Nigeria bought $2.08 billion worth of petroleum from Malta in 2023, up 43 times in ten years from $47.5 million in 2013. The News Chronicles collection of these significant numbers contributes to the current discussion in the oil industry, especially to the conflict between the Nigerian National Petroleum Company (NNPC) and the Dangote Group. The information gathered from Trade Map, an international database on trade statistics, revealed that Nigeria imported bituminous mineral and petroleum oils valued at $2.08 billion in 2023 – a 342% increase from $47.5 million in 2013. There were fluctuations in import values from 2013 to 2016.…
Author: Iken
Dangote Cement Plc reported a pre-tax profit of N293 billion in the first half of 2024, up 22% from N239.9 billion in the same period in 2023. During the period, the group reported revenue of N1.76 trillion, which represents an 85% year-over-year improvement from the N950.8 billion reported in H1 2023. Nevertheless, a 118% YoY increase in the manufacturing cost of sales to N833.3 billion from N383.1 billion as of H1 2023 accompanied the revenue growth. Key Differences Between H1 2024 and H1 2023 Revenue: N1.76 trillion, up 85% YoY Production cost of sales: N833.3 billion, up 118% YoY Gross…
The prices of lithium batteries, which are essential components in the creation of solar batteries, have decreased by 85% in a single year, sparking a global demand for clean energy solutions, and the solar sector is thriving as a result. But Nigeria, a nation rich in solar potential, is left out of this potential boom as rising prices and a declining naira put doubt on it. Following a market surplus, the price of lithium has dropped by 85% in the last year to $11,930 per tonne, the lowest level since 2020, according to statistics from global financial services provider CME…
Under the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Program, the Federal Government has given about N438 billion to 34 states as well as the Federal Capital Territory (FCT). In a press release, Malam Suleiman Odapu, the Federal CARES Support Unit (FCSU) Information, and Communication Officer, stated that the results of the third Independent Verification Agency (IVA) assessment, which was carried out in January 2024, were used to determine the distribution of funds to the states and the Federal Capital Territory. The purpose of this significant reimbursement is to support the FCT and state governments in addressing the…
Amidst higher inflows from the CBN, the naira recorded remarkable gains compared to the haven currency, marking its highest advances since March. To bolster the naira and moderate inflation, which is close to a three-decade high, the top bank is also prepared to boost headline interest rates one further time before halting its aggressive tightening drive. According to data from FMDQ, the naira increased by about N100/$ on Monday, when the local currency traded for N1,500.32, a massive 640 basis points higher than the N1,596.92/$ posted on Friday. The local currency settled at N1,570 per dollar on the black market,…
The head of the Dangote Group and richest man in Africa, Aliko Dangote, has stated that certain oil dealers and representatives of the Nigerian National Petroleum Company (NNPC) Limited operate blending units in Malta, a country in Southern Europe. During his Monday speech in the House of Representatives, Dangote stated that all parties involved are familiar with the locations of the blending plants. “Some of the terminals, NNPC employees, and traders have established mixing plants somewhere off Malta. We’re all familiar with these areas. We know what they’re doing,” Dangote remarked. Dangote linked Nigeria’s automobile issues to inferior imported fuel,…
A survey released by the National Bureau of Statistics (NBS) states that 70% of Nigerians who were requested to pay a bribe in 2023 declined to do so at least once. According to the article “Corruption in Nigeria: Patterns and Trends,” Nigerians’ refusal to accept bribes can be attributed in large part to normative concerns (42%) and expense of living constraints (23%). It also said that a sizable portion of all those who refused bribes (21%) said that they had other ways to obtain the things they wanted, which was their primary justification for declining a bribe request. “Bribery is…
PricewaterhouseCoopers (PwC), a tax and advisory services organisation, has warned that the federal government’s most recent bill, which would tax banks’ already-reported earnings in 2023, may discourage foreign investment in the future. This was said by the company in a response titled “The Windfall Tax Conundrum: navigating the Fiscal Impact on Nigerian Banks” to the proposed revision to the Finance Act and the introduction of a one-time windfall tax on the foreign exchange revaluation gains of commercial banks in 2023. The company pointed out that there would be several difficulties and consequences for both foreign and domestic investors in the…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) made accusations that International Oil Companies (IOCs) would be willing to sell crude oil to domestic refiners. Dangote Industries Limited (DIL) has responded to these charges. Dangote contends that IOCs are making it harder for domestic producers to have access to oil, frequently requiring them to pay inflated rates and use pricey middlemen. NUPRC CEO Gbenga Komolafe’s claim that the Petroleum Industry Act (PIA) guarantees a “willing buyer-willing seller relationship” for oil was openly refuted by DIL vice-president Devakumar Edwin. While just one indigenous producer, Sapetro, sells directly to DIL, Edwin says other…
According to farmers, the Nigerian poultry business is suffering due to record prices for maize and soybeans, which is leading to a significant loss of jobs. Two essential ingredients used in the creation of chicken diets are soybeans and maize. According to a TNC market survey, the price of a metric tonne of maize increased by 89.6 percent in just one year, from N480,000 in 2023 to N910,000 today. In the same vein, the price of a metric tonne of soybeans has increased by 68 percent to N714,000 from N425,000 at the same period in 2023. The low productivity of…
The Federal Government, the states, and Local Government Councils (LGCs) received N1.354 trillion in revenue in June from the Federation Accounts Allocation Committee (FAAC). The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presided over this distribution during the July FAAC meeting in Abuja. The Value Added Tax (VAT) revenue of N523.973 billion and the Statutory revenue of N142.514 billion made up the N1.354 trillion total revenue, according to an FAAC communiqué. It also included N15.692 billion in revenue from the Electronic Money Transfer Levy (EMTL), N472.192 billion from Exchange Differences, and an additional N200 billion. The…
AXA Mansard Plc’s shareholders will get a total dividend of N3.6 billion for the fiscal year that ends in December 2023, or 40 kobo per share, according to the group’s declaration. The News Chronicles was able to collect this information from the company’s revised corporate action statement to the Nigerian Exchange Limited (NGX). A final dividend of N3,600,000,000 (three billion, six hundred million naira) has been declared by the board of directors to be given to shareholders. This means that each N2 share will yield a dividend of 40 kobo. An interim dividend of 6 kobo per N2 share was…
The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) report for June 2024. It shows that Nigeria’s headline inflation rate has increased month over month for the first time since February 2024. The CPI, which tracks how prices of goods and services that people use daily have changed on average over time, increased from 2.14% in May 2024 to 2.31% in June 2024. The NBS report said as follows: “On a month-to-month basis, the headline inflation rate in June 2024 was 2.31%, 0.17% higher than the rate in May 2024 (2.14%). This means that in the…
The anticipated enforcement of the e-CMR, which was originally set to start on July 29, 2024, has been suspended immediately by Inspector General of Police IGP Kayode Adeolu Egbetokun. This order was issued within twenty-four hours after the Nigeria Police Force (NPF) gave car owners till July 29 to register their vehicles for the N5,375 per vehicle computerized Central Motor Registry (e-CMR). ACP Olumuyiwa Adejobi, the Force Public Relations Officer, announced at Force Headquarters in Abuja on behalf of the Inspector-General of Police. According to the statement, the suspension is intended to provide everyone in the community plenty of chance…
The mass exodus of several multinational companies from Nigeria has been attributed to poorly designed government policies that inhibit investments. The Anglican Bishop of Aguata Diocese, the Right Reverend Samuel Ezeofor made the disclosure at St. Mark’s Church, Ajalli, in Orumba North Local Government Area of Anambra State, during a service of confirmation and admission into Mothers’ Union and Girls’ Guild for all parishes under Ajalli Archdeaconry. The prelate is calling on the government to create a more business-friendly environment capable of attracting both foreign and local firms, to boost the economy and create employment opportunities for the people. Ezeofor further urged parents and Ministers of God to make youths to love God in…
In order to maintain their competitive edge in the tech-driven industry and grow their businesses through innovative digital marketing strategies, three Nigerian technology entrepreneurs have secured equity investments totaling more than $20,000. Out of the 75 participating startups from four African countries, the startups that won the MarkHack 3.0 startup pitch also received laptops, $10,000 in AWS credits, access to the $10,000 Eko Innovation Centre (EIC) Accelerator program, and seed funding from program partners. Four main themes – e-commerce evolution, AI-driven personalization, blockchain for business, and localizing XR – were the subject of the competition, which was organized by the…
Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stated that the N27 trillion ways and means (W&M) and the N10 trillion intervention funds that failed are partially to blame for Nigeria’s high rate of inflation. Cardoso made this statement during the BusinessDay CEO Forum Tuesday in Lagos. With controlling inflation as the main goal, Cardoso claimed that the Monetary Policy Committee (MPC) members’ independence and professionalism are providing the right instruments to do so. “The MPC is not oblivious to the fact that ultimately we do want growth. The naira-dollar exchange rate was on the verge of…
Dangote Group and the fintech behemoth Flutterwave have been named to the Milken Institute’s Africa Leaders Business Council. Influential thought leaders, investors, entrepreneurs, and specialists from a range of fields, including business, technology, finance, sustainability, and innovation, make up the recently established council. The institute said in a statement that the council’s goal is to expand the institute’s network and involvement throughout Africa. In order to support the Institute’s efforts to increase involvement throughout the continent, their combined knowledge seeks to offer insightful information about the dynamic business climate in Africa. Flutterwave and Dangote Group, along with other Council members,…
Dr. Bosun Tijani, Minister of Communications and Digital Economy, stated that the country’s digital economy, which is expected to produce N18.3 billion by 2026, has the potential to completely transform the economy of the country. Tijani made this statement on Tuesday in Abuja during a media engagement over the National Digital Economy and e-Government Bill. He claims that unicorn businesses like Flutterwave, Jumia, Andela, and Interswitch exist in Nigeria and have proven the strength of the digital economy’s potential to advance the nation. “Those who track the expansion and development of Nigeria’s economy are likely aware that the ICT industry…
The federal government has granted a 150-day duty-free window for maize, husked brown rice, and wheat imports as part of measures to tackle rising food prices in the country. Sen. Abubakar Kyari, the Minister of Agriculture and Food Security, revealed this information in a press release as part of the Presidential Accelerated and Stabilisation Advancement Plan (ASAP) execution. The report states that the federal government plans to import 250,000 metric tonnes of wheat and maize to replenish the depleted strategic grain reserve to address the issue of food security within 180 days. Additionally, the government plans to grant a 150-day…
BudgIT announced that its open-source service delivery monitoring tool, Tracka, has found that the federal government’s 2024 budget includes N732.5 billion for empowerment initiatives. The organization said in a statement on Monday that the N646.5 billion allotted to health initiatives is less than the amount for empowerment programmes, which it called ambiguous. It continued by saying that even though Nigeria had the second-highest incidence of child mortality in the world in 2023, the government had shown no signs of addressing these serious issues since the health sector was not given priority in the 2024 budget. “Tracka claims that empowerment projects…
Ireland saw a considerable increase in the number of work permits issued during the first half of 2024. The Irish Department of Enterprise, Trade and Employment released its most recent figures, which show that between January and June 2024, 19,303 work permits were given in the nation – a 20.5% increase over the same period in 2023. India ranked first among the countries of origin of foreign workers in Ireland, with 6,746 Indian nationals granted work permits. Pakistan, South Africa, Brazil, and the Philippines were among the other top-origin nations. Nigeria only contributed 2.5 percent of all work permits issued,…
The Federal Government has unveiled a strategic strategy to increase food security by having small-holder farmers produce 135 million metric tonnes of staple crops by the end of this year. Ajuri Ngelale, the president’s spokesperson, announced this on Thursday as one of the Presidential Economic Coordination Council’s (PECC) efforts. President Bola Tinubu established the Peer Economic Advisory Council (PECC) as a group to restructure the nation’s economy. The president, the 36 state governors, legislators, and representatives of the organized private sector are among the team members. As per the actions announced by the council, the government’s primary goal is ensuring…
The Fee-For-Service (FFS) prices will be adjusted by 40%, while capitation will increase by 60%, according to the National Health Insurance Authority (NHIA). The story was originally reported by the Nigerian News Agency. The decision was made public during an important stakeholders’ meeting about the new tariffs that took place in Abuja, according to the report. The action intends to improve service delivery and maintain the health insurance programme. The NHIA’s Director General, Dr. Kelechi Ohiri, underlined that the authority’s primary goal is to offer registrants access to high-quality, reasonably priced healthcare. Amid these developments, he asked stakeholders to put…
The African Export-Import Bank’s (Afreximbank) permitted share capital has been increased from $5 billion to $25 billion by the shareholders’ approval. The bank acknowledged the rise in response to the difficulties facing the African continent in a statement obtained by BusinessDay on Wednesday. According to the bank, it also gives it the ability to support the expansion and development that the African continent is expected to experience, in keeping with its mission to advance trade on the continent and reaffirm its importance on the world stage. At its 31st annual general meeting (AGM), which was held recently in Nassau, The…
African airlines experienced the fastest gain of any area, with a spectacular 3.7% year-over-year surge in load factor in the international passenger market, reaching 72.3% in May 2024. The load factor, which shows the proportion of an airline’s available seats that are occupied by customers, is a crucial performance indicator in the aviation sector. This information comes from the International Air Transport Association’s (IATA) recently published report on the demand for passengers worldwide in May 2024. The analysis demonstrates that although seat occupancy rates on African airlines have improved significantly, they are still behind other regions: Airlines in the Asia-Pacific…
Rand Merchant Bank member RMB Nigeria Stockbrokers has been bought by Zedcrest, one of Africa’s top providers of financial solutions. According to Zedcrest, the acquisition supports the company’s goal of expanding its market reach and service offerings. The report stated, “In addition to Zedcrest’s portfolio of financial products and services, RMB Nigeria Stockbrokers, the Corporate and Investment Banking arm of the FirstRand Group, brings a wealth of experience and a strong reputation in stockbroking, promising significant benefits for clients and stakeholders.” The acquisition, according to Zedcrest Group CEO Adedayo Amzat, “underlines Zedcrest’s commitment to growth in the financial sector.” “We…
According to the Federal Government, Nigerians purchased generators, petrol, and fuel for their electricity generation in 2023 for a total of N16.5 trillion. This is far less than the N1 trillion that the formal electricity sector brought in that same year. This information was disclosed by the minister of power, Adebayo Adelabu, on Tuesday at the 2024 Nigeria Oil and Gas conference. He drew attention to the stark disparity between the amount spent on inefficient personal power generation and the national grid’s earnings. He stated, “You know how much our people spend each year on diesel, petrol, generators, and maintenance?…
In light of a recently enacted law limiting the number of hours that tricycles and motorbikes may operate in Umuahia and Aba, the Abia government has announced plans to acquire buses that run on compressed natural gas (CNG) to enhance the state’s transportation infrastructure. Following the State Executive Council meeting, this was revealed on Monday during a news conference held at Government House in Umuahia by the state commissioner for information and culture, Mr. Okey Kanu. Kanu stated that the new policy, which limits the operating hours of tricycles and motorbikes in Umuahia and Aba to 6 AM to 7…
The Central Bank of Nigeria (CBN) has announced that it is developing a new law designed to raise the bar for corporate governance and compliance among fintech companies operating in the nation. At the FITC Fintech (TechNnovation) Conference on Thursday in Lagos, Mr Philip Ikeazor, the Deputy Governor of Financial Systems Stability at CBN, revealed this. He asserted that the new law is essential to reducing the dangers associated with the digital age. In his keynote speech, “Building Trust in the Digital Age: Balancing Performance with Compliance,” the speaker stated that millions of Nigerians now have easier access to financial…
