Nigeria Economy news

By Chinelo Obogo, [email protected]
The global aviation industry is on the cusp of a green revolution and at the heart of this transformation is Sustainable Aviation Fuel (SAF), a revolutionary alternative that significantly reduces carbon dioxide (CO2) emissions by up to 80%.SAF, already in use across commercial aviation, is produced from renewable sources such as feedstock, waste oils, fats, and non-food crops. It has emerged as a critical tool in the fight against climate change, offering

By Chinelo Obogo
 
Unions in the aviation industry have jointly declared their intent to hold a nationwide protest on September 18, in response to the Federal Government’s controversial policy of deducting 50 per cent of the Internally Generated Revenue (IGR) from the aviation agencies.
The aggrieved unions insist that the practice has crippled critical operations and undermined safety measures across the sector.
The unions spearheading the protest include the National Union of Air Tr

By Zika Bobby
 
The Association of Advertising Agencies of Nigeria (AAAN), the umbrella body for advertising professionals in Nigeria, has announced the 19th edition of the Lagos Advertising and Ideas Festival (LAIF), with entries now open for participation from registered AAAN agencies.
It’s president, Lanre Adisa who stated this  at a media briefing in Lagos, Tuesday, also announced the onboarding of Media Independent Practitioners Association of Nigeria (MIPAN) as participants

Stories by Henry Uche, [email protected]    
When Dr. Abass Olufemi assumed the role of Head of the Insurance Department at Lagos State University, he faced a dual challenge: managing a mix of students passionate about insurance and those reluctantly transferred from other fields like accounting and economics.However, his strategy was crystal clear: elevate the profile of insurance and make it appealing. He spearheaded two major insurance summits that showcased the field&rsq

Guinea Insurance PLC has said it achieved a 49.4 per cent increase in insurance revenue for the fiscal year 2023, soaring from N1.36 billion in 2022 to N2.07 billion.The notable rise highlights the effectiveness of the company’s strategic initiatives aimed at expanding its market footprint and enhancing customer satisfaction.
The revenue growth underscores Guinea Insurance’s dedication to diversifying its product offerings, improving customer service, and expanding its market reach.

by Henry Uche
 
Stanbic IBTC Pension Managers has announced that it paid out over N1.3 trillion to retirees since the initiation of the Contributory Pension Scheme in 2004. Currently, the firm disburses approximately N7 billion monthly to nearly 80,000 retirees, showcasing its financial health with shareholders’ funds exceeding N60 billion. The substantial financial commitment underscores Stanbic IBTC’s dedication to exceptional service delivery for retirees and stakeholders ali

By Chinelo Obogo
Unions in the aviation industry will on Wednesday, September 18, stage a nationwide protest over the 50 per cent deductions from Internally Generated Revenue of the aviation agencies by the federal government.
The unions comprising the National Air Transport Employees (NUATE), Association of Nigeria Aviation Practitioners (ANAP), National Association of Aircraft Pilots and Engineers (NAAPE), Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Servi

From Bamigbola Gbolagunte
The Israeli government has expressed its readiness to partner with the Osun government for the state’s economic development. 
This is even as the government of Israel has declared its interest in some economic potentials of Nigeria, stressing that the country will develop more if all its investment potentials are well utilised.
The Israeli ambassador to Nigeria, Mr Michael Freeman who spoke at the maiden Osun State Industrial Investment Summit held in Osogbo,

NBA Africa has unveiled the list of ten startup companies from seven African countries selected for the Demo Day at the NBA headquarters in New York City on Wednesday, Sept. 25 as part of “Triple-Double: NBA Africa Startup Accelerator,” which the league launched in April 2024.
At the event, designed to support Africa’s technology ecosystem and the next generation of African entrepreneurs, the ten start-ups will pitch their products to a panel of international industry leaders,

From Idu Jude, Abuja
The federal government has constituted a 5-man joint ministerial committee comprising the Federal Ministry of Transportation and the Federal Ministry of Marine and Blue Economy with a charge to mediate, address, and proffer remedies to challenges faced by the Association of Maritime Truck Owners.
The Minister of Transportation, Sen. Said Alkali, made this known on Tuesday in Abuja when he received a delegation comprised of the National Executive of the Association of Maritim

The Federal Government is making moves to convert the over $300  billion  unregistered land in Nigeria into more economically viable assets.The Ministry of Housing and Urban Development and the World Bank Group have, therefore, resolved to work together towards addressing the 90 per cent undocumented dead capital tied up in land assets into a viable venture.
This was the outcome of a courtesy call on the Minister of Housing and Urban Development, Ahmed Dangiwa by a delegation of the Wo

As part of its support for worthy initiatives through credible platforms, the Bigi carbonated soft drink brand of Rite Foods Limited, one of Nigeria’s leading brands in the food and beverage sector, sponsored this year’s Test Festival themed “Making Quality Tech’s Universal Language” organised by The Bug Detective for young Nigerians who are software developers, Quality Assurance testers and engineers, software engineers, mobile engineers, as well as those in the te

By Steve Agbota                                    [email protected] 08033302331
A prominent truck owner and the Secretary General of the Association of Maritime Truck Owners (AMATO), Mr. Mohammed Bala, has called on both federal and state governments to address the severe problem of extortion and the proliferation of unauthorised checkpoints by hoodlums, which are severely disrupting the efficient evacua

By Ifeoma Nwajei
Nigeria has achieved a major fiscal breakthrough, with its first-quarter revenue for 2024 swelling to N9.1 trillion, more than double the earnings recorded in the same period of the previous year.This was disclosed by Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, during the 17th Annual Banking and Finance Conference, hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. Represented by Dr. Armstrong Takang, Managing Director of th

By Ifeoma Nwajei
The Nigeria Customs Service Board has confirmed the appointment of two Deputy Comptroller-Generals of Customs and five Assistant Comptroller-Generals of Customs.The appointments, announced in Abuja on Tuesday, are part of efforts to fill vacancies created by the retirement of senior officers.
OA Alajogun and KI Adeola have been confirmed as the new Deputy Comptroller-Generals of Customs, while IG Umar, MM Tilley-Gyado, BA Makinde, OA Salefu, and T Bomodi have been appointed as A

By Steve Agbota
 
The Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, has emphasised the need for increased private sector participation in Nigeria’s blue economy initiative, highlighting its vast potential for national development.Oyebamiji made this appeal during a recent tour of NIWA’s Warri and Onitsha area offices, where he reiterated the authority’s commitment to revitalising the economy through Public-Private Partnerships (PP

By Steve Agbota
 
In a week-long operation, the Nigeria Customs Service (NCS) Operation Whirlwind Task Force Team has seized 20,100 litres of petrol with a Duty Paid Value (DPV) of N18 million. The strategic breakthrough, made across key flashpoints in Ogun State, highlighted the heightened vigilance and precision of the taskforce in curbing the illicit activities of smugglers in the region.
Speaking at a press briefing on Tuesday, Comptroller Husseini Ejubunu, the Coordinator of the Operat

By Chinenye Anuforo           [email protected] 
 
Ahead of the September 14 deadline for the completion of mandatory National Identification Number (NIN)-SIM verification, subscribers across Nigeria have been urged to finalise the process to avoid service disruptions.Chairman of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), Gbenga Adebayo, who gave the charge, recently emphasised the importance of timely compliance and avo

A new study published in the Canadian Journal of Cardiology has established a nexus between prolonged cellphone usage and elevated cardiovascular disease risks. The research, based on data from nearly half a million participants, found that individuals who spend more time making calls each week were more likely to experience cardiovascular events such as stroke or heart failure.
The study examined the relationship between cellphone usage and cardiovascular health in a large group of participants

By Chinenye Anuforo
The Cyber Security Experts Association of Nigeria (CSEAN) is set to host the Cyber Secure Nigeria 2024 Conference, on September 25 and 26, in Abuja.
This year’s theme, “Leveraging AI for Cyber Resilience: Building a Secure Future Bridge,” reflects the growing importance of Artificial Intelligence (AI) in safeguarding the digital world.
The conference will feature renowned international and local cybersecurity experts who will share their insights on the late

By Ezekiel David
Nigeria’s strong export performance, particularly in crude oil, helped the country’s trade surplus to reach N6.95 trillion in the second quarter of 2024, up 6.60% from the previous quarter.
Despite a slight decline in overall merchandise trade, the nation’s export sector continued to drive economic growth.
Nigeria’s total goods trade in Q2 2024 was recorded at N31.89 trillion by the National Bureau of Statistics (NBS). This figure represents a notable 150

By Ezekiel David
Nigerian crude oil is trading around $75 per barrel, despite reports that the benchmark crude recently fell below $70 per barrel. Oil production remains fragile, adding economic strain to the country.
Nigeria’s light-sweet crude oil blends, known for their low sulphur content and high light oil grade, continue to be favoured by traders. This preference is reflected in the prices of Nigeria’s key oil blends—Brass River, Bonny Light, and Qua Iboe—which are

By Ifeoma Nwajei
The National Security Adviser (NSA), Nuhu Ribadu, has praised Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, for his decisive actions to enhance surveillance and curb the smuggling of petroleum products across Nigeria’s borders. Ribadu’s commendation came during a high-level stakeholders meeting held on Monday, September 9, 2024, at the NSA office in Abuja.
In his opening address, Ribadu emphasized the critical nature of addressing petrole

Brent crude oil futures have dipped below $70 per barrel for the first time since December 2021, marking a significant shift in the oil market. The slump, driven by abundant supply, weakening demand, and widespread speculative selling, saw the global benchmark decline by 2.8 per cent.U.S. supply disruptions caused by Tropical Storm Francine provided some support, with Brent crude futures falling by 48 cents, or 0.67 per cent, and U.S. West Texas Intermediate (WTI) crude dropping 42 cents, or 0.6

By Ezekiel David
A court order has been obtained by the Economic and Financial Crimes Commission (EFCC) to freeze N548.6 million (about $670,000 USD) that is believed to be in accounts held by users of the cryptocurrency platforms ByBit and KuCoin.
The Commission alleges these platforms played a role in the recent devaluation of the Nigerian naira.
This case is a part of a bigger push by the Nigerian government to address suspected tax fraud and foreign exchange crimes by foreign cryptocurrency

Economic analysts have expressed concerns over the sharp increase in Value Added Tax (VAT) revenue, which jumped by N1.83 trillion year-over-year. While the surge reflects broader economic shifts, it also raises questions about the inflationary impact on everyday Nigerians.
Between January and July 2024, Nigeria’s VAT revenue soared to N3.62 trillion, marking a 102% increase from the N1.79 trillion collected during the same period in 2023. Non-Import VAT contributed significantly to this i

By Chukwuma Umeorah
Following the successful completion of the initial phase of its capitalisation programme, FCMB Group Plc has applauded the support of the Nigerian Exchange Group (NGX) and the Central Bank of Nigeria (CBN).
The Group Chief Executive Officer of FCMB Group Plc, Ladi Barogun in a statement stated that the CBN and the NGX played critical roles in facilitating the capital raise praising them for their efforts at reinforcing investors confidence and providing guidance.
Balogun said

By Emma Emeozor
Taiwan has expressed its readiness to give Nigeria the necessary support required to grow its technology.
This was disclosed by the country’s former foreign minister and Chairman of Taiwan External Trade Development Council (TAITRA), Mr James Huang, during a business session between a Taiwan business delegation and Nigerian businessmen, including members of the Nigerian Association of Chamber s of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Lagos State Chamb

By Chinwendu Obienyi
The number of verified Bank Verification Number (BVN) holders in Nigeria has soared to 65 million, according to the latest report published by the Nigeria Inter-Bank Settlement System (NIBSS) on August 15, 2024. The milestone, industry analysts note, reflects the crucial role NIBSS plays in shaping the financial landscape of Nigeria, fostering digital transformation within the banking sector and promoting security and transparency.
The Bank Verification Number (BVN) system w

By Uche Usim
Nigeria and China have solidified their partnership with the signing of a groundbreaking $3.3 billion agreement during the inaugural China-Nigeria Economic Cooperation and Trade Conference.The event, held in conjunction with the 2024 Forum on China-Africa Cooperation (FOCAC), marks a new chapter of deepened economic ties and mutual growth.
Chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the conference highlighted the profound impact of Sou

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has categorically refuted circulating claims that the Federal Government has increased the Value-Added Tax (VAT) rate from 7.5% to 10%. In a formal statement released on Monday, Edun reassured Nigerians that the current VAT rate, as specified by the relevant tax laws, remains unchanged at 7.5%.
In the statement, Edun emphasised; “The VAT rate is firmly set at 7.5%, as stipulated in our tax legislation, and thi

The federal government took a giant step in addressing petroleum smuggling with a high-level stakeholders meeting convened by the National Security Adviser (NSA) on Monday.The gathering brought together key entities, including the Nigeria Customs Service (NCS), Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian National Petroleum Company Limited (NNPC Ltd.), and the Independent Petroleum Marketers Association of Nigeria (IPMAN). A robust set of resolutions aimed a

By Uche Usim
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has successfully secured over N60 billion and $100 million for the oil and gas Host Community Development Trust Fund, marking a major step toward fostering sustainable growth in Nigeria’s oil-producing regions. The milestone was announced by the Commission Chief Executive, Gbenga Komolafe, during the inauguration of the Body of Neutrals at the Upstream Alternative Dispute Resolution (ADR) Centre in Lagos on Monday.

By Ezekiel David
The Dove Beauty Cream Bar Soap (100g), batch number 81832M 08, made in Germany, is under recall according to the National Agency for Food and Drug Administration and Control (NAFDAC). The action is due to the presence of a harmful chemical impurity.
On its website, NAFDAC declared that the soap includes BMHCA, or butylphenyl methylpropional, better known as Lilial. The chemical in question is prohibited from usage in cosmetic products due to possible health hazards. It is common

From Adanna Nnamani, AbujaIn a major milestone aligning with the Petroleum Industry Act (PIA) 2021, NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have successfully completed the conversion of five JV assets to PIA terms. This transition marks a pivotal shift from the previous Petroleum Profit Tax (PPT) regime to a more investor-friendly framework.
Under the new PIA provisions, existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) are automatically conver

Sterling Bank Limited has made history by migrating to what is believed to be Africa’s first ever indigenous core banking solution called SeaBaaS.
The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.
The strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.
Leveraging advanced data analytics and artificial intelligence, the system promises to e

 
By Chinwendu Obienyi
Sixty five (65) bank customers who have enrolled for their bank verification number (BVN) can now continue to enjoy products offered by their financial services institutions, a report published by the Nigeria Inter-Bank Settlement System (NIBSS) on its website has revealed.
According to the report dated August 15, 2024, the figure shows that NIBSS has been pivotal in shaping Nigeria’s financial infrastructure, especially in its role of enabling digital transform

By Ezekiel David
Data centre operators in Nigeria are facing significant challenges due to the ongoing foreign exchange (forex) crisis, which is jeopardising millions of dollars in investments already made in the sector.
Industry stakeholders have voiced concerns about the growing difficulty in obtaining new capital as operators struggle to earn a profit in the face of escalating exchange rate volatility.
Maintaining profitability has become especially difficult for data centre operators due to

From Adanna Nnamani, AbujaPresident, Nigeria Bar Association (NBA), Afam Osigwe, has called on attorney generals across the country to cultivate the political will to fight corruption in their respective states.Osigwe spoke at a round table with Attorneys-General (AGs) and Commissioners for Justice in the 36 states and other stakeholders on Monday in Abuja.
Speaking at the event organised by the Independent Corruption Practices and other Related Offences Commission (ICPC), Osigwe stressed the ne

By Chinelo Obogo
Air Peace has distanced itself from the arrest of the national president of the Nigerian Labour Congress (NLC), Joe Ajaero by the Department of State Service (DSS) yesterday.The airline said in a statement by its spokesperson, Omotade Makinwa, that despite the fact it had filed a petition against Ajaero in September last year, after its operations were shut down by the union in Owerri, it had long resolved the dispute.
Makinwa also clarified that the Police chose to act on the o

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has raised a clarion call about the worsening state of Nigeria’s economy, highlighting the concerning trend of business closures and the departure of companies from the country.
In a recent statement, NACCIMA’s National President, Dele Kelvin Oye urged the Federal Government to tackle the pressing issues undermining the nation’s economic stability and business climate.
Oye stated, &ldqu

From Nnamani Adanna
In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms.
Under the new PIA regime, all existing Oil Prospecting Licences (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Licences (PPLs) and Petroleum Mining

From Charity Nwakaudu, Abuja
Stakeholders in the creative industry have called on the government to assist and create an enabling environment for the entertainment industry to thrive in the country, saying the industry was capable of drastically reducing youth unemployment, tackling insecurity and generating big revenue for the government in Nigeria.
They made this call in Abuja at the 50th birthday celebration and colloquium of the Director Press of LEADERSHIP Newspaper, Solomon Nda-Isaiah, the

By Philip Nwosu
The Nigerian Navy said on Monday that for Nigeria to realise the full potential of the Blue Economy, the problems of maritime security must be addressed.
The Chief of the Naval Staff (CNS), Vice Admiral Emmanuel Ogalla, who made the pronouncement at the median edition of the International Maritime Institute of Nigeria workshop, said the objectives of the Blue Economy objectives in Nigeria hinge on sustained maritime security in the country.
Admiral Ogalla, who was represented by

By Chukwuma Umeorah
 
The Securities and Exchange Commission (SEC) has clarified that its recent decision to grant approval-in-principle to two cryptocurrency exchanges, Busha Digital Limited and Quidax Technologies Limited, is aimed at encouraging youth participation in Nigeria’s capital market while ensuring adequate investor protection.
The Director-General of the SEC, Emomotimi Agama, highlighted that the move aligns with President Bola Tinubu’s commitment to engaging Nigeri

By Chukwuma Umeorah
 
Guaranty Trust Bank Ltd (GTBank), has been named Best Bank for Corporate Social Responsibility (CSR) in Nigeria by Euromoney at its 2024 Awards for Excellence.
The recognition highlights GTBank’s work in areas such as education, health, community development, and financial inclusion. The bank has been active in supporting community initiatives, including its well-known GTCO Food and Drink Festival and GTCO Fashion Weekend, both of which offer platforms for entrep

By Ezekiel David
Nigeria and China have solidified a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex in Bayelsa State.
The deal, signed during the Africa-China Conference in Beijing, aims to bolster Nigeria’s industrial capacity and create jobs.
According to the Federal Ministry of Finance, the project signifies a deepening of economic cooperation between the two nations.
“The inaugural China-Nigeria Economic Cooperation and Trade Conference… h

 
From Adanna Nnamani, Abuja
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has  debunked claims that the federal government increased the rate for Value-Added Tax (VAT) from 7.5% to  10% from.
The Minister, in a statement on Monday, stated that VAT rate as contained in relevant tax laws and chargeable on goods and services remains 7.5%.
According to him, “The current VAT rate is 7.5% and this is what government is charging on a spectrum of good

By Adewale Sanyaolu
Energy experts have made a compelling case for the adoption of cleaner technologies and sustainable practices within the oil and gas industry to effectively reduce carbon emissions, while maintaining its crucial role in global energy supply. The call was made during a webinar titled; “Transitioning Away from Emissions, Not Oil and Gas,” organised by the Nigerian Institution of Petroleum Engineers (NiPeTE) in collaboration with the Lagos Chamber of Commerce and Ind

By Adewale Sanyaolu
 
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Ogbe, has praised the strides in Nigerian content achieved through the Nigeria LNG Limited (NLNG) Train 7 Project.His commendation came during a recent visit to the NLNG six-train plant, the Train 7 Project construction site and the NLNG Shipping and Marine Services Limited (NSML) Maritime Centre for Excellence (MCOE) in Finima, Bonny Island, Rivers State.
Welcomed by NLNG&r