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…
Author: Temitope N.
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…
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…
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…
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…
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…
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…
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…
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…
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,…