Author: Mary Osisanya-Bello

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to maintain its inflation-tightening stance during its final meeting of the year, in response to mounting inflationary pressures. At its September meeting, the MPC raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25%, citing concerns over core inflation, money supply growth, fiscal deficits, and food price pressures. While headline inflation was trending downward at the time, core inflation remained persistently high, driven largely by energy costs and other structural challenges. In the statement issued after the September meeting, CBN Governor Olayemi Cardoso noted…

Airtel Nigeria, a leading telecommunication and mobile money service provider, has entered into a strategic partnership with Mobihealth International, a pioneering telehealth service provider, to improve healthcare access for millions of people across Nigeria, particularly in underserved communities. Under this partnership, Nigerians will enjoy affordable and round the clock access to Mobihealth’s innovative telemedicine services, allowing them to connect with licensed healthcare professionals from the comfort of their homes via mobile phones. Mobihealth’s platform offers a range of services including 24/7 teleconsultations, prescription services, delivery of genuine medications, and access to international medical specialists. A Game Changer for Healthcare in…

Indian firm has committed $100 million to boost Nigeria’s healthcare sector, focusing on advanced diagnostics and affordable treatment options.Nigeria-India investment relations has received a boost with Indian Group, Padiyath Healthcare, disclosing that it had earmarked  investment worth $100 million for Nigeria’s healthcare sector. The remark was made by Padiyath Healthcare Chairman, Dr. Hazeeb  Padiyath, during an address he made in Abuja when Indian Prime Minister Narendra Modi recently  made an official visit to Nigeria. According to Padiyath, the investments when completed will enable Nigerians access world class treatment at affordable cost. He disclosed that already the company is set to…

Nigeria and Brazil’s Fundação Getulio Vargas (FGV) have signed a Memorandum of Understanding (MoU) to advance agribusiness in Nigeria, with a focus on fertiliser production, hybrid seed technology, and agricultural finance. The MoU, signed by Nigeria’s Ministry of Agriculture and Food Security (FMAFS) and FGV, aims to enhance private sector development in Nigeria’s agricultural sector across all 774 local government areas (LGAs) by 2029. This collaboration is expected to drive transformative growth in the country’s agribusiness landscape. The agreement was formalized at FGV’s headquarters in Rio de Janeiro, Brazil, during the G20 Leaders’ Summit, with FMAFS Permanent Secretary Mr. Temitope…

Air Peace, one of Nigeria’s leading airlines, has embarked on a strategic collaboration with Boeing and Cranfield University to bolster its safety culture and operational excellence. This partnership aims to position Air Peace as a leader in safety and innovation within Africa’s aviation sector. As part of the Boeing Global Learning Institute (BGLI), the collaboration kicked off with a five-day intensive training session in Lagos, bringing together Air Peace executives and leadership teams for the “Advanced Leadership in Safety Excellence” program. The training combined theoretical insights with practical applications, equipping participants with advanced skills in safety leadership. The initiative’s goal…

Dangote Group’s Edwin Devakumar has said that by building the refinery, Dangote did what IOCs in Nigeria could not do. The Vice President of Oil and Gas at Dangote Industries Limited, Mr. Devakumar Edwin, has taken a swipe at Shell, ExxonMobil and Chevron as well as other international oil companies (IOCs), saying they were unable to build a multi-billion refinery in Nigeria like Dangote. Edwin specifically said Dangote Refinery had done what Shell, ExxonMobil, Chevron, or other international oil companies can’t do by building a $20 billion plant in Nigeria. He made the assertion while receiving members of the Senate…

The Zenith Tech Fair 4.0 culminated in a fiercely contested hackathon, where a total of N77.5 million in prize money was awarded to the top finalists. The event, held on Thursday, November 21, 2024, at the Eko Convention Centre in Lagos, was themed “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI.” The N77.5 million was distributed among ten finalists who emerged from over 1,700 contestants. JumpnPass, an innovative self-checkout technology reshaping Africa’s retail sector, claimed the grand prize of N25 million. In addition, the winners will receive a six-week mentorship and incubation program designed…

The Nigerian federal government is set to enforce the ‘drill or drop’ clause within the Petroleum Industry Act (PIA), compelling oil operators to either begin production within three years or relinquish their oil fields to the government. In line with this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has initiated a stakeholder engagement focused on the application of Section 94 of the PIA, 2021, which governs this process. According to Section 94 of the PIA, any marginal field that has not begun production within three years of its effective date must present a field development plan or face relinquishment. The…

A new report by the Tax Justice Network has revealed that the global community loses $492 billion annually due to tax abuse by multinational corporations and wealthy individuals exploiting tax havens to underpay taxes. Of this, Nigeria faces an annual loss of $384 million, highlighting the significant impact of global tax evasion on the nation’s economy. The report, which includes a ranking of 20 countries most complicit in enabling corporate tax avoidance, places the British Virgin Islands at the top of the Corporate Tax Haven Index (CTHI), followed by the Cayman Islands, Bermuda, Switzerland, Singapore, and Hong Kong. Other major…

The Nigerian National Petroleum Corporation (NNPC) has achieved a significant milestone in its efforts to boost crude oil production, with the Abigail Joseph Floating Production Storage and Offloading (FPSO) now ramping up output to 60,000 barrels per day (bpd). Operated by NNPC in partnership with First E&P Joint Venture (JV) on OML 83/85, the facility is on track to increase production to 70,000 bpd in the near future, with plans to reach 100,000 bpd in the coming years. During an inspection offshore Bayelsa State on Wednesday, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, praised the progress of…

Residents of Akoka, Lagos State, have voiced their frustration over receiving only two hours of electricity daily, despite being classified as Band A customers. On Tuesday, they took to the streets to protest, calling on the Ikeja Electricity Distribution Company (IKEDC) to address the situation. Waving placards, the protesters expressed their discontent, with one reading: “Akoka is totally neglected. Our businesses are dying daily. Save our souls in Akoka.” In a video shared with our correspondent, a protester explained that the community had made repeated appeals to the nearest IKEDC office, but their concerns had gone unanswered. She emphasized that…

Adron Homes and Properties has officially announced the appointment of a new Managing Director and a dynamic team of directors, aimed at strengthening and advancing the Adron brand. The company revealed the appointments of the following leaders, who will play a key role in driving the company’s vision forward: Adenike Ajobo as Managing Director Olubunmi Akinfe as Deputy Managing Director Ihuoma Azuru as Assistant Managing Director of Sales and Marketing (Lagos, Nigeria) Barbie Ette as Assistant Managing Director of Sales and Marketing (Northern Nigeria) Odunola Ogundapo as Assistant Managing Director of Sales and Marketing (Western Nigeria) Olasumbo Oguntoye as Assistant…

LAPO Microfinance Bank has reiterated its commitment to advancing financial inclusion for underserved communities across Nigeria. In a statement released on Sunday, the bank emphasized its role in addressing the gap in access to formal financial services, particularly for women, small businesses, and low-income groups. While Nigeria has made significant strides in expanding financial services, millions still lack access to banking. LAPO is bridging this gap by offering tailored financial products such as SME loans, Xpress Savings, Fixed Deposits, and debit cards integrated with mobile banking solutions. These services enable individuals and businesses to access essential banking tools, helping them…

The World Trade Organization (WTO) has urged Nigeria to review its customs procedures, highlighting concerns over high inspection rates and trade delays that hinder efficiency. The WTO’s Trade Policy Review (TPR) body expressed concern about the excessive physical inspection of containers at Nigerian ports and recommended reforms to streamline customs practices for faster and more cost-effective trade operations. The WTO also raised issues related to Nigeria’s longstanding import bans on various agricultural products, as well as high tariff rates and additional levies. These measures, the organization warned, could exacerbate food insecurity, inflate food prices, and discourage private sector investment in…

Aliko Dangote, Africa’s richest person and Nigerian business magnate, is looking to raise billions of dollars to increase production at his $20 billion Dangote Refinery, located on the outskirts of Lagos, with a goal of reaching a capacity of 650,000 barrels per day (bpd), according to a report by Financial Times. The industrialist is in negotiations with commercial banks, development institutions, oil traders, and other industry stakeholders to secure funds for the purchase of crude oil, which will be processed into refined products. The Africa Finance Corporation (AFC), a Nigerian-based pan-African development lender and an existing investor in the refinery,…

Fast Credit Limited has launched a new savings product, the KiddiesSwag account, tailored for children and young adults between the ages of 0-18 years. In a statement issued on Tuesday, the company revealed that the KiddiesSwag account is designed to cultivate early saving habits, offering a competitive 15% annual interest rate. The account is fully digitalized and requires a minimum deposit of N50,000. It also provides additional benefits, such as coverage for government-approved examination fees, including those for the Common Entrance, West African Examinations Council (WAEC), National Examinations Council (NECO), and Cambridge exams. Emeka Iloelunachi, Managing Director and CEO of…

The National Association of Nigeria Travel Agents (NANTA) has formally petitioned the Nigeria Civil Aviation Authority (NCAA) over the continued sale of air tickets in foreign currencies by certain international airlines. This practice violates the Bilateral Air Service Agreement (BASA), a treaty Nigeria is a signatory to, which mandates that airlines operating in the country sell tickets in Nigerian Naira. The petition was raised during a stakeholders’ meeting convened by the NCAA on Tuesday at the Murtala Muhammed Airport in Lagos. The event, themed ‘Achieving Increased Adoption of Digital Technology in Air Travel Customer Complaint Management: The Regulatory Perspective,’ brought…

Super International Travels, a leading Nigerian travel agency, is bringing the holiday cheer to the travel industry with its upcoming event, The Super International Travels Agency Hangout 2024. Set to take place at the agency’s headquarters in Ikeja, the event will provide a platform for travel professionals to network, gain industry insights, and access valuable training opportunities. The announcement was made in a statement by the agency’s General Manager, Sanmi Shobayo, who also revealed plans for a price reduction on tickets in celebration of the festive season and in recognition of clients’ loyalty. The Agency Hangout follows the success of…

The naira weakened by 2.31 per cent or N38.12 on Monday at the National Autonomous Foreign Exchange Market to N1690.37/$ compared to 1652.25/$ that it had closed the previous week at. According to FMDQ data on Monday, the daily turnover stood at $173.14m, indicating a 42 per cent decline from $296.63m on Friday. At the parallel market, the naira closed at 1,735 to the dollar, a strengthening from N1,740 in the previous trading session. As of Friday, the value of the naira to the dollar had appreciated by 159bps compared to the previous week, printing at N1652.25/$ to close the…

The United Kingdom has called on Nigeria to fast-track its economic reforms by tackling market-distorting practices associated with state-owned enterprises, which are seen as hindering trade and investment. Simon Manley, the UK’s Permanent Representative to the World Trade Organisation (WTO), made this appeal during Nigeria’s Trade Policy Review in Geneva on Monday. While commending Nigeria for its progress in economic reforms, including the removal of fuel subsidies and adjustments to monetary policy, Manley stressed the need for deeper and faster changes to create a more business-friendly environment. According to Manley, state-owned enterprises are a significant obstacle, with around 40 of…