Aliko Dangote, the prominent Nigerian industrialist and founder of the Dangote Group, has raised an alarm regarding the blending and distribution of substandard fuel by a new depot in Nigeria. Dangote voiced concerns over the quality of fuel being circulated in parts of the country, emphasizing that such practices could have detrimental effects on vehicles, machinery, and the environment. Concerns Over Substandard Fuel According to Dangote, the fuel being blended by the depot falls below acceptable quality standards and does not meet the regulatory requirements set by the Department of Petroleum Resources (DPR). The warning comes as Nigerians already contend…
Author: Temitope N.
In a bid to strengthen Nigeria’s agricultural sector and reduce dependence on imported raw materials, industry operators are setting their sights on achieving 80% local utilization of soybean. As the demand for soybean-based products continues to grow across the country, this goal aligns with ongoing efforts to boost Nigeria’s self-sufficiency in food production, enhance the domestic agro-processing industry, and cut down on the costs associated with importing essential materials. The Nigerian agricultural sector, long recognized for its vast potential, has increasingly turned its focus to soybean due to its versatility and nutritional value. Soybean, which is used in food processing,…
The Securities and Exchange Commission (SEC) has announced the postponement of its scheduled stakeholders’ meeting, citing regulatory obligations that require immediate attention. Originally slated to convene industry leaders and financial stakeholders, the meeting was intended to address recent developments in Nigeria’s financial markets, regulatory reforms, and evolving policies affecting the investment sector. However, due to commitments tied to its regulatory role, SEC has rescheduled the gathering to a yet-to-be-confirmed date. Background on the Stakeholders’ Meeting The SEC’s stakeholders’ meeting, which has been highly anticipated within Nigeria’s financial industry, was designed to offer an open forum for discussing key issues affecting…
Lift Above Poverty Organisation (LAPO), a leading microfinance bank in Nigeria, has reaffirmed its commitment to addressing the unique challenges faced by its customers. The organization, known for its focus on providing financial support to low-income and underserved communities, has announced initiatives aimed at deepening customer engagement and enhancing financial inclusion through customized products and services. Enhanced Financial Inclusion and Accessibility LAPO’s mission centers on improving the lives of low-income Nigerians, particularly women and rural dwellers, by providing accessible financial services. According to the company, its primary focus remains on bridging the financial gap for those who traditionally lack access…
The Chief Executive Officer of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dikko Radda, has raised concerns about the structural limitations that hinder small and medium enterprises (SMEs) from accessing N5 billion single-digit interest loans. According to Radda, many Nigerian SMEs lack the organization, documentation, and financial infrastructure necessary to qualify for these loans, despite the government’s intent to stimulate the sector through affordable financing. Challenges in Loan Accessibility for SMEs The N5 billion loan scheme, designed with a low single-digit interest rate, aims to encourage business expansion, boost production capacity, and generate employment across the country.…
The National Institute for Cultural Orientation (NICO) has called on Nigerians to support local manufacturers by prioritizing the purchase of locally made products. According to NICO, increased patronage of homegrown goods can significantly boost the nation’s economy, create jobs, and foster pride in Nigerian culture. This message was emphasized in a recent campaign, where NICO highlighted the cultural and economic benefits of choosing locally produced items over imported goods. Strengthening the Local Economy through Patronage Nigeria’s dependence on imported goods has often placed strain on the local economy. NICO officials pointed out that every imported product replaces a local equivalent,…
As Nigeria grapples with escalating fuel prices and frequent power supply disruptions, solar energy is emerging as a crucial alternative for households and businesses seeking stability in their energy supply. Rising costs and an unreliable national grid have intensified interest in solar energy solutions across the country, according to industry experts, who predict that these factors will accelerate solar adoption. Solar energy, once considered a niche or supplementary source of power, has gained attention for its reliability, long-term cost-effectiveness, and environmental benefits. In an economy where conventional energy sources are becoming increasingly burdensome, solar technology presents a viable option that…
The Federal Government has disclosed that Nigerians paid over N40 billion in road taxes to state governments in the last fiscal year, underscoring the substantial role of road taxes in regional revenue generation. These funds, collected as part of state-level initiatives to improve infrastructure, are seen as essential for the maintenance and development of local road networks that serve millions of Nigerians daily. The government emphasized that road tax revenues are not only crucial for local infrastructure projects but also represent an important component of state budgets. By providing funding for critical infrastructure needs, these taxes help mitigate the burden…
The Oyo State Command of the Nigeria Customs Service (NCS) has made significant strides in its fight against smuggling, recently intercepting a substantial quantity of smuggled petrol and various other contraband goods. This operation highlights the ongoing efforts of customs officials to curb illegal trade activities that threaten national security and economic stability. Details of the Interception The Oyo Customs Command reported that it intercepted over 10,000 liters of petrol during a routine patrol in the region. The seized fuel was found in a hidden compartment of a truck attempting to bypass official checkpoints. Alongside the petrol, customs officials also…
In a significant move to enhance gender diversity within the trade and customs sectors, the Nigeria Customs Service (NCS) has partnered with the World Customs Organization (WCO) to implement various initiatives aimed at empowering women and promoting inclusive practices. This collaboration is part of a broader strategy to address gender disparities and encourage greater female participation in customs and trade-related professions, a sector traditionally dominated by men. Understanding Gender Diversity in Customs Gender diversity refers to the equitable representation of individuals of different genders within an organization or sector. In the customs and trade arenas, increasing the number of women…