards in London, highlights Zenith Bank’s achievements in driving financial inclusion, adopting cutting-edge technology, and maintaining strong financial performance despite global economic challenges. Speaking at the event, Group Managing Director Ebenezer Onyeagwu dedicated the award to the bank’s customers and staff. “This recognition reflects…
In a historic milestone for the cryptocurrency market, Bitcoin has surged past the $100,000 mark, fueled by a wave of optimism surrounding former U.S. President Donald Trump’s recent pro-crypto initiatives. This remarkable rally underscores Bitcoin’s growing acceptance as a mainstream asset and highlights the potential for regulatory shifts to shape the digital currency landscape. Trump’s Pro-Crypto Stance Trump, once a vocal critic of cryptocurrencies, has shifted gears, advocating for policies that favor innovation in blockchain and digital assets. His latest public endorsements and proposed regulatory frameworks have sparked renewed investor confidence. Key aspects of his pro-crypto revolution include: Tax Incentives…
The Nigerian National Petroleum Company Limited (NNPC) has revealed that the country’s crude oil production has surpassed the quota allocated by the Organization of Petroleum Exporting Countries (OPEC). This development comes amidst ongoing efforts to stabilize and boost Nigeria’s oil output following years of disruptions caused by theft, sabotage, and underinvestment. Surpassing Expectations Nigeria’s OPEC production quota currently stands at approximately 1.38 million barrels per day (bpd). However, the NNPC reported that the country’s production recently climbed to about 1.5 million bpd, marking a significant improvement. NNPC Group Chief Executive Officer Mele Kyari attributed the increased output to enhanced security…
President Bola Ahmed Tinubu has expressed confidence in Nigeria’s ability to transform into a $1 trillion economy through strategic reforms and sustained investments. Speaking at a high-level economic forum in Abuja, the President outlined his administration’s vision for unlocking Nigeria’s vast economic potential and positioning it as a leading player in Africa and the global market. Driving Factors for Economic Growth President Tinubu emphasized several pillars that could drive Nigeria towards the trillion-dollar mark: Economic Diversification: The administration aims to reduce dependence on oil by boosting sectors like agriculture, manufacturing, technology, and renewable energy. This approach seeks to create a…
The Ogun State Government has entered into a partnership with the operators of Oyan Dam to develop a sustainable hydroelectric power project aimed at increasing electricity supply in the region. This collaboration seeks to harness the dam’s untapped potential for renewable energy, aligning with Nigeria’s drive for energy diversification and sustainability. Leveraging Hydropower for Development Oyan Dam, a major reservoir managed by the Ogun-Osun River Basin Development Authority (OORBDA), has long been recognized for its potential to generate hydroelectric power. The partnership will explore the installation of turbines and other infrastructure necessary to convert the dam’s water flow into electricity.…
The Kano State Internal Revenue Service (KIRS) has sealed the regional office of Max Air, citing an outstanding tax liability of ₦197 million. The closure, which occurred earlier this week, is part of the state’s intensified efforts to recover unpaid taxes from businesses operating within its jurisdiction. Tax Evasion Allegations According to KIRS, Max Air failed to remit its statutory taxes over several years, despite repeated notices and attempts at dialogue. The agency emphasized that the action aligns with its mandate to ensure compliance with tax laws and generate revenue for the state. “This enforcement action is a last resort…
The Central Bank of Nigeria (CBN) has extended the recapitalisation deadline for Bureau de Change (BDC) operators by an additional six months. The decision, announced by the Association of Bureau De Change Operators of Nigeria (ABCON), provides BDCs with more time to meet the new capital requirements set by the apex bank. Initially slated for December 2024, the recapitalisation deadline will now fall in June 2025, granting operators relief amid challenging economic conditions and exchange rate volatility. Increased Capital Requirement The CBN had earlier mandated a significant increase in the minimum capital base for BDC operators as part of its…
A group of prominent Nigerian celebrities has embarked on a visit to India, focusing on exploring the potential of compressed natural gas (CNG) as a cleaner and cost-effective alternative fuel. The trip, organized in collaboration with industry stakeholders and environmental advocates, aims to raise awareness about sustainable energy solutions and their applications in Nigeria. The delegation, comprising actors, musicians, and influencers, toured key CNG facilities in India, including vehicle retrofitting centers, refueling stations, and manufacturing plants. India, recognized for its widespread adoption of CNG in transportation, serves as a model for countries seeking to transition to cleaner energy sources. Promoting…