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The United Kingdom has successfully facilitated $85 million in investments into Nigeria's manufacturing sector since 2020 through its Manufacturing Africa programme. This initiative, led by the UK Foreign, Commonwealth, and Development Office (FCDO), aims to boost sustainable growth in Africa's manufacturing industry by attracting £1.2 billion in foreign direct investment between 2019 and 2026. Deputy British High Commissioner to Nigeria, Jonny Baxter, highlighted the program's achievements at an event announcing funding for three Nigerian clean energy companies. Baxter noted that the Manufacturing Africa programme has supported 31 Nigerian companies in sectors such as agro-processing, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy. These efforts are expected to foster private-sector-led economic growth and create new jobs in Nigeria. The programme offers free advisory services, including financial analysis, commercial diligence, and st...

A recent UN-Habitat report, “Unlocking the Potential of Cities: Financing Sustainable Urban Development,” reveals that $3-4 trillion is needed annually to address the global housing deficit. With an estimated requirement of 28.25 million new housing units per year, achieving adequate housing for all by 2030 demands substantial investment. The report highlights challenges such as high land values, rising construction costs, and labor shortages, which exacerbate the difficulty of providing affordable housing, particularly in urban areas. Rapid urbanization and demographic shifts, including longer lifespans, delayed marriages, and an increase in single-parent families, are driving higher housing demand. UN-Habitat estimates that 830 million people currently live in slums, with an additional 2 billion urban dwellers expected by 2030, necessitating housing for about 3 billion people. The report underscores a significant global infrastructure investment gap, ranging from $1.1 tri...

The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into allegations of a N2.5 billion fraud related to the New Nigeria People's Party (NNPP) campaign funds for the 2023 elections. The probe focuses on the purported misappropriation of funds by the party's National Working Committee, led by Rabiu Kwankwaso, and the alleged failure to compensate party agents who worked during the presidential and governorship elections across the country. According to sources within the EFCC, the investigation was triggered by multiple complaints from party members and agents who claimed they were not paid for their services despite the substantial campaign funds allocated for the elections. The funds were intended to cover various campaign activities, including payments to party agents who played crucial roles in mobilizing and securing votes. Kwankwaso, a prominent political figure and former Governor of Kano State, has been a significant player in Ni...

In a decisive move, President Bola Tinubu has issued a 48-hour ultimatum to the Minister of Finance, Wale Edun, to present the cost implications of a new minimum wage. This directive comes amid ongoing negotiations with organized labour, aiming to finalize a fair and sustainable wage structure for Nigerian workers. Minister of Information and National Orientation, Mohammed Idris, revealed this after a high-level meeting at Aso Rock. Idris emphasized that all parties involved would collaborate to develop a viable minimum wage proposal within one week. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have temporarily suspended their strike, which began on Monday, to allow for continued negotiations. Idris stated, “All of us will work together assiduously within the next one week to ensure that we have a new wage for Nigeria that is acceptable, sustainable, and also realistic.” The announcement reflects the urgency and commitment of the federal government t...

Secretary to the Government of the Federation (SGF), George Akume, has expressed concerns over the wage increase demands made by organized labour, deeming them unrealistic. Speaking at a meeting with the National Executive Council (NEC) of the Christian Association of Nigeria (CAN) in Abuja on Thursday, Akume revealed his struggle with the proposed minimum wage of ₦100,000. Akume, a former governor of Benue State, explained that paying such a wage would be financially burdensome, particularly highlighting his personal difficulty in affording ₦100,000 for each of his four drivers. "I can’t afford to pay my driver one hundred thousand because they are four,” Akume lamented, emphasizing the financial strain such a mandate would impose. He further questioned the practicality of meeting the wage demands from a governmental perspective, asking, “Where do we get that money from?” Akume's remarks reflect the broader challenges faced by the government in balancing fair wage...

Dr. Samson Ayokunle, a former President of the Christian Association of Nigeria (CAN), has called on President Bola Tinubu to address the issue of multiple taxation imposed by federal and state agencies on Nigerians. Speaking on Channels Television’s "Inside Sources" with Laolu Akande, Ayokunle emphasized that excessive taxation could exacerbate the hardships faced by citizens. Ayokunle, who also served as President of the Nigerian Baptist Convention, stressed the need for the government to explore alternative economic avenues. He urged Tinubu to focus on unlocking the potential in the agriculture and mining sectors to drive economic growth rather than overburdening citizens with taxes. "Nigeria is rich," Ayokunle stated. "Let’s explore, not just taxing, taxing. If you tax people, people will die. If you continue to tax them and tax them, they will die and if people die without fulfilling their life ambition, you will be held responsible." The ...

In a recent revelation, Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy, admitted that the federal government continues to pay fuel subsidies despite President Bola Tinubu's declaration last year that the subsidy was removed. This announcement had led to a significant increase in fuel prices. According to the Accelerated Stabilization and Advancement Plan (ASAP) presented by Edun to President Tinubu, the government spent N3.6 trillion on subsidies in 2023 and is projected to spend N5.4 trillion in 2024. This indicates a higher subsidy expenditure than in previous years. The disclosure raises questions about the government's transparency and the actual status of fuel subsidy policies, which have significant economic implications for the nation. The ongoing subsidy payments contrast sharply with the administration's earlier stance, adding to the public's confusion and concern about fuel pricing and economic stability. This...

Lagos, Nigeria — Corruption remains a significant obstacle to Nigeria's development, deeply intertwined with the civil service. Civil servants often face financial difficulties, earning far less than their living expenses, which drives them toward corrupt practices to bridge the gap.  In the Federal Capital Territory (FCT), many civil servants live in outskirts like Kuje, Lugbe, and Suleja due to high accommodation costs in Abuja. For example, Sunday, a level 9 federal worker, spends over N80,000 on commuting and N150,000 on household expenses monthly, surpassing his N168,000 salary. This financial strain pushes many to seek additional income through unethical means, perpetuating a cycle of corruption. Moses Igbrude, President of the Independent Shareholders’ Association of Nigeria, highlights that poor pay and high living costs create a fertile ground for corruption. Dr. Sandra Comeh, a psychologist, notes societal pressures on civil servants to support extended famili...

Dangote Refinery Lagos, Nigeria — Major oil companies are raising concerns over the adverse effects of crude oil theft and pipeline vandalism on their ability to supply sufficient crude to local refineries. Dr. Chinyere Almona, Director-General of the Lagos State Chamber of Commerce and Industry, highlighted these challenges, which have significantly impacted the oil majors’ capacity to meet daily production quotas and supply modular refineries. Nigeria's crude oil production has declined from 1,426,574 barrels per day in January to 1,281,478 barrels in April 2024, according to the Nigerian Upstream Petroleum Regulatory Commission. This shortfall affects the Dangote Petroleum Refinery, which has a refining capacity of 650,000 barrels per day, and 25 modular refineries, which collectively can process about 200,000 barrels daily. Oil theft and vandalism have led to substantial losses, with Speaker of the House of Representatives Abbas Tajudeen noting an annual loss of N1....

Lagos, Nigeria — Nigeria's foreign exchange reserve has shown a promising recovery, increasing steadily over the past six days after a significant $1.8 billion dip. According to the Central Bank of Nigeria, the reserve rose to $32.80 billion on June 6, 2024, up from $32.69 billion on May 31. This increase marks a $110 million rise within a week. The consistent upward trend is seen as a positive sign for the Nigerian economy, which faced challenges with the reserve's previous decline between March 18 and May 29, 2024. The reserve had dipped by $1.8 billion during that period, raising concerns about Nigeria's financial stability and ability to meet international obligations. The current growth in the foreign reserve is expected to bolster investor confidence and support economic recovery. The increase follows the Central Bank of Nigeria's fulfillment of a pledge to settle all valid foreign exchange backlogs, a move that had led to the naira rebounding against ...

Lagos, Nigeria— Abuchi Nwazulu, Managing Director of Global M-Co-Soci Ltd, discussed his company's initiatives to enhance food production in Nigeria, emphasizing the potential of the agricultural sector. Speaking at a press conference, Nwazulu highlighted the untapped value chains in crops like cassava and maize. Nwazulu outlined efforts to educate farmers on processing techniques to prevent post-harvest losses and improve profitability. Global M-Co-Soci Ltd has empowered thousands of farmers across Gombe, Adamawa, Taraba, and Bauchi states with machinery and support, promoting agricultural business dignity and self-sufficiency. Despite challenges, including insecurity, Nwazulu remains optimistic about Nigeria's potential to lead in food production, urging farmers to reduce dependency on government and innovate within their means.  Nwazulu also mentioned collaboration with the Rice Producers, Processors and Marketers Association of Nigeria (RIPPMAN) to extend their ...

E-commerce Lagos, Nigeria — Mr. Oluwafemi Babalola, head of Innovations and Strategy at Sellers Mart Marketing Company, emphasized the importance of customer patronage through e-commerce as a vital asset for any business. Speaking at the launch of the ‘Sellersmart’ online superstore, Babalola described the platform as a transformative tool for salesmanship in Nigeria. The platform, designed to empower local businesses, offers manufacturers and service providers the opportunity to onboard and manage their stores. Initially, 50 vendors can join for free, providing a vibrant marketplace where unique, high-quality items can reach a vast customer base. Chief Operating Officer Mr. Adeyemo Anjola highlighted the platform's potential to triple vendors' sales by offering extensive support and access to a large, eager customer base. The platform aims to drive economic growth and showcase Nigerian innovation, encouraging local businesses to reach new heights. Babalola and Anjo...

Lagos, Nigeria — The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu’s administration for not disclosing the spending details of loans obtained by previous administrations. The suit, filed at the Federal High Court in Lagos, also targets the Minister of Finance, Mr. Wale Edun, and the Debt Management Office (DMO). SERAP demands the publication of loan agreements and spending details from the tenures of former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari. The organization insists on transparency, arguing that citizens have the right to know how public funds are managed. According to SERAP, despite the billions of dollars in loans, millions of Nigerians still face extreme poverty and lack basic services. The group highlights that transparency will enhance public accountability and reduce corruption. The Debt Management Office reports Nigeria’s total public debt...

Lagos, Nigeria— The Managing Director of Ecobank Nigeria, Bolaji Lawal, emphasized the potential of Nigeria's creative industry to significantly boost the nation's economy if properly harnessed. Speaking at a press conference to announce the +234 Art Fair in Lagos, Lawal noted that the event aims to support young emerging Nigerian artists. The +234 Art Fair, a collaboration between Ecobank, African Finance Corporation, and other sponsors, will feature workshops and exhibitions curated by Soto Gallery. The initiative aims to foster a sense of growth and hope among young creatives, with the long-term goal of nurturing artists who can earn international recognition and income. Lawal highlighted the importance of investing in the creative industry as a means to drive economic growth and create financial independence for young Nigerians. He also noted that this initiative aligns with Ecobank's broader efforts to support the creative sector, citing past projects like ...

Lome, Togo — Ecobank Transnational Incorporated (ETI) shareholders have approved a capital raise of $600 million within the next year, as announced during the bank’s 36th Annual General Meeting and Extraordinary General Meeting held in Lome, Togo. The capital raise will involve senior-ranked debt and Tier 2-qualifying subordinated debt. The bank also appointed Madiaw Ndiaye as the new chairman, succeeding Alain Nkontchou. Shareholders lauded ETI’s 2023 performance, with net revenues surpassing $2 billion for the first time in a decade and a profit before tax increase to $581 million. CEO Jeremy Awori attributed the success to Ecobank’s resilient, diversified business model and strategic initiatives aimed at growth and transformation. New chairman Ndiaye expressed enthusiasm for leading Ecobank through its next growth phase, highlighting the bank's strong foundation and competitive advantages. Ndiaye, CEO of AFIG Funds, brings extensive leadership experience and commitme...

ABUJA — Aramide Ajayi, a seasoned business analyst and legal expert, has highlighted the transformative impact of technological advancements and recurring economic recessions on the global business landscape. She emphasized that businesses must understand the interplay between economic trends, investments, and technological innovation to thrive. Ajayi stressed the importance of resilience, advocating for agile strategies, diversification, and digital transformation. She noted that emerging technologies such as AI, blockchain, and data analytics are revolutionizing industries, enhancing operational efficiencies, and creating new business models. Ajayi also pointed out the growing significance of sustainable and impact investing, with investors increasingly considering environmental, social, and governance factors. She advised businesses to invest in technology and foster a culture of continuous learning to navigate the interconnected and complex global business terrain. ...

ABUJA — Nigeria's inflation rate is forecasted to stabilize at 14% by 2029, signaling a potential end to the current upward trend, according to the latest data from the International Monetary Fund (IMF). This projection comes as a relief, given the current inflation rate of 33.69% as of April 2024, as reported by the National Bureau of Statistics. The IMF's forecast suggests a gradual decline in the inflation rate: from 23% in 2025, to 16% in 2026, and then to 15.4% in 2027, eventually stabilizing at 14% in both 2028 and 2029. This anticipated stabilization is viewed as a positive development for Nigeria's economy, which has been grappling with significant inflation and rising interest rates. In response to these economic challenges, the Central Bank of Nigeria has implemented various measures, including increasing interest rates at the 295th Monetary Policy Committee meeting in May 2024. Despite these efforts, economists urge the government to address the under...

ENUGU – The United Republic of Tanzania has urged African countries to prioritize intra-continental investment over seeking investors from outside the region. During a strategic investment forum organized by the Enugu Chamber of Commerce Industries, Mines, and Agriculture (ECCIMA) in Enugu, Tanzania emphasized the importance of African self-reliance in production and investment. Dr. Binilith Mahenge, Chairman of the Board of Directors at the Tanzania Investment Centre, highlighted Tanzania’s economic stability, rich natural resources, peace, and advanced infrastructure as key factors making it an attractive investment destination. He noted that there are currently 28 Nigerian companies operating in Tanzania, contributing to job creation and economic growth. Mahenge also underscored Tanzania’s favorable investment policies, including a five-year tax waiver for foreign investors and the ability to repatriate profits. He encouraged Nigerian investors to explore opportunities i...

ABUJA – The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director and CEO of Telcom Satellites TV (TSTV), Dr. Bright Ikechukwu Echefu, along with the Executive Director, Dr. Felix Nnamdi Ignoanuga, at the Federal High Court in Abuja. They face nine charges, including tax evasion and money laundering. The EFCC accuses the defendants of failing to remit VAT, company income tax, and PAYE from their employees' salaries, diverting substantial funds for personal use. Additionally, they allegedly defrauded Senior Advocate of Nigeria (SAN) Turaki Kabir Tanimu of N960 million under false pretenses. The prosecution's charges highlight several instances where the defendants purportedly redirected significant amounts meant for government taxes to personal accounts. The EFCC claims that the defendants defrauded Turaki of large sums under the guise of securing loans for telecom equipment acquisition. These transactions were detailed with specific amo...

In a significant call for justice, prominent legal expert Mike Ozekhome has stressed the necessity for a fair hearing for Nasir El-Rufai, the former Governor of Kaduna State, amidst allegations of corruption. Ozekhome emphasized that due process must be followed to ensure transparency and uphold the rule of law. El-Rufai, a prominent figure in Nigerian politics, faces accusations that could impact his career and the public's trust in governance. Ozekhome's stance highlights the importance of impartiality and thorough investigation in maintaining the integrity of Nigeria's legal and political systems. Ozekhome argued that any rush to judgment without a fair hearing could undermine the credibility of Nigeria's fight against corruption. He underscored the need for comprehensive scrutiny and legal processes to determine the truth behind the allegations, reinforcing the principle that everyone is innocent until proven guilty. The call for a fair hearing aligns wi...