Author: Temitope N.

A bill aimed at providing dedicated funding for mineral exploration in Nigeria has successfully passed its second reading in the National Assembly. The bill, which is seen as a crucial step toward unlocking the full potential of Nigeria’s vast mineral resources, aims to establish a sustainable financial mechanism to support exploration activities across the country. The bill is designed to address the longstanding challenge of inadequate funding in the mining sector, which has hindered the exploration of Nigeria’s mineral wealth. The proposed legislation seeks to create a special fund that would be used to finance the exploration of both known…

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The Central Bank of Nigeria (CBN) has expressed its support for the upcoming annual conference of the Committee of e-Banking Industry Heads (CeBIH), underscoring its commitment to fostering growth and innovation within the Nigerian banking and financial sector. The conference, which is set to bring together industry leaders, policymakers, and experts, will focus on the evolving role of technology in banking, digital payment systems, and the future of financial inclusion in Nigeria. CeBIH, an influential body that represents the heads of electronic banking units within Nigeria’s financial institutions, has been at the forefront of driving digital banking initiatives in the…

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The Distribution Companies (DisCos) in Nigeria have outlined a set of conditions for the successful implementation of the National Assembly’s proposed N500 billion recapitalization plan aimed at revitalizing the power sector. The plan, which seeks to inject significant funds into the electricity distribution network, is intended to address ongoing challenges in the sector, including poor infrastructure, financial instability, and the inability to meet electricity demand across the country. In a recent statement, the DisCos raised several key conditions that must be met for the recapitalization plan to be effective. Among the major conditions are a clearer framework for the utilization…

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Top executives of Nigerian banks are reportedly lobbying the Presidency over the allocation and management of over N1 trillion in foreign exchange gains, which have accumulated as a result of fluctuating exchange rates and the central bank’s monetary policies. The bank chiefs are seeking clarification on the distribution of the forex gains, which they argue could have a significant impact on their financial institutions and the broader economy. The forex windfall comes as the naira’s value against major currencies such as the US dollar has fluctuated, particularly after recent policy changes aimed at addressing exchange rate disparities. These policy shifts…

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The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to consumers about the increasing presence of substandard sugar in Nigerian markets. The Commission urged the public to exercise caution when purchasing sugar, as some products may be improperly labeled or fail to meet the required quality standards. According to the FCCPC, several batches of sugar being sold in local markets have been found to contain impurities or have been processed under unsafe conditions. These substandard products pose potential health risks to consumers, particularly as sugar is a staple ingredient in many households. The Commission is advising buyers…

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A new report has revealed that Nigeria, along with four other African nations, accounted for 85% of the continent’s private sector deals in recent years. This highlights the concentrated nature of private investment activity in Africa, with the majority of deals taking place in a handful of countries, despite the vast opportunities across the continent. The report, which tracks private sector investments and mergers and acquisitions (M&A) in Africa, identified Nigeria as the leading country, contributing significantly to the continent’s private sector deal flow. The four other countries—South Africa, Egypt, Kenya, and Morocco—also played pivotal roles in attracting the bulk…

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The Federal Government, state governments, and Local Government Areas (LGAs) have collectively shared a total of N1.41 trillion as revenue for October 2024, according to the Federation Accounts Allocation Committee (FAAC). This disbursement marks a significant achievement for Nigeria’s public finance system, with the revenue shared among the three tiers of government to support their various functions and development programs. The October revenue allocation, which includes funds derived from oil and non-oil sources, was approved following a meeting of the FAAC, a body responsible for coordinating the distribution of federal revenues to the states and LGAs. The allocation represents a…

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The Nigerian Agribusiness Development Fund (NADF) has called for more inclusive financing mechanisms to enhance food security in the country. According to the organization, increasing access to financial resources for smallholder farmers, agricultural entrepreneurs, and other stakeholders in the food value chain is essential for boosting food production and ensuring that Nigeria can meet its growing food demands. In a recent statement, the NADF emphasized that while food security is a critical issue for Nigeria, the country faces significant challenges in achieving it due to limited access to finance, outdated farming practices, and inadequate infrastructure. The organization highlighted the importance…

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The Nigeria Sovereign Investment Authority (NSIA) has successfully developed 500,000 affordable housing units across the country, according to the Managing Director of the NSIA. This landmark achievement highlights the organization’s ongoing efforts to address Nigeria’s housing deficit and promote sustainable development through investment in infrastructure projects. In a statement, the NSIA’s Managing Director revealed that the homes were built under the government’s National Housing Program, which aims to provide affordable, quality housing to Nigerians, especially in urban areas where the housing crisis is most acute. The initiative, which began several years ago, is part of the NSIA’s broader mandate to…

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Dangote Refinery has resumed the purchase of crude oil from the United States after a three-month hiatus, signaling a significant shift in the company’s sourcing strategy. The decision to restart US crude imports follows the resumption of production at Dangote’s refinery and a broader strategy to diversify the company’s crude oil supply sources. This move is expected to support the refinery’s operations and help ensure a steady supply of feedstock for the facility, which is poised to be one of the largest in Africa. Dangote Refinery, which is located in Lekki, Lagos, has long been seen as a game-changer for…

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Shell Nigeria has called on the Federal Government to intensify efforts to tackle the rampant issue of oil theft and the operation of illegal refineries across the country. In a recent statement, the multinational oil company highlighted the significant impact that these criminal activities are having on Nigeria’s oil production and the broader economy, urging the government to take more decisive action to curb the growing menace. Oil theft, which involves the illegal tapping and siphoning of crude oil from pipelines, as well as the operation of unlicensed refineries, has been a long-standing problem in Nigeria. According to Shell, these…

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The Lagos State Government (LASG) has announced the successful launch of its new fleet of ferries, now operational with an upgraded card payment system. This new initiative aims to enhance the efficiency, safety, and convenience of water transport within Lagos, providing commuters with a modern, cashless method of fare payment. The new ferries, which are part of the state government’s ongoing efforts to improve the public transportation system, have been equipped with state-of-the-art features designed to ensure smooth and safe travel across Lagos’ waterways. The introduction of the card payment system is expected to simplify fare collection, reduce congestion at…

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The Nigerian Customs Service (NCS) has intercepted a significant shipment of live turtles, along with other contraband goods, in a recent operation aimed at curbing illegal trade and protecting the country’s biodiversity. The operation, which took place at one of Nigeria’s major seaports, highlights the growing issue of wildlife trafficking and the challenges faced by the customs authorities in enforcing stricter border controls. According to the NCS, the live turtles, which were being smuggled in an attempt to bypass wildlife protection regulations, were found among a larger haul of goods that included banned items and improperly declared imports. The turtles,…

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The Federal Government of Nigeria has unveiled a new credit scheme aimed at promoting the purchase of locally produced goods and boosting domestic industries. The initiative, which was announced by the Minister of Trade and Investment, is designed to make local products more accessible to Nigerian consumers by providing affordable financing options. The credit scheme is expected to drive consumption of Nigerian-made products, stimulate economic growth, and create more job opportunities across various sectors. The scheme allows consumers to purchase locally manufactured goods, such as electronics, appliances, clothing, and food products, through installment-based loans with favorable interest rates. This move…

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The Nigerian Shippers Council (NSC) has reiterated its commitment to the ongoing modernization of the country’s ports, emphasizing that improvements in infrastructure, technology, and service delivery are critical to boosting the efficiency of the nation’s maritime industry. In a recent statement, the NSC outlined its strategic priorities aimed at transforming Nigeria’s ports into world-class facilities that can support increased trade volumes and foster economic growth. The modernization efforts are part of the government’s broader initiative to enhance the competitiveness of Nigeria’s ports, reduce delays, and streamline port operations. The NSC emphasized that modernization is not only about physical infrastructure but…

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The International Monetary Fund (IMF) has emphasized that the full economic potential of artificial intelligence (AI) can only be realized if reliable and actionable data is made widely available. In a recent report, the IMF outlined the importance of data access and quality in fostering innovation and driving growth through AI technologies, stressing that without accurate, consistent, and accessible data, AI’s transformative power could be severely limited. AI has been heralded as a game-changer for global economies, offering the potential to revolutionize industries ranging from healthcare to finance, logistics, and beyond. However, the IMF argues that to unlock AI’s true…

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Customers in Band A areas have taken to the streets to protest the inadequate power supply, as many reported receiving only two hours of electricity per day despite paying higher tariffs for better service. The protests, which began in several urban centers, have sparked public outcry over the erratic and insufficient electricity supply, with demonstrators demanding immediate action from both the electricity distribution companies and the government. Band A customers, categorized as those with higher electricity consumption or in more urbanized areas, are supposed to receive more consistent and reliable service in exchange for the premium rates they pay. However,…

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The Nigerian National Petroleum Corporation Limited (NNPCL) has officially launched the sale of its Utapate crude oil to global refiners, marking a significant milestone in the country’s oil export strategy. The sale is expected to strengthen Nigeria’s position in the international oil market and help maximize the revenue potential from its crude oil reserves. Utapate crude, a high-quality grade of oil produced offshore Nigeria, has garnered interest from refiners worldwide due to its desirable properties, including low sulfur content, making it an attractive option for refineries seeking to meet environmental regulations. NNPCL has outlined plans to increase its crude exports…

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The Organized Private Sector (OPS) has raised alarm over the exodus of 61 companies from Nigeria within the last four years, citing a hostile business environment, economic instability, and policy inconsistency as key factors driving the trend. This mass exit has sparked concerns about the country’s investment climate and its implications for economic growth, job creation, and industrialization. According to the OPS, the departing companies include both local and foreign-owned businesses across various sectors, such as manufacturing, technology, and consumer goods. Many cited rising operational costs, fluctuating exchange rates, inadequate infrastructure, and burdensome regulations as reasons for their decision to…

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Travel agents in Nigeria have filed a formal petition with the Nigerian Civil Aviation Authority (NCAA), raising concerns over foreign airlines’ practice of selling tickets in dollars instead of the local currency, the naira. This move, they argue, is not only in violation of Nigeria’s financial regulations but also places an unfair financial burden on travelers and travel agents alike. The petition highlights the rising frustration among passengers who face inflated costs due to unfavorable exchange rates. Travel agents claim that the airlines’ decision to price tickets exclusively in foreign currency is discriminatory and has made air travel prohibitively expensive…

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