The Nigeria Employers’ Consultative Association (NECA) has called for improved labor policies to enhance economic stability and foster business growth. The organization emphasized the need for policies that support job creation, fair wages, and a more business-friendly environment to boost productivity and economic resilience. NECA’s Director-General highlighted that outdated labor laws, inconsistent policies, and poor implementation have hindered sustainable development. He urged the government to engage in meaningful dialogue with employers and labor unions to create policies that balance workers’ rights with business interests. The association also stressed the importance of addressing unemployment, improving social security systems, and ensuring fair…
Author: Temitope Nlewemchi
The Oyo/Osun Area Command of the Nigeria Customs Service (NCS) has announced a revenue collection of N82 billion for the 2024 fiscal year. This marks a significant contribution to the nation’s economy, reinforcing the agency’s commitment to trade facilitation and revenue generation. According to the Area Controller, the revenue was generated through import duties, excise duties, and other statutory charges. The command also intensified efforts to curb smuggling activities along its borders, ensuring that illicit trade does not undermine government revenue. The Customs leadership attributed the achievement to improved operational strategies, enhanced compliance measures, and collaboration with relevant stakeholders.…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has raised concerns over state governments encroaching on the constitutional powers of local governments to collect property taxes. According to the professional body, this interference undermines local governance and weakens the financial autonomy of local councils. Speaking at a recent event, NIESV representatives criticized the trend where state governments either take over property tax collection entirely or impose regulations that limit the role of local councils. They argued that this not only contradicts Nigeria’s legal framework but also deprives local governments of a crucial revenue source needed for grassroots development. Property…
The Federal Government has disbursed N15 billion in compensation to property owners affected by the construction of the Lagos-Calabar coastal highway. The payment is part of efforts to fast-track the controversial project, which has faced resistance due to concerns over displacement and environmental impact. The highway, spanning approximately 700 kilometers, is expected to enhance connectivity along Nigeria’s coastal regions, boosting trade and tourism. However, the project has drawn criticism, particularly over allegations of inadequate compensation, lack of transparency, and its impact on communities along the route. Minister of Works, Dave Umahi, stated that the compensation process was carried out in…
A technology firm has unveiled an innovative solution aimed at eliminating gas flaring in Nigeria’s oil and gas sector. The new technology, designed to capture and convert flared gas into usable energy, is expected to help oil companies comply with environmental regulations while maximizing the economic potential of natural gas. According to the firm’s executives, the system utilizes advanced gas processing techniques to trap and repurpose excess gas that would otherwise be burned off during oil extraction. This breakthrough is in line with Nigeria’s commitment to reducing carbon emissions and meeting its climate targets. Gas flaring has long been a…
The National Agency for Science and Engineering Infrastructure (NASENI) has announced that the ongoing construction of the Katsina Engineering Institute is now 80% complete. The institute, designed to enhance Nigeria’s technological and industrial development, is expected to be a key center for engineering training and innovation. According to NASENI, the facility will focus on equipping students and professionals with hands-on skills in various engineering fields, including robotics, automation, and manufacturing. The project aligns with the federal government’s agenda to boost local capacity in science and technology, reducing Nigeria’s dependence on imported engineering solutions. NASENI officials assured that the institute would…
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to strengthening economic ties between Nigeria and Saudi Arabia, aiming to enhance trade, investment, and financial cooperation between the two nations. CBN Governor Olayemi Cardoso emphasized the importance of deepening economic relations during discussions with Saudi officials, highlighting opportunities in sectors such as oil and gas, finance, agriculture, and infrastructure development. He noted that stronger ties could lead to increased foreign direct investment (FDI) from Saudi Arabia, boosting Nigeria’s economy. As part of the efforts to solidify these ties, the CBN is exploring partnerships with Saudi financial institutions to improve…
Fiscal policy expert Taiwo Oyedele has criticized Nigeria’s tax laws, stating that they are not conducive to economic growth. He pointed out that the current tax system places an excessive burden on businesses and individuals, discouraging investment and slowing economic development. Oyedele highlighted multiple taxation, complex compliance processes, and inconsistent policies as major obstacles preventing businesses from thriving. He noted that rather than promoting economic expansion, the existing tax structure stifles entrepreneurship and deters foreign investors. To address these challenges, he urged the government to implement tax reforms that simplify processes, reduce multiple levies, and create a more business-friendly…
The National Identity Management Commission (NIMC) has granted approval to FIC Professionals Network Plc to participate in the Identity for Development (ID4D) Ecosystem Enrolment Service, a World Bank-supported initiative aimed at expanding Nigeria’s national identity system. With this approval, FIC will assist in the National Identification Number (NIN) enrolment process, helping to increase coverage and accessibility, especially in underserved areas. The move aligns with the federal government’s goal of ensuring every Nigerian is registered in the national identity database, which is now a requirement for key services, including banking, telecommunications, and government programs. According to NIMC, the collaboration with FIC…
A coalition of women farmers has launched a new initiative aimed at boosting rural agriculture and improving food security. The program focuses on providing small-scale female farmers with access to resources, training, and financial support to enhance productivity and sustainability in the agricultural sector. Speaking at the launch, representatives of the group emphasized the need for policies that empower women in agriculture, noting that they play a crucial role in food production but often face challenges such as limited access to land, credit, and modern farming techniques. The initiative seeks to bridge these gaps by offering training on climate-smart farming,…
Exporters in Nigeria have reported losses amounting to $10 million due to disruptions in export activities over a five-day period. The setbacks, attributed to port congestion, bureaucratic bottlenecks, and logistics challenges, have intensified concerns over the ease of doing business in the country’s export sector. According to industry stakeholders, delays at major ports, including Apapa and Tin Can Island, have resulted in perishable goods getting spoiled and shipments missing their deadlines. Many exporters have faced increased demurrage costs, further eroding their profits. The Nigerian Export Promotion Council (NEPC) has expressed concerns over these recurrent challenges, stressing the need for streamlined…
The Corporate Affairs Commission (CAC) has called on businesses in Nigeria to utilize its Administrative Proceedings Committee (APC) for resolving corporate disputes instead of resorting to lengthy and costly court battles. In a statement issued on Friday, the commission emphasized that the APC offers a faster and more cost-effective alternative for handling disagreements related to company registration, directorship issues, shareholding conflicts, and other corporate governance matters. By opting for this mechanism, businesses can avoid prolonged litigation that often disrupts operations and delays critical decisions. The CAC noted that the administrative proceedings align with global best practices, ensuring a fair and…
Nigeria may be on the verge of another fuel crisis as petroleum tanker drivers have suspended loading operations, citing harassment by security agencies and regulatory officials. The drivers allege that they face constant intimidation, extortion, and unnecessary delays at checkpoints, making fuel transportation increasingly difficult. According to the Petroleum Tanker Drivers (PTD) union, members have been subjected to arbitrary arrests, heavy fines, and other forms of mistreatment, disrupting the smooth distribution of petroleum products across the country. They warn that unless authorities step in to address these concerns, fuel shortages could soon hit major cities, leading to long queues and…
The Central Bank of Nigeria (CBN) has maintained the N100 fee on ATM withdrawals below N20,000, a decision that has sparked mixed reactions among bank customers. The policy, aimed at regulating cash transactions and encouraging electronic payments, has been in place despite calls for its review. Critics argue that the fee places an unnecessary financial burden on low-income earners who rely on smaller cash withdrawals for daily expenses. Many customers believe that rather than promoting financial inclusion, the charge discourages the use of ATMs, pushing more people towards cash transactions. However, banking experts suggest that the policy aligns with CBN’s…
Despite recent price stability, aviation fuel in Nigeria remains costly, posing challenges for airlines and passengers alike. Industry experts note that while fluctuations have eased, the current rates still place a heavy financial burden on operators. The high cost of aviation fuel continues to drive up airfares, making domestic and international travel more expensive. Airlines have struggled to maintain profitability, with some adjusting flight schedules or increasing ticket prices to offset fuel expenses. Stakeholders in the aviation sector are calling for government intervention, including subsidies or local refining solutions, to reduce reliance on costly imports. The persistent high prices are…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced that the Port Harcourt Refinery has successfully operated for 180 consecutive days without interruption. This milestone marks a significant step in Nigeria’s efforts to strengthen local refining capacity and reduce dependence on imported petroleum products. According to PETROAN, the refinery’s sustained operation underscores the government’s commitment to revitalizing the country’s refining infrastructure. The Port Harcourt Refinery, which resumed operations after years of inactivity, has been processing crude oil consistently, ensuring a steady supply of refined products to the domestic market. Impact on Fuel Supply and Pricing The continued…
Stanbic IBTC Capital has emerged as the lead arranger for Presco Plc’s N82.9 billion bond issuance, a move aimed at strengthening the company’s financial position and funding its expansion plans. The bond issuance, conducted under Presco’s Debt Issuance Programme, highlights growing investor confidence in Nigeria’s agricultural sector. According to Presco, a leading player in the palm oil industry, the funds raised will be used to enhance production capacity, invest in new plantations, and improve processing facilities. The company’s leadership emphasized that the bond issuance aligns with its long-term strategy of increasing local palm oil production to reduce reliance on imports.…
The Nigerian National Petroleum Company Limited (NNPC) and its joint venture partner, First Exploration & Petroleum Development Company, have significantly cut gas flaring by 96% in the Anyala (OML 83) and Madu (OML 85) oil fields. This milestone aligns with Nigeria’s commitment to reducing environmental pollution and maximizing gas utilization. According to NNPC’s spokesperson, the reduction was achieved through the deployment of advanced gas processing technologies and infrastructure upgrades in the fields. The initiative is part of the federal government’s broader strategy to end routine gas flaring and transition towards cleaner energy sources. The move not only addresses environmental concerns…
Rotary International has announced a N500 million budget for humanitarian services in Nigeria in 2025. The funds will be directed toward various community-focused initiatives, including healthcare, education, and poverty alleviation. According to the organization, this investment aims to support underprivileged communities by providing medical aid, improving access to quality education, and implementing clean water projects. Rotary has a long-standing history of contributing to social development, and this latest commitment reinforces its dedication to uplifting vulnerable populations. Beyond financial aid, the group also plans to engage volunteers and partners in executing these initiatives effectively. Local chapters will work closely with communities…
Nigeria’s Gross Domestic Product (GDP) per capita has declined to $835, according to the latest report from the International Monetary Fund (IMF). The drop highlights growing economic challenges in Africa’s largest economy, with inflation, currency depreciation, and sluggish growth taking a toll on living standards. The decline in GDP per capita—a key measure of economic output per person—suggests that despite Nigeria’s overall economic size, individual wealth and purchasing power are shrinking. Experts attribute this to factors such as the weakening naira, rising cost of living, and slow economic diversification beyond oil. High inflation, currently affecting food prices and essential goods,…