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…
Author: Temitope N.
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…
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…
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,…
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…
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…
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…
A prominent travel firm has announced plans to slash ticket prices, aiming to make travel more accessible and encourage increased tourism. This move comes as part of the company’s strategy to attract more customers and stimulate the travel industry, which is recovering from global disruptions in recent years. The price reduction initiative will apply to both domestic and international destinations, providing travelers with more affordable options to explore their dream locations. The firm has emphasized that the initiative is designed to benefit budget-conscious travelers, families, and even business professionals looking to cut costs on travel expenses. “We believe travel should…
A leading airline has called on travel agents to promote Egypt as a top-tier tourist destination, emphasizing the country’s unique blend of history, culture, and modern attractions. With a renewed focus on boosting global tourism, the airline aims to position Egypt as a must-visit location for travelers seeking diverse experiences. Known as the “cradle of civilization,” Egypt offers a rich tapestry of historical sites, including the iconic Pyramids of Giza, the Sphinx, and the Valley of the Kings. These landmarks, steeped in ancient history, remain some of the most sought-after attractions for tourists from around the world. The airline highlighted…
The Auditor-General (AG) has revealed a staggering N4.6 billion in unapproved expenditures within a ministry formerly overseen by Governor David Umahi. This revelation, stemming from a detailed audit, has raised serious concerns about financial mismanagement and accountability in public office. According to the audit report, the funds were spent without proper authorization, bypassing established procedures for approval and documentation. The irregularities occurred during Umahi’s tenure as the minister overseeing the ministry in question. While specific details of the expenditures remain under review, the AG highlighted several instances where the funds were diverted or spent on projects lacking requisite approvals. The…