Author: Mary Osisanya-Bello

The Central Bank’s Monetary Policy Committee (MPC) is poised to reassess its stance on interest rates as its two-day meeting commences today. With inflation rates decreasing for two consecutive months, analysts suggest the MPC may reduce lending rates marginally. The current interest rate stands at 26.75%, a rate many consider unsustainable for businesses. Experts like Mr. Charles Sanni, Managing Director of Cowry Treasurers, and Professor Richard Mayungbe of Copperstone University, Zambia, advocate for lowering interest rates. They argue that the current rate is an “overkill” and hampers industries’ ability to expand and create jobs. Others, like Teslim Shitta-Bey, Chief Economist…

Nigerians may face another electricity tariff hike due to rising subsidy costs, which increased from N102.30 billion in May to N181.63 billion in September . The Nigerian Electricity Regulatory Commission (NERC) attributes this rise to foreign exchange crises and inflation. In April, the government stopped paying subsidies for Band A customers, who receive at least 20 hours of electricity daily, and increased their tariff to N225 per kilowatt-hour. This decision sparked outrage among Nigerians, including labor unions and education and health institutions, whose electricity bills tripled. The NERC’s data shows a fluctuating subsidy trend: N140.7 billion in April, N102.30 billion…

Segun Ajayi-Kadir, Director General of the Manufacturers Association of Nigeria (MAN), praised the Tinubu administration’s Accelerated Stabilization and Advancement Plan (ASAP), calling it a collaborative effort between the government and private sector stakeholders. He commended President Tinubu for establishing the Economic Management Team Task Force and Presidential Economic Coordinating Council to oversee its implementation. Ajayi-Kadir emphasized that effective implementation is crucial, requiring diligent and focused action from relevant government structures, with consequences for non-delivery. He noted that the plan’s timely implementation will restore confidence in governance and the economy, attracting new investors and retaining existing ones. While acknowledging the importance…

The Association of Private Practicing Surveyors of Nigeria, a sub-group of the Nigerian Institute of Surveyors, has stressed the need for concerted efforts towards dealing with the prevalence of quackery in the surveying profession through enforcement.The surveyors, who spoke at the 2024 annual professional workshop and luncheon, themed “The Practice of Cadastral; Understanding The Technicalities, Ethics, Market Dynamics, Policies, Innovation/Reforms, Value Added Services, and its Politics”, urged their colleagues to continuously abide by ethical standards by leveraging on technology to foster sustainable and quality cadastral practices to provide reputable services.The guest lecturer, the immediate past Vice President of International, Nigerian…

Despite the mining sector’s growing contribution to the country’s economy, stakeholders are calling for greater transparency in the Solid Minerals Development Ministry’s emphasis on value addition. They are demanding a policy framework that promotes a comprehensive value chain in the sector, DAMILOLA AINA writesThe policy direction of the Solid Minerals Development Ministry to entrench value addition into the exploration and unearthing of critical raw solid minerals has boosted the sector’s gross domestic product contribution to N1.56tn in one year.The contribution to the country’s GDP growth between the third quarter of 2023 and the second quarter of 2024, however, fell short…

The Africa Creatives Alliance has been launched to boost the creative economy in the African continent.The ACA launched recently in alignment with the African Union’s Agenda 2063, ‘The Africa We Want’, is poised to become a key catalyst for transforming Africa into a global powerhouse by harnessing the immense potential of the continent’s cultural and creative sectors.It was hoped that the alliance would empower cultural and creative entrepreneurs to contribute to Africa’s development and integration goals fully.The ACA, in collaboration with a diverse consortium of partners, including the African Union, UN-Habitat, MoTIV Africa, Inuka Ongoza Africa, Artisans of Innovation, British…

The Nigerian rail system generated N1.69bn in revenue from passengers in the second quarter of 2024, reflecting a 53.14 per cent increase compared to the N1.10bn recorded in the same period of 2023.This data was disclosed by the National Bureau of Statistics in its report released on Thursday.According to the report, a total of 689,263 passengers travelled by rail in Q2, representing a growth rate of 45.38 per cent compared to 474,117 passengers in the corresponding quarter of 2023.The volume of goods transported via rail also saw a significant increase, with 143,759 tons moved in Q2 2024, up from 56,936…

Zoho, a global technology company, has revealed that despite economic realities, it grew by 31% in 2023 in Nigeria, one of its key markets in the Africa region. Meanwhile, as part of its ways of giving back to the society, it is partnering with Bridge International Academies to support the education of underprivileged children in the country..The company made the announcementsduring its user conference ‘Zoholics Nigeria’ held in Lagos.The company has been also providing its 55+ apps in Naira to help local businesses avoid fluctuating dollar rates.“As we continue to grow our presence in Africa, our focus is on ensuring…

Afreximbank has given a $12 million credit facility to São Tomé and Príncipe, highlighting commitment to development and investment opportunities.In conjunction with the São Tomé and Príncipe Investment Forum, the African Export-Import Bank (Afreximbank) has extended a significant credit facility of US$ 12 million to the Government of São Tomé and Príncipe, channelled through the Central Bank of São Tomé and Príncipe.This financial support, which was announced in a press statement released on Tuesday, is aimed at bolstering the country’s development efforts and fostering investment opportunities.Also, Afreximbank, in partnership with the Government of São Tomé and Príncipe and the Promotion,…

Microsoft and BlackRock have plans to launch a $30 billion AI infrastructure fund to support the development of data centres and energy projects.Microsoft and BlackRock has announced plans to launch a joint venture, the Global AI Infrastructure Investment Partnership, with an initial investment of over $30 billion to support the development of artificial intelligence infrastructure.The partnership aims to address the growing demand for data centers and energy resources required to power the rapid advancements in AI technology.“AI models, especially those used for deep learning and large-scale data processing, require substantial computational power, leading to higher energy consumption,” said BlackRock.“By investing…

The CBN has reduced the cybersecurity levy to 0.005% for electronic transactions, providing updated compliance details.The Central Bank of Nigeria (CBN) says it will continue to enforce payment of the mandatory levy on all electronic transactions by banks and other financial institutions. This comes nearly four months after the decision suffered a major backlash when it was initially announced in May.CBN, however, disclosed that the controversial levy had now been reduced to 0.005 per cent, from the initial 0.5 per cent.The decisions were contained in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.CBN…

Pop culture and entertainment brand, MTV Base, has pledged to support the Africa Creative Market, a gathering of industry professionals, artists, and music enthusiasts, with its ‘Music Day’.MTV Base noted in a release that it would bring its Music Day to the ACM, which would be held on Friday in Lagos.It also said it would hold panel discussions and activities focusing on advancing African music’s global reach, as part of its sponsorship of the ACM.The entertainment brand stated that the panel discussions would feature topics discussing strategies for pushing African artists to the international stage, innovative music production techniques, and…

A reputation management and design firm, Precise Platforms, has launched a new podcast, ‘PrecisePoint Podcast’, aimed at discussing Nigeria’s economic issues and government policies.The firm said, in a statement, that the ‘PrecisePoint Podcast’ was designed to provide business leaders, policymakers, and the public with analyses on fiscal policies, inflation, trade regulations, and energy reforms.According to Precise Platforms, the first episode of the podcast will debut on Thursday and will feature expert discussions, data-driven analyses, and conversations aimed at bridging the gap between policy formulation and public understanding.Podcast Team Lead and Precise Platforms Account Director, Rhoda Olajide, explained that the podcast…

The food industry is a vital component of the global economy, projected to reach a staggering value of $8.9 trillion by 2026. This sector encompasses various segments, including retail, manufacturing, and food service, and employs millions of people worldwide. In the United States alone, the grocery industry generated revenues of approximately $660.6 billion in 2018, with grocery stores holding a dominant market share of 92.4% in traditional food sales. As consumer preferences evolve, companies must continuously innovate to remain competitive and relevant in this dynamic landscape. One such company that has successfully navigated these challenges is GBFoods.GBFoods, a prominent player…

Every entrepreneur dreams of having a bankable partner who says, “I’ve got your back; let’s bring your dreams to life.” But let’s be real, this is often elusive because people hardly say what they mean or mean what they say.However, there’s an exception to the rule! Quickteller Paypoint, a leading payment platform under the Interswitch Group, is a ‘sure guy’ that will not ghost you. No cap! Some people can be quick to promise to be of help and disappear when it matters most, but not Quickteller Paypoint. They are Quicktellers as well as Quickdoers!Quickteller Paypoint is always helping its…

“We are now in a knowledge-driven age; without the skill set, we cannot make much progress,” Shettima said.Vice President Kashim Shettima on Tuesday underscored the crucial role the Nigerian capital market must play in the realization of the target of the President Bola Tinubu administration to create a trillion-dollar economy.According to him: “We are now in a knowledge-driven age; without the skill set, we cannot make much progress. The capital market has a very prominent role to play in pushing us to the one trillion-dollar economy. With your intellect, experience, and the quality of your membership that counts – not…

Allen Onyema says the signing of CTC practice direction will transform Nigeria into Africa’s economic powerhouse.Less than a week after signing the Cape Town Convention (CTC) Practice Directions, Vice President Kashim Shettima on Tuesday reassured stakeholders in the nation’s aviation sector of the federal government’s commitment to creating a more conducive and better operating environment for airlines.He lauded last Thursday’s signing of the CTC Practice Directions, describing it as a major boost for ease of doing business in Nigeria’s aviation industry.Shettima gave the assurance during a meeting with stakeholders in the aviation sector under the aegis of Airline Operators of…

The Organised Private Sector has said that the consecutive monthly drop in the rate of inflation in Nigeria contradicts the current economic realities across the country.On Monday the National Bureau of Statistics in its Consumer Price Index report stated that “In August 2024, the headline inflation rate further eased to 32.15 per cent relative to the July 2024 headline inflation rate of 33.40 per cent.“Looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25 percentage points when compared to the July 2024 headline inflation rate.”The NBS said Nigeria’s inflation rate dropped in July and witnessed…

The Federal Accounts Allocation Committee has said it disbursed N1.2 trillion earned as revenue in August 2024 to the Federal Government, states, and Local Government councils in Nigeria.The revenue distribution was announced at the September 2024 FAAC meeting in Abuja, a statement by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, stated on Tuesday.The figure represents a decrease of 11 per cent or N155bn from N1.358tn distributed to the three tiers in July.The statement read, “A total sum of N1.203tn August 2024 Federation Accounts Revenue has been shared to the…

Three major oil marketers are expecting vessels of imported Premium Motor Spirit, popularly called petrol, this week barring any unforeseen circumstance, it was gathered on Tuesday.Dealers said about 141 million litres of PMS are being conveyed to Nigeria by the vessels following the full deregulation of the downstream oil sector by the Federal Government.They also noted that the recent hike in the pump prices of petrol produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday had allowed room for PMS imports.This came as the Nigerian Midstream and Downstream Petroleum Regulatory Authority declared…