The International Monetary Fund (IMF) has expressed concerns over Nigeria’s debt servicing burden, noting its significant impact on the country’s socioeconomic development. In a recent report, the IMF highlighted that Nigeria’s growing debt obligations are diverting funds away from critical development areas such as infrastructure, education, healthcare, and economic diversification. Debt Burden and Fiscal Constraints With Nigeria’s debt servicing costs representing a substantial portion of its annual budget, the IMF emphasized that these expenditures are increasingly crowding out essential government spending. Nigeria’s debt service-to-revenue ratio remains alarmingly high, with a significant percentage of government income directed toward meeting debt obligations.…
Author: Temitope N.
FirstBank Nigeria has announced that its ongoing system migration will not disrupt banking services for its customers. The bank, known for its extensive reach and robust service offerings, stated that the transition is aimed at enhancing system efficiency and providing customers with a more responsive and secure digital banking experience. Commitment to Uninterrupted Service In a statement, FirstBank representatives confirmed that the migration process has been carefully planned to minimize any potential impact on its millions of customers across Nigeria and beyond. The bank emphasized its commitment to providing uninterrupted service and maintaining all essential banking operations, assuring customers that…
In a shift that could alter Nigeria’s electricity transmission landscape, the Nigerian Electricity Regulatory Commission (NERC) has proposed that electricity Distribution Companies (Discos) should assume a greater financial role in repairing and maintaining the country’s transmission infrastructure. The NERC, responding to ongoing transmission issues that contribute to frequent power outages and inefficiency, suggests that allowing Discos to handle these expenses could improve the reliability and consistency of electricity supply across the country. Challenges in the Current Power Transmission Framework Nigeria’s power sector operates under a segmented framework, where the Transmission Company of Nigeria (TCN) is responsible for transmitting electricity from…
Amid rising concerns over delayed pension payments, Nigerian pensioners have issued a warning to the Federal Government and four state governments over a mounting debt of N193 billion in unpaid pensions and gratuities. With months of arrears yet to be addressed, many retired civil servants and their unions are organizing to demand immediate payment, highlighting the hardship and financial strain this prolonged delay has caused for retirees across the country. Mounting Pension Debt and Unmet Commitments According to the Nigerian Union of Pensioners (NUP), the debt comprises various unfulfilled pension obligations from both the federal and state governments, including unpaid…
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has called for decisive action to address Africa’s pressing challenges and unlock the continent’s full potential. Speaking at a recent international forum, Adesina urged African leaders, policymakers, and private sector stakeholders to move beyond rhetoric and take bold, strategic actions to address longstanding issues, including economic instability, food insecurity, climate change, and infrastructure deficits. Addressing Economic Instability Adesina highlighted Africa’s economic landscape, noting that while the continent’s growth rate has shown resilience, it remains vulnerable to external shocks, especially as global markets and economies face volatility. He emphasized the need…
The Nigeria Customs Service (NCS) has officially launched an indigenous software designed to enhance the efficiency and speed of cargo clearance operations across the country’s ports and borders. The unveiling of this technology marks a significant step in the NCS’s ongoing efforts to streamline trade facilitation, reduce bottlenecks, and foster a more business-friendly environment for importers and exporters. The software, which was developed by Nigerian IT professionals, is expected to greatly improve the process of customs documentation and clearance, reducing delays that have historically plagued the system. According to customs officials, the new platform will not only simplify the entire…
A consumer advocacy group has called on the House of Representatives to investigate the management and disbursement of the N200 billion National Mass Metering Program (NMMP) fund, aimed at addressing the persistent issue of metering gaps in Nigeria’s electricity sector. The group is raising concerns about the lack of transparency and the slow progress of the program, which was intended to provide prepaid electricity meters to millions of Nigerian households. The NMMP was launched by the Federal Government in partnership with the Central Bank of Nigeria (CBN) to curb estimated billing practices and promote efficiency in the distribution of electricity.…
The Federal Competition and Consumer Protection Commission (FCCPC) has pointed the finger at unscrupulous hoarding practices as a major contributor to the recent surge in food prices across Nigeria. As inflation continues to strain household budgets, the Commission is urging tighter regulations and market oversight to curb price manipulation and protect consumers from exploitative practices. According to the FCCPC, certain individuals and groups in the supply chain have been deliberately stockpiling essential commodities, such as rice, grains, and cooking oil, in an attempt to artificially create scarcity. This hoarding has led to inflated prices, making it increasingly difficult for average…
A leading terminal operator in Nigeria has announced plans to introduce a comprehensive empowerment initiative aimed at supporting its scholarship beneficiaries. The program, which is designed to provide skills development, mentorship, and career opportunities, is part of the company’s long-term commitment to youth empowerment and educational development in the country. The terminal operator, known for its role in Nigeria’s maritime and logistics sectors, has been awarding scholarships to deserving students for several years. The new empowerment initiative seeks to build on these efforts by equipping beneficiaries with practical skills and resources to help them succeed both academically and professionally. Expanding…
Sahara Group, a leading energy and infrastructure conglomerate, has officially launched its highly anticipated Graduate Trainee Programme, aimed at nurturing young professionals and equipping them with the skills and knowledge needed to thrive in the energy industry. This initiative underscores Sahara Group’s commitment to human capital development and its focus on empowering the next generation of leaders in Africa. The programme is designed to offer recent graduates the opportunity to gain hands-on experience and exposure to various facets of the energy sector, including power generation, oil and gas, and infrastructure development. It also aligns with Sahara Group’s broader mission of…
Greenplinth Africa, a leading environmental and sustainability organization, has announced an ambitious plan to distribute 80 million clean cookstoves to women across the continent. The initiative is part of a broader campaign aimed at reducing indoor air pollution, promoting clean energy adoption, and improving the overall health and livelihoods of women in Africa. Addressing the Health and Environmental Crisis Indoor air pollution caused by the use of traditional cooking methods, such as wood, charcoal, and kerosene, has been identified as a significant health hazard, particularly for women and children. According to the World Health Organization (WHO), over 3 billion people…
The National Bureau of Statistics (NBS) has revealed that residents of nine Nigerian states collectively spent N312.27 billion on cooking gas in the third quarter of 2024. This figure highlights the increasing reliance on Liquefied Petroleum Gas (LPG) as a primary energy source for households, driven by government policies promoting cleaner energy and reducing dependence on firewood and kerosene. Breakdown of Expenditures The NBS report detailed the cooking gas consumption expenditures across these nine states, with Lagos, Rivers, and Kano emerging as the top spenders. These states accounted for a significant portion of the overall expenditure due to their large…
The International Monetary Fund (IMF) has projected that Nigeria’s economy could experience relative stability despite the sharp depreciation of the naira, which recently fell to 1,654.09/$ in the parallel market. This drop reflects ongoing challenges in the country’s foreign exchange (forex) management, inflationary pressures, and a tightening global economic environment. Naira Depreciation and Its Drivers The recent weakening of the naira against the U.S. dollar has raised concerns among both economic experts and the public. This depreciation can be attributed to multiple factors, including dwindling foreign reserves, reduced oil revenues, and rising demand for foreign exchange, particularly from import-dependent sectors.…
The Nigerian electricity distribution companies (Discos) have expressed growing concern over the federal government’s cessation of electricity subsidy payments. The Discos, who rely heavily on these subsidies to offset the cost of distributing power to consumers, have warned that this decision is adversely affecting their operations and could lead to further disruptions in the country’s already unstable power supply. The subsidy withdrawal, which was introduced as part of broader reforms in the power sector, has sparked debate among industry stakeholders. While the government argues that the removal is necessary to create a more sustainable and market-driven electricity sector, the Discos…
The World Bank has announced a significant increase in its funding for the agribusiness sector, doubling its investment to $9 billion. This move is part of the institution’s broader strategy to strengthen global food security, improve agricultural productivity, and foster economic growth in developing nations. The funding, which will be channelled towards agribusiness projects across various regions, aims to address the growing challenges posed by climate change, supply chain disruptions, and rising food demand. Rationale Behind the Increased Funding The decision to increase agribusiness funding comes at a time when the global agricultural sector faces unprecedented challenges. Climate change, for…
The International Monetary Fund (IMF) has projected economic stability for Nigeria despite the ongoing depreciation of the naira, which recently dropped to 1,654.09 per US dollar in the parallel market. The IMF’s stance comes amid rising concerns about the country’s currency devaluation and its broader economic implications. However, the institution maintains that with proper policy interventions and structural reforms, Nigeria can weather the storm and achieve stability in the medium term. Naira Depreciation: Key Factors The decline in the value of the naira can be attributed to several factors, including external economic pressures, fluctuating oil prices, and a shortage of…
The Federal Government (FG) of Nigeria, in collaboration with the United States Agency for International Development (USAID), has successfully empowered 311 agricultural Micro, Small, and Medium Enterprises (MSMEs) over the past four years. This partnership, part of a broader initiative to strengthen Nigeria’s agricultural sector, has focused on enhancing productivity, improving value chains, and expanding market access for small-scale farmers and agribusinesses. Boosting Agricultural MSMEs Agriculture is the backbone of Nigeria’s economy, contributing significantly to employment and gross domestic product (GDP). However, small-scale farmers and agricultural MSMEs have long faced challenges such as limited access to finance, inadequate infrastructure, and…
The Dangote Refinery has officially commenced the direct sale of petrol to petroleum marketers, marking a significant shift in Nigeria’s downstream oil sector. This development comes as part of the Federal Government’s ongoing efforts to deregulate the oil industry, reduce the monopoly of the Nigerian National Petroleum Company Limited (NNPCL), and promote a more competitive market environment. Previously, the NNPCL was the sole buyer of refined products from the Dangote Refinery, controlling the supply chain from production to distribution. However, this new arrangement now allows independent petroleum marketers to bypass the NNPCL and purchase petrol directly from the refinery. This…
In the wake of ongoing protests by some staff members of the National Agency for Food and Drug Administration and Control (NAFDAC), a consultant for the regulatory body has stated that many of the demands made by the aggrieved employees fall outside the agency’s control. The staff have been protesting over what they describe as poor working conditions, delayed promotions, inadequate welfare packages, and lack of proper funding for the agency. These concerns have sparked internal unrest and public scrutiny of NAFDAC’s operations. The consultant, who preferred to remain anonymous, emphasized that while NAFDAC is sympathetic to the issues raised,…
Shipping operators in Nigeria have raised concerns about the negative impact of poor regulations on the country’s maritime sector, warning that the current regulatory framework is stifling growth and hampering the industry’s ability to compete globally. According to key stakeholders, inadequate and inconsistent policies, high operational costs, and a lack of government support have placed a significant burden on shipping companies, limiting their ability to expand and improve services. The concerns were highlighted during a recent industry forum where operators expressed frustrations over outdated regulations, insufficient infrastructure, and administrative bottlenecks that are affecting their operations. The forum brought together major…