Nigeria is facing a severe economic downturn as its GDP per capita has declined by 72%, according to the International Monetary Fund (IMF). The report highlights worsening economic conditions driven by inflation, currency depreciation, and slow economic growth, which have significantly reduced the purchasing power of citizens. The IMF attributes the decline to structural weaknesses, including low productivity, high unemployment, and inadequate investment in critical sectors. The fall in GDP per capita indicates that economic growth has not kept pace with population expansion, leading to a drop in living standards for many Nigerians. Experts warn that without urgent policy interventions,…
Author: Temitope N.
AIICO Insurance has honored top-performing financial advisers for their dedication and exceptional contributions to the company’s growth and client satisfaction. The recognition event celebrated professionals who have demonstrated excellence in financial advisory services, helping clients make informed decisions on insurance, investment, and retirement planning. Speaking at the event, AIICO’s management commended the awardees for their hard work, emphasizing the crucial role financial advisers play in driving financial literacy and inclusion in Nigeria. The company highlighted that these professionals have not only contributed to AIICO’s success but have also helped clients achieve financial security through tailored solutions. The honored advisers received…
The Dangote Petroleum Refinery has assured Nigerians that it has enough fuel to meet the country’s demand, dismissing concerns over potential shortages. The refinery, which has ramped up production in recent months, stated that its output is sufficient to stabilize supply and reduce reliance on imports. Speaking on the refinery’s capacity, officials confirmed that production levels are steadily increasing, with refined petrol, diesel, and aviation fuel being distributed across the country. They emphasized that the facility is positioned to support Nigeria’s energy security by ensuring a steady and reliable fuel supply. The assurance comes amid ongoing market fluctuations and concerns…
Leadway Assurance has raised concerns over the low level of compliance with third-party motor insurance in Nigeria, revealing that only about 30% of vehicle owners have the mandatory coverage. The company described the situation as alarming, emphasizing the risks it poses to road users and the insurance industry. According to Leadway, third-party motor insurance is crucial for protecting motorists from financial liabilities arising from accidents, yet a majority of vehicle owners either lack valid policies or rely on fake insurance certificates. The firm urged relevant authorities, including the Federal Road Safety Corps (FRSC) and the Nigerian Insurance Association (NIA), to…
Pension unions across Nigeria are advocating for greater collaboration between stakeholders to improve the welfare of retirees. The unions emphasize the need for better policies, timely pension payments, and enhanced social support systems to ensure that retirees live comfortably after years of service. At a recent stakeholders’ meeting, representatives from various pension associations highlighted persistent challenges, including delayed gratuities, irregular pension disbursements, and insufficient health benefits. They called on the federal and state governments, pension fund administrators, and labor unions to work together in addressing these issues. Union leaders stressed that retirees often face financial hardships due to bureaucratic bottlenecks…
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…
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 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…
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…