Interbank rates eased this week as liquidity in Nigeria’s money market improved due to fresh inflows from Remita and cash reserve maintenance credits. Despite remaining in deficit, the banking system’s liquidity balance saw a boost from these inflows.
Nigerian Interbank Offered Rates (NIBOR) dropped across all tenors, signaling improved liquidity in the financial system, according to Cowry Asset Limited. Analysts noted that last week’s liquidity was constrained by significant outflows for auction settlements, with short-term benchmark rates holding at double digits in anticipation of the upcoming Monetary Policy Committee meeting.
FMDQ platform data showed the Overnight Policy Rate (OPR) dropped by 1.52% to 30.43%, while the Overnight Rate (O/N) fell by 1.43% to 31.05%. Despite the overall negative liquidity, Remita inflows and net CRR credits supported a modest easing in rates. Analysts from AIICO Capital Limited expect interbank rates to remain stable unless major debits arise.
Throughout October, Nigeria’s interbank market faced liquidity challenges driven by the Central Bank of Nigeria’s (CBN) foreign exchange interventions, CRR debits, and frequent Open Market Operation (OMO) settlements. October started with a significant credit of ₦709.32 billion, but liquidity dwindled, averaging a debit of -₦579.71 billion, compared to -₦26.13 billion in September.
While Federal Accounts Allocation Committee (FAAC) disbursements, Remita credits, and other inflows temporarily reduced liquidity pressures in mid-October, interbank rates hit lows of 19%-25% by month’s end. However, funding pressures remained high, with rates spiking to 34% during peak OMO settlements, eventually settling around 26%-27% after FAAC inflows.
At October’s close, the Open Repo Rate (OPR) and Overnight Rate (OVN) rose by 2.92% and 2.78%, averaging 30.59% and 30.99%, respectively.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has established a direct supply agreement with Dangote Refinery to obtain petrol, diesel, and other petroleum products.
This significant development, announced by IPMAN National President Abubakar Garima in Abuja after a National Working Committee meeting, comes in the wake of the Nigerian National Petroleum Corporation (NNPC) pausing its plans to serve as the exclusive off-taker for the refinery’s products.
Garima noted that this collaboration would help ensure a reliable and affordable supply of Premium Motor Spirit (PMS) throughout Nigeria. “After discussions with Alhaji Aliko Dangote and his management team in Lagos, we are pleased to confirm that Dangote Refinery will supply IPMAN with PMS, AGO, and DPK directly for distribution to our depots and retail outlets,” he said. He emphasized the potential of this partnership to strengthen local refining capacity and stabilize Nigeria’s foreign exchange market.
Support for Domestic Refining and Pricing Negotiations
Garima urged IPMAN members to rely on the Dangote Refinery and other Nigerian refineries for fuel products, a move he believes will create more jobs and align with President Bola Tinubu’s economic development agenda. He expressed optimism that continued discussions with Dangote Refinery would result in more favorable pricing, although he did not specify any expected price.
Transition to Compressed Natural Gas (CNG)
Addressing Nigeria’s transition to Compressed Natural Gas (CNG), Garima outlined IPMAN’s plans to establish CNG refill stations across the country. He assured members of IPMAN’s commitment to collaborating with the Federal Government on developing the necessary infrastructure and incentives for seamless CNG adoption, which he believes will benefit both the industry and Nigeria’s economy in the long term. “CNG has vast potential to boost Nigeria’s economy. IPMAN is dedicated to supporting this initiative and working with the government to make it successful,” Garima added.
Key Points
The partnership between IPMAN and Dangote Refinery is expected to improve the efficiency and affordability of fuel distribution while boosting economic growth in Nigeria’s petroleum sector. This collaboration also follows the Dangote Refinery’s recent production of diesel and aviation fuel, with plans underway to distribute products directly to IPMAN’s 30,000 members and 150,000 retail outlets across Nigeria. This initiative aims to cut out middlemen, reduce costs, and ensure a steady fuel supply across the country.
The Nigeria Customs Service, Area 2 Command in Onne, Rivers State, reports the seizure of 21 containers loaded with various illicit drugs and one additional container filled with donkey skins. The seized goods include 20 units of 40-foot containers and a single 20-foot container containing significant quantities of controlled substances.
Customs Area Controller Mohammed Babandede, while addressing journalists in Port Harcourt on Monday, confirms that the crackdown on smuggling operations follows a three-month state of emergency. This measure grants the command the authority to intensify inspections on suspicious shipments in collaboration with other security agencies.
During this period, the command confiscated a wide range of illegal pharmaceuticals. These include 2,624,053 bottles of 100ml codeine cough syrup, 7,530,000 tablets of 50mg Really Extra Diclofenac, 3,500,000 tablets of 5mg Trodol Benzhexol, and 27,048,900 tablets of 225mg Royal Tramadol. Additional items seized consist of 7,665,000 counterfeit antibiotics, 15,600,000 fake 4mg chlorphenamine tablets, and over 33 million tablets of fake Lomotil. Authorities also discovered concealment items like 19,430 pieces of chilly cutters and 20,238 pieces of sanitary fittings.
The duty paid value of the 21 containers with illicit drugs stands at N46.4 billion, while the container of donkey skins is valued at N441 million.
In terms of revenue, Controller Babandede reveals that as of November 11, 2024, the Onne Area 2 Command has generated N550.4 billion in revenue over a span of ten months. This figure represents 89% of its annual revenue target of N618 billion.
Babandede notes that two months earlier, the Controller General of Customs visited Onne Port to showcase several significant seizures achieved through intelligence gathering, inter-agency cooperation, and thorough physical inspections. The recent confiscations underscore the command’s commitment to enhancing security measures and curbing the influx of contraband goods into the country.
Nigeria’s manufacturing sector records a 30.38% increase in output year-on-year, reaching N5.34 trillion in the first half of 2024, according to the latest economic review by the Manufacturers Association of Nigeria (MAN). The report, released on Monday, highlights the challenges faced by the sector, driven by inflation, subsidy removal, and the devaluation of the naira.
Despite the growth in nominal output, manufacturers continue to struggle with inflationary pressures, which impact real production levels. The association attributes this surge in nominal growth to rising domestic prices, as the Consumer Price Index (CPI) climbs to 34.19% as of June 2024.
A key concern raised by MAN is the dramatic increase in unsold finished goods, with inventory levels soaring by 357.57% year-on-year. By the end of H1 2024, unsold products are valued at N1.24 trillion, a significant jump from N271 billion in the corresponding period of the previous year. This increase is largely due to reduced consumer purchasing power amidst economic uncertainties.
Additionally, manufacturers are grappling with higher operational costs, particularly in energy. The report reveals that spending on alternative power sources reached N238.31 billion in H1 2024, reflecting a 7.69% increase from the latter half of 2023. This surge is attributed to rising prices of diesel, gas, and other energy inputs, as well as the need for self-sufficient power generation due to unreliable supply from the national grid. The manufacturing sector is further burdened by a substantial rise in electricity tariffs imposed by Distribution Companies (DisCos), increasing costs for manufacturers.
Employment figures within the sector also show a downturn, with only 2,606 new jobs created in H1 2024—a 29.99% decline compared to H2 2023. On an annual basis, job creation falls by 37.83%, reflecting the broader economic challenges. Notably, the Chemical and Pharmaceuticals industry leads in job creation, while the Motor Vehicle & Miscellaneous Assembly sector lags behind.
The report emphasizes the urgent need for comprehensive economic reforms to stabilize the business environment. Key recommendations include enhancing policy consistency, fostering economic diversification, and implementing measures to stimulate consumer demand. Addressing these challenges is essential to reversing the current economic downturn, boosting job creation, and improving overall welfare for Nigerian citizens.
PalmPay, Nigeria’s leading fintech platform, was awarded the Most Outstanding Fintech Driving Financial Inclusion at the prestigious BrandCom Awards 2024, held on October 26th. The award, presented by Brand Communicator, celebrates Palmpay’s remarkable contribution to expanding financial inclusion across Nigeria.
The recognition from Brand Communicator reflects PalmPay’s commitment to bridging financial gaps and expanding access to reliable financial services for millions of Nigerians.. Since its launch in 2019, PalmPay has prioritized empowering underserved communities with innovative tools that enable seamless transactions.
PalmPay Team From L-R: Ezeigbo Ugochi Boniface, Public Relations Assistant; Titiloye Oluwajuwon, Social Media Specialist; Emmanuel Ike, Senior Business Development Manager; and Isaac Akpan, Creative Designer
“At PalmPay, we believe financial inclusion is the foundation for economic empowerment, and we’re dedicated to ensuring that every Nigerian has access to secure, user-friendly, and reliable financial services,” said Hanson Femi, Head of Marketing and Communications at PalmPay. “This award highlights the collective efforts of our team and partners who work tirelessly to make financial services more accessible to underserved communities across the country.”
PalmPay’s broad suite of digital offerings, includes instant transfers, bill payments, and its newly launched USSD feature, which is designed to make banking easily accessible to all.
Today, Palmpay’s app serves over 35 million users and connects 1.2 million businesses through its network of mobile money agents and merchants, cementing its role as a leader in the Nigerian fintech ecosystem. With operations in Nigeria, Ghana, Tanzania, Kenya, and key international hubs like London, Hong Kong, Hangzhou, and Shenzhen, PalmPay is continually expanding its reach and impact.
Taiwo Oyedele, the chairman of the Presidential Tax Reform Committee, announces that new tax reforms will phase out all state-level consumption taxes except Value Added Tax (VAT). In a recent FAQ release, Oyedele clarifies that the proposed changes aim to simplify and streamline the nation’s tax system.
The key change in the reforms is the removal of parallel consumption taxes imposed by various states, which have led to a higher tax burden on citizens. Oyedele explains that VAT will remain, but all other consumption taxes will be eliminated. To address concerns about revenue loss for certain states, the proposed reforms include a 5% allocation to equalize transfers. This fund will help states that may collect less revenue under the new model, ensuring that no state is disadvantaged.
“The reform aims to reduce multiple taxation and enhance economic activity by discontinuing all consumption taxes other than VAT,” Oyedele states. “The equalization transfer ensures that no state faces a revenue shortfall in the short term, while boosting overall economic growth in the long run.”
Oyedele also addresses the status of federal agencies like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Customs Service (NCS). He confirms that these agencies will not be merged or abolished but will continue to operate according to their regulatory mandates. However, they will no longer collect regulatory fees in their respective areas; this responsibility will be handled through the national budget.
The proposed changes, now under review in the National Assembly, have sparked debate. Some northern leaders have expressed concerns that their regions may not benefit as much from the new VAT distribution model. Currently, VAT revenue is divided among federal, state, and local governments, with additional factors like population and equality considered in the allocation. The reforms seek to address these complexities and harmonize tax structures across Nigeria, aiming to reduce tax burdens and improve revenue collection efficiency.
The University of Edinburgh opens fully funded PhD positions for the 2025 academic year, providing unique research opportunities across fields like robotics, environmental science, artificial intelligence, and more. These programs welcome qualified candidates with a Master’s degree, with applications submitted through the university’s online portal.
Fellowship Bard notes that these PhD positions offer an ideal path for those committed to advancing their research careers. Deadlines vary, with some programs closing in late 2024 and early 2025.
Key programs include:
PhD in Data-Driven Computational Sensing and Imaging Deadline: February 28, 2025 This research focuses on developing machine learning models to enhance computational sensing accuracy.
PhD in Intracellular Capillarity of Biomolecular Condensates Deadline: January 16, 2025 Explores interfacial forces in biomolecular condensates to better understand cellular organization.
PhD in Integrated Fabrication and Sensing for Soft Robotics Deadline: January 31, 2025 Aims to create soft robotic systems with built-in sensing for enhanced environmental interaction.
PhD in Image Reconstruction Using FPGA-Based Generative AI Deadline: May 20, 2025 Focuses on building FPGA-based accelerators for high-speed computer vision tasks.
PhD in High-Fidelity Laser Tomography for Flow Fields Deadline: December 31, 2024 Uses machine learning and physics to improve flow-field imaging accuracy.
PhD in Hardware-Accelerated Flow-Field Measurement Using Laser Spectroscopy Deadline: December 31, 2024 Develops industrial gas measurement tools based on laser absorption technology.
PhD in Fouling Control of Water Treatment Membranes Deadline: June 22, 2025 Focuses on optimizing cleaning processes for water treatment systems in cold conditions.
Additional fields include experimental fire science, molecular transport, droplet dynamics, food texture characterization, and environmental monitoring through microflyers.
These funded PhD opportunities aim to eliminate financial constraints for students passionate about pushing boundaries in critical research areas. To apply or learn more, visit the University of Edinburgh’s application portal or download the FirstCentral app.
FirstCentral Credit Bureau and the Nigerian Education Loan Fund (NELFUND) partner to make quality education more accessible to Nigerians, aligning with the Federal Government’s vision under President Bola Ahmed Tinubu. This partnership aims to remove financial barriers that often limit access to education, allowing more students to pursue their academic and vocational dreams.
As education remains a transformative force, FirstCentral Credit Bureau recognizes its significance in driving economic and social development. Through this collaboration, FirstCentral brings extensive experience in credit reporting, risk management, and financial literacy, ensuring NELFUND’s educational loans are effectively managed and easily accessible. By reporting all disbursed loans to the bureau, this partnership improves loan transparency and reduces default risks, strengthening NELFUND’s capacity to recycle funds for future applicants.
Under NELFUND’s mandate, education loans will be made available to all eligible Nigerians, with an efficient system for credit receivable management to ensure loan sustainability. With flexible repayment terms and competitive rates, NELFUND supports students in financing their studies without the burden of overwhelming costs.
This partnership is built on the belief that no student should abandon their ambitions due to financial constraints. Together, NELFUND and FirstCentral empower Nigerians to focus on their education instead of finances, bridging the gap between financial accessibility and educational aspirations.
With a commitment to financial literacy, FirstCentral will offer students tools like credit score monitoring, credit health education, and financial planning resources, which will benefit students in managing their loans and maintaining healthy credit scores over time.
This alliance is more than a partnership—it’s a pathway to a brighter future for Nigerian students, fostering a new generation of leaders, innovators, and professionals. Learn more about how to apply for a loan by visiting nelf.gov.ng or firstcentralcreditbureau.com.
9mobile is facing ongoing customer losses, with 7,127 subscribers leaving the network in September alone, according to recent data from the Nigerian Communications Commission (NCC). This shift accounts for 90% of the 7,886 total outgoing ports for the month, while other major providers like MTN, Airtel, and Globacom share the remaining 10%.
Despite 9mobile’s recent acquisition by LH Telecommunications Limited and a refreshed management team, subscriber numbers continue to decline.
Incoming Subscribers Favor MTN
MTN, the largest network by user base, gains the most from other operators in September. Of the 7,886 incoming ports, 4,987 subscribers join MTN, representing 63% of all incoming ports. Airtel adds 2,205 customers, while Globacom gains 664. Meanwhile, 9mobile records only 30 incoming ports, marking the lowest gain among the major carriers.
By the end of September, NCC data shows MTN maintaining its leadership with 78 million active users, despite past impacts from the NIN-SIM linkage policy. Airtel holds strong with 53.7 million users, while Globacom remains third with 19 million subscribers after reporting a significant subscription loss. Following steady declines, 9mobile ends September with 3.6 million active subscriptions.
Reasons Behind Subscriber Porting
Subscriber porting in Nigeria peaks at 22,539 in July 2015 but has since declined, averaging around 3,000 ports per month. The NCC attributes porting trends to factors like service quality and attractive call and data promotions that encourage users to switch providers.
Key Details on 9mobile’s Recent Acquisition
In July, 9mobile announces its acquisition by LH Telecommunication Limited, aiming to reinvigorate the company. The acquisition, approved by the NCC, the Federal Competition and Consumer Protection Commission (FCCPC), and backed by African Export-Import Bank (AFREXIM), gives LH Telecommunication a 95.5% stake through a capital injection.
As part of its restructuring, 9mobile appoints a new board, led by Chairman Thomas Etuh, a seasoned entrepreneur with over three decades of experience. Other board members include Nahim Abe Ibraheem, Femi Edun, and Senator Daisy Ehanire Danjuma, signaling a fresh leadership approach focused on revitalizing 9mobile’s presence in Nigeria’s telecom market.
The Federal High Court in Nigeria has given Shell Petroleum Development Company of Nigeria Limited (SPDC) and Global Gas and Refining Limited until January 22, 2025, to update the court on their progress toward an out-of-court settlement. This deadline comes as the two parties negotiate over claims that Shell did not fulfill its obligations to supply wet gas per their Gas Processing Agreement (GPA) from March 2002.
Justice Inyang Ekwo scheduled this new date after both sides indicated that discussions have continued since the previous adjournment in September 2024. Global Gas’s legal team is seeking court protection to prevent the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from authorizing Shell’s $1.3 billion asset divestment to Renaissance Consortium.
Dispute Background
Global Gas, represented by Executive Chairman Ken Yellowe, alleges that Shell failed to honor the GPA terms regarding wet gas supply. Yellowe, through Senior Advocate of Nigeria Patrick Ikweato, requested a temporary order to prevent Shell’s assets from being sold, citing risks to their 2002 agreement. Global Gas argues that if Shell divests its assets, the company’s interests could be jeopardized.
In a sworn statement, Global Gas also emphasizes that the matter is already under review at Nigeria’s Supreme Court, and that the trial court should intervene to maintain the status quo until the NUPRC can be properly addressed in this case. Ezeokeke, a representative for Global Gas, asserts that while the case is pending, the NUPRC has publicly advertised its evaluation of Shell’s onshore assets for Renaissance’s potential acquisition.
Shell’s Position
In response, SPDC’s legal counsel, Kingsley Osuh, refutes the claims, stating that Shell has not sold any onshore assets but rather structured a share sale, where SPDC’s shares, rather than physical assets, are proposed to be transferred to Renaissance. SPDC also insists it remains financially able to compensate Global Gas should the court uphold the latter’s claims.
At the recent hearing, Ikweato confirmed that Global Gas is waiting for Shell to conclude its side of the negotiations. Shell’s counsel acknowledged the efforts toward a “peaceful resolution,” while NUPRC’s lawyer, Chikaoso Ojukwu, requested to be included in any settlement correspondence.
Justice Ekwo concluded by scheduling the January 2025 court date, advising that Shell and Global Gas keep NUPRC informed as they work toward an agreement.
Context on Shell’s Divestment
Shell’s decision to divest from Nigerian onshore assets reflects a broader strategy shift due to Nigeria’s operational challenges, including oil theft and environmental impacts from spills. In 2023, Shell resumed talks to sell its 30% interest in the SPDC joint venture after a temporary halt in 2022.
NUPRC later introduced a divestment oversight process to assess applications for ministerial consent on Shell’s potential sale, which has attracted scrutiny from advocacy groups like Amnesty International, who urge the government to reconsider the divestment. Despite recent rejections, Renaissance Consortium has publicly announced its transaction agreement with Shell for SPDC shares, with the NUPRC clarifying that due diligence is still in progress.
The evolving situation reflects the Nigerian government’s interest in fostering local management of onshore oil assets and its oversight in ensuring qualified ownership, especially amid shifts in the global energy landscape.
In an ongoing legal battle, the Economic and Financial Crimes Commission (EFCC) has urged a Federal High Court in Abuja to dismiss Lagos State Governor Babajide Sanwo-Olu’s claims of harassment, arguing that his lawsuit is based on speculative grounds.
The case, which raises key questions about official oversight and political rights, has drawn attention to the powers and limits of Nigeria’s primary anti-corruption agency.
Governor Sanwo-Olu filed a fundamental rights suit against the EFCC, seeking legal protection against what he alleges are threats of investigation and possible detention after his tenure. Represented by lawyer Darlington Ozurumba, Sanwo-Olu’s legal team argues that he is entitled to the constitutional right to private and family life before, during, and after public office.
The governor’s suit, filed on June 6, seeks 11 reliefs, including a court declaration that any EFCC investigation, arrest, or detention related to his term as governor would be illegal and politically motivated. He also requests an order restraining the EFCC from acting on alleged politically charged accusations.
The EFCC, however, has firmly countered Sanwo-Olu’s assertions. In a counter affidavit filed on October 31, the agency contends that it has not threatened, invited, or taken any steps to detain or prosecute the governor. EFCC representative Ufuoma Ezire, who deposed the affidavit, emphasized that no investigations or allegations have been directed at the governor. “The plaintiff’s claims are unfounded and speculative,” Ezire stated, adding that there is no evidence of EFCC officers harassing or threatening the governor or his staff.
In his affidavit, Ezire outlined the EFCC’s standard operating procedures, asserting that any investigation invitation would be documented through formal communications, such as written letters or verified phone calls. The affidavit challenged Sanwo-Olu’s claims, deeming them a “misleading” attempt to influence the court without factual support. The anti-graft agency insists that the lawsuit is “misconceived and brought in bad faith.”
Governor Sanwo-Olu, however, maintains that his legal action is a protective measure, ensuring he retains his constitutional rights against any potential misuse of power by the EFCC. The tension between the agency’s mandate to investigate public officials and Sanwo-Olu’s claims of harassment speaks to broader concerns over the role of anti-corruption agencies in politically sensitive cases.
The case has been adjourned until November 26 for further deliberation, with the EFCC expected to respond to the latest originating summons. As the legal proceedings continue, the outcome may have significant implications for future relations between Nigeria’s governors and federal anti-corruption institutions, testing the boundaries of executive immunity and agency oversight in Nigeria’s political and legal landscapes.
Nigeria will host its inaugural international air show in Lagos in 2025, marking a major milestone for the country’s aviation sector. This announcement comes from the Minister of Aviation and Aerospace Development, Festus Keyamo, who reveals the event will take place in the first quarter of the year.
The three-day air show will bring together key players in the global aviation industry, offering a platform for showcasing cutting-edge technologies, aircraft displays, and the latest trends in aviation. Keyamo emphasizes that this is the first time Nigeria will host such an international event, underscoring its potential to serve as a key hub for aviation advancements in Africa.
The event will also spotlight critical African aviation policies, including the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM). These policies aim to foster greater trade within Africa and create a unified airspace, making it easier for goods and services to move freely across the continent.
In addition to aircraft displays, the air show will feature live air performances, business-to-business matchmaking sessions, industry panel discussions, and an awards ceremony, according to Miss Bria Okonkwo, CEO of Air Show International Nigeria. Details regarding the exact dates for the show will be shared soon, with Keyamo noting that the air show will set the stage for Nigeria’s leadership in African aviation.
The Renewable Energy Association of Nigeria (REAN) teams up with Access Bank to boost renewable energy development and ensure that clean energy solutions remain at the forefront of national conversations. This collaboration is showcased at the Renewable Energy Conference 2024, under the theme “Unlocking Affordable Energy for All.”
Ayo Ademilua, President of REAN, expresses enthusiasm about Access Bank’s involvement, emphasizing the significance of the bank’s recent active engagement in the renewable energy sector. He highlights the shared vision between REAN and Access Bank, stating that the partnership holds promise for advancing clean energy access. “We are excited about Access Bank’s commitment to the cause. The bank’s renewed focus on our industry in recent weeks has been very encouraging,” Ademilua says, adding that financial support from the bank is expected to drive significant progress in the renewable energy space.
Gregory Jobome, Executive Director of Risk Management at Access Bank, reinforces the bank’s dedication to renewable energy. He underscores that affordable and sustainable energy is crucial for Nigeria’s economic and social development. “Energy is fundamental to economic growth, and at Access Bank, we are committed to supporting projects that can transform Nigeria’s energy landscape,” Jobome states. He further emphasizes the bank’s belief in creating partnerships and innovative financing solutions to unlock investments and overcome traditional barriers to energy access.
Jobome also stresses the importance of global collaboration in shaping sustainable energy futures, drawing on Access Bank’s extensive experience working with international financial organizations like the IFC, World Bank, and others. “Access Bank has long been preparing for this transformation, aligning with global sustainability goals and leading efforts toward a greener future,” he adds.
This partnership also highlights Access Bank’s ongoing commitment to its Sustainable Finance Accelerator Program, launched to support businesses focused on climate mitigation, healthcare, and other impactful social projects. The initiative targets corporates, MSMEs, and nano businesses, aiming to foster innovation and development in the sustainability sector.
For those interested in participating, Access Bank invites applications for its Sustainable Finance Accelerator Program through their official channels, providing further opportunities to engage in sustainable development efforts.
As of October 2024, Egypt’s inflation rate reached 26.5%, continuing an upward trend that has left the country’s central bank struggling to maintain its target inflation range of 5-9%. This marks the highest inflation rate since June 2024 and is attributed to a series of factors including a sharp hike in fuel prices (10-15%) in late July, followed by significant increases in metro ticket and electricity prices, which soared by 25-33% and 21-31%, respectively.
The month of October saw a modest slowdown in the monthly inflation rate to 1.1%, down from 2.1% in September, but annual inflation continued to climb, exacerbating the economic challenges faced by Egyptians.
A major contributor to the soaring inflation has been the rising costs in essential goods. Food and beverages, crucial to Egyptian households, surged by 26.9% year-over-year, with meat prices rising dramatically by 36.7%.
Dairy products, eggs, and grains followed suit with significant price hikes. The cost of energy, housing maintenance, healthcare, clothing, and services has also surged, with notable increases in energy prices (7.2%) and healthcare costs (3.5%).
This economic pressure has prompted the Egyptian government to consider a series of measures to curb the impact of inflation. In a recent statement, Prime Minister Mostafa Madbouly assured citizens that tax increases were off the table, but he highlighted the administration’s commitment to economic reforms.
His government is exploring tax incentives aimed at attracting investments, alongside enhanced social protection for vulnerable populations. However, the road ahead remains uptight with difficulty as inflation continues to impact nearly all sectors of the economy.
A Parallel Struggle: Nigeria’s Inflation Crisis
The situation in Egypt mirrors that of Nigeria, where inflation has also reached concerning levels. Nigeria’s inflation rate, hovering around 34%, has been fueled by a combination of factors that include rising fuel prices and currency devaluation. Similar to Egypt, Nigeria’s inflation is having a profound effect on the cost of living, particularly in urban centers where food and transportation costs are the most pronounced.
Both countries share similar challenges: a dependence on imported goods, fluctuating exchange rates, and global economic pressures. However, while Egypt is wrestling with direct price hikes due to government-imposed tariff increases and fuel price adjustments, Nigeria’s inflation is largely exacerbated by currency devaluation and trade imbalances. The impact is most felt by low-income earners, with food insecurity rising in both nations.
In response, the Nigerian government has employed measures such as fuel subsidies and efforts to stabilize the Naira, but inflation remains a persistent issue. Despite these attempts, Nigeria’s Central Bank faces similar hurdles in curbing the impact of rising prices. Like Egypt, the Nigerian government has also sought to implement social safety nets, though the efficacy of these policies remains to be fully seen.
Faith In Reforms: Can Both Economies Weather The Storm?
For both Egypt and Nigeria, the path to economic recovery appears tied to the implementation of robust reforms. Egypt’s focus on attracting investment through tax incentives and improving social protection reflects an effort to balance economic growth with the immediate needs of its citizens. Nigeria’s strategy, while similar in some respects, has emphasized currency management and trade balance adjustments.
Both nations have turned to their central banks and governments for solutions, but the question remains: how long will it take for inflation to stabilise? Will reforms be enough to restore trust in the financial systems, or will the public continue to feel the effects of price surges?
In the face of growing inflation, both Egyptians and Nigerians maintain a strong sense of resilience, underpinned by faith in their governments’ promises for economic recovery. However, the ongoing economic uncertainty serves as a constant reminder of the fragile balance between political promises and the reality of economic stabilization.
As these two nations continue to navigate their inflation crises, the global community will be watching closely, offering support and learning from the strategies employed by Egypt and Nigeria in their ongoing battle with inflation.
The Kwara State Government has directed all public sector workers to register with the Kwara State Residents’ Registration Agency (KWSRRA) by the end of October or forfeit their November salary and bonuses.
This policy, announced by the Commissioner for Finance, Dr. Hauwa Nuru, is aimed at enhancing data accuracy and administrative efficiency across the state’s workforce.
According to Dr. Nuru, the registration requirement, which also applies to employees in all 16 local government areas, is essential for improved resource management, payroll accuracy, and service delivery.
“KWSRRA is responsible for assigning unique identities to all residents of Kwara, creating a reliable database that strengthens public administration and enhances service delivery,” she said in a statement signed by the ministry’s Press Secretary, Babatunde Abdulrasheed.
The government emphasized that building a comprehensive database supports informed decision-making, fair resource allocation, and accurate compensation for state employees. Workers who are yet to register have been advised to visit their nearest KWSRRA centre to complete the process promptly.
The Nigerian money market experienced tightened liquidity conditions last week, driven by substantial outflows linked to the Central Bank of Nigeria’s (CBN) auction settlements and cash reserve maintenance.
After beginning the week with an opening balance of ₦398.31 billion in the financial system, liquidity rapidly dwindled due to auction-related outflows, leading to a closing deficit of ₦525.49 billion, as reported by AIICO Capital Limited.
Market analysts attributed the sharp liquidity reduction to CBN’s Open Market Operation (OMO) auction settlements, which amounted to ₦1.447 trillion, alongside net cash reserve ratio (CRR) debits. While some lenders accessed emergency funds from the CBN to cushion these impacts, market rates responded with notable increases.
Data from the FMDQ platform showed that short-term interest rates spiked to double-digit levels, reflecting the tight liquidity. According to Cowry Asset Limited, the Nigerian Interbank Offered Rate (NIBOR) rose across most maturities, with the repo rate climbing 12.73% to 31.95%, and the overnight lending rate surging 12.80% to 32.48% week-on-week.
Amid the liquidity drain, analysts at AIICO Capital indicated that despite inflows from SWAP maturities and Federal Government of Nigeria (FGN) bond coupons, rates are expected to remain high. At the start of the week, liquidity was in a comfortable position with over ₦200 billion; however, this balance quickly reversed due to outflows from OMO and NTB auction settlements totaling ₦1.54 trillion, which pushed the system into deficit from Wednesday onwards.
Reflecting on October’s liquidity trend, the interbank market faced ongoing pressure from CBN’s FX interventions, CRR debits, and frequent OMO auction settlements. The month opened with a liquidity credit of ₦709.32 billion, but this gradually shifted to an average negative balance of -₦579.71 billion.
While periodic inflows, including FAAC disbursements and Remita credits, temporarily eased pressures mid-month, funding rates fluctuated significantly, with peak rates hitting 34% during major OMO settlements.
Bright Echefu, the founder of Telecom Satellites Limited (TSTV), unveils LUFT TV, a new Pay TV service, years after his previous venture, TSTV, faces significant challenges. At the official launch event in Abuja, Echefu promises that LUFT TV will provide an improved, customer-centric experience, aiming to deliver top-tier entertainment to Nigerian and West African audiences.
LUFT TV, according to Echefu, is built on advanced technology that guarantees high-definition clarity and flexible access across multiple devices. He emphasizes that LUFT TV’s subscription plans are designed to be the most affordable in the industry, making it accessible to a wide range of viewers. “Our service is available on your terms, anytime, anywhere,” he states, highlighting the platform’s commitment to user convenience.
TSTV’s Comeback in the Works
Although TSTV has been inactive since 2020, Echefu reassures former subscribers that the service is not finished. He reveals that TSTV users will soon be integrated into LUFT TV. “TSTV is not dead; it’s coming back,” Echefu assures, offering hope to the millions who invested in the service’s decoders.
He further expresses LUFT TV’s dedication to supporting local content, celebrating Nigerian culture through compelling dramas, music, sports, and more. LUFT TV, according to Echefu, is not just a platform but a movement aimed at inspiring, entertaining, and connecting people.
Government Support for LUFT TV
Echefu receives praise from political leaders, including the Governor of Nasarawa State, Engineer Abdullahi A. Sule. The Governor compares Echefu’s vision for LUFT TV to the pioneering steps of telecom giants like MTN and Globacom, which revolutionize Nigeria’s communication industry. Governor Sule also advocates for a pay-per-view model, allowing Nigerians to pay for TV content based on their consumption.
Governor Caleb Mutfwang of Plateau State also expresses his support, emphasizing the importance of affordable, high-quality content. He encourages Nigerians to embrace LUFT TV as a valuable local initiative offering an alternative to the monopolistic tendencies of existing pay-TV providers.
The Story Behind TSTV
TSTV, founded by Echefu, aims to break the dominance of Multichoice, the owners of DStv and GOtv. Launched in October 2017, TSTV captures public attention with promises of affordable services and innovative features. Despite high expectations, the service faces technical challenges and goes off the radar multiple times, frustrating subscribers.
In 2020, TSTV makes another attempt to reenter the market, but its services remain unreliable, and many subscribers complain about service interruptions. By 2023, TSTV disappears once again, with no clear communication to its users beyond vague apologies for technical issues.
TSTV also faces a legal challenge. The Economic and Financial Crimes Commission (EFCC) files a case against the company for fraud, related to a loan dispute. Echefu denies the allegations, maintaining that the case is a civil matter involving a loan issue with Kalsiyam Global and former government official Mr. Tanimu. The case remains unresolved.
LUFT TV’s entry into the Pay TV market signals a fresh start for Echefu, who promises that this new venture prioritizes customer satisfaction and quality content. Whether LUFT TV overcomes the hurdles faced by TSTV remains to be seen, but it is clear that Echefu is committed to reshaping Nigeria’s Pay TV landscape.
The Nigeria Labour Congress (NLC) has issued a December 1, 2024, deadline for state governments to implement the newly approved minimum wage of N70,000.
In a recent communique following its National Executive Council (NEC) meeting, the NLC announced its intention to initiate an indefinite strike in states that fail to comply with the new wage policy by the deadline.
President Bola Tinubu had approved the minimum wage increase from N30,000 to N70,000 in July 2024, aiming to improve the welfare of Nigerian workers amid economic hardships. While over 20 states have begun implementing the new wage, others remain delayed. In response, the NLC directed its state councils in non-compliant states to prepare for industrial action, emphasizing its commitment to ensuring fair treatment and improved livelihoods for all workers.
The NLC further condemned fuel marketers, alleging that the pump price of petrol is inflated well above the actual market value, adding to the economic burden on Nigerians. The NEC statement expressed dismay over what it described as “shenanigans” in petrol pricing, suggesting collusion within the industry to exploit citizens.
“There may be a gang-up against Nigerians by fat cats in the industry,” the NLC stated, referring to alleged cost padding and abnormal profit margins among fuel marketers. The union demanded immediate reform, calling on the government to bring domestic refineries in Port Harcourt, Warri, and Kaduna back on stream to mitigate the nation’s reliance on imported petrol and lower costs for consumers.
The NLC also announced the creation of a National Minimum Wage Implementation Committee, tasked with overseeing the rollout of the new wage policy, mobilizing workers, and educating citizens on their rights. “Nigerian workers demand justice, and justice they shall have,” the communique asserted.
As economic conditions tighten, the NLC’s demands highlight growing frustrations over policies perceived as “anti-people,” underscoring the union’s resolve to hold both government and industry leaders accountable for the welfare of Nigerians.
Stress is an inevitable part of life, but when it becomes overwhelming, it can affect our health, relationships, and overall well-being. Learning how to manage stress effectively is crucial for maintaining a balanced and healthy lifestyle.
Here are some practical strategies to help you cope with stress and stay calm in the face of challenges.
1. Identify Your Stress Triggers
The first step in managing stress is understanding what causes it. Take time to reflect on your daily routine and identify specific triggers that make you feel anxious or overwhelmed. Is it work pressure, family responsibilities, or financial concerns? By pinpointing your stressors, you can take proactive steps to address them or prepare yourself for how to handle them when they arise.
2. Practice Deep Breathing Techniques
Deep breathing exercises are one of the simplest and most effective ways to combat stress in the moment. Breathing deeply activates the body’s relaxation response, helping to reduce tension and anxiety. Try the 4-7-8 technique: inhale for 4 seconds, hold your breath for 7 seconds, and exhale slowly for 8 seconds. Repeat this cycle for a few minutes to calm your mind and body.
3. Stay Organized and Prioritize Tasks
A cluttered environment or an overwhelming to-do list can increase stress levels. Staying organized and prioritizing your tasks can help reduce feelings of chaos. Break large tasks into smaller, manageable steps, and focus on completing one thing at a time. Use a planner or digital tool to keep track of deadlines, and always give yourself enough time to finish your work without rushing.
4. Incorporate Physical Activity Into Your Routine
Exercise is a powerful stress reliever. When you exercise, your body releases endorphins, which are natural mood lifters. Regular physical activity also helps to reduce anxiety, improve sleep, and boost overall energy levels. Aim for at least 30 minutes of moderate exercise a few times a week, whether it’s walking, jogging, yoga, or strength training.
5. Take Time for Yourself
In the hustle and bustle of everyday life, it’s easy to neglect your own needs. However, taking regular breaks to relax and recharge is crucial for managing stress. Whether it’s reading a book, taking a bath, or enjoying a hobby, make sure to carve out time for activities that help you unwind and enjoy your own company.
6. Stay Connected with Supportive People
Social support plays a critical role in managing stress. Talking to a friend, family member, or colleague about your challenges can help you feel understood and less isolated. Don’t hesitate to reach out to someone you trust when you’re feeling stressed. Sharing your thoughts and emotions can provide comfort and valuable perspective.
7. Practice Mindfulness and Meditation
Mindfulness techniques, such as meditation, can help you manage stress by keeping you focused on the present moment. By practicing mindfulness, you can reduce negative thought patterns and cultivate a sense of calm. Start with just 5-10 minutes of daily meditation, focusing on your breath or using guided meditation apps to get started.
8. Get Enough Sleep
Lack of sleep can exacerbate stress and make it harder for your body to cope with challenges. Establish a regular sleep routine and aim for 7-9 hours of quality sleep each night. Create a relaxing bedtime routine by avoiding screens before bed, keeping your bedroom cool and dark, and engaging in calming activities such as reading or listening to soft music.
9. Eat a Balanced Diet
A healthy diet can have a significant impact on your ability to manage stress. Avoid excessive caffeine, sugar, and processed foods, as they can contribute to mood swings and irritability. Instead, focus on eating a balanced diet that includes plenty of fruits, vegetables, whole grains, and lean proteins. Foods rich in omega-3 fatty acids, such as fish, can also help reduce stress.
10. Seek Professional Help If Needed
If stress becomes overwhelming and starts to interfere with your daily life, it’s important to seek professional support. A counselor or therapist can provide strategies and techniques to help you cope with stress more effectively. Therapy can also help address any underlying issues such as anxiety or depression that may be contributing to your stress.
Final Thoughts
Stress is a normal part of life, but when managed effectively, it doesn’t have to control you. By incorporating these strategies into your daily routine, you can build resilience, improve your overall well-being, and reduce the impact stress has on your life. Remember, managing stress is a journey, and it’s okay to ask for help when needed.
A man pumps gas into his car at a gas station in Caracas, Venezuela August 3, 2018. REUTERS/Marco Bello
In Nigeria, the cost of landing Premium Motor Spirit (PMS), commonly known as petrol, has dropped significantly over the last three months, this was according to recent figures which stated that the landing cost fell by 20.34 percent, reaching N971.57 per litre, down from previous highs in August.
This decrease points to easing global market pressures and improvements in the supply chain.
Despite the reduction in import costs, the retail price of petrol in Nigeria has surged by 71.79 percent, rising from N617 per litre in August to N1,060 per litre at Nigerian National Petroleum Company Limited (NNPC) stations by November 8. Independent fuel stations report even higher rates, with prices reaching N1,180 per litre.
Data from the Major Oil Marketers Association of Nigeria (MOMAN) reveal that in August, petrol was imported at N1,219 per litre based on a Brent crude price of $80.72 per barrel and an exchange rate of N1,611 per dollar. Retail prices then stood at N617 per litre. By November, as Brent crude prices dropped to $75.57 per barrel and the exchange rate reached N1,665.84 per dollar, the landing cost of petrol had decreased to N971.57. Nevertheless, retail prices rose sharply, defying the decline in import costs.
Industry experts attribute the rise in retail prices to Nigeria’s deregulated fuel market, exchange rate volatility, soaring inflation, and broader economic challenges. Although the reduction in landing costs could ideally lead to lower pump prices, other factors have exacerbated retail costs, leaving consumers to bear the burden.
Meanwhile, the Nigeria Labour Congress (NLC) has voiced strong concerns over the surging petrol prices. Following a National Executive Council meeting, the NLC accused fuel marketers of inflating prices and taking advantage of deregulation, asserting that Nigerians are paying significantly above fair market value. The union contends that current government policies are increasing hardship for citizens, driving many into poverty, and it has vowed to hold both the government and fuel marketers accountable.
As Nigerians face steep costs at the pump, pressure mounts on authorities and stakeholders to address the disparity between falling import costs and rising retail prices, with the NLC underscoring the need for immediate action to alleviate citizens’ economic strain.
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