Author: Mary Osisanya-Bello

The Nigerian Civil Aviation Authority (NCAA) is ramping up its efforts to protect passengers’ rights by imposing new fines on airlines for delayed luggage, part of a broader initiative to ensure accountability and improve service standards in the country’s aviation sector. As part of the enforcement of the Passenger Bill of Rights under the Nigerian Civil Aviation Regulations (NCAR), the NCAA has begun levying fines on both foreign and local airlines for delayed baggage. Specifically, foreign airlines will face a fine of $170, while domestic carriers will be penalized N10,000 for failure to promptly deliver delayed luggage. According to the…

Catherine Pattillo, Deputy Director of the IMF’s African Department, has emphasized the need for African policymakers to strike a delicate balance between maintaining macroeconomic stability and investing in critical development sectors such as education, healthcare, and social protection. In an interview with ARISE NEWS on Monday, Pattillo discussed the IMF’s revised growth forecast for Africa, which has been upgraded to 4.2% for 2025, a positive adjustment from previous projections. She underscored the region’s growth potential, despite the persistent challenges of inflation, high debt levels, and the need for structural reforms. “The forecast upgrade is an important milestone,” Pattillo explained, noting…

The International Monetary Fund (IMF) has called for increased international funding to help sub-Saharan African countries tackle pressing macroeconomic challenges. The call was made during the presentation of the IMF Fall 2024 Regional Economic Outlook: Sub-Saharan Africa at the Lagos Business School on Thursday. Athene Laws, an economist from the IMF’s African Department, highlighted that the region’s economic outlook remains clouded by multiple uncertainties, including domestic, regional, and global risks. Among the major challenges cited were climate change impacts, such as prolonged dry spells, catastrophic floods, food insecurity, and epidemic outbreaks. Additionally, the region faces volatility in commodity prices, potential…

FBN Holdings has approved a N14.4 billion dividend payout for the financial year ending December 31, 2023, following unanimous approval by shareholders at the company’s 12th Annual General Meeting (AGM) held virtually on Thursday. This payout translates to N0.40 per share. At the AGM, Dr. Alimi Abdul-Razaq, standing in for the Chairman, Mr. Femi Otedola, who was unable to attend, also sought shareholders’ approval for the appointment of Adebowale Oyedeji as the new Group Managing Director (GMD). Oyedeji, a seasoned financial sector professional, succeeds Nnamdi Okonkwo, who has completed his tenure. Abdul-Razaq emphasized that Oyedeji’s extensive experience and strategic vision…

The Federal Government has approved the Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) for the 2025–2027 period, marking a significant step toward the preparation of the 2025 federal budget. The Minister of Budget and Economic Planning, Abubakar Bagudu, revealed that the proposed 2025 budget is set at N47.9 trillion, with new borrowings of N9.22 trillion to finance the deficit. Bagudu disclosed this information to State House Correspondents following this week’s Federal Executive Council (FEC) meeting at the Aso Rock Villa in Abuja. He explained, “The Federal Executive Council has approved a memorandum presented by the Ministry of…

The Nigerian Bottling Company (NBC) has partnered with Women in Management, Business, and Public Service (WIMBIZ) to support female entrepreneurship, including awarding a N1 million grant to pastry chef and entrepreneur Achiv Ngusurun. In a statement, NBC announced the grant was presented to Ngusurun in recognition of her innovative business approach at the 23rd Annual WIMBIZ Conference held in Lagos. Ngusurun stood out during a competitive business pitch session, where she demonstrated the potential to drive economic growth through her entrepreneurial venture. Ngusurun expressed deep gratitude for the support, acknowledging the significant role NBC and WIMBIZ play in promoting female-led…

Nigeria’s efforts to overhaul its mining sector are sparking growing interest from international investors, with President Bola Tinubu’s administration driving reforms aimed at unlocking an estimated $700 billion in untapped mineral resources, diplomatic sources have revealed. Last week, Nigeria launched a four-day mining investment roadshow in South Africa, targeting $500 million in foreign investment for the country’s solid minerals sector. Held at the Sandton Convention Centre in Johannesburg, the event was organized by Nigeria’s High Commission in collaboration with Rosebank Capital and attracted investors keen on tapping into Nigeria’s rich reserves of gold, tantalite, limestone, and lithium. A source in…

NNPC Gas Marketing Limited (NGML) has signed a landmark gas supply agreement with Dangote Petroleum Refinery and Petrochemicals FZE aimed at increasing production capacity at the Dangote Refinery. The deal, formalized on Tuesday, is set to provide a steady supply of natural gas for both power generation and as feedstock for refinery operations. The gas sale and purchase agreement (GSPA) was signed by Justin Ezeala, Managing Director of NGML, and Aliko Dangote, President and CEO of the Dangote Group, at Dangote’s corporate headquarters in Lagos. Under the agreement, NGML, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) Limited, will…

The Minister of Power, Chief Adebayo Adelabu, has called on the Infrastructure Concession Regulatory Commission (ICRC) to prioritize the thorough assessment of investors’ financial and technical capabilities before entrusting them with critical public assets in the power sector. During a recent meeting with the ICRC management at the Ministry’s headquarters in Abuja, the Minister emphasized the need for greater scrutiny of potential investors, citing concerns over the performance of some concessioned assets in the sector. He noted that some of the challenges facing the power industry stem from concessions granted to investors who lacked the necessary financial strength and technical…

Capital market experts agree that a resilient economy is rooted in its ability to transform domestic savings into investments that drive growth and development. Dr. Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC) and a leading capital market expert, emphasized this point during his speech at the Institute of Capital Market Registrars (ICMR) 13th Annual Conference, Investiture of Fellows, Induction of Associates, and Annual General Meeting held over the weekend. Dr. Agama argued that investing in Nigerian companies reduces the economy’s dependence on foreign capital and fosters self-sufficiency, which is particularly vital in times of global…

Volkswagen Group (VW) has boosted its investment in a joint venture with electric vehicle (EV) maker Rivian, now valued at $5.8 billion (£4.55bn). The partnership, initially set at $5 billion, has resulted in a more than 9% surge in Rivian’s shares in after-hours trading following the announcement. The collaboration aims to share critical EV technology at a time when global demand for electric vehicles is slowing, and competition from Chinese manufacturers is intensifying. Under the agreement, Rivian will receive essential funding to support the launch of its upcoming R2 model. Slated for release next year, the R2 will be a…

OPEC has reported a modest increase in Nigeria’s crude oil production for October, with output rising by 35,000 barrels per day (bpd), bringing total production to 1.085 million bpd for the month. According to the latest Monthly Oil Market Report (MOMR) released by the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s output grew from 1.399 million bpd in September to 1.434 million bpd in October, based on data from secondary sources. However, direct communication from Nigeria indicated a slightly lower production figure, with the country’s average crude oil production for October reported at 1.333 million bpd, an increase of 9,000…

Multinational energy giant TotalEnergies has presented five key proposals aimed at revitalizing Nigeria’s oil and gas sector, which has been struggling with underinvestment, production decline, and loss of momentum for over a decade. The suggestions, presented by the company on Tuesday, focus on improving investment conditions, clarifying regulatory frameworks, and encouraging more efficient use of existing oil and gas assets. Speaking at the ongoing 42nd annual conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, Matthieu Bouyer, Chairman of TotalEnergies Companies in Nigeria and Managing Director of TotalEnergies EP Nigeria Limited, outlined the company’s vision for…

The Nigeria Civil Aviation Authority (NCAA) has issued a directive barring licensed flight crew members from engaging in cross-crew operations for multiple airlines, citing significant safety risks and inconsistencies in operational standards. The new directive, effective November 11, 2024, seeks to mitigate potential dangers posed by pilots working for more than one airline without proper authorization. The directive, signed by the Acting Director General of the NCAA, Capt. Chris Najomo, and referenced as DGCA/26/24, was sent to all Nigerian aircraft operators. It highlights the safety concerns arising from cross-crew operations, where pilots perform flights for different airlines, each with…

The Enterprise Development Centre (EDC) of Pan-Atlantic University, in collaboration with the Mastercard Foundation, has unveiled a comprehensive handbook aimed at fostering inclusive and equitable entrepreneurship in Nigeria. The official launch event, held on Monday in Lagos, focused on strategies for inclusive entrepreneurship programming across the country. In her address at the launch, Professor Enase Okonedo, Vice-Chancellor of Pan-Atlantic University, emphasized the importance of the handbook as a vital resource for anyone interested in developing programs for inclusive and equitable entrepreneurship. “This handbook is a guide for those designing initiatives that support inclusive entrepreneurship,” Okonedo stated. “It was created by…

The Minister of Aviation and Aerospace Development, Festus Keyamo, recently led a high-level delegation to inspect Prime Atlantic Safety Services (PASS), a leading Nigerian firm specializing in aviation security, maritime safety, and training. The visit, which took place over the weekend, underscored the federal government’s commitment to strengthening aviation safety and capacity building in the country. Keyamo, accompanied by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Ms. Olubunmi Kuku, and other senior officials, highlighted the government’s ongoing support for innovation and safety standards in the aviation sector. He emphasized that the visit marked a significant step…

BMI, a Fitch Solutions company, has projected that the Nigerian naira will depreciate to N1,993 per US dollar by 2028, a sharp decline from N306/$ in 2018. This depreciation is expected to significantly impact the country’s pharmaceutical sector, particularly the ability of industry players to import medical devices. In a recent report, “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth,” BMI highlighted that while Nigeria’s economy is expected to rebound, the medical devices market will face continued operational and demand challenges in the near term. The report emphasized that the naira’s persistent weakness will drive up…

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Hon. Dele Kelvin Oye, has strongly criticized Nigeria’s high interest rates, arguing that they are stifling entrepreneurship and hindering the country’s economic growth. Speaking at the All Nigerian Editors’ Conference 2024 in Yenagoa, Bayelsa State, Oye highlighted the disconnect between the Central Bank’s policies and the needs of Nigerian businesses. He stated that the current high interest rates, which peak at 35-40%, are detrimental to businesses and entrepreneurship, noting that the Nigerian government’s economic policies seem more aligned with political interests than with fostering…

**KPMG Backs Nigeria’s Efforts to Incentivize Oil Sector, Cautions on $20 Oil Price Benchmark** KPMG has endorsed Nigeria’s push to incentivize the oil and gas sector, emphasizing the need for a competitive $20 benchmark price for oil production. The global consulting firm expressed support for the federal government’s initiatives aimed at reducing technical costs in oil production, such as the recent executive orders and tax incentives introduced to stimulate growth. While KPMG praised the government’s efforts to cut unit costs and encourage investment, it warned that the $20 per barrel benchmark must remain competitive given Nigeria’s unique challenges, including security…

The Standards Organisation of Nigeria (SON) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have confirmed their involvement in certifying the quality of imported Premium Motor Spirit (PMS), commonly known as petrol, according to oil marketers. The response follows recent claims by Dangote Petroleum Refinery that some dealers have been importing off-spec petroleum products into Nigeria. In a statement issued on Tuesday, the Dangote refinery informed Pinnacle Oil and Gas Limited and other oil marketers that the deregulation of the downstream oil sector should not be used as a justification for the importation of substandard petroleum products, nor…