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Preparing For Nigeria’s Biggest Election

Lagos, Anambra, Imo Voters Were Intimidated - CDD

This is the moment we have all been waiting for. Nigeria‘s most anticipated election, the season Nigerians will perform their civic duties to vote in their preferred/qualified candidate.

With Nigeria’s most important election only three days away, it is critical that all stakeholders take the necessary steps to ensure a successful and peaceful election.

Here are some preparation tips for the upcoming election:

Polling Unit

Know your polling unit: It is critical to know your polling unit because this is where you will vote. Check your voter’s card or go to the Independent National Electoral Commission (INEC) website to find your polling unit.

INEC’s tweet about polling unit

Registration Status

Check your voter registration status. Make sure you’re registered to vote and your name is on the voter list. You can check the status of your voter registration by visiting the INEC website.

Candidates

It is critical to learn about the candidates running for office as well as their platforms. Investigate their track record, promises, and future plans if elected. This will allow you to make an informed decision when voting.

Before going to vote, learn your candidate’s political party and its logo.

Abenol a platform for nation building that connects tech-savvy and educated Nigerians to the grassroots; urged Nigerians to not only vote for a presidential candidate but be involved in all of the elections.

“There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given,” Abenol said.

“It is how you exert the control you have over the government, push back bad leadership etc. if the state of Nigeria concerns you so much, you will not leave your card lying around on the day of the election, you will infact come out and vote.”

Electoral Rules

Understand the election rules, including the voting process, time, and location.

Knowing the rules will ensure that you understand what is expected of you and that you do not break any rules inadvertently.

Plan your waka well

Plan ahead of time for transportation to and from the polling place. Make sure you have enough time to get to the polling place and that you have enough resources, such as food, water, and money.

Inform your loved ones about your plans.

Security

Be aware of any security threats in your area and take the necessary precautions. Avoid high-risk areas and report any suspicious activity to the appropriate authorities.

Protect yourself, do not go towards any riot or sponsor it. If you have a security dog feel free to take it along but but it on a leash and do not let it attack anyone.

Do not wear any political outfit!

The federal government may have deployed security personnel to protect cities, but will they be present at all polling places? Protect yourself by using “The N-Alert App” to report any suspicious or violent behavior.

‘The N-Alert App’ is a mobile app that allows you to report any type of crime and receive a quick response because it is routed directly to the command center.

The app is very simple to use, so please encourage anyone you know who is voting to download it and it is available for download on both iOS and Android.

Secure your votes

Don’t just vote and go home. Go early to your polling unit, make sure the electoral materials have not been tampered with and after voting, make sure that your votes are not stolen. Make sure that the electoral officer uploads your vote.

It is easy for your polling unit to be attacked, for your votes to stolen or rendered void if there is no one to stop them. Stay back and make sure that the right thing is done.

“Go early and stay until the votes in your unit have been submitted. Don’t just vote and go home, stay to protect your vote. This will help keep the officials accountable and make election violence less likely,” Laju Iren tweeted.

To summarize, all stakeholders must work together to prepare for Nigeria’s election in three days. We can ensure a successful, peaceful, and transparent election that reflects the will of the people if we follow these guidelines. Let us all work together to make this election a success.

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Eating On A Budget: Save Money By Growing Your Food

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Eating on a budget seems like a hard task in Nigeria especially with the rate of inflation and trying to avoid eating rice everyday.

Eating out can be expensive either it is at a big or small restaurant. Buying groceries frequently takes a chunk of your money.

Sometimes we try to count our money to calculate how much we spent; especially when our wallets are slim and our bank accounts are not smiling.

How can we reduce our spending? What can we do to eat healthy while maintaining a budget?

Eating healthy on a budget is not impossible. One of the ways to achieve it is to have a garden and grow your food.

Growing your food might seem extreme or overly expensive. No need to fear, you can start small.

As small as spring onions or pepper then work your way up to other agricultural produce.

Eating on a budget; how to

Growing your own fruits and vegetables is a great way to save money and have fresh produce at your fingertips if you have the space.

Having a steady supply of fresh produce at home can help you save money at the grocery store.

What should you plant?

You can start with the things you usually use; like ginger, spring onions, cabbage or even tomatoes. Take a look at the tools you have and watch videos that will help you decide what to start with, how to plant and when to plant.

How to plant

Watch videos and read articles on how to plant and how to maintain your garden.

Where to plant?

Start on a small scale. Many fruits, vegetables, and herbs can be grown in pots on patios or balconies especially if you don’t have a yard.

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Snapchat, Twitter May Be Sanctioned Over Display Of Porn And Nudity

Snapchat, Twitter May Be Sanctioned Over Display Of Porn And Nudity

Snapchat, Twitter, and other social media sites may be sanctioned by the Federal Government over the display of porn and nudity on the Nigerian cyberspace. This is as the National Information Technology Development Agency (NITDA) released the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries (online platforms).

Part of the order included in the code is that -Snapchat, Twitter, TikTok, and other social media must ensure the removal, disabling, or blocking of access to any non-consensual content, which displays partial or full nudity, sexual acts, deep fake, or revenge porn within 24 hours.

The code mandated the social media platforms to “act expeditiously to remove, disable, or block access to non-consensual content that exposes a person’s private areas, full or partial nudity, sexual act, or revenge porn, where such content is targeted to harass, disrepute, or intimidate an individual. A Platform must acknowledge the receipt of the complaint and take down the content within 24 hours.”

Other things require of Snapchat, Twitter, and other social media platforms

  • The Code of Practice also directs these platforms to take down any unlawful content upon receiving a notice from a user, or an authorised government agency.
  • The platforms were also asked to exercise due diligence to ensure that no unlawful content is uploaded to their platform.
  • Aside from asking each online platform to have a country representative, who will interface with the Nigerian authorities, it also requires any platform with over 100,000 Nigerian users to have an office in Nigeria.
  • Other conditions include registering with the Corporate Affairs Commission as a legal entity, complying with tax obligations, abiding by regulatory and legal demands, and providing information about users on-demand, among others.

BizWatch Nigeria, however, understands that the Code of Practice recently published by the NITDA was designed to safeguard the fundamental human rights of Nigerians and non-Nigerians living in Nigeria, and to regulate interactions on the online platform.

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World Bank: Poor Nigerians To Hit 95.1m By End Of 2022

World Bank: Poor Nigerians To Hit 95.1m By End Of 2022

World Bank, in its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report, disclosed that the number of Nigerians that would plunge into poverty by the end of this year would hit 95.1 million.

While warning that many non-poor Nigerians are only one small shock away from falling into poverty, the Washington-based lender lamented that since President Muhammadu Buhari was first elected into the office of president of Nigeria in 2015, there has been no improvement in the poverty crisis in the country.

According to World Bank, poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.

Quoting its economists -Jonathan Lain and Jakob Engel, World Bank said rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.

“Nigeria’s aspiration to lift all of its people out of poverty by 2030 presents a serious challenge. Even before COVID-19, four in 10 Nigerians lived below the national poverty line – some 80 million people.

“The global pandemic, rising inflation, and ongoing uncertainty related to the war in Ukraine – combined with relentless population growth – have made Nigeria’s poverty-reduction goals more challenging than ever,” the economists were quoted.

Can Buhari truly lift Nigerians out of poverty?

With the factors identified by the World Bank economists, Buhari’s aspiration to lift Nigerians out of poverty has no doubt been met with a major blow.

It would be recalled that in June last year, the President inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President Yemi Osinbajo.

This, he said, re-echoes his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.

The president was quoted in a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, as saying, “If India can lift 271 million people out of poverty between 2006 and 2016, Nigeria can surely lift 100 million out of poverty in 10 years.

“Fortunately, we have already started but we need to unlock the challenges of slow implementation, inappropriate targeting, and absence of adequate resources.”

World Bank To Review Poverty Index Over Inflation 

Dollar To Naira: This Is Why Banks Are Restricting Access To Forex

Dollar To Naira Exchange Rate Today (Thur. July. 13, 2023)

For travellers, and for others seeking dollar to naira in exchange for one thing or the other, they are likely to experience stricter access to it considering the country’s external reserves that hit a seven-month low after falling to $38.57 billion as of May 25, 2022.

According to figures obtained from the Central Bank of Nigeria (CBN) on movement in external reserves, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.01 billion and $38.39 billion on October 10 and 8, 2021 respectively.

However, as a result of the dollar to naira scarcity, banks are extending the waiting period to access forex for foreign trips, thereby denying travellers with urgent trips access to apply for Personal Travel Allowance or the Business Travel Allowance requests.

The banks have also been reducing the amount a customer can spend on the cards in dollar terms.

Explaining Ecobank Nigeria’s current stand on retail forex transactions for international school fees, accommodation and upkeep payments as well as PTA/BTA requests, the financial institution’s Head, Consumer Banking, Korede Demola-Adeniyi said, “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep.

According to him, part of the process involved a review of all documents to ensure compliance with regulatory requirements.

“In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation,’ he added.

Like Ecobank, Access Bank stated: “All requests are reviewed to ensure that they meet regulatory requirements. In addition, due to limited forex availability provided by the Central Bank of Nigeria, we require a 30-day period to fulfill requests for school fees, upkeep, and rent payment.

“However, for PTA/BTA, we request that you submit your application 14 days before your proposed travel date to allow disbursement within the timeline.”

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Africa Finance Corporation Launches US$2bn Facility To Support Economic Recovery & Resilience In Africa

In response to economic challenges created by the global pandemic and the Russia-Ukraine conflict, Africa Finance Corporation (AFC) is launching a US$2billion facility to support recovery and resilience in Africa.

AFC has committed to funding up to 50% of the new African Economic Resilience Facility and mobilising the remainder through the Corporation’s network of international partners and investors. The facility will be announced at the AFC Live Infrastructure Solutions Summit today.

The facility will be disbursed through loans from AFC to selected commercial banks, regional development banks and central banks in various African countries, providing them with much needed hard currency liquidity to finance trade and other economic activities in their jurisdictions.

These institutions will be able to leverage AFC’s proven access to global funding to receive financing at competitive rates.

Speaking on the rationale behind the launch, Head of Treasury and Financial Institutions, Banji Fehintola, said: “The COVID-19 pandemic set back Africa’s economic growth trajectory and widened the trade financing gap, while the Russia-Ukraine conflict has added a further set of challenges negatively impacting growth prospects across the continent.

“We are determined to play a leading role in helping the continent’s recovery and resilience, not only though the work we do in bridging Africa’s infrastructure gap, but also through targeted interventions such as this US$2billion economic resilience facility.”

Applications for the African Economic Resilience Facility will open this month through AFC’s website.

Through this funding intervention, AFC will accelerate its developmental impact in Africa, helping to drive the continent to a new phase of growth that is focused on maximum resource value capture and domestic job creation.

Over the last 15 years, AFC has built experience mobilising global capital for critical infrastructure projects in Africa.

The Corporation’s recent bond issues include a US$750million 7-year Eurobond issued in 2021 at AFC’s lowest yield to date. The Corporation also established an independent asset management arm, AFC Capital Partners, with plans to raise US$2 billion to fund climate adaptation infrastructure projects in Africa.

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#IWD2022: Is Nigeria Ready For A Female President?

Break The Bias: Is Nigeria Ready For A Female President?

To commemorate International Women’s Day 2022, themed “Break The Bias” BizWatch Nigeria presents Twitter Spaces conversation on Wednesday, March 9th 2022 tagged “Break The Bias: Is Nigeria Ready For A Female President?”

International Women’s Day is marked every year to celebrate women all around the world, eradicate gender bias and fight for gender equality. Clearly, we have a long way to go to achieve gender equality.

Follow this link https://twitter.com/i/spaces/1mrGmaNrdvgGy to join the conversation on Twitter by 7 pm (WAT).

BizWatch Nigeria to mark this year’s International Women’s Day will have a Twitter Spaces Conversation by 7 pm (WAT) to provide solutions to gender bias and to discuss the following;

  • Gender bias
  • Issues in society
  • Empowering young girls and women
  • Gender equality and equity
  • Women in business and leadership
  • The role of the female gender in restoring Nigeria
  • Is Nigeria ready for a female president?
  • The rejected gender bills
  • Under representation of women in politics and government

The aim of this event is to celebrate women, eliminate gender bias and educate people on gender equality.

The speakers for the event are: Hansatu Adegbite, the Executive Director of WiMBIZ, Seyo Body-Lawson; a renowned entrepreneur and photographer, Gbemi Aleke; a Deputy Director of Account Management and Strategy at TBWA Lagos and Betty Abah; a seasoned journalist, women and children’s right activist and the Director of CEE-HOPE. The Twitter Spaces conversation will be hosted by Adepeju Aina, a content creator at BizWatch Nigeria.

Join our conversation on Twitter as we provide solutions to gender equality and as we break the bias!

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6 Multinational Oil Companies To Pay ₦249.3b In January – NNPC

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The Nigerian National Petroleum Company (NNPC) said that a total of ₦249.3 billion for October 2021 domestic crude oil sales by six multinational oil companies operating in the upstream sector will be paid in January 2022.

The NNPC made this known in its latest report on Nigeria’s crude oil export and domestic crude oil sales in the month of October 2021.

This came as the oil firm revealed that it would also deduct ₦270.83 billion from what would be shared by the three tiers of government during the Federal Accounts Allocation Committee meeting in January next year.

It said the ₦270.83 billion was its November 2021 value shortfall. The NNPC posts value shortfalls as a result of what it spends on the monthly subsidy of Premium Motor Spirit, popularly called petrol.

On oil sales, the oil company explained in the report that while the October 2021 crude oil exports of 50,000 barrels under the Production Sharing Contract, valued at $4.18 million was payable in November 2021, the October 2021 domestic crude oil payment expected in January 2022 from the six firms is ₦249.3 billion.

The company further noted that the October 2021 domestic crude oil payable in January 2022 by the NNPC was in line with the 90 days payment terms, adding that the six firms were its Joint Venture partners.

Oil firms

It outlined the firms from where the funds were being expected to include Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Shell Petroleum Development Company (SPDC), MidWestern, Pillar and First Exploration and Production.

It said CNL would be paying for 2.268 million barrels of domestic crude valued at ₦73.85 billion, while MPN would remit ₦123.22 billion for 3.8 million barrels of domestic crude oil.

The SPDC and MidWestern would be paying for 828,556 and 100,000 barrels of domestic crude oil valued at ₦26.966 billion and ₦3.25 billion, respectively.

For Pillar and First E&P, the firms would pay for 20,000 and 649,677 barrels of domestic crude oil valued at N650.91m and N21.36bn, respectively.

The report put the total volume of domestic crude oil payable by the firms in January 2022 at 7.666 million barrels, while the value of the commodity was put at ₦249.3 billion.

“This value shortfall consists of ₦220,110,853,427.56 for November and ₦50,720,290,429.00 deferred for recovery in December 2021 FAAC Report.”

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Nigeria, Developing Africa Group Sign MoU On Creation Of Intellectual Property Commercialisation Project

Nigeria, Developing Africa Group Sign MoU On Creation Of Intellectual Property Commercialisation Project

The Federal Government has signed a memorandum of understanding (MoU) with Developing Africa Group from UK, to establish the first in Africa first intellectual property rights (IPR) commercialization project in Nigeria.

The Head of Press and Public Relations of the Ministry of industry, Trade and Investment, Ibrahim Haruna disclosed the information.

The Minister of Industry, Trade and Investment,, Adeniyi Adebayo, was quoted as saying that the MoU would enable the group to use IPR as a means of resolving some of the issues and challenges facing Nigeria as well as provide jobs and trade services.

According to the minister, the pilot project was structured for a period of three years.

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“This is to address some of the issues surrounding unemployment and allow rural communities in Nigeria to start attracting commercial interests,” he said.

“Since trademarks are crucial to the promotion of trade and economic development, and Nigeria happens to be one of the strong regional hubs of trade in Africa being the continent’s biggest economy.

“It is no surprise that it has attracted the world’s IP governing body in Abuja, as Nigeria hosted one of the only two World Intellectual Property Office’s (WIPO) external offices in Africa.

“Africa in general and Nigeria in particular, faces an enormous challenge of industrialisation and unemployment generation given the significant population growth.

“The African Development Bank estimates that youth unemployment is twice as high as that of adults and that young people account for approximately 60 per cent of the continent’s jobless population.

“The problem is only set to become more acute given estimates that some 12 million young people on the continent enter the job market each year.”

The minister advised the group to collaborate with the WIPO Office in Nigeria to accomplish the goals.

The chairperson of the group, Jamila Ahmadu-Suka, assured that the use of the IPR would introduce a several technology-based projects in the country.

Pipeline Explosion Won’t Disrupt Flow Of Petroleum Products- NNPC

NNPC Says Fuel Scarcity Will End Next Week

The Nigerian National Petroleum Company (NNPC) has stated that the pipeline fire at Iyana-Odo/Baruwa axis of Lagos will not unsettle the supply of petroleum products across the country.

NNPC’s Group Managing Director, Mele Kyari, stated this on Friday during a visit to the scene of the incident.

The collapse of an electricity transmission tower on the pipeline on Friday resulted in the fire.

The NNPC GMD, who was represented by Isiyaku Abdullahi, managing director, Pipelines and Products Marketing Company (PPMC) Ltd, stated that the fire incident affected a portion of system 2B pipeline within the area, noting that the visit was to ascertain the extent of the incident.

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“We want to assure Nigerians that this incident will not affect the supply and distribution of petroleum products across the country,” he said.

Kyari staed further that official of the national oil company were working with the Lagos government and other relevant authorities to permanently put out the fire.

Confirming the incident earlier on Friday, Ibrahim Farinloye, acting coordinator, south-west zonal office of the National Emergency Management Agency (NEMA), said sparks from the collapsed tower led to the fire outbreak.

“The electricity cable collapse led to sparks and the sparks got to spilled petrol around the area which led to the pipeline fire and a subsequent explosion,” he said.

“The pipeline corridor has been known to have spillage often due to activities of vandals.”

The incident caused power outage in parts of Lagos State.

Reps Approve ₦17.126trn As Budget For 2022

Reps Ignore Bill Probiting Health Workers From Going On Strike

The House of Representatives (reps) on Tuesday passed a 2022 budget of ₦17.126 trillion which is higher than the ₦16.391 trillion sum presented by President Muhammadu Buhari.

The Senate is also expected to pass the appropriation bill on Tuesday.

While the major capital, recurrent, debt service, statutory transfers remain untouched, the House made provision for an increase by ₦400 billion for agencies that came forward with financial reports which were not captured in the proposed budget, such as INEC, Ministries of Humanitarian Affairs, the National Assembly, and more.

In passing the bill, the House increased the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.

The lawmakers also made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.

The budget deficit was increased by N98 billion to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.

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NNPC Assures On Availability Of Petroleum Products During Yuletide

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The Nigerian National Petroleum Company Ltd. (NNPC) says it will continue to work tirelessly to ensure sufficient supply of petrol to every part of the country during and beyond the forthcoming festive period.

Group General Manager, Group Public Affairs Division, NNPC, Garba Muhammad, made this known in a statement in Abuja.

Muhammad expressed appreciation to Nigerians for always heeding its advisories not to engage in panic buying of petrol.

“The NNPC is once again giving Nigerians strong assurance that we have product sufficiency that will last far beyond the festive period.

“Indeed, our stock has risen from a reserve of 1.7 billion litres to over two billion litres within the last one month,” he said.

Muhammad, therefore, urged Nigerians not to engage in panic buying, but to fully enjoy the spirit of the festive season.

While appreciating Nigerians for their understanding and support, he promised that NNPC will not relent, in always ensuring sufficient supply of petrol.

“We wish you all happy celebrations,” he said.

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Nigeria’s Headline Inflation Decreased In Nov. To 15.40% – NBS

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Nigeria’s Headline inflation decreased by 0.59 percent to 15.40 percent in November, the National Bureau of Statistics (NBS) has revealed.

Statistician-General of the Federation, Simon Harry, who made the announcement on Wednesday in Abuja during a media conference, also stated that the rebasing of the nation’s economy would take place in 2022 after completing the National Agricultural Sample Census (NASC).

According to him, there has been a consistent decrease in the inflation rate in the last eight months and the figure for November is a decrease from the 15.99 percent recorded in October.

“With this, it means that the declining trend for about eight months portends a positive signal given the favourable economic conditions, the rate of inflation in Nigeria would come down to a bearable level.”

Harry said that on a month-on-month basis, the headline index increased by 1.08 percent in November, which was 0.10 percent higher than the 0.98 percent recorded in October.

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The urban inflation rate increased by 15.92 percent (year-on-year) in November from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November from 14.33 percent in November 2020.

On a month-on-month basis, however, the urban index rose by 1.12 percent in November, up by 0.10 percent from the 1.02 percent recorded in October, while the rural index also rose by 1.04 percent in November, up by 0.09 percent from the 0.95 percent rate recorded in October.

He also said that the composite food index rose by 17.21 percent in November compared to 18.30 percent in November 2020.

According to him, the rise in the food index was caused by increases in prices of bread and cereals, fish, food product such as potatoes, yam, and other tubers, oil and fats, milk, cheese and eggs, and coffee, tea, and cocoa.

However, on a month-on-month basis, the food sub-index increased by 1.07 percent in November, up by 0.16 percent points from 0.91 percent recorded in October.

Also, the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.85 percent in November, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.

He added that on a month-on-month basis, the core sub-index increased by 1.26 percent in November.

“This was down by 0.46 percent when compared with 0.80 percent recorded in October.

“The highest increases were recorded in prices of gas, liquid fuel, other services such as garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewelry, clocks, and watches.

“Others are passenger transport by air, pharmaceutical products, appliances, articles, and products for personal care, cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.”

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NCC Conducts Mock Session For 5G

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The Nigerian Communications Commission (NCC) says it has successfully carried out a mock session for the 3.5 gigahertz (GHz) spectrum auction for the deployment of the Fifth Generation (5G) network in the country.

Dr. Ikechukwu Adinde, NCC’s spokesman explained that the simulated auction held on Friday in Abuja was preparatory to the main auction scheduled to take place on Monday.

He said the conduct of the simulation exercise was in line with the requirements stipulated in the Information Memorandum (IM) for the 3.5 GHz spectrum auction.

The IM is a document that defines the process for the licensing of the 3.5 GHz spectrum band earlier published on the commission’s website at the inception of the auction process.

“Using the Ascending Clock Auction System for the mock session, the three qualified bidders for the 3.5 GHz spectrum, namely MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd, participated in the software-based simulated auction exercise,” the statement said.

“Following the successful mock auction, the stage is set for the commission to license two slots in the 3.5 GHz spectrum band expected to be picked by successful bidders at the end of the Main Auction on Monday, December 13, 2021.

“The auction on Monday will mark a turning point in Nigeria’s determination to harness the benefits of 5G for the nation’s socio-economic growth as the concrete roll-out of 5G commences in 2022.”

Chairman of NCC Board of Commissioners, Professor Adeolu Akande; the Executive Vice Chairman and Chief Executive Officer of the commission, Professor Umar Danbatta; Executive Commissioner (Technical Services), Ubale Maska, and the Executive Commissioner (Stakeholder Management), Adeleke Adewolu, were among those who witnessed the exercise.

Others include representatives from the bidding companies, senior management staff from relevant departments of the commission, technical consultants, software consultants, legal consultants, and other external observers.

In a brief remark at the mock auction, Danbatta said the commission had taken all necessary steps to ensure due diligence on the credibility of the consultants and to safeguard the integrity of the software solution being used to carry out the implementation of the national assignment.

“This is consistent with the open, credible transparent, and fair manner by which the commission is known to have conducted previous auction processes, which have been locally and globally applauded,” Danbatta was quoted as saying in the statement.

In order to ensure a fail-proof process, Adinde said the NCC also carried out a simulation of the manual process of the auction, aside from the electronic mock.

He explained that this was to make bidders familiar with the manual auction in case of any circumstances on the main action day that may warrant a need to switch to the manual auction.

“It is pertinent to note that the two forms- electronic and manual- are clearly stated in the IM and they follow the same process,” the statement added.

“Representatives of the bidding companies, the commission, the consultants, and other observers at the mock auction expressed satisfaction with the conduct of the simulation exercise, which also provided an opportunity for the commission to perfect the auction process ahead of the main auction.

“The commission had commenced the process for the auction of the 5G spectrum in the last quarter of the 2021 and had, since then, carried out a number of activities ahead of the main auction.”

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Fuel May Sell Above N340/litre – Marketers

Marketers Express Concerns Petrol May Sell Above N340/litre

The retail price of Premium Motor Spirit, popularly known as petrol, may be sold above the projected N340/litre in February 2022 once the Federal Government stops its subsidy on the commodity, oil marketers said on Tuesday.

Findings show that both independent and major oil marketers were perfecting plans to begin PMS importation soon as the government ends the subsidy regime.

They have raised concern over the unstable condition in foreign exchange rates and how this would affect petrol price in the coming year.

The Nigerian National Petroleum Company Limited has been the sole importer of petrol into Nigeria for about four years. The inability of marketers to effectively access the United States dollar for the purpose of importing refined crude oil forced them to stop.

The Group Managing Director of NNPC, Mele Kyari, last week, announced at a World Bank event in Abuja that beginning from February 2022, the price of petrol would range between N320 and N340 per litre by which time the Federal Government have removed the subsidy.

He stated that Nigeria would cease to subsidize the commodity in the first quarter of next year, adding that subsidy would have been removed this year but was suspended owing to certain conditions.

According to PUNCH, some marketers on Tuesday stated that the cost of petrol would be above the amount projected, which is between N320 – N340/litres if there was no improvement in the foreign exchange rate.

According to Dealers under the aegis of Independent Petroleum Marketers Association of Nigeria and Petroleum Products Retail Outlets owners Association of Nigeria stated their readiness to import petrol, however, also noted the cost of the commodity would be high in February.

IPMAN and PETROAN members own bulk of the filling stations across the country and currently make purchases from depots before selling to final consumers at their various retail outlets.

“Yes, if there is no subsidy, some marketers can import, but the only thing is that it will be costly. The price will be higher than the projected cost because of the exchange rate,” the National Vice President, IPMAN, Abubakar Maigandi, stated.

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He added, “The challenge of accessing forex will definitely affect imports because over 90 per cent of petrol that will be consumed across the country will depend on importation. Also this is because the refineries are not functioning.”

The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, also stated that the foreign exchange rate would determine the cost of petrol from next year after subsidy removal.

He said, “If the Federal Government says there is no going back on subsidy removal this time round, which is a challenge that has dragged on for about 30 years, then it means that they are going to liberalise the market.

“By liberalising the market it will now help independent and major marketers to be able to freely import petroleum products from any source so that products will be available in Nigeria.”

He added, “However, it is pertinent to note the forces of demand and supply will determine the price of the commodity in Nigeria. So literally, whatever the dollar rate is in the international and local markets will pose the actual challenge to marketers

“The issue of black market and official exchange rates is a serious challenge that we foresee. But we believe that the Federal Government is doing something by meeting with the bureau d’change operators on this, so that whatever is obtainable at the banks is what you get in the open market.”

On whether the forex issue could lead to a higher price than the projected N340/litre, Chinedu replied, “Aside from the adverse effects of the removal of subsidy on the wellbeing of Nigerians, we will, of course, see a price that is higher than what they project.

“The price will be higher. It will be higher because the dollar to a large extent determines the price of petroleum products. If the dollar goes up, the price of petrol will increase, and vice versa.”

The President PETROAN, Billy Gillis-Harry, confirmed the position of IPMAN, as he, however, explained that members of his association were ready to import the commodity.

He said, “At PETROAN we already have a vehicle that is in place to start importation petroleum products, gas and other products. We encourage the government to completely remove subsidy.

On the possibility of higher pump price than the projected N340/litre, Gillis-Harry said, “That is why we said that every single thing about petroleum products should be premised on the forces of the market.

“The forces of demand and supply should determine the price.”

The spokesperson of NNPC, Garba-Deen Muhammad, told our correspondent that the issue of petrol pricing was not the function of the oil firm.

“Price issues are policy matters. NNPC does not fix price, it has no mandate. It operates in the sector as a business concern governed by CAMA Laws,” he stated.

Despite Interventions, Six Million Electricity Consumers On Estimated Billing

Ibadan DisCo Announces Relaunch Of MAPS

Despite interventions and funding channeled to the distribution of prepaid meters across the country, about six million electricity consumers are still being given estimated billing.

A report by the Nigerian Electricity Regulatory Commission (NERC) in January this year had put the number of meters contracted through the Meter Asset Providers scheme (MAPS) and National Mass Metering Programme (NMMP) at 7,588,972, indicating that over 7.5 million customers will be needing prepaid meters had the time.

However, The PUNCH gathered from the Federal Ministry of Power on Tuesday that the deployment of meters through the NMMP had risen to 750,000.

A combination of meter deployment by both schemes showed that about 1.26 million meters had been deployed out of the over 7.5 million unmetered customers captured by the NERC.

Operators in the sector explained that the deployment of meters this year was basically through the NMMP, as the MAP scheme was not fast in meter provision.

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The National Mass Metering Programme, funded by the Central Bank of Nigeria, was instituted in September 2020 to increase the rate of metering through the provision of free meters.

The Meter Asset Providers scheme, on the other hand, took effect on April 3, 2018, introducing meter providers as a new set of service providers in the Nigeria Electricity Supply Industry.

This came as power distributors told our correspondent that meters provided under Phase Zero of the NMMP had so far been deployed to customers.

They stated that many Discos currently lacked meters as only a few were on ground for distribution to the over six million unmetered power users nationwide.

“Under Phase Zero, they (government) had a particular number that they gave to each Disco and the target was to provide about one million meters,” an official with the Association of Nigerian Electricity Distributors, who pleaded not to be named as he was not authorised to speak on the matter, said.

The official added, “Ikeja Disco received over 100,000 meters; Ibadan Disco also got over 100,000 meters; while some others got about 90,000 meters, as the allocations were based on the Disco.”

Explaining how the free meters under Phase Zero of the NMMP were acquired, the ANED official stated that the government worked with meter manufacturers to know their respective capacities.

Dangote Refinery Accuses NNPC Of Falling Short On Crude Supply In Crude-For-Naira Agreement

The Dangote Refinery raises concerns over the Nigerian National Petroleum Corporation (NNPC) failing to meet its crude oil supply obligations under the crude-for-naira agreement.

Edwin Devakumar, Vice President of the Dangote Group, states that the NNPC commits to providing a minimum of 385,000 barrels per day (bpd) to the Lagos-based refinery. However, he claims the actual supply falls significantly short of this target.

“We require 650,000 barrels per day, and NNPC promises to deliver at least 385,000 bpd, but they are not even meeting that,” Devakumar remarks, describing the current crude supply as inadequate for the refinery’s operations.

Dangote Refinery Resumes Importation of US Crude Oil

Due to the supply gap, the refinery resumes importing crude oil from the United States after a three-month break. Reports confirm that approximately two million barrels of WTI Midland crude are procured from Chevron Corporation.

  • The shipment is scheduled to arrive at the refinery in Lagos next month.
  • A supertanker, Azure Nova, is set to transport the crude from the US Gulf Coast, with loading expected to occur around December 5.
  • Analysts suggest lower shipping costs may have made US crude oil a competitive option.

Details of the Crude-for-Naira Agreement

The Federal Government introduces the crude-for-naira arrangement to end the practice of selling crude oil to local refineries in foreign currency.

  • Under this plan, the 450,000 barrels of crude allocated for domestic use are sold in naira to Nigerian refineries, with the Dangote Refinery as the pilot facility.
  • This initiative aims to stabilize fuel prices and ease pressure on the naira-dollar exchange rate.

The Dangote Refinery requires 15 cargoes of crude annually to function optimally, with the NNPC expected to supply four of these cargoes. The crude-for-naira deal officially begins on October 1, 2024.

Despite these measures, the Dangote Refinery emphasizes the urgent need for consistent crude supply to meet its production targets and strengthen Nigeria’s energy sector.

EFCC Flags Fintech Negligence As A Catalyst For Fraud Among Unbanked And Middle-Class Nigerians

EFCC Flags Fintech Negligence As A Catalyst For Fraud Among Unbanked And Middle-Class Nigerians

Ola Olukoyede Emerges EFCC Chairman

The Economic and Financial Crimes Commission (EFCC) expresses concern over rising fraudulent activities within Nigeria’s financial sector, particularly impacting the unbanked, underserved, and middle-class populations.

Lapses in KYC Processes by Fintechs

EFCC Chairman Ola Olukoyede attributes the spike in fraud cases to lapses in the Know Your Customer (KYC) protocols of some financial technology (fintech) companies. Speaking at a stakeholder engagement in Abuja, Olukoyede highlights the failure of some fintech firms to enforce robust KYC measures during customer onboarding, especially for tier-one accounts.

“There is widespread fraud targeting the unbanked and middle-class segments due to poor KYC implementation. Fintech companies need to focus on closing these loopholes to prevent exploitation,” Olukoyede says.

He calls on fintech firms to strengthen their internal processes to block vulnerabilities that fraudsters frequently exploit.

Strengthening Partnerships with EFCC

The EFCC emphasizes the need for collaboration between fintech operators and regulatory bodies to combat financial crimes effectively. Olukoyede urges fintech companies to recognize their role as critical stakeholders in curbing corruption and to respond swiftly to inquiries from regulatory agencies.

“Collaborating with the EFCC shows your commitment to addressing systemic vulnerabilities and reducing fraud risks. Together, we can develop stronger internal controls to secure the financial system,” he states.

The EFCC reiterates its readiness to partner with fintech companies in resolving fraud-related challenges and improving their security frameworks.

Escalating Fraud Statistics

Data reveals a significant increase in fraudulent activities in Nigeria’s financial sector:

  • Banks lose N42.6 billion between April and June 2024, a dramatic rise compared to N9.4 billion reported for the entirety of 2023.
  • Fraud-related losses increase by 8,993% from the first quarter of 2024 and by 637% compared to the second quarter of 2023.
  • Miscellaneous fraud, including unauthorized withdrawals and online scams, accounts for 96.46% of total losses.
  • Incidents involving fraud through bank branches surge by 31,497%, while cases of computer and web-based fraud grow by 1,560%.

Addressing Systemic Weaknesses

The EFCC warns that the rapid adoption of digital platforms without corresponding security upgrades exposes significant vulnerabilities. Many organizations prioritize innovation while neglecting robust onboarding and security measures, making their systems susceptible to fraud.

The EFCC underscores the urgency of addressing these gaps to protect Nigeria’s financial infrastructure and maintain public confidence in the system.

Anambra State Allocates N200 Billion For Roads In 2025 Budget

Anambra State Allocates N200 Billion For Roads In 2025 Budget

The Anambra State Government commits N200 billion in its proposed 2025 budget to complete ongoing road projects and commence new ones. This allocation forms part of the capital expenditure aimed at improving infrastructure and driving economic growth.

Key Details of the Budget

Governor Chukwuma Soludo presents a proposed N606.99 billion budget to the State House of Assembly, with N200 billion earmarked for road infrastructure under the Ministry of Works. The projects include the dualization of the 34-kilometer Amawbia-to-Imo State road and the completion of the Ekwulobia flyover.

The Ministry of Works also plans to allocate N32 billion for developing new cities in Awka, Onitsha, and an industrial city. Additional proposed allocations include:

  • 4-star hotel construction: N15 billion
  • New market development: N10 billion
  • Fitting and equipping the new Government House: N5 billion
  • Solution Innovation District (SID) completion: N3 billion

Broader Budget Allocations

The budget outlines investments across several key ministries:

  • Transport: N2.5 billion for mass transit and marine infrastructure, including buses, jetties, and boats.
  • Homeland Security: N2 billion for armored vehicles and security equipment.
  • Women Affairs: N2 billion for the Micro Enterprises Support Scheme.
  • Agriculture: N2 billion for a palm and coconut seedling program.
  • Power and Water Resources: N7 billion for power expansion and solar streetlights in underserved areas.
  • Youth Development: N3 billion for youth empowerment programs.
  • Education: N11 billion for smart schools and N22 billion for institutional development.
  • Health: N3 billion for general hospitals and specialized facilities, including a cancer hospital.

Additional Infrastructure

The Ministry of Information receives N5 billion for media outreach, while the House of Assembly is allocated N1.5 billion for legislative quarters. The Ministry of Budget & Economic Planning is proposed to get N5 billion for the State Counterpart Fund.

Strategic Objectives

Governor Soludo highlights that the proposed projects aim to enhance infrastructure, stimulate economic activities, and foster innovation. The Solution Innovation District (SID), with a budget of N3 billion, is expected to become a hub for innovators, technologists, and entrepreneurs.

The proposed budget now awaits approval from the State House of Assembly.

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Vandals Disrupt Repairs On TCN’s Ahoada-Yenagoa 132kV Line

Electricity Customers Increase By 210,000

The Transmission Company of Nigeria (TCN) confirms another act of vandalism on the Ahoada-Yenagoa 132kV transmission line, delaying critical repair work following a prior attack.

The latest vandalism occurs on November 19, targeting towers 29 to 31. Vandals remove about one-third of the conductor, significantly hindering repairs that are already 85% complete. An inspection led by TCN’s Port Harcourt Region General Manager, Emmanuel Akpa, reveals that the damage likely happens during nighttime hours.

To prevent further theft, local security teams are stationed at the affected site in Ula Ikata, Ahoada East Local Government Area. Additionally, TCN is energizing the line from the Ahoada end as a protective measure. Despite challenges posed by terrain and flooding, efforts to replace the stolen 250mm conductor continue.

TCN spokesperson Ndidi Mbah highlights the urgency of combating vandalism, stating, “These activities severely hinder the growth and stability of the national grid. We call on communities, security agencies, and the public to join hands in safeguarding power installations.”

Ongoing Challenges in the Power Sector

The incident adds to a growing list of attacks on the nation’s power infrastructure:

  • Benin-Egbin and Benin-Omotosho Lines: Earlier in November, vandals strike transmission towers in Okada and Ofosu communities, damaging 31 towers and disrupting key power routes.
  • Jos-Gombe Line: Tower T290 collapses during cable stringing, part of efforts to restore power with newly erected towers.
  • Makurdi-Jos Line: Vandals target Tower T540, removing key components. Emergency repairs are ongoing to stabilize the structure.
  • Lokoja-Gwagwalada Line: On November 9, vandals destroy Towers T306, T307, and T308, stealing two spans of aluminum conductor and interrupting bulk power transmission.

Vandalism remains a persistent issue in Nigeria’s power sector. It disrupts grid stability, impacts electricity distribution, and hampers economic activities. TCN reiterates the need for collaborative efforts to protect critical energy infrastructure to support national growth and development.

NEC Takes Action o End National Grid Collapses In Nigeria

NEC Takes Action To End National Grid Collapses In Nigeria

The National Economic Council (NEC) intensifies efforts to address recurring collapses of Nigeria’s national power grid by enhancing the implementation of the National Electrification Strategy. This decision emerges from NEC’s 146th meeting, chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja.

NEC establishes a National Electrification Committee to tackle persistent issues in the power sector. The committee, led by Cross River State Governor Bassey Otu, focuses on deepening state-level engagement under the Electricity Reform Act 2023 and advancing the National Electrification Strategy and Implementation Plan.

Vice President Shettima underscores the importance of stable electricity, stating, “Access to energy is a fundamental right, not a privilege, as electricity drives economic growth.”

Nigeria’s national grid has collapsed ten times in 2024, including eight incidents in October, leaving many areas without power and businesses reliant on generators.

The Nigerian Electricity Regulatory Commission (NERC) plans to investigate these collapses through public hearings. Minister of Power Adebayo Adelabu acknowledges that grid failures are sometimes unavoidable due to various technical issues. However, the government is implementing measures to reduce the frequency of collapses and improve grid stability.

Through the newly formed National Electrification Committee, NEC aims to stabilize electricity supply, reduce disruptions, and drive economic development across the country.

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FG Secures ₦346.155 Billion In November Bond Auction

Bond

The Federal Government raises ₦346.155 billion during its November 2024 bond auction, achieving higher allotments despite a reduction in the total amount offered. The Debt Management Office (DMO) conducts the auction on November 18, reopening the 19.30% FGN APR 2029 (5-Year Bond) and the 18.50% FGN FEB 2031 (7-Year Bond).

Key Auction Details

In November, the government offers ₦120 billion—₦60 billion for each bond series—representing a 33.33% decrease from the ₦180 billion offered in October. Despite the reduced offering, allotments increase by 19.50%, rising from ₦289.597 billion in October to ₦346.155 billion.

  • 5-Year Bond: ₦63.530 billion is allotted, compared to ₦57.237 billion in October.
  • 7-Year Bond: ₦282.625 billion is allotted, up from ₦232.360 billion in the previous month.

Strong Investor Participation

Total bids for the auction reach ₦369.585 billion, reflecting a 208% subscription rate. This level of interest slightly declines by 5.06% compared to October’s ₦389.321 billion.

  • 5-Year Bond Subscriptions: Increase to ₦75.560 billion, up from ₦60.737 billion in October.
  • 7-Year Bond Subscriptions: Decline to ₦294.025 billion from ₦328.584 billion.

Inclusion of Non-Competitive Allotments

The auction incorporates a ₦500 million non-competitive allotment for the 5-Year Bond. This feature allows retail investors and smaller-scale participants to access government securities without competing on marginal rates, fostering broader market participation.

No non-competitive allotment is provided for the 7-Year Bond, indicating a focus on institutional bids for this longer-term instrument, which attracts substantial investor demand.

Marginal rates rise in November, reflecting tighter liquidity conditions:

  • 5-Year Bond: Marginal rate climbs to 21.00% from 20.75% in October.
  • 7-Year Bond: Marginal rate increases to 22.00% from 21.74%.

Bid ranges highlight robust competition:

  • 5-Year Bond: Bids range from 19.00% to 21.90%.
  • 7-Year Bond: Bids span from 18.00% to 23.00%.

Broader Implications

The overwhelming interest in the 7-Year Bond demonstrates investor preference for longer-duration instruments, reflecting expectations of sustained high-interest rates. The sharp contrast between subscription and allotment levels shows the DMO’s calculated approach to balancing funding needs with market stability.

Higher marginal rates and increased allotments signal the government’s ability to secure funds despite evolving market dynamics. However, rising borrowing costs underscore the importance of directing these resources toward critical sectors to support sustainable growth.

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Senate Approves ₦1.77tn External Loan For 2024 Budget

The Nigerian Senate has approved President Bola Tinubu’s request to borrow ₦1.77 trillion ($2.209 billion) from external sources to bridge the deficit in the 2024 budget.

The loan, approved during Thursday’s plenary, followed a report presented by the Senate Committee on Local and Foreign Debt. It will be utilised as part of the ₦28.7 trillion 2024 budget, as outlined in the Appropriation Act.

President Tinubu, in a letter to the Senate earlier in the week, explained that the borrowing aligns with the provisions of the 2024 Appropriation Act and the Debt Management Office Establishment Act of 2003. The Federal Executive Council had previously given its nod for the borrowing plan, which aims to fund key capital projects and programmes in the budget.

The funds will be sourced through Eurobonds in international capital markets at competitive interest rates significantly lower than domestic borrowing costs. The official exchange rate of ₦1,640 to $1 will apply.

Presenting the committee’s report, Senator Aliyu Wamakko, Chairman of the Committee on Local and Foreign Debt, noted that the borrowing would bolster Nigeria’s foreign reserves and support the completion of critical projects.

“This initiative is part of the federal government’s Debt Management Strategy, aimed at reducing borrowing costs, extending the maturity profile of public debt, and freeing up the domestic market for other borrowers,” Wamakko stated.

He highlighted Nigeria’s strong track record in the international capital market, having raised $16.92 billion through Eurobonds, with $15.12 billion currently outstanding.

Wamakko acknowledged that while the country is well-positioned to raise the $2.209 billion via Eurobonds, alternative options such as bridge financing or syndicated loans could be explored if market conditions delay the bond issuance.

The Senate pledged to collaborate with the Ministry of Finance to ensure proper utilisation of the funds once secured.

The plenary, presided over by Deputy Senate President Barau Jibrin, approved the request without debate. Jibrin described the external borrowing as essential for the nation’s economic stability and development.

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Bitcoin’s Market Value Approaches 10 Times The Size Of Nigeria’s Economy

Nigeria Emerges 5th Most Interested Country In Bitcoin

Bitcoin, the leading cryptocurrency, reaches a record high of $97,000, pushing its market capitalization to $1.9 trillion. This makes Bitcoin nearly 10 times larger than Nigeria’s economy, currently valued at $252 billion according to the International Monetary Fund (IMF).

Bitcoin Surpasses Major African Economies

With its latest surge, Bitcoin surpasses South Africa, Africa’s largest economy, and significantly overshadows Nigeria’s, which ranks fourth on the continent. Globally, Bitcoin now stands as the sixth most valuable asset by market capitalization, trailing Amazon by $230 billion and overtaking Saudi Aramco.

A Reflection on Nigeria’s Economic Challenges

Bitcoin’s valuation highlights the economic challenges facing Nigeria. Once valued at $568.49 billion in 2014 as one of the world’s fastest-growing economies, Nigeria’s economy has since declined to around $260 billion.

The current exchange rate further illustrates this disparity, with one Bitcoin valued at ₦163 million. Analysts predict Bitcoin may surpass $100,000 before the year ends, emphasizing its growing dominance in the global financial system.

Industry Reactions

Cryptocurrency experts highlight Bitcoin’s meteoric rise. One industry observer notes:
“Bitcoin price nearing $100K, market cap approaching $2 trillion. If Bitcoin were a company, it would rank as the sixth largest globally, just behind Amazon and ahead of Aramco.”

Another analyst points to soaring demand as the key driver:
“Buyers are overwhelming sellers. Although the road to $100,000 may have challenges, the appetite for Bitcoin is insatiable,” he observes.

Cryptocurrency Market Growth

Bitcoin’s growth drives the global cryptocurrency market to a total valuation of $3.3 trillion, cementing its role as a transformative force. The cryptocurrency now holds a market cap greater than 10% of silver’s valuation and more than half the size of Nvidia, the world’s largest company at $3.6 trillion.

Future Economic Projections

Despite the widening gap between Bitcoin and traditional economies, forecasts suggest Nigeria’s economy could grow to $372.97 billion by the end of 2024. However, Bitcoin’s unprecedented rise underscores the shift towards digital assets as key players in the global financial landscape.

Over 65% Of Nigerian Households Struggle To Afford Healthy Meals Due To Financial Constraints

Over 65% Of Nigerian Households Struggle To Afford Healthy Meals Due To Financial Constraints

A recent report by the National Bureau of Statistics (NBS) reveals that 65.8% of Nigerian households are unable to consume healthy, nutritious, or preferred meals due to financial difficulties. This finding comes from the General Household Survey-Panel Wave 5 (2023/2024), supported by the World Bank.

Key Findings on Food Insecurity

The report highlights widespread food insecurity across the country:

  • Limited Food Variety: 63.8% of households rely on a restricted selection of foods due to a lack of money.
  • Food Anxiety: 62.4% worry about insufficient food supplies.
  • Reduced Consumption: 60.5% report eating less than they should.
  • Severe Hunger: 12.3% experience at least one family member going an entire day without food.
  • Reliance on Assistance: 20.8% borrow food or seek help from friends and relatives to survive.

The report states:
“Approximately two out of three households (65.8%) report being unable to eat healthy, nutritious, or preferred foods in the last 30 days due to financial challenges. Additionally, 12.3% of households experience at least one member going without food for an entire day, and 20.8% rely on external help for survival.”

Vulnerable Groups and Geographic Disparities

The report identifies significant disparities:

  • Regional Differences: Southern regions experience more severe food insecurity compared to northern zones. For instance, over 60% of households in the South-South zone report skipping meals due to financial constraints.
  • Female-Headed Households: Women-led households face a greater burden, with 72.2% unable to afford healthy meals, compared to 64% of male-led households. Additionally, 55.2% of female-headed households run out of food completely, compared to 41.3% of male-headed households.

Rising Food Insecurity Since 2018

Food insecurity continues to rise significantly compared to 2018/2019, with households worried about food shortages almost doubling from 36.9% in Wave 4 to 62.4% in Wave 5.

  • Regional Increases: The North Central zone records the largest rise in food-related concerns, tripling from 16.2% to 44.9%. The South West zone sees an increase from 46.7% to 61.7%.
  • Seasonal Challenges: 37% of households report food shortages in the past 12 months, with June, July, and August identified as the most challenging months.
  • Highest Shortages: The North East records the highest food shortages at 53%, while the North Central zone reports the lowest at 25.7%.

The findings emphasize the need for targeted interventions to address food insecurity and support vulnerable households nationwide.

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Covenant University Students Win 2024 CGMA Business Leaders Challenge

Students from Covenant University, Ogun State, have clinched the top spot in the 2024 Chartered Global Management Accountants (CGMA) Business Leaders Challenge.

The grand finale, held on Thursday at the Bankers House, Adeola Hopewell Street, Victoria Island, Lagos, saw “Team Analyst” from Covenant University emerge victorious with an outstanding presentation.

For their triumph, the team was awarded a cash prize of ₦1,000,000, a prestigious internship opportunity at a renowned corporate organisation, and a one-year registration for the CGMA Finance Leadership Programme (FLP), valued at £2,000 per participant.

Nile University, represented by “Team Lot,” secured the second position, earning ₦700,000 and a two-month internship opportunity. Landmark University’s “Team Visionary Titan” claimed third place, walking away with ₦500,000 and a similar internship opportunity.

Meanwhile, the University of Lagos and TopFaith University received consolation prizes for making it to the finals.

Ijeoma Anadozie, Country Director at the Association of International Certified Professional Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA), highlighted the significance of the competition.

“The CGMA Business Leaders Challenge is an important initiative for AICPA and CIMA. I’m thrilled that we can once again recognise the talents of future finance leaders. I commend all participants for their resilience and outstanding performance throughout this journey,” Anadozie said.

She expressed optimism about the future of the accounting profession in Nigeria, saying, “Looking around the room today, I see many promising leaders who will uphold the legacy of the accounting and finance profession.”

Anadozie also encouraged the contestants to push their limits and connect with global opportunities in management accounting.

The competition was sponsored by Stanbic IBTC Bank, Coronation Merchant Bank, and Rexona. The panel of judges comprised prominent figures from the accounting and financial management fields, including Mr Stanley Ubani, Mrs Folake Ogundipe, Mrs Gbemi Adelowore, and Dr Seyi Olanrewaju.

The CGMA Business Leaders Challenge continues to serve as a platform to nurture and celebrate the talents of future finance leaders in Nigeria.

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President Tinubu Reaffirms Commitment To Mitigating Hardship From Economic Reforms

President Bola Ahmed Tinubu pledges to alleviate the challenges Nigerians face due to his administration’s economic reforms. He makes this commitment during a discussion with International Monetary Fund (IMF) Managing Director Kristalina Georgieva at the G20 Summit in Brazil.

IMF Backs Nigeria’s Economic Reforms

Kristalina Georgieva expresses the IMF’s strong support for Nigeria’s economic policies, commending the government’s decisive actions to stimulate growth and create jobs. “Nigeria’s economic reforms are bold steps toward accelerating growth and job creation for its dynamic population,” Georgieva states, adding that the IMF remains committed to supporting these initiatives.

Tinubu’s Response

President Tinubu highlights the positive outcomes of his economic policies while acknowledging the difficulties they bring. He assures Nigerians that his administration prioritizes easing the associated hardships, particularly for vulnerable groups.

“Our reforms are already producing results. However, we are committed to reducing the challenges they impose on Nigerians,” Tinubu says. He emphasizes investments in social safety nets, education, infrastructure, and inclusive growth as cornerstones of his administration’s agenda.

Tax Awareness and Economic Expansion

Tinubu outlines ongoing efforts to engage stakeholders and educate Nigerians about broadening the country’s tax base. He stresses that this approach aims to drive economic growth without increasing the financial burden on citizens.

Context and Future Outlook

Since taking office in May 2023, President Tinubu has consistently urged patience as his administration implements strategies to strengthen Nigeria’s economy.

The removal of the fuel subsidy, a major reform, has led to significant price hikes for goods and services. Tinubu reassures Nigerians that these challenges are temporary, with subsidy savings redirected toward critical infrastructure.

The IMF projects Nigeria’s GDP will grow by 3.2% by 2025, with inflation expected to drop to 25% in the same period. These projections reflect optimism about the country’s economic trajectory under Tinubu’s leadership.

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Sanwo-Olu Proposes N3 Trillion Budget For 2025 To Lagos Assembly

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Lagos State Governor Babajide Sanwo-Olu has presented a budget proposal of N3.005 trillion for the 2025 fiscal year to the Lagos State House of Assembly. The proposed budget, themed “The Budget of Sustainability,” was unveiled on Thursday.

Budget Overview

The budget outlines a total revenue projection of N2.597 trillion, with a financing deficit of N408 billion. Governor Sanwo-Olu provided a breakdown of the revenue, highlighting:

  • Internally Generated Revenue (IGR): N1.108 trillion
  • Tax Cuts: N660.137 billion

The proposed expenditure includes a recurrent expenditure of N1.24 trillion, allocated as follows:

  • Overhead costs: N722.586 billion
    • Overhead: N432.580 billion
    • Subventions: N139.728 billion
    • Dedicated funds: N150.278 billion
  • Total personnel cost: N392 billion
  • Recurrent debt charges: N125.232 billion

For capital expenditure, the governor proposed a total of N1.766 trillion, which includes:

  • Core capital projects: N1.452 trillion
  • Repayments: N313.515 billion

Sectoral Allocations

Key allocations for 2025 include:

  • Economic Affairs: N908.699 billion
  • Environment: N233.176 billion
  • Health: N204.005 billion
  • Education: N208.376 billion
  • Security, Safety, and Public Order: N124.073 billion
  • Social Protection: N47.077 billion

Focus Areas for Development

Governor Sanwo-Olu emphasized the five pillars of the budget, which include:

  1. Infrastructure Sustainability
    • Maintenance, upgrading, and expansion of existing road networks to meet population growth demands.
  2. Economic Diversification
    • Reducing reliance on a single sector to ensure a more resilient economy.
  3. Social Inclusion and Human Capital Development
  4. Environmental Sustainability
  5. Governance and Institutional Reforms

“Infrastructure sustainability is the backbone of any development agenda. A greater Lagos will emerge through high-quality infrastructure that meets the needs of our growing population,” the governor remarked.

Assembly’s Response

The Speaker of the Lagos State House of Assembly, Mr. Mudashiru Obasa, assured the governor of the assembly’s support and commitment to reviewing the budget. He announced that deliberations would resume on November 29 to thoroughly examine the proposal.

This ambitious budget reflects the state’s determination to maintain Lagos as a hub for economic growth and development in Nigeria.

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Short-Term Benchmark Interest Rates Surge Amid Tight Liquidity

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Short-term benchmark interest rates have risen sharply as the financial system faces tight liquidity, following significant outflows linked to Treasury bill settlements.

Rates climbed above the 30% threshold from as low as 26% earlier this week, driven by a liquidity crunch that has left authorized dealers in the money market scrambling for funds. This unmet demand for liquidity has prompted an increased reliance on borrowing.

Facing funding pressures, several banks have turned to the Central Bank of Nigeria’s (CBN) Standing Lending Facility to secure the liquidity needed to meet their obligations.

On Thursday, market liquidity weakened further due to the settlement of Nigerian Treasury bill auctions, resulting in a net debit of ₦83.04 billion, according to a report by AIICO Capital Limited.

This liquidity strain has pushed short-term benchmark interest rates higher. While the Nigerian Interbank Offered Rate (NIBOR) declined across 1-month, 3-month, and 6-month tenors, the overnight NIBOR surged by 331 basis points, reflecting the liquidity pressures in the financial system, Cowry Asset Limited noted.

FMDQ platform data confirmed an increase in key rates, with the Overnight Policy Rate (OPR) rising by 55 basis points to 32.25% and the Overnight Rate (O/N) climbing 58 basis points to 32.83%.

AIICO Capital Limited analysts anticipate that short-term interbank rates will remain elevated as the market awaits inflows from Federal Account Allocation Committee (FAAC) disbursements.

The FAAC has approved ₦1.41 trillion for distribution among the federal, state, and local governments, with an estimated ₦667 billion expected to flow into the system.

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NGX Loses N108bn As Investors Sell Oando, Access Holdings Stocks

Decline In Nigeria's Equity Market Creating Entry Opportunity For Investors - Analysts

The Nigerian Exchange (NGX) saw its equities market capitalization decline by N108 billion as investors offloaded shares of Oando Energy and Access Holdings. This dip caused the market to close in the red, with key performance indicators dropping by 0.18%. The All-Share Index fell by 177.38 points, ending the day at 98,050.12.

Although the market recorded a positive breadth, profit-taking activities in mid- and large-cap stocks like Oando, Presco, and Access Holdings disrupted its recent bullish momentum.

Improved Market Activities Amid Losses

Despite the overall decline, market activities showed improvement. Total trading volume and value increased by 26.22% and 13.51%, respectively. According to Atlass Portfolios Limited, about 467.68 million shares worth N9.59 billion were traded in 10,659 deals.

Top-Traded Stocks

FBN Holdings (FBNH) led in trading volume, contributing 10.95% of the total transactions. Other major volume drivers included:

  • Tantalizer: 10.45%
  • WAPCO: 8.50%
  • Fidelity Bank: 5.70%
  • Zenith Bank: 4.78%

In terms of value, WAPCO dominated, accounting for 24.15% of the total trading value.

Gainers and Losers

Austine Laz led the gainers’ chart with a 10% price increase, followed by Eunisel (+9.98%), HMCALL (+9.95%), Honeywell Flour (+9.93%), and Sunu Assurances (+9.93%). A total of 35 stocks advanced. On the losing end, WAPIC was the top decliner, shedding 9.82% in value. Other notable losers included:

  • Univinsure: -8.82%
  • Japaul Gold: -8.26%
  • Oando: -5.59%
  • Access Holdings: -3.36%

Overall, 23 stocks recorded losses.

Sector Performance

Three of the five major market sectors ended the day positive:

  • Consumer Goods: +0.39%
  • Insurance: +0.26%
  • Industrial: +0.21%

However, the banking and oil & gas sectors declined by -1.16% and -0.33%, respectively, driven by selling pressure.

Closing Figures

The equities market capitalization dropped by N107.50 billion, closing at N59.43 trillion. Despite the losses, a positive market breadth of 35 gainers to 23 losers indicates some resilience in the market.

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Nigeria Will Prioritize Social Welfare Amid Economic Reforms—Tinubu

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President Bola Tinubu has reassured the international community of his administration’s commitment to prioritizing the welfare of Nigeria’s poor and vulnerable, even as ongoing economic reforms begin to yield positive outcomes.

Speaking in Rio de Janeiro, Brazil, during a courtesy visit by the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, on the sidelines of the G20 Leaders’ Summit, Tinubu highlighted his government’s dedication to cushioning the unintended effects of the reforms. The special adviser to the president on information and strategy, Bayo Onanuga, disclosed this in a statement on Thursday.

While acknowledging the challenges posed by the reforms, particularly the erosion of Nigerians’ purchasing power, Tinubu emphasized the importance of social safety nets to mitigate hardships. He commended Georgieva for her leadership and ongoing support for Nigeria’s economic reforms, calling for greater institutional backing to ensure stability and sustainable development.

“We have started seeing positive results from our reforms, and the Nigerian people now understand their necessity. However, we must continue working to ease the hardship caused by these changes,” Tinubu said.

The president also stressed the urgent need to address Nigeria’s educational challenges. “Too many children are out of school, and education remains a key pathway out of hunger and poverty. We are developing initiatives to keep these children in school and will require your support for this mission,” he said.

Infrastructure and Tax Reforms

Tinubu underscored the importance of investing in infrastructure to drive growth and outlined ongoing efforts to reform the tax system.

“We are engaging stakeholders and educating Nigerians to expand the economy’s tax base for inclusive growth. This is being done without imposing additional burdens on citizens who have already contributed significantly. We will need your assistance to achieve this,” he added.

IMF’s Support and Acknowledgment

In her remarks, Georgieva praised Tinubu’s economic reforms and their early signs of success. She expressed the IMF’s readiness to support Nigeria in diversifying its economy and strengthening social investment programs to shield the vulnerable from economic shocks.

Georgieva noted that the IMF had injected approximately $1 trillion into the global economy over the past two years to mitigate the effects of the COVID-19 pandemic, with developing nations facing greater challenges in recovery than their developed counterparts. She pledged the IMF’s assistance in building resilient institutions in Nigeria to withstand future global shocks.

The IMF Managing Director also expressed a desire to visit Nigeria and congratulated the country for hosting the African Caucus meeting in Abuja earlier this year. She emphasized the Fund’s commitment to enhancing African representation, citing the approval of a third Chair for Sub-Saharan Africa by the IMF Executive Board.

Georgieva reiterated the IMF’s focus on supporting vulnerable societies, offering technical assistance in budgeting, and ensuring that loans yield optimal results for Nigeria. She also advocated for stronger regional economic ties and pledged the IMF’s support in this regard.

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Naira Mixed As Markets Brace For $2.2bn External Borrowing

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira appreciated on the strength of external borrowing approval, FX intervention, and sustained increase in external reserves. Increased demand for foreign currencies in Nigeria has caused the naira to lose its allure. On Thursday, the one-sided exchange rate gain raised the gap between official and parallel market rates to N82.

The U.S. dollar supply is still somewhat constrained by the underperformance of the oil and gas sector, which is one of the major sources of foreign currency inflows in Nigeria.

The markets have braced for Eurobond issuance following the lawmaker’s approval of $2.2 billion in external borrowing for the Federal Government.

Finance Minister Wale Edun had hinted that the amount approved would be raised via Eurobonds and Sukuk. The gross balance in the external reserves rose above $40.22 billion due to inflows from various sources.

The Central Bank of Nigeria (CBN) continues to grow external reserves by reducing FX intervention sales to banks. In Oct, FX auctions sold to banks were 30% below the US dollar volume used to defend the local currency in September.

Spot data from the FMDQ platform showed that the naira appreciated by 1.71%, closing at N1,658.67 per US dollar at the official market. In the parallel market, the naira steadied at N1,740 to the greenback as pressures on supply eased.

Oil prices climbed as Russia and Ukraine exchanged missile attacks, overshadowing a larger-than-expected rise in U.S. crude supplies.

Brent crude increased to $74.03 per barrel, and WTI reached approximately $69.95. Meanwhile, spot gold rose for the fourth straight session, reaching its highest level in over a week.

This surge was driven by safe-haven demand due to Nvidia’s disappointing revenue outlook and growing tensions between Russia and Ukraine, with gold priced at about $2,672 per ounce.

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Dollar-to-Naira Exchange Rate For 21st November 2024

Dollar To Naira Exchange Rate For 8th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1750.00 pe $1 on Thursday, November 20, 2024. Naira traded as high as 1688.00 to the dollar at the investors and exporters (I&E) window on Wednesday.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1740 and sell at N1750 on Wednesday 20th November 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1740
Selling RateN1750

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1687
Selling RateN1688

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Nigerian Lawmakers Reject Bill Proposing Six-Year Single Term For President And Governors

Nigerians To Pay For New Multipurpose National ID Cards, Says NIMC

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The National Identity Management Commission (NIMC) announces that Nigerians will need to pay for the newly introduced multipurpose national identity card to ensure it is produced for those who genuinely require it.

Dr. Peter Iwegbu, Head of Card Management Services at NIMC, explains during a media workshop in Lagos that the decision stems from lessons learned from previous efforts, where free identity cards were distributed but many remained uncollected.

“Before we stopped due to funding, we produced more than two million cards, but many are still in our offices because people didn’t need them,” Iwegbu says.

Iwegbu highlights that the government’s limited resources make it impossible to fund free ID card production. He adds that requiring payment ensures the cards are only issued to those who genuinely need them.

“We reviewed the project and found two major challenges: first, the government lacks the funds to produce the cards for free; second, people must have a reason to request the card so that they will collect it when produced,” he explains.

Engr. Lanre Yusuf, NIMC’s Director of IT, states that the new system is post-paid, requiring individuals to pay before their cards are processed. “You initiate a request, pay for it, select a convenient collection point, and pick it up. This process ensures cards are not ignored,” Yusuf adds.

The NIMC assures that programs are in place to assist less-privileged Nigerians who cannot afford to pay but need the card for accessing government support.

To simplify access, NIMC decentralizes the process, enabling Nigerians to request and collect their cards from banks nationwide. This partnership with banks ensures accessibility across the country.

The multipurpose ID card, set to launch in the coming weeks, integrates identity verification, payment functionality, and access to government services. Developed in collaboration with partners, it supports government initiatives and eNaira transactions, complying with global operational and security standards.

The initiative aims to streamline identity management, address inefficiencies, and provide broader access to essential services for Nigerians.

Nigerian Households Face Frequent Electricity Blackouts, Report Shows

Nigerian Households Face Frequent Electricity Blackouts, Report Shows

Nigerian households experience an average of 6.7 electricity blackouts each week, with each outage lasting around 12 hours, according to the latest General Household Survey Panel (Wave 5) report by the National Bureau of Statistics (NBS) in collaboration with the World Bank.

The survey, which covers 4,715 households nationwide, highlights significant challenges in electricity access, particularly in rural areas where infrastructure remains limited.

Key Findings

The report reveals that power outages affect both urban and rural households similarly. Urban households face an average of 6.4 blackouts per week, each lasting 12 hours, while rural households endure 6.9 blackouts per week, with each lasting approximately 12.1 hours. Regional differences show that the southern regions experience longer blackouts, often exceeding 12 hours, while the northern regions have shorter outages, usually under 11 hours.

The report states: “On average, a Nigerian household experiences electricity blackouts 6.7 times per week, with each lasting 12.0 hours, leading to a total of 67.2 hours of blackouts over seven days. There is no significant difference between urban and rural areas.”

Disparities in Electricity Access and Supply

Around 53.6% of Nigerian households report having access to electricity. However, there is a stark contrast between urban and rural access: 82.2% of urban households have electricity, compared to just 40.4% in rural areas. The South East region has the highest electrification rate at 74.6%, while the North East region lags behind at 29.5%.

Although urban areas have higher electricity access, the quality of supply remains a challenge across the country. The Power Holding Company of Nigeria (PHCN) is the dominant electricity provider, serving 88.2% of households with access to power. However, other sources such as generators, solar home systems, and mini-grids contribute only marginally to the overall energy supply.

The report adds: “The national average for electricity access stands at 53.6%, with urban areas at 82.2% and rural areas at 40.4%. PHCN continues to serve 88.2% of households with access to electricity, while alternative sources, such as generators, solar systems, and mini-grids, account for a small portion of the energy supply.”

Additional Insights

  • The national power grid collapsed earlier this month, plunging the country into widespread darkness. This marks the tenth grid collapse in 2024.
  • The Transmission Company of Nigeria (TCN) attributes the latest grid failure to a spike in frequency at a substation.
  • The National Orientation Agency (NOA) explains that frequent grid collapses are due to electricity distribution companies (DisCos) being unable to effectively manage the generated power. Despite the country’s ability to generate about 13,000 MW and transmit up to 8,000 MW, limited infrastructure in the distribution network causes frequent disruptions.
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Nigerian Lawmakers Reject Bill Proposing Six-Year Single Term For President And Governors

Lawmakers in Nigeria’s House of Representatives reject a bill proposing a six-year single term for the President, State Governors, and Local Government Chairpersons. The bill is voted down on Thursday after a voice vote, with the majority of lawmakers expressing disagreement with its provisions.

The bill, sponsored by Honourable Ikeagwuonu Ugochinyere of Imo State and 33 co-sponsors, seeks to amend the 1999 Constitution to establish a six-year single term for key political offices. The proposed changes include:

  • Rotating the presidency and governorship positions between the North and South regions every six years.
  • Altering Section 76 of the Constitution to ensure simultaneous elections for the President, Governors, National Assembly members, and State Houses of Assembly on the same date, as determined by the Independent National Electoral Commission (INEC).
  • Promoting inclusive governance to reduce waste allegedly caused by periodic four-year elections.

After the Speaker, Tajudeen Abbas, introduces the bill, Ugochinyere moves it for a second reading. While a few lawmakers support the motion, a majority oppose it in the voice vote. Speaker Abbas upholds the “nay” votes, confirming that the bill is rejected by the House.

  • Nigeria’s current four-year term for elected officials, which is renewable once, remains unchanged.
  • The rejection of the bill maintains the existing political term structure, which has been in place since 1999.
  • Lawmakers block the attempt to amend the 1999 Constitution.
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