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…
Author: Temitope N.
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…
The International Public Relations Association (IPRA) has commended the Nigerian Customs Service (NCS) for its ongoing efforts to improve revenue collection through innovative measures. According to the association, the NCS’s focus on modernizing its operations and strengthening its revenue generation capacity is a key step toward enhancing the country’s economic growth and fiscal stability. The commendation comes as the NCS continues to implement new policies aimed at increasing the efficiency of revenue collection from import duties, excise taxes, and other sources of income. These initiatives are seen as part of a broader strategy to reform the customs process, reduce smuggling,…
The Federal Government has issued a stern ultimatum to construction giant Julius Berger, demanding the completion of the long-delayed Abuja-Kaduna road project. This comes after years of frustrating delays that have caused significant hardship for commuters and raised concerns about the company’s capacity to deliver within the agreed timeline. The Minister of Works, Dave Umahi, in a recent statement, announced that the government is no longer willing to accept further excuses from Julius Berger and has set a final deadline for the completion of the critical infrastructure project. The Abuja-Kaduna road is one of Nigeria’s most important highways, serving as…
The Ministry of Labour and Employment has officially inaugurated the Apapa Skills Acquisition Centre in Lagos, aimed at empowering youths and providing vocational training to equip them with essential skills for employment and entrepreneurship. The inauguration, which took place on Friday, was attended by top government officials, industry stakeholders, and representatives from the private sector, marking a significant milestone in the government’s commitment to tackling unemployment and poverty. During the ceremony, the Minister of Labour and Employment, Simon Lalong, expressed the government’s dedication to skill development as a crucial strategy for reducing unemployment and promoting economic growth. He emphasized that…
The Infrastructure Concession Regulatory Commission (ICRC) has stressed the need for comprehensive planning in the development of airports across Nigeria to mitigate the issue of unviable airports. In a statement made during a recent aviation stakeholders’ meeting in Abuja, the ICRC emphasized that the proliferation of airports that fail to generate sustainable income is due to a lack of proper planning, oversight, and strategic investment. The ICRC’s Director-General, Mr. Michael Ohiani, highlighted that while the Federal Government has made strides in expanding the aviation infrastructure across the country, many airports remain underutilized and operate below their financial potential. He argued…
The Chief Executive Officer of Genesis Shipping, Mr. Michael Oyekanmi, has revealed that Nigeria’s harsh economic climate has significantly reduced the volume of imports into the country. Oyekanmi, while addressing industry stakeholders, explained that the ripple effects of various economic challenges, including rising inflation, foreign exchange volatility, and the high cost of doing business, have made it increasingly difficult for companies to import goods as they did in previous years. According to Oyekanmi, several factors are at play, contributing to the sharp decline in imports, which, in turn, has negatively impacted the shipping and logistics sector. He noted that businesses…
The Central Bank of Nigeria (CBN) has allocated a total of N1.73 trillion for food imports over the past six months. This move highlights the nation’s ongoing reliance on imported food items despite various efforts to boost local food production. The allocation underscores the CBN’s role in stabilizing the nation’s food supply amidst economic challenges such as inflation, foreign exchange shortages, and agricultural underperformance. The funds were primarily channeled toward the importation of essential food products such as wheat, rice, sugar, and fish. These commodities remain crucial to meeting Nigeria’s domestic food demand, especially in urban areas, where locally produced…
The Federal Account Allocation Committee (FAAC) has distributed a total of N1.298 trillion among the Federal Government, state governments, and local governments as revenue generated for September 2024. The revenue sharing, which took place during the FAAC’s monthly meeting, reflects continued efforts to distribute the nation’s wealth equitably among the three tiers of government. The allocation was announced in Abuja by FAAC officials after their routine revenue-sharing meeting. The committee’s breakdown of the funds highlights the contributions from various revenue sources, including oil earnings, non-oil revenue, and value-added tax (VAT), all of which form the foundation of the distribution formula.…