The Central Bank of Nigeria (CBN) has revealed that the Federal Government’s capital expenditure dropped by 25% in the third quarter of 2024. This significant decline has raised concerns about the impact on the country’s infrastructure development and economic growth, given that capital spending plays a crucial role in stimulating growth, creating jobs, and improving public services. The CBN’s report, which outlines the government’s financial activities over the past quarter, indicates that the reduction in capital expenditure is largely due to fiscal constraints and the government’s struggle to manage rising debt obligations, inflationary pressures, and reduced revenue from oil exports.…
Author: Temitope N.
Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has called for a significant increase in renewable energy production worldwide to combat the ongoing global energy crisis. Okonjo-Iweala emphasized the need for governments and the private sector to prioritize investment in sustainable energy sources such as solar, wind, and hydropower to reduce dependence on fossil fuels and mitigate the impacts of climate change. Speaking at an international energy forum, Okonjo-Iweala highlighted the critical role renewable energy plays in ensuring long-term energy security and fostering economic growth, particularly in developing countries. She noted that the current global reliance on…
Hexin, a leading global energy solutions provider, has announced plans to commence local production of electricity meters and solar products in Nigeria. This development marks a significant milestone in the country’s efforts to promote local content in the energy sector, reduce import dependency, and enhance access to affordable energy solutions for households and businesses. The decision by Hexin to set up local manufacturing facilities aligns with the Federal Government’s push for increased local production, especially in critical sectors such as energy. The initiative is expected to create jobs, drive technological innovation, and improve the country’s energy infrastructure, particularly in the…
In a significant move to address the persistent energy challenges facing various sectors in Nigeria, a leading firm has announced the launch of innovative power solutions designed to enhance energy access and reliability. This initiative aims to provide businesses and households with efficient and sustainable alternatives to traditional power sources, which have often been marred by instability and high costs. Overview of the Power Solutions The newly unveiled power solutions encompass a range of technologies and services tailored to meet the diverse energy needs of Nigerian consumers. These solutions include: 1. Solar Power Systems: As part of its commitment to…
The Federal Ministry of Petroleum Resources has joined forces with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to promote the adoption of cooking gas across Nigeria. This collaborative effort aims to enhance the accessibility, affordability, and safety of liquefied petroleum gas (LPG) for households and businesses, thereby encouraging a shift from traditional cooking methods to more efficient and environmentally friendly alternatives. ### Objectives of the Collaboration The primary goal of this collaboration is to increase the utilization of cooking gas as a primary source of energy for cooking and heating in Nigeria. The initiative recognizes the numerous benefits…
The Federal Government of Nigeria has announced that 25% of the revenue generated from the development levy will be allocated to fund student loans. This initiative aims to improve access to education and alleviate the financial burdens faced by students in pursuing higher education. By channeling a portion of the development levy towards student loans, the government seeks to create a sustainable funding mechanism that supports students and promotes educational advancement across the nation. ### Overview of the Development Levy The development levy is a financial charge imposed on various sectors to generate revenue for national development projects. It is…
The Nigeria Customs Service (NCS) has reported a staggering figure of 125,427 arms and ammunition intercepted over the past six years. This significant achievement underscores the agency’s commitment to combating illegal arms trafficking and enhancing national security. The interception of such a large quantity of arms is indicative of the challenges faced by the country in controlling the influx of firearms and the ongoing efforts to maintain peace and security within its borders. Overview of Customs Operations The NCS plays a vital role in regulating the importation and exportation of goods in Nigeria. Among its various responsibilities, the agency is…
The Ogun State Head of Service (HoS) has called on civil servants to embrace farming as a viable means of enhancing their livelihoods and contributing to the state’s agricultural development. This initiative aims to promote self-sufficiency, food security, and economic empowerment among workers in the state. ### Importance of Agriculture in Ogun State Agriculture has long been a cornerstone of Ogun State’s economy. With its rich arable land and favorable climate, the state is well-positioned to leverage its agricultural potential. By encouraging civil servants to engage in farming, the HoS aims to harness this potential and ensure that the benefits…
The Nigerian government has announced plans to enhance oil production through the implementation of a new Floating Production Storage and Offloading (FPSO) project, according to Minister of State for Petroleum, Heineken Lokpobiri. This initiative is expected to significantly increase the country’s oil output, contributing to Nigeria’s broader economic goals and ensuring a more stable energy sector. ### Overview of the FPSO Project The FPSO project represents a critical investment in Nigeria’s oil and gas sector. Floating Production Storage and Offloading units are essential offshore facilities that allow for the processing and storage of crude oil directly at sea. This method…
Maritime workers have raised concerns regarding the state of Nigeria’s waterways and are advocating for regular channelling to improve navigation and ensure safety within the country’s maritime sector. This call comes in light of ongoing challenges that hinder the efficient movement of goods and services, impacting trade and economic activities reliant on water transportation. ### Importance of Regular Waterway Channelling Regular channelling of waterways refers to the process of maintaining and deepening navigable channels to ensure they are safe and accessible for maritime activities. This is particularly crucial in a country like Nigeria, where rivers and coastal routes play a…
The International Center for Not-for-Profit Law (ICNL) has announced the appointment of a new managing director, a significant development for the organization that seeks to advance civil society and promote legal frameworks that support nonprofit organizations worldwide. The new MD brings a wealth of experience and expertise in law, governance, and civil society development, positioning ICNL for continued success in its mission. Background of the New Managing Director The newly appointed managing director has an impressive background in both legal and nonprofit sectors. With over two decades of experience in international development, public policy, and organizational management, the MD has…
A foundation focused on youth empowerment and skill development has successfully trained 20 cadets in Greece, equipping them with essential skills and knowledge in various fields. This initiative aims to foster talent among young individuals, providing them with opportunities to thrive in their respective careers and contribute positively to their communities. ### Overview of the Training Program The training program, held in Greece, was designed to cover a range of topics relevant to the participants’ professional development. The foundation selected the 20 cadets based on their potential and dedication to personal growth. The training lasted several weeks and included hands-on…
In an effort to streamline and expedite the clearance process for imported vehicles, one of Nigeria’s major terminal operators has introduced new measures aimed at reducing delays and improving overall efficiency at the ports. These changes, which include enhanced digital processes and improved logistics coordination, are part of the terminal operator’s commitment to ensuring that vehicles arriving at Nigerian ports can be cleared more quickly and with fewer bottlenecks. The improvements come at a time when the Nigerian automotive industry, which heavily relies on imports, has been facing significant challenges due to delays in the clearing process, foreign exchange issues,…
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have imposed sanctions on 10 banks for violating foreign exchange (forex) regulations. The financial institutions faced penalties for actions that include unauthorized foreign exchange transactions, failure to comply with regulatory guidelines, and breaches of market conduct rules. The sanctions are part of the ongoing efforts by the CBN and SEC to maintain transparency, stability, and discipline in Nigeria’s foreign exchange market. The regulators have become increasingly vigilant, ensuring that financial institutions adhere to the rules governing forex transactions, as the country continues to grapple with foreign exchange…
The Governor of Anambra State, Charles Soludo, has raised concerns over the low level of foreign direct investments (FDIs) flowing into Nigeria, citing a range of structural and policy challenges that continue to deter global investors. Speaking at a recent economic forum, Soludo, who is also a former Governor of the Central Bank of Nigeria (CBN), outlined the critical factors undermining Nigeria’s ability to attract significant FDI, despite the country’s enormous market potential and natural resources. Soludo pointed out that, while other African nations have managed to increase their foreign direct investments, Nigeria has lagged behind, facing obstacles such as…
In a bid to enhance financial literacy and investment knowledge among Nigerian students, the CFA Society Nigeria, in collaboration with FMDQNext, has conducted an extensive training program for students at Ekiti State University (EKSU). The initiative is part of a broader effort to equip young Nigerians with practical skills in investment, financial markets, and wealth management. The training, which took place at EKSU’s main campus, was designed to introduce students to key investment concepts, tools for financial analysis, and the structure of capital markets. It is also aimed at promoting ethical standards and professionalism within the financial services sector, which…
The Central Bank of Nigeria (CBN) is currently verifying disputed foreign exchange claims amounting to $2.4 billion, according to the bank’s newly appointed Governor, Dr. Olayemi Cardoso. The claims, which have sparked concerns over transparency and accountability in the nation’s foreign exchange market, are part of the ongoing efforts to address long-standing issues within the financial system and to restore confidence in the country’s currency management. Dr. Cardoso made this announcement during a recent media briefing, where he outlined the CBN’s plan to investigate these claims thoroughly and resolve any discrepancies. The verification process, which involves scrutinizing the authenticity of…
The Nigerian naira has continued its downward slide in the parallel market, reaching an alarming exchange rate of N1,705 to the US dollar as of this week. This latest development adds to the economic strain that has plagued the nation in recent months, further exacerbating inflationary pressures and creating uncertainty for businesses and individuals dependent on foreign exchange for their operations. The depreciation of the naira comes amidst ongoing challenges in the country’s foreign exchange market, with limited dollar supply, growing demand for foreign currency, and macroeconomic pressures that have intensified since the removal of fuel subsidies and other fiscal…
Contrary to recent speculation about the liberalization of access to petrol from the Dangote refinery, petroleum marketers have clarified that the Nigerian National Petroleum Company (NNPC) remains the sole off-taker of the refinery’s petrol output. Despite expectations that marketers would soon be able to purchase petrol directly from the facility, industry insiders have confirmed that the NNPC continues to be the exclusive buyer, maintaining its central role in the country’s fuel distribution system. The Dangote refinery, which was commissioned in 2023, is Africa’s largest refinery and was seen as a game-changer in Nigeria’s efforts to reduce its reliance on imported…
Nestle, one of the world’s largest food and beverage companies, has announced a major leadership shake-up in response to declining sales and growing competition in the global market. The move, which comes as the company faces pressure to adapt to changing consumer preferences and economic challenges, is part of a broader strategy aimed at revitalizing its growth and positioning it for long-term success. The leadership restructuring, announced on Monday, includes changes at the executive level and a reevaluation of Nestle’s strategic priorities. The shake-up is set to impact key divisions within the company, including its food, beverage, and nutrition segments,…