Author: Mary Osisanya-Bello

A Japanese delegation, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo, has praised the Dangote Refinery as a technological marvel, citing its cutting-edge innovations and export-ready petroleum products. The refinery has been described as an “astonishing masterpiece” that showcases Nigeria’s technological advancements on the global stage. The delegation, which included representatives from the Japanese Business Community in Nigeria, toured the refinery’s impressive facilities and commended its state-of-the-art technology. Managing Director of the Japan External Trade Organisation (JETRO), Takashi Oku, noted that the refinery reinforces Nigeria’s role as the gateway to Africa and is a point of immense pride for the…

The Federal Government has obtained $634m in foreign agricultural loans to enhance food security and rural development. The loans comprise a $134m facility from the African Development Bank to improve seed and grain production nationwide. Additionally, the government secured a $500m loan from the World Bank through the Rural Access and Agricultural Marketing Project (RAAMP). This initiative aims to bridge the gap between rural communities and larger markets, improving access to agricultural hubs, schools, and hospitals while fostering social and economic development in rural areas. The RAAMP project, currently active in 19 states, will allocate funds competitively based on socioeconomic…

The Nigerian government has outlined new policy frameworks and a commitment to Cape Town Convention compliance to ensure the long-term sustainability of domestic airlines. Vice President Kashim Shettima, represented by Minister of Aviation Festus Keyamo, emphasized the need to address the high mortality rate among Nigerian airlines over the past 40 years. The government aims to create a conducive environment for airlines to thrive by introducing policies that support their survival, rather than relying solely on financial aid. Shettima highlighted the importance of unlocking international markets for aircraft, with full compliance to the Cape Town Convention as a key element.…

In response to the growing demand for hybrid workspaces in Nigeria, International Workplace Group (IWG), the world’s largest provider of flexible working solutions, is opening two state-of-the-art locations in Lagos. The new workspaces, HQ Lagos Lekki Link Bridge and Regus Lagos Mansard Place, are part of IWG’s expansion strategy following its record-breaking revenue and network growth, with 465 new locations signed in the first half of 2024. The two new spaces will cater to businesses of all sizes, from established firms to startups, offering a range of flexible office solutions including private offices, meeting rooms, and co-working spaces. The HQ…

Access Bank has acquired Bidvest Bank to enhance its South African presence and advance its pan-African growth strategy. The acquisition, valued at approximately 2.8 billion rand ($159 million), is a key step in Access Bank’s goal of becoming one of Africa’s largest lenders by 2027. This deal supports Access Bank’s ambition to expand across Africa, with South Africa being a priority market. The binding agreement for the 100% acquisition of Bidvest Bank underscores Access Bank’s commitment to strengthening its footprint in the country and solidifying its position as Africa’s gateway to global markets. Founded in 2000, Bidvest Bank is a…

Prince Nnamdi Ekeh, CEO of Konga Group, Africa’s leading online shopping platform, remains optimistic about Nigeria’s e-commerce sector despite ongoing challenges. Speaking at the 6th Nigeria Sales Conference in Lagos, hosted by George Emetuche of Selling Champion Ltd., Ekeh addressed the topic, “The Nigerian E-Commerce and Retail Business: Challenges and Prospects.” Ekeh highlighted key obstacles, including overreliance on imported goods, unstable exchange rates, logistical inefficiencies, corruption, and rising insecurity. However, he expressed confidence in the sector’s future, citing Nigeria’s youthful, tech-savvy population as a catalyst for growth and innovation. He also urged the government to implement policies that foster a…

The World Bank Group’s Board is set to meet today (Friday) to decide on approving a $500 million loan to Nigeria aimed at improving rural access and agricultural marketing. The loan is intended for the Rural Access and Agricultural Marketing Project—Scale Up (RAAMP-SU), designed to connect rural communities with broader markets, schools, and healthcare facilities, while fostering social cohesion. According to sources from the Washington-based institution, the loan will support rural infrastructure development and enhance food security by facilitating access to essential services. States participating in the project must have a fully operational Roads Fund and Roads Agency with appointed…

The naira appreciated slightly to N1,533.49/$ on the official market but fell to N1,660/$ on the parallel market. The naira experienced marginal appreciation on the official market on Tuesday, but continued to depreciate on the parallel market. Precisely, on the Nigerian Foreign Exchange Market (NFEM), the naira’s average rate appreciated slightly to N1,533.49/$, marking a modest increase of 0.03 per cent from Monday’s closing rate of N1,533.97/$. The highest official rate recorded during Tuesday’s trading was N1,560/$, while the lowest stood at N1,525/$. Conversely, the naira depreciated by 1.8 percent on the parallel market, sliding to N1,660/$ from N1,630/$ over…

The Organisation of Petroleum Exporting Countries (OPEC) has appointed Ademola Adeyemi-Bero as the Chairman of its Board of Governors for 2025 during its 189th meeting. Adeyemi-Bero, who has over 38 years of experience in the oil and gas industry, is the Chief Executive Officer of FIRST Exploration & Petroleum Development Company Limited (FIRST E&P), a Nigerian independent oil company. In a statement issued in Abuja by Nneamaka Okafor, spokesperson for the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the appointment was hailed as a reaffirmation of Nigeria’s leadership in the global energy sector. Before his appointment as…

The National Assembly has signaled plans to amend the 2023 Electricity Act to designate the Nigerian Electricity Management Services Agency (NEMSA) as the sole authority responsible for enforcing technical standards and regulations in the power sector. This announcement was made by Senator Eyinnaya Abaribe, Chairman of the Senate Committee on Power, at the Fourth Edition of The Stakeholders Roundtable for the Enforcement of Technical Standards, Regulations, and Mandates, held on Tuesday in Abuja. The 2023 Electricity Act, which replaced the 2005 Electricity and Power Sector Reform Act, introduced significant reforms, including the de-monopolization of electricity generation, transmission, and distribution. It…

Nigeria’s imports from Malta surged to a record N766.81 billion in the third quarter of 2024, according to the latest foreign trade data from the National Bureau of Statistics (NBS). This represents a significant increase, positioning Malta as Nigeria’s fifth-largest import partner, accounting for 5.23% of the country’s total imports, which amounted to N14.67 trillion during the period. Although the NBS report did not specify the exact products imported from Malta, the sharp rise in imports has raised questions, particularly following allegations from Aliko Dangote, Chairman of Dangote Industries Limited. Dangote accused the Nigerian National Petroleum Corporation (NNPC) of involvement…

The Fiscal Responsibility Commission (FRC) has called for strong support across Nigeria’s geopolitical zones for the controversial Tax Reform Bills currently before the National Assembly. Victor Muruako, Chairman of the Commission, made the appeal during an interaction with academics and journalists on the sidelines of the Fellowship Lecture and Investiture Ceremony of the Capital Market Academics of Nigeria, held on Monday at the NDIC Academy in the Central Business District of Abuja. The bills, developed by the Presidential Fiscal Policy and Tax Reforms Committee, have faced significant opposition from lawmakers and other stakeholders nationwide, resulting in the suspension of legislative…

Foreign investments in Nigeria’s telecommunications sector plummeted to $14.4 million in the third quarter of 2024, marking an 87% decline from $113.42 million in the previous quarter, according to the National Bureau of Statistics (NBS). This represents a drop of $99.02 million from the previous quarter, highlighting a significant contraction in foreign capital inflows. The NBS’s latest capital importation report, released on Friday, also revealed that foreign investments in the telecom sector saw a 77% year-on-year decline, compared to $64.05 million in the same period in 2023. Capital importation refers to the influx of foreign funds into Nigeria’s telecom sector…

Oando has met with the leadership of the Nigerian National Petroleum Corporation (NNPC) to discuss its future business strategies following its recent acquisition of the Nigerian Agip Oil Company (NAOC). As one of Nigeria’s leading indigenous integrated energy providers, Oando Plc visited NNPC to outline plans for future collaboration with the national oil company, which serves as its Joint Venture (JV) partner in the oil and gas sector. During the meeting, held in Abuja, Mele Kyari, Group Chief Executive Officer of NNPC, congratulated Oando on acquiring NAOC from Eni. Kyari led the NNPC delegation, while Dr. Ainojie Irune, Managing Director…

Aviation Minister Festus Keyamo has criticized the Federal Competition and Consumer Protection Commission’s (FCCPC) statement on Air Peace’s pricing methodology, calling it “careless” and urging the agency to have consulted the Nigeria Civil Aviation Authority (NCAA) before making public remarks. In an interview with ARISE NEWS on Sunday, Keyamo emphasized that the FCCPC’s statement, which questioned Air Peace’s pricing practices amid allegations of price gouging and poor service delivery, was made without engaging with the NCAA, the primary regulatory body for Nigeria’s airlines. “I think it was a very careless statement — I say that with all due respect —…

The Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC) have kicked off the first phase of a consumer credit fund enabling Nigerians to purchase locally assembled automobiles. This was announced at the signing event featuring Nigeria’s leading local automobile manufacturers including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), DAG. This targeted initiative empowers Nigerians with credit to own new automobiles (cars, tricycles, motorbikes) while growing Nigeria’s automotive industry. The Automotive industry is one of five thematic areas of CREDICORP’s Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises) which channels the Corporation’s credit-backed…

The Brand Journalists’ Association of Nigeria (BJAN) has elected Daniel Obi as its new Chairman, alongside other executives to lead the association forward. Obi succeeds Clara Okoro and has pledged to strengthen the association while upholding the highest standards of brand journalism. In his acceptance speech, Obi expressed gratitude to BJAN members for entrusting him with the leadership role. He highlighted the importance of unity, strong leadership, and collective action in achieving the association’s objectives. Acknowledging the vital work of brand journalists in Nigeria, Obi praised their dedication in bringing stories to life, holding brands accountable, and amplifying voices that…

The naira appreciated by N137.69 against the United States dollar over the course of one week, following the introduction of the Central Bank of Nigeria’s new foreign exchange platform. According to data from the CBN’s website, the closing exchange rate, which stood at N1,672.69 per dollar on Friday, November 29, 2024, rose to N1,535/$ by Friday, December 6, 2024. This marked an 8.24% gain for the week. The currency’s improvement has been attributed to the operationalization of the new FX platform, which has increased liquidity and stability in the foreign exchange market. The CBN’s platform has facilitated more transparent trading,…

Point-of-Sale (POS) terminal operators increased their charges on Monday in line with the Federal Inland Revenue Service’s (FIRS) implementation of the Electronic Money Transfer Levy (EMTL) of N50 on any electronic transaction of N10,000 or more. Several fintech platforms notified their customers on Sunday about the new levy, which will be collected and remitted to the FIRS, in accordance with the Federal Government’s Stamp Duty Act. Moniepoint, for example, sent out a notification stating: “In compliance with the Federal Government Stamp Duty Act, you will be charged an Electronic Money Transfer Levy of N50 on any electronic inflow of N10,000…

The National Association of Telecoms Subscribers (NATCOMS) is set to petition the National Assembly over the Federal Government’s renewed attempt to impose a five percent excise duty on telecommunications services. The association will convene on Wednesday to finalize plans for the petition, which aims to prevent legislative approval of the controversial tax while the matter remains under legal review. The case is currently pending at the Lagos Division of the Federal High Court, with the next hearing scheduled for March 13, 2025. NATCOMS President, Adeolu Ogunbanjo, emphasized the urgency of notifying lawmakers, stressing that the National Assembly must be made…