Symrise, a global leader in flavors, fragrances, cosmetics, and nutritional ingredients, has inaugurated its newly upgraded application laboratories in Lagos. This move underscores Symrise’s commitment to Nigeria and its strategic growth plans in the region, aiming to deliver enhanced value to consumers. The announcement was made during a press chat and office opening event for clients at Symrise Nigeria’s new facilities in Ikeja. Lilian Regnier, President of Symrise Europe, Africa, Middle East, highlighted Symrise’s longstanding presence in Nigeria, spanning over 30 years. She emphasized the company’s investments in building and maintaining operations in the country, positioning Nigeria as a pivotal…
Author: Temitope N.
The Lagos State Government is gearing up to launch the Lagos Agriculture & Food Systems’ Roadmap 2.0, an initiative aimed at assessing the state’s progress on food security goals and key performance indicators (KPIs). This roadmap will also serve as a platform to support the agricultural ecosystem and encourage new entrants into the sector. The announcement was made by the State Commissioner for Agriculture, Ms. Abisola Olusanya, during the Agrinnovation Club Hangout 3.0 held at the MAD House, University of Lagos, Akoka, Lagos. The summit, she explained, provides a crucial opportunity for stakeholders in the Agrinnovation Club to directly engage…
Ebenezer Onyeagwu has been recognized as the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, marking his second consecutive win. The award, featured in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides with the completion of Onyeagwu’s five-year tenure as Group Managing Director/CEO on May 31, 2024. Expressing his gratitude, Onyeagwu stated, “It is indeed an honor to be recognized as the ‘Best Banking CEO of the Year in Africa’ for a second consecutive year. This award is a testament to our team’s collective efforts and our commitment to innovation,…
The Federal Road Safety Corps (FRSC) manufactured a total of 3,563,759 number plates for motor vehicles and motorcycles between 2020 and 2022, according to the latest National Bureau of Statistics (NBS) 2023 Social Statistics Report. The report indicates that the FRSC produced 2,161,782 number plates for motor vehicles and 1,066,377 for motorcycles during this three-year period. Breaking down the figures by year, the FRSC produced 653,330 motor vehicle number plates in 2020, 767,927 in 2021, and 740,525 in 2022. For motorcycles, the numbers were 335,600 in 2020, 386,249 in 2021, and 344,528 in 2022. In addition to number plates, the…
During a press briefing in Abuja, Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, revealed that the Federal Government has successfully attracted $3.5 billion in investments to enhance Nigeria’s textile, cotton, and apparel sector within one year. Uzoka-Anite emphasized that this investment is part of the ministry’s initiative to revive the long-dormant textile industry, encompassing the entire clothing value chain in Nigeria. “The Ministry is working on a resurgence plan for the Nigerian cotton, textile, and apparel industry in collaboration with development partners and private sector stakeholders. We have secured $3.5 billion to unlock the textile, cotton, and apparel…
In the first year of President Bola Tinubu’s administration, bold healthcare reforms have not only sent a clear signal to investors but have also attracted over $4.8 billion in potential investments. These reforms demonstrate the administration’s commitment to revitalizing the sector with a well-defined roadmap. However, Nigerians are eager to see tangible impacts in curbing rising medication and treatment costs, reducing hospital waiting times, addressing shortages of healthcare workers, and expanding health coverage to vulnerable Nigerians increasingly affected by worsening economic conditions. Under the leadership of Muhammad Ali Pate, the Coordinating Minister of Health and Social Welfare, the administration has…
Yusuf Tuggar, Nigeria’s Minister of Foreign Affairs, announced at a Ministerial Sectoral briefing in Abuja that the Federal Government has secured a significant commitment of $12 million from the United States. This funding is intended to enhance transparency in public finance management and support civil society efforts to promote government transparency. Tuggar also disclosed that the US has agreed to repatriate stolen Nigerian funds, which will be reinvested in Nigeria’s public sector through the African Development Bank (AFDB). Under President Bola Tinubu’s administration, several accomplishments have been highlighted within its first year: Establishment of a Joint Business Council with Qatar…
The Senate Committee on Banking, Insurance, and Financial Institutions is set to convene a Public Hearing on Thursday to discuss proposed amendments to the Central Bank of Nigeria (CBN) Act and the Nigeria Deposit Insurance Corporation (NDIC) Act. According to an announcement by Ogunrinde Tinuke, the Committee’s clerk, the hearing aims to gather input on the proposed Bills. Recently, the Senate passed a Bill for the amendment of the CBN Act and another for the amendment of the NDIC Act. Both bills were referred to the Committee for further legislative action. Sponsored by Mukhail Abiru, the Chairman of the Committee,…
Nigerians are increasingly turning to locally-used vehicles as soaring prices make imported cars unaffordable in a country facing its worst cost-of-living crisis in decades. According to multiple car dealers who spoke with BusinessDay, the demand for locally-used cars has surged due to the devaluation of the naira, which has significantly increased the cost of importation. Since 2015, the naira has weakened by as much as 639%, causing the prices of imported cars to triple. For instance, in 2015, a foreign-used 2005 Toyota Corolla listed on Jiji cost around N1.9 million. Today, the same car is priced at N6.5 million, marking…
The Economic and Financial Crimes Commission (EFCC) has brought forth fresh legal proceedings against Bature Umar Masari on 22 new charges related to alleged money laundering. Masari, the former Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), stands accused of laundering N119 million and receiving illegal gratifications, as detailed in the amended charges presented before Justice O.A. Egwuatu at the Federal High Court in Maitama, Abuja. During the court session, Masari pleaded “not guilty” to all counts after the charges were read to him by prosecution counsel Ekele Iheanacho. Notably, Count 19 alleges that Masari…
The National Union of Air Transport Employees (NUATE) has vehemently opposed Turkish Airlines’ accusations against seven Nigerian staff members allegedly involved in a $600,000 ticket racketeering scheme. In a statement released on Monday and signed by Ochene Aba, NUATE’s General Secretary, the union rebuked these claims as baseless fabrications. Turkish Airlines had previously announced the dismissal of seven Nigerian employees, citing their purported violation of ticketing reservation regulations, which reportedly resulted in substantial financial losses for the airline. However, NUATE refuted these allegations, labeling them as “blatant and poorly formulated lies.” The union clarified that the airline’s assertion of a…
In the realm of Nigeria’s foreign exchange landscape, President Bola Tinubu’s ambitious reforms have sparked both anticipation and skepticism. Despite the high hopes pinned on these measures, their implementation has come under intense scrutiny, yielding mixed results. The Nigerian naira’s journey against the US dollar tells a tale of volatility and depreciation. Within a span of just one year under Tinubu’s administration, the naira has weakened significantly, marking a 65% depreciation against the greenback at the official market. This downward trajectory, underscored by two de facto devaluations orchestrated by the Central Bank, paints a picture far from the desired outcome.…
A recent report by Brand Finance, a London-based brand valuation consultancy, has highlighted the dominance of banking brands in Nigeria’s brand landscape, even amidst currency devaluation and rising inflation. According to the analysis spanning from March 2023 to March of the current year, banking brands accounted for half of the total brand value of the nation’s top 25 brands, with five banks securing positions among the top seven. The report emphasized the resilience and growth of Nigeria’s top banking brands, noting their ability to maintain brand strength despite the declining value of the naira. This resilience was reflected in improved…
Nigeria, once the coveted darling of many oil investment ventures, finds itself facing formidable competition from Namibia and Ivory Coast, emerging as the premier destinations for oil majors in 2024, as per BusinessDay’s insights. These countries have garnered significant attention due to recent oil discoveries, diverting interest away from Nigeria, traditionally considered Africa’s oil industry hub. Reports from upstreamonline, a global intelligence publication, indicate that Shell is in negotiations to acquire three promising deepwater blocks in Ivory Coast, reflecting the escalating interest in a country that is rapidly becoming Africa’s most sought-after upstream prospect. Ivory Coast’s oil exploration and production…
In 2023, the Nigerian film industry solidified its dominance as a powerhouse in anglophone West Africa, as per FilmOne’s year-end box office data. Nigeria boasted 19 out of the top 20 cinemas, underscoring the nation’s enduring enthusiasm for cinema. Lagos, the bustling economic hub of the country, emerged as the epicenter of the region’s cinematic experience. Six of the top ten highest-grossing cinemas were situated in Lagos, exemplifying the city’s dynamic entertainment landscape. Leading the pack was Filmhouse Lekki, boasting six screens and grossing over N475 million in 2023. Close behind was Silverbird Ikeja City Mall, with five screens, raking…
According to Baba Dantiye, the Kano State commissioner for information, most residents of Kano express satisfaction with the recent decision to reinstate Sanusi Lamido Sanusi as the 16th Emir of Kano, as per a statement released to journalists on Monday. Contrary to reports in some sections of the media alleging violent protests following the abrogation of the four emirates and the reinstatement of Muhammadu Sunusi II as the Emir of Kano, Dantiye asserted that Kano has remained peaceful. Dantiye clarified that while isolated incidents occurred in a few areas involving small groups of individuals and hired miscreants, the majority of…
African leaders and key stakeholders in the energy sector are gearing up to gather in Johannesburg and Cape Town, South Africa, for a crucial summit aimed at addressing energy security challenges and bolstering investment opportunities. Scheduled from July 15-19, the 2024 edition of the Africa Energy Sector Inward Buying and Investment Mission will assemble 40 delegates from 10 confirmed African countries. Among them are Angola, DRC, Egypt, Ghana, Kenya, Mozambique, Nigeria, Uganda, Zambia, and Zimbabwe, set to engage in a comprehensive exploration of South Africa’s energy landscape and project prospects across the continent. Organized by the South African Electrotechnical Export…
The National Assembly’s move to review the Central Bank of Nigeria Act 2007 has sparked concerns among analysts, who warn that it could undermine the apex bank’s authority, dilute its policies, and pose risks to the country’s economy, according to insights gathered by BusinessDay. While acknowledging that the review could serve as a form of checks and balances on the CBN, analysts caution that it might send negative signals to investors. They emphasize that maintaining an independent central bank is a global standard observed by major economies worldwide. Muda Yusuf, an economist and CEO of the Centre for the Promotion…
Nigeria, the largest oil producer in Africa, is encountering a notable setback as its oil Gross Domestic Product (GDP) growth decelerates to 5.7 percent in the initial quarter of 2024. The country heavily relies on oil production, which constitutes around two-thirds of government earnings and 90% of its foreign exchange income. According to the latest data from the Nigerian National Bureau of Statistics (NBS), the GDP growth of Nigeria’s oil sector slowed to 5.7 percent in Q1 2024, down from the 12.1 percent recorded in the preceding quarter. Crude petroleum GDP declined from 6.41 percent in Q4 2023 to 5.70…
According to the latest Automotive Gas Oil (Diesel) Price Watch for April 2024 released by the National Bureau of Statistics (NBS), the average retail price of Automotive Gas Oil (Diesel) witnessed a significant surge of 68.01% year-on-year, reaching N1,415.06 per litre. The report highlighted a 5.51% month-on-month increase from March 2024, when the price stood at N1,341.16 per litre. State-level data revealed notable variations in diesel prices across Nigeria. Taraba State emerged with the highest average price at N1,742.46 per litre, followed closely by Bauchi State at N1,669.63 and Borno State at N1,652.61. These disparities underscore regional differences influenced by…