The Lagos Chamber of Commerce and Industry (LCCI) has expressed strong dissatisfaction with the Federal Government’s delay in implementing critical policies surrounding rice imports. The chamber highlighted the adverse effects of this delay on the agricultural sector and the economy at large. In a recent statement, LCCI President, Dr. Michael Olawale-Cole, noted that the prolonged inaction has created significant uncertainty for stakeholders in the rice value chain, including farmers, millers, and traders. According to him, this lack of clarity undermines the government’s drive for food security and self-sufficiency. “It is unacceptable for such an essential sector to face prolonged delays…
Author: Temitope Nlewemchi
Inflation in Nigeria for 2024 has exceeded the Central Bank of Nigeria’s (CBN) target of 21.40%, sparking concerns about the country’s economic stability and the effectiveness of current monetary policies. According to recent data, inflation has continued its upward trajectory, reaching levels that are higher than expected, despite efforts by the CBN to bring it under control. The surge in inflation is primarily driven by rising food prices, supply chain disruptions, and currency fluctuations, all of which have had a significant impact on the purchasing power of Nigerians. The high cost of living, particularly in urban areas, has placed a…
The National Insurance Commission (NAICOM) has expressed its strong backing for the enforcement of third-party motor insurance in Nigeria, aiming to improve road safety and protect the interests of motorists and passengers. NAICOM’s support comes in response to ongoing concerns about the increasing number of road accidents and the lack of adequate insurance coverage for vehicles on the country’s roads. Third-party motor insurance, which is mandatory under Nigerian law, provides coverage for damages caused by a vehicle to third parties, including other vehicles, property, and individuals. The enforcement of this law is seen as a crucial step in reducing the…
Axxela, a leading energy solutions provider, has announced the creation of new business units as part of its strategy to drive growth, diversify its offerings, and strengthen its position in the energy sector. The move aims to expand the company’s services and enhance its capacity to meet the evolving energy needs of Nigeria and other African markets. The newly formed business units will focus on key areas including renewable energy, gas distribution, and infrastructure development. By tapping into these growing sectors, Axxela seeks to address the increasing demand for cleaner, more sustainable energy solutions while supporting the transition to a…
The Badagry Deep Seaport is set to become a critical transshipment hub for Nigeria and the West African region, according to the Badagry Chamber of Commerce, Industry, Mines, and Agriculture (BCCIMA). In a recent statement, BCCIMA highlighted the strategic importance of the seaport, emphasizing that it will significantly enhance the country’s position in global shipping and trade by facilitating the transfer of goods between ships. Once fully operational, the Badagry Deep Seaport is expected to serve as a vital link for transshipment, enabling the efficient transfer of cargo from smaller vessels to larger ones, as well as offering direct connections…
Nigeria’s oil rig count has risen to 32, according to the latest update from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This increase in the number of active rigs marks a positive shift for the country’s oil industry, signaling a potential boost in production and exploration activities. The NUPRC’s report highlights a steady recovery in the oil and gas sector, which has faced numerous challenges in recent years, including declining production levels, infrastructural issues, and the impacts of global oil price fluctuations. With the rise in active rigs, stakeholders are hopeful that this will translate into increased oil output, improved…
The Federal Government has called for strengthened security measures to protect Nigeria’s power installations in the wake of increasing vandalism and theft targeting critical energy infrastructure. In a recent statement, government officials emphasized the urgent need to safeguard power generation, transmission, and distribution facilities to ensure a stable energy supply and protect the national economy. The government’s call comes as the country continues to grapple with power disruptions caused by damage to key installations, which have been subjected to vandalism, theft, and acts of sabotage. These incidents have led to significant losses in energy production and have exacerbated the already…
A leading energy expert is urging the Nigerian government to prioritize the adoption of renewable energy sources as part of a comprehensive strategy to address the country’s energy challenges and promote long-term sustainability. In a recent statement, the expert emphasized that tapping into the potential of renewable energy could help Nigeria meet its growing energy demands while reducing its reliance on fossil fuels. The expert pointed out that renewable energy sources such as solar, wind, and hydroelectric power offer a viable solution to Nigeria’s power supply issues, which have been a major obstacle to economic growth. With the country’s energy…
The newly appointed CEO of Viathan, a leading energy company, has pledged to prioritize the delivery of reliable power solutions across Nigeria. In his first public statement since taking on the role, the CEO outlined his vision for improving the country’s energy sector by addressing ongoing power supply challenges and advancing the company’s mission to support sustainable development. The CEO expressed his commitment to tackling Nigeria’s long-standing power supply issues, which have been a significant barrier to economic growth and quality of life for millions of Nigerians. He emphasized that under his leadership, Viathan would focus on expanding its capacity,…
A prominent terminal operator has donated solar power systems to several host communities as part of its ongoing commitment to sustainable development and corporate social responsibility. The donation aims to provide reliable, clean energy to areas that have long struggled with inconsistent power supply, helping improve the quality of life for local residents. The solar power systems, which were installed in key locations across the communities, are expected to provide a stable energy source for lighting, small businesses, and other essential services. The initiative is seen as a significant step toward addressing the energy challenges in these regions while also…
A prominent research group has called on the Federal Government to prioritize the development of new terminals and warehouses across the country to improve trade efficiency and support broader economic growth. According to the group, the lack of adequate infrastructure, particularly in logistics and storage facilities, has become a major hindrance to Nigeria’s competitiveness in international trade. The group emphasized in its latest report that expanding port terminals and constructing modern warehouses would address significant bottlenecks in the supply chain. It pointed out that the current infrastructure is often overloaded, which leads to delays and higher costs for businesses engaged…
An oil spill fire has wreaked havoc on aquatic life in several communities in Rivers State, leaving devastation in its wake. The fire, which occurred after an explosion at an illegal refining site, has spread across rivers and wetlands, severely affecting fish stocks, plant life, and the livelihoods of local residents who depend on the water for fishing and farming. Reports indicate that the fire, which lasted for several days, has caused extensive environmental damage, polluting the waterways with toxic substances and destroying habitats for various species. The fire also released harmful gases into the atmosphere, further contributing to air…
The Minister of Marine and Blue Economy, Gboyega Oyetola, has called for heightened investment in maritime surveillance and related infrastructure to bolster Nigeria’s economic and security outlook. Speaking at a recent maritime industry forum in Lagos, Oyetola emphasized the pivotal role of the maritime sector in driving economic growth and ensuring national security. Oyetola highlighted that Nigeria’s vast coastline and strategic location in the Gulf of Guinea present immense opportunities for trade and investment. However, he noted that these advantages are undermined by challenges such as piracy, smuggling, and inadequate infrastructure, which hinder the sector’s full potential. “Investing in maritime…
Nigerian bank customers have expressed support for the Central Bank of Nigeria (CBN) imposing fines on banks that fail to adequately load their Automated Teller Machines (ATMs) with cash. This follows widespread complaints about persistent ATM cash shortages, which have caused significant inconvenience to customers across the country. The issue has been particularly frustrating for those in rural and semi-urban areas, where ATMs are a primary source of cash withdrawals. Many customers have reported long queues, frequent machine outages, and limited cash availability, leaving them with no choice but to resort to expensive Point of Sale (POS) operators. “Banks have…
The Federal Airports Authority of Nigeria (FAAN) has announced its need for ₦580 billion to rehabilitate several airport runways across the country. This major project is aimed at enhancing aviation safety, ensuring compliance with international standards, and improving operational efficiency. FAAN’s Managing Director, Kabir Mohammed, highlighted the urgency of the rehabilitation during a recent stakeholders’ meeting. He stated that many of Nigeria’s runways are aging, with structural wear and tear affecting their reliability. The proposed funding will address these issues, focusing on airports in key cities such as Lagos, Abuja, Port Harcourt, and Kano. The rehabilitation plan includes resurfacing existing…
The Nigeria Customs Service (NCS) confiscated 397 vehicles in 2024 as part of its ongoing efforts to combat smuggling and enforce import regulations. The Comptroller General of Customs (CGC), Adewale Adeniyi, disclosed this during a year-end review, highlighting the agency’s commitment to protecting the nation’s economy and revenue base. The seized vehicles, valued at billions of naira, were intercepted across various regions during anti-smuggling operations. Adeniyi explained that the vehicles were smuggled into the country without proper documentation or payment of required duties, violating customs laws. “Our officers have intensified border patrols and surveillance, which has led to the interception…
The commencement of petrol production at the Dangote Refinery in Nigeria is beginning to reshape global energy dynamics, with significant effects on European fuel markets, according to a recent OPEC report. The refinery, touted as Africa’s largest, has increased regional fuel supply, reducing the continent’s dependence on imported refined petroleum products from Europe. The Dangote Refinery, with a capacity to process 650,000 barrels of crude oil daily, has already begun altering trade flows by meeting domestic demand and exporting refined products to neighboring African countries. This development has led to a decline in demand for European petrol exports to Africa,…
The Central Bank of Nigeria (CBN) is expected to keep the Monetary Policy Rate (MPR) unchanged for most of 2025, as it continues to focus on managing inflationary pressures and ensuring economic stability. Analysts predict that the CBN will adopt a cautious approach to interest rates, given ongoing concerns about inflation, exchange rate stability, and the need to stimulate sustainable growth. The MPR, which serves as the benchmark interest rate for the country, has seen a series of hikes in recent years, as the CBN works to combat inflation and stabilize the naira. However, despite these efforts, inflation remains persistently…
Bureau de Change (BDCs) operators in Nigeria continue to grapple with the challenge of meeting the N2 billion recapitalization requirement set by the Central Bank of Nigeria (CBN), despite the recent extension granted by the regulatory body. The recapitalization drive, aimed at strengthening the financial stability of BDCs and curbing illicit financial flows, has proved difficult for many operators, particularly smaller firms with limited access to capital. The CBN initially set a deadline for the recapitalization, but following feedback from BDCs struggling to raise the necessary funds, the deadline was extended. However, many operators, particularly those in the informal sector,…
The rebasing of Nigeria’s Gross Domestic Product (GDP) is expected to benefit the services sector the most, according to analysts, who predict substantial growth in this area as a result of the updated economic calculations. The rebased GDP, which now includes a broader range of economic activities, shows the increasing importance of services, including telecommunications, financial services, and information technology, in driving the national economy. The National Bureau of Statistics (NBS) recently completed the rebasing process, adjusting the GDP calculation to reflect changes in the structure of the economy. The new methodology has revealed that the services sector’s contribution to…