The Nigerian National Petroleum Corporation (NNPC) has unveiled new technology aimed at improving the tracking and monitoring of the country’s oil output. The initiative is part of the corporation’s efforts to enhance transparency, improve efficiency, and ensure accurate reporting of production levels across the nation’s oil fields. The new system integrates advanced digital tools and data analytics to provide real-time monitoring of oil production, enabling better management of reserves and resources. By utilizing satellite technology, sensors, and automated reporting systems, NNPC aims to reduce errors, curb oil theft, and enhance accountability in the country’s oil sector. NNPC officials emphasized that…
Author: Temitope Nlewemchi
Continental Hotel has expressed confidence in its prospects for 2025, despite the rising operational costs that have affected many businesses in the hospitality sector. The hotel management highlighted that while inflation, rising utility costs, and increasing labor expenses have posed challenges, its strong brand presence and commitment to quality service position it for continued success in the coming year. In a statement, the hotel’s general manager noted that even in the face of economic pressures, Continental Hotel has seen an uptick in bookings, particularly from business travelers and international guests. “While operating costs have increased, we remain optimistic about 2025.…
A recent report has revealed that the upgrade of the power infrastructure at Nnamdi Azikiwe International Airport in Abuja has cost the Nigerian government ₦8.7 billion. The project, aimed at improving the airport’s electricity supply and ensuring a more reliable power source for operations, is part of ongoing efforts to modernize airport facilities across the country. The upgrade includes the installation of new power generation systems, the expansion of the airport’s power grid, and enhanced backup solutions to minimize disruptions. The improvements are expected to boost operational efficiency, increase passenger comfort, and support the growing demand for air travel as…
The Nigeria Employers’ Consultative Association (NECA) has raised concerns about policies and practices by the Lagos State Government (LASG), alleging that they are deterring potential investors. NECA’s claims center on what it describes as excessive regulatory requirements, burdensome taxation, and an unpredictable business environment that undermine investor confidence. At a recent briefing, NECA Director-General Adewale-Smatt Oyerinde highlighted the growing frustration among business owners, particularly those operating in Lagos. “The current environment is stifling enterprise development. Multiple taxes, unclear regulatory guidelines, and high operational costs are sending a negative message to investors,” he stated. Lagos State, often regarded as Nigeria’s economic…
Stanbic IBTC Bank has teamed up with Carloha, a leading automotive retail platform, to provide customers with special discounts on car purchases. The collaboration is part of efforts to enhance affordability and give clients access to quality vehicles through flexible financing options. Under the partnership, customers who finance their car purchases through Stanbic IBTC Bank are eligible for exclusive discounts from Carloha, along with tailored loan packages designed to make vehicle ownership more accessible. The initiative aims to boost car sales while offering financial solutions that align with customers’ needs. A representative from Stanbic IBTC Bank emphasized the bank’s commitment…
Nigeria received $285 million in foreign capital inflows from African investors in the third quarter of 2024, according to data released by the National Bureau of Statistics (NBS). The figure highlights the growing interest of intra-African investments in Nigeria’s economy, driven by opportunities in key sectors such as energy, technology, and manufacturing. The NBS report revealed that the funds were channeled primarily into the banking, telecommunications, and oil and gas sectors, which continue to attract significant attention due to their growth potential and strategic importance to the continent. Financial services accounted for the largest share of the inflows, reflecting the…
The Federal Government has earmarked ₦1 trillion in the 2024 budget for special power sector interventions and multilateral projects aimed at addressing Nigeria’s energy challenges. The allocation underscores the government’s commitment to improving electricity supply, expanding infrastructure, and accelerating the transition to renewable energy. The funding will support several critical initiatives, including the rehabilitation of power plants, expansion of the national grid, and investment in off-grid solutions to improve access in rural and underserved areas. A significant portion of the budget will also be dedicated to projects co-funded by international partners to leverage global expertise and financing. Government officials noted…
The President of the Chartered Insurance Institute of Nigeria (CIIN), Edwin Igbiti, has called on directors in the insurance sector to uphold strong governance practices to bolster the industry’s growth and credibility. Speaking at a recent forum, Igbiti emphasized that sound governance is crucial for sustaining investor confidence and ensuring compliance with regulatory standards. He highlighted the evolving nature of the insurance sector, which demands greater transparency, accountability, and ethical leadership from those at the helm. “As custodians of public trust, directors must embrace governance as a strategic tool for growth and resilience,” Igbiti said. The CIIN president also stressed…
President Bola Ahmed Tinubu and leaders in Ogun State have called for a unified push toward advancing technological innovation as a driver of economic growth and national development. During a recent tech summit in Abeokuta, stakeholders emphasized the importance of fostering a robust technology ecosystem that empowers startups, attracts investments, and creates job opportunities. President Tinubu, in his address, highlighted the transformative potential of technology in addressing Nigeria’s economic challenges. He urged state governments and private sector players to collaborate in creating policies and infrastructure that support innovation. “The future of Nigeria lies in our ability to harness technology for…
The National Bureau of Statistics (NBS) has earmarked ₦35 million for cybersecurity training as part of its efforts to enhance digital security measures after its website was recently hacked. The incident, which raised concerns about the vulnerability of critical government infrastructure, has prompted the bureau to prioritize building a more robust digital defense system. According to the NBS, the cybersecurity training initiative will focus on equipping staff with the skills needed to detect, prevent, and respond to cyber threats effectively. The budget also covers the acquisition of advanced cybersecurity tools and the implementation of best practices to safeguard sensitive data…
In a significant move to support low-income countries, the World Bank has announced the suspension of certain loan fees to ease financial burdens on the world’s poorest nations. This initiative is part of the Bank’s broader effort to assist vulnerable economies grappling with debt distress, economic instability, and the lingering effects of global crises. The suspension applies to fees associated with concessional loans provided through the International Development Association (IDA), the World Bank’s arm dedicated to aiding low-income countries. By waiving these fees, the World Bank aims to free up resources for critical investments in healthcare, education, infrastructure, and other…
The Central Bank of Nigeria (CBN) has disqualified 41.65 million shares from Access Holdings’ recent rights issue, citing non-compliance with regulatory guidelines. The decision has sparked discussions in financial circles about its implications for the bank and its investors. Access Holdings, the parent company of Access Bank, had embarked on the rights issue to raise capital for expansion and strengthen its financial position. However, the disqualified shares were deemed ineligible due to procedural lapses and failure to meet specific regulatory requirements outlined by the CBN. In a statement, the CBN emphasized its commitment to ensuring transparency and adherence to regulations…
Dangote Refinery has announced a reduction in petrol prices, attributing the adjustment to current market conditions. The company stated that the move aligns with its commitment to providing competitive pricing while responding to fluctuations in global oil prices and domestic economic realities. In a recent statement, a representative from Dangote Refinery emphasized that the decision was driven by the need to balance affordability for consumers with the sustainability of operations. “Our pricing strategy reflects the dynamics of the global and local markets, ensuring that Nigerians benefit from cost efficiencies,” the representative said. The reduction is expected to offer some relief…
Good Mama, a popular brand known for its range of high-quality food products, has launched a consumer rewards program aimed at giving back to its loyal customers. The initiative, which includes a variety of exciting prizes, seeks to express appreciation for the brand’s continued support and foster a stronger connection with consumers. As part of the campaign, Good Mama consumers will have the chance to win prizes by purchasing the brand’s products and participating in designated promotional activities. The rewards include cash prizes, gift vouchers, and branded merchandise, with a grand prize that promises to be a game-changer for lucky…
Experts have called on the Nigerian government to enhance engagement between regulators and the private sector in order to foster a more conducive environment for business growth and sectoral development. The call comes amid concerns over the challenges businesses face due to regulatory bottlenecks, inconsistent policies, and limited communication with industry regulators. At a recent industry forum, speakers emphasized that more effective collaboration between government agencies and businesses is essential for addressing the regulatory gaps that hinder innovation, investment, and competitiveness. They argued that businesses, especially in sectors like agriculture, technology, and manufacturing, often struggle to navigate complex and sometimes…
Azman Air has responded to allegations that it intentionally switched off the transponders of its aircraft, clarifying that the claims are false. The airline stated that its operations adhere to strict safety standards and regulations set by the Nigerian Civil Aviation Authority (NCAA) and other relevant authorities. The controversy arose following reports that some of Azman Air’s flights were operating without transponders, which are critical for tracking aircraft during flight. Transponders are essential for ensuring safe and efficient air traffic control, providing real-time data to aviation authorities and enhancing flight safety. In its statement, Azman Air emphasized that any issues…
Chi Farms, one of Nigeria’s leading agribusiness companies, has announced plans to invest $2.5 billion in the livestock sector, marking a significant move to boost the country’s agricultural capacity. The investment aims to expand Chi Farms’ operations in poultry, cattle, and other livestock, with a focus on enhancing local food production, improving supply chains, and creating job opportunities in rural communities. The company’s ambitious investment plan is expected to modernize Nigeria’s livestock industry, which has long faced challenges such as insufficient infrastructure, low productivity, and limited access to high-quality feed and veterinary services. Chi Farms intends to address these issues…
Lagos and Enugu have officially joined the Commonwealth trade network, a significant move aimed at boosting their economic integration with global markets and strengthening trade relationships within the Commonwealth. The announcement, made during a recent trade summit, underscores Nigeria’s commitment to expanding its international trade opportunities and fostering economic growth at the state level. The inclusion of Lagos, Nigeria’s commercial hub, and Enugu, a key player in the southeastern region, marks a notable milestone in the country’s economic diplomacy. By joining the Commonwealth trade network, both states will gain access to a range of trade and investment opportunities, enhancing their…
The 2025 Nigerian federal budget reveals that 593 Ministries, Departments, and Agencies (MDAs) will collectively spend a staggering ₦41 billion on fuel for generators. This allocation has raised concerns regarding the country’s energy infrastructure and the ongoing reliance on costly alternative power sources despite efforts to address the nation’s power sector challenges. The substantial budget for fuel highlights the persistent power supply issues faced by government agencies, with many MDAs unable to rely on the national grid for consistent electricity. Analysts have pointed out that this expenditure exacerbates the financial burdens on the government and hinders the efficient use of…
The private sector plays a crucial role in helping Nigeria navigate and resolve its internal crises, according to the Transnational Corporation of Nigeria (TGI). In a recent statement, TGI emphasized the importance of private enterprises in driving sustainable solutions to challenges such as economic instability, unemployment, insecurity, and infrastructural deficits that continue to hinder national development. TGI, a prominent conglomerate with interests in several sectors, highlighted that the private sector has the capacity to innovate, create jobs, and invest in areas where the public sector may face resource constraints. The company stressed that a collaborative approach between government and private…