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Solid Minerals Sector Drives Over N1 Trillion In Government Revenue, Says NEITI

4 Federal Government Agencies Generated ₦28.02tr In 3years - NEITI

The Nigerian Extractive Industries Transparency Initiative (NEITI) reports that Nigeria’s solid minerals sector has contributed N1.137 trillion to government revenues from 2007 to 2023. This announcement follows the release of NEITI’s 2023 Solid Minerals Audit Report, marking the 16th cycle of audits in this sector.

During the report presentation in Abuja, NEITI’s Executive Secretary highlights the sector’s consistent revenue growth, emphasizing its rising economic importance and areas where policy reforms could further drive diversification. “The report shows a remarkable rise, from N7.59 billion in 2007 to N341.27 billion in 2022, revealing the sector’s expanding financial footprint,” he says.

The audit, conducted by Haruna Yahaya and Co., offers insights into revenue streams, export data, and the sector’s economic role. Revenue from the solid minerals sector has climbed steadily, surpassing ₦1 trillion. In 2022, the sector generated N345.41 billion, with a reconciled revenue of N329.92 billion, highlighting its transformation into a core economic contributor. The report notes that government revenue, including reconciled and disclosed payments, reached N401.87 billion in 2023, with major contributions from VAT (N128.32 billion), FIRS-collected taxes (N370.09 billion), Education Tax, CIT, and royalties totaling N9.06 billion.

Production data shows Nigeria produced 95.07 million tonnes of minerals in 2023, exporting 4.32 million metric tonnes valued at N117.29 billion. Top-producing states include Ogun, Kogi, and Rivers, with Osun, Ogun, and Kogi states leading in revenue contributions. NEITI’s reconciliation efforts reduced discrepancies in company payments from ₦301.6 billion to ₦100 million, underlining its commitment to transparency and accountability.

Despite these gains, NEITI reveals that the solid minerals sector contributed only 0.83% to Nigeria’s GDP in 2022, dropping slightly to 0.75% in 2023. This modest share points to significant untapped potential for advancing Nigeria’s economic diversification goals. NEITI urges policy reforms to unlock the sector’s full economic impact, noting, “With strategic policies, the solid minerals sector could be pivotal in Nigeria’s path to economic diversification.”

Global Clean Energy Technologies Market Set To Reach $2 Trillion By 2035, IEA Reports

TCN Restores Power To Northern Nigeria After Nine-Day Blackout

TCN Will Be Reformed Not Privatised - BPE
TCN Will Be Reformed Not Privatised - BPE

The Transmission Company of Nigeria (TCN) confirms it restores electricity to key northern states, including Lafia, Makurdi, Jos, Kaduna, Kano, Bauchi, and Gombe. This restoration comes after a nine-day blackout across the northwest, northeast, and parts of north-central Nigeria due to vandalism on a critical transmission line.

TCN spokesperson Ndidi Mbah states that the restored power is possible due to completed repairs on the 330kV Ugwuaji-Apir transmission line 1. “Bulk power supply is back, and the Apir-Lafia 330kV line 2 now operates as well, bringing electricity back to affected states,” Mbah reports. TCN engineers prepare to repair the second line, awaiting security reinforcement to safeguard the team at the site.

Background

Earlier, reports indicated that a disruption in the 330kV Ugwuaji-Apir double-circuit transmission lines caused outages throughout the northern region. Nigeria’s limited and frequently disrupted power supply often leaves businesses dependent on costly diesel generators, increasing expenses and restricting economic growth.

Jega Urges Nigerian Government To Exercise Caution With World Bank, IMF Recommendations

Jega Urges Nigerian Government To Exercise Caution With World Bank, IMF Recommendations

Professor Attahiru Jega, former Chairman of Nigeria’s Independent National Electoral Commission (INEC), is advising Nigeria to critically assess guidance from international bodies like the World Bank and International Monetary Fund (IMF) rather than adopting it wholesale. Jega’s statement, delivered on Wednesday at the 2024 Annual Directors’ Conference hosted by the Chartered Institute of Directors (CIoD) of Nigeria, emphasizes the need for discernment in adopting foreign economic policies.

Themed “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” the conference highlights how governance practices shape Nigeria’s economic path.

Jega stresses that while insights from global financial institutions can be informative, Nigeria’s leaders should approach such advice with caution to avoid potential socioeconomic harm. He warns against solely pursuing the form of “good governance” often promoted by Bretton Woods institutions, which he argues fails to address Nigeria’s unique needs.

“What Nigeria truly requires is ‘good democratic governance,’ grounded in constitutional principles, rule of law, ethical conduct by public officials, and a dedication to selfless service,” Jega states. He calls for reforms in leadership selection to ensure that leaders are well-prepared and equipped to serve.

Promoting Corporate Governance in Nigeria

At the event, CIoD President Alhaji Tijani Borodo underscores the organization’s commitment to elevating corporate governance standards in Nigeria. He notes that the CIoD focuses on enhancing the skills of directors and business leaders across sectors, thus enabling them to make positive contributions to their communities and the country. “Our mission is to connect leaders with one another and the government to foster an enabling business climate, even in challenging times,” Borodo affirms.

Key Context

Institutions like the World Bank and IMF have recently drawn criticism for their perceived impact on Nigerian policies. The IMF has been linked to Nigeria’s recent fuel subsidy removal, though it denies direct involvement. Similarly, World Bank Chief Economist Indermit Gill’s recent comment about the need for sustained reform over the next 15 years for growth has sparked debate, with many Nigerians concerned over the impact on ordinary citizens.

The Nigerian government maintains that its policies are self-determined, pushing back against claims that they are primarily influenced by external financial institutions.

Nigerian Borders Become Safer With Technology Deployment – Kemi Nandap

Global Clean Energy Technologies Market Set To Reach $2 Trillion By 2035, IEA Reports

The International Energy Agency (IEA) forecasts that the global clean energy technology market will reach $2 trillion by 2035, based on insights from its latest report, Energy Technology Perspectives 2024.

IEA identifies six key technologies—solar photovoltaic (PV), wind energy, electric vehicles (EVs), batteries, electrolyzers, and heat pumps—as driving forces behind this anticipated growth. Since 2015, the market for these technologies has nearly quadrupled, reaching over $700 billion by 2023. This rise has been largely propelled by the widespread adoption of EVs, solar PV, and wind energy.

Current policies are expected to further increase demand for these clean energy technologies, with the market on track to nearly triple by 2035, bringing its value close to that of the global crude oil market.

Increasing Investments in Clean Technology

Global investment in clean technology manufacturing has surged, with a 50% increase recorded in 2023, amounting to $235 billion. This represents nearly 10% of overall global investment growth. The bulk of these funds went to solar PV and battery production, with EV manufacturing facilities making up another 15%.

While recent delays have impacted some projects, IEA projects that investment in clean technology manufacturing will remain robust, potentially nearing $200 billion in 2024.

China Leads in Clean Technology Exports

IEA’s report positions China as a leader in clean technology exports, with export revenues expected to top $340 billion by 2035, a figure on par with the projected 2024 oil export earnings of Saudi Arabia and the UAE combined. However, IEA notes that other countries also stand to gain from the growth in clean energy manufacturing, contingent upon their policies and deployment rates.

Strategic Impacts on Global Energy and Trade

IEA underscores that the shift to clean technologies is reshaping trade dynamics. Unlike fossil fuels that require continuous imports, clean technologies provide long-term energy assets. For example, a single container ship of solar PV modules can support electricity production equal to that of over 50 large LNG tankers or 100 coal vessels.

Opportunities and Challenges for Policy Makers

IEA recognizes that the growth of the clean energy economy offers substantial manufacturing opportunities for countries, including in technologies, components, and materials. Governments, however, face a complex balancing act—supporting open markets and effective clean energy transitions while fostering secure, resilient supply chains for clean technologies.

Dropbox Announces 20% Workforce Reduction Amid Strategic Transition

Nigeria’s Money Supply Surges To N108.9 Trillion, Growing 68% In One Year

How Much Money Is Spent On Groceries In Nigeria, Other Countries?

Nigeria’s money supply (M3) jumped 62.8% year-on-year (YoY) in September 2024, despite the Central Bank of Nigeria’s (CBN) recent efforts to limit liquidity to control inflation.

According to the latest CBN data, the money supply (M3) reached N108.95 trillion in September 2024, up from N66.94 trillion in September 2023. On a month-over-month (MoM) basis, the money supply rose by 1.6%, increasing from N107.19 trillion in August 2024.

Key Drivers Behind M3 Growth

M3, which represents the total money supply, includes liquid assets like cash and demand deposits as well as CBN-issued bills. This broader measure combines M1 (highly liquid assets) and M2 (currency outside banks, demand deposits, and quasi-money like investments).

Despite the CBN’s efforts to limit liquidity and control inflation, M3 growth remains strong, suggesting other factors are driving liquidity. This increase may be linked to government spending and other domestic and foreign assets.

Net Domestic Assets (NDA) saw a 54.6% YoY increase, rising from N54.41 trillion in September 2023 to N84.14 trillion in September 2024. This suggests high lending activity, as businesses continue to seek loans despite higher interest rates. NDA also rose 3% MoM, indicating steady credit expansion. Net Foreign Assets (NFA), on the other hand, grew by 97.9% YoY, increasing from N12.54 trillion in September 2023 to N24.82 trillion in September 2024. However, NFA dropped by 2.7% MoM, possibly due to CBN interventions in the foreign exchange market to stabilize the naira.

The continued growth of M3 highlights the complex nature of Nigeria’s monetary environment, where inflation control, currency stabilization, and economic growth need to be carefully balanced.

Monetary Policy Committee’s Views on M3 Growth

CBN Governor Yemi Cardoso acknowledged the steady rise in liquidity despite measures to control it, stressing the need to prevent further inflationary pressures. “The MPC noted the continued growth in money supply, recognizing the need to curtail excess liquidity in the system as well as address foreign exchange demand pressures,” Cardoso said at a recent press briefing.

Other MPC members shared similar concerns. Aku Pauline Odinkemelu, in her personal statement, pointed to the risks of excessive liquidity, partly due to government revenue allocations, which could increase inflation if not managed. She recommended gradual interest rate hikes to reduce excess liquidity in the banking system.

Lamido Abubakar Yuguda also raised concerns, noting that the increase in both net foreign and domestic assets has been driven by a depreciating naira, further fueling inflation. He emphasized that stronger policies are needed to manage inflation and keep the economy stable.

Key Takeaways

The surge in money supply means there is more liquidity in Nigeria’s financial system, which can stimulate economic growth by making credit more accessible for businesses. This can boost production, job creation, and overall economic activity. Increased money supply can also support consumer spending, driving demand for goods and services.

However, if money supply grows faster than production, it risks fueling inflation by raising prices, especially if demand outpaces supply. In Nigeria, where inflation is already high, unchecked growth in money supply could lead to even higher prices, impacting purchasing power and living costs, especially for lower-income households.

Nigeria Needs ₦35 Trillion to Upgrade Road Infrastructure, FRSC Reveals

NGX Investors Down N21bn As Sales Hit MTN, PZ, Jaiz Bank

Stock Exchange Closes Trading Week With N30bn Gain

The Nigerian Exchange (NGX) market saw a decline in value, losing over N21 billion due to sell-offs, particularly in stocks like MTN Nigeria, PZ Cussons, and Jaiz Bank.

At the end of the trading session, key performance indicators were down by 0.04%, with the NGX All-Share Index dropping 34.84 points to close at 98,023.23. Despite a positive market trend, profit-taking on major stocks, including MTNN, drove the market lower for the third straight day.

However, trading activity increased significantly, spurred by third-quarter earnings releases. Total trading volume rose by 34.97%, and the total trade value jumped by 71.43%.

According to Atlass Portfolios Limited, around 538.96 million units valued at ₦15.3 billion changed hands across 10,028 transactions. Jaiz Bank led in trade volume, making up 19.82% of total transactions, followed by UBA (17.82%), CHAMS (14.99%), MTNN (5.72%), and Zenith Bank (4.29%). In terms of trade value, MTNN accounted for 35.23% of the day’s total.

Leading the gainers’ list were SKYAVN, UPL, and VITAFOAM, each up by 10%. Other top gainers included EUNISELL (+9.93%) and NAHCO (+9.89%). In contrast, 23 stocks declined, with PZ and Jaiz Bank both losing 10%, and other significant decliners including UPDC (-9.38%) and MTNN (-4.84%).

The market breadth remained positive with 33 stocks advancing and 23 declining. Sector-wise, three of the five major sectors saw gains: Insurance rose 0.71% and Consumer Goods by 0.11%, while Banking fell 1.73%, Industrial dipped 0.24%, and Oil & Gas lost 0.22%.

Overall, the NGX market capitalization dropped by₦21.11 billion to₦59.40 trillion, totaling a three-day loss of₦864 billion due to sell pressure on key stocks while smaller stocks showed gains.

Nigerian Borders Become Safer With Technology Deployment – Kemi Nandap

Naira Loses Value As Data Shows FX Market Inflows Drop

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

The Nigerian naira slipped again in the foreign exchange (FX) market, as data revealed a drop in inflows. Meanwhile, demand for foreign currency grew despite limited liquidity.

According to BizWatch Nigeria, the Central Bank of Nigeria (CBN) seems to have reached a favorable exchange rate, which officials believe could encourage more Nigerian exports. However, a financial expert, who wished to remain anonymous, questioned the viability of this strategy: “What exactly can Nigeria export? It’s industrialized nations with competitive advantages that benefit from exports.”

Data from the FMDQ platform showed that the naira fell by 4 basis points, ending at N1,631.17 in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This marks a decline of N31, after starting the week at N1,600 per dollar.

Last week, the naira fluctuated between N1,600 and N1,654.1, closing at N1,600 in the spot market. In the parallel market, the naira averaged around N1,740, according to Coronation Research. This created a 9% difference between official and parallel market rates, a gap that could lead to speculative trading.

Analysts observed that total U.S. dollar turnover in the Nigerian autonomous FX market fell by 39.9%, or $1.05 billion, ending the week at $1.6 billion. The demand for U.S. dollars remains high, with the CBN’s FX auction sales continuing to absorb this demand. Last week, the Nigerian autonomous FX window saw inflows of $847 million.

Breaking down these inflows, the Central Bank contributed 11.3%, foreign portfolio investors (FPIs) 22.5%, non-bank corporations 20.5%, exporters 25.4%, and other sources accounted for 20.3%. These inflows have helped support liquidity in the currency market.

Meanwhile, oil prices rose by over 1%, fueled by unexpected declines in U.S. crude and gasoline inventories and speculation that OPEC+ may delay an increase in oil output. Today, Brent crude climbed to $72.40, while U.S. benchmark West Texas Intermediate (WTI) rose to $68.43. Gold prices also hit a record high, reaching around $2,800.40 per ounce.

Analysts attribute these price increases to safe-haven demand amid U.S. election uncertainty and expectations of economic data that could impact the Federal Reserve’s policy decisions.

Nigerian Borders Become Safer With Technology Deployment – Kemi Nandap

Senate Affrims 7 Ministerial Nominees

Senate Concerned About CBN's New Withdrawal Policy

The Senate has confirmed seven new ministerial appointees sent by President Bola Tinubu. After an extended screening session on Wednesday, the nominees were approved during the Senate plenary.

Some of these nominees, having served in various government roles before, were simply asked to introduce themselves before receiving a “take a bow and go” confirmation.

The confirmed ministers include:

  • Dr. Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction
  • Muhammadu Dingyadi as Minister of Labour and Employment
  • Bianca Odumegwu-Ojukwu as Minister of State, Foreign Affairs
  • Dr. Jumoke Oduwole as Minister of Industry, Trade, and Development
  • Idi Maiha as Minister of Livestock Development
  • Yusuf Ata as Minister of State, Housing
  • Dr. Suwaiba Ahmad as Minister of State for Education

Among the appointees, Bianca Odumegwu-Ojukwu, the wife of former Eastern Nigeria Governor Odumegwu Ojukwu, raised concerns over the poor condition of Nigeria’s embassies abroad. She stated that inadequate funding has left these buildings in a “deplorable condition,” which does not reflect Nigeria’s standing internationally. She urged that these buildings be renovated to create suitable environments for lawmakers and foreign engagement.

During the session, several senators praised President Tinubu for nominating a diverse group of individuals, regardless of their political affiliations. Senator Enyinnaya Abaribe (APGA-Abia) highlighted the significance of nominating someone from an opposing party, viewing it as a step toward national unity. He noted, “The President should be commended for including someone from APGA, especially the wife of my former party leader, the late Chief Odumegwu Ojukwu. This marks the beginning of a unity government and national integration.”

Senator Victor Umeh (LP-Anambra) also viewed the nomination as a positive step toward healing and unifying the nation.

Nigerian Borders Become Safer With Technology Deployment – Kemi Nandap

Money Market Rates Plunge Further As Liquidity Balances

How Much Money Is Spent On Groceries In Nigeria, Other Countries?

Stable liquidity in the financial system has kept money market rates in check, with lower borrowing from the central bank’s lending facility today as interbank rates continued to ease.

Since the central bank lifted its suspension on borrowing from the lending facility in September, it raised its borrowing rate to 31.75%, aligning with recent changes in monetary policy. This adjustment has driven up borrowing costs for banks, and it’s likely that rates for other money market deposits will rise as well.

On Wednesday, short-term interest rates in the money market dropped again, as there wasn’t significant demand for funds. Interest rates in the money market have fluctuated daily, influenced by the overall liquidity position.

According to data from FMDQ, funding rates have decreased following recent inflows from FAAC (the Federation Account Allocation Committee), bond coupon payments, and maturing OMO bills, all of which boosted liquidity in the financial system.

Despite this, overall financial system liquidity ended at a negative ₦837.3 billion last Friday due to substantial borrowings by banks from the central bank. Consequently, the Nigerian Interbank Borrowing Rate (NIBOR) rose across all maturities, reflecting tighter liquidity.

The Open Repo Rate (OPR) and the Overnight Lending Rate (O/N) also dropped by 1.68% and 1.95%, to 24.85% and 25.00%, respectively. These rates had been above 32% last week due to liquidity pressures.

Analysts expect interbank rates to remain steady in the short term, assuming no major changes in liquidity conditions.

Dropbox Announces 20% Workforce Reduction Amid Strategic Transition

Google To Pay Russia $2.5 Decillion Over YouTube Bans

Google Launches Nigeria Elections Trends Hub for 2023 Elections

Russia has imposed an unprecedented fine of $2.5 decillion on Google, marking a world record, after years of disputes over Google’s refusal to restore the accounts of pro-Kremlin and state-run media outlets, according to the RBC news website, citing an anonymous source.

This dispute began in 2020 when Russian pro-government media outlets, Tsargrad and RIA FAN, successfully sued Google after their YouTube channels were blocked. Following the lawsuits, Google started incurring a daily penalty of 100,000 rubles, which doubled each week. Over time, these penalties have snowballed into a massive fine amounting to approximately 2 undecillion rubles (an undecillion being a 1 followed by 36 zeros).

Despite Google’s parent company, Alphabet, reporting over $307 billion in revenue in 2023, paying a fine this vast remains unlikely. In addition, 17 Russian TV channels, including state-run Channel One, military-affiliated Zvezda, and a company representing RT’s editor-in-chief Margarita Simonyan, have filed similar lawsuits against Google.

YouTube, owned by Google, blocked several Russian state-run media outlets due to their support of Russia’s full-scale invasion of Ukraine. In response, Moscow levied fines against Google but did not go as far as blocking YouTube itself.

In the summer of 2022, Google’s Russian subsidiary filed for bankruptcy, which was finalized in the fall. This followed Alphabet’s earlier decision to halt advertising in Russia to align with Western sanctions. Despite closing its Russian office, many Google services, including its search engine and YouTube, remain accessible in Russia. Although the Kremlin has banned certain social platforms like Twitter and Facebook, it has yet to restrict access to Google’s services.

Russian authorities initially warned Google of daily penalties doubling every 24 hours if not paid, eventually resulting in the current 2 undecillion-ruble fine, according to lawyer Ivan Morozov. Google has stated it will not pay the fines, citing in its last earnings statement that it does not believe these legal issues will have a “material adverse effect.”

President Tinubu Appoints Major General Olufemi Oluyede as Acting Chief of Army Staff

Foreign Investors Raise Stakes On Nigeria Eurobonds After Rates Drop

DMO Set To Auction N150bn Bond On FG's Behalf

African Eurobonds, particularly Nigeria’s, have seen a spike in demand as some central banks began reducing interest rates. With higher yields compared to many emerging markets, Nigeria is expected to attract significant foreign investment in the fourth quarter as investors seek safer, more profitable opportunities.

On Wednesday, foreign portfolio investors (FPIs) showed strong interest in Nigerian sovereign Eurobonds on the international market, drawn by the attractive yields which surpass those in the U.S. or Eurozone.

The market saw a wave of buying across various maturities (short-, mid-, and long-term bonds), resulting in a slight yield drop to an average of 9.54%, according to Cowry Asset Limited. Just last week, however, yields had risen by 14 basis points to around 9.6% due to cautious investor sentiment amid slowing inflation.

Now, as investors adjust their portfolios, there’s renewed optimism for Nigeria’s economic recovery thanks to ongoing reforms—despite rising public debt.

This positive momentum signals that confidence in Nigeria’s Eurobonds is growing, with yields staying below 10% as investors remain optimistic, even with some economic uncertainties on the horizon.

Last month, Nigerian Eurobonds saw mixed performance as the European Central Bank, U.S. Federal Reserve, and others adjusted rates. Initially, yields rose to 9.81%, as reported by Meristem Securities Limited, reflecting bearish sentiment. But after the U.S. Fed cut rates by 50 basis points, investor optimism toward Nigerian Eurobonds grew.

As demand surged, yields fell to 9.28% by the end of September, highlighting the increased interest in Nigerian bonds. Analysts noted that investor confidence in Nigeria’s fiscal policies was further bolstered by two consecutive months of declining inflation and an additional 50 basis point rate hike at the end of the month.

Rate cuts in other emerging markets, such as South Africa and Ghana, also contributed to investor confidence in Nigeria’s Eurobonds. This uptick in demand led to price increases across all Nigerian Eurobond instruments in September.

EAAIF Acts As Sole Impact Investor, Anchors Africell’s Debut Issuance Of USD300 Million International Public Bond

Resilience Paved The Way For My Success – 2024 Aurora Tech Award Winner, Folake Owodunni

The 2024 Aurora Tech award winner, Mrs. Folake Owodunni has charged aspiring women entrepreneurs in the tech space to develop a spirit of resilience if they hope to succeed with their innovations or businesses.

Owodunni made the remarks on Saturday, September 28, 2024 during a panel session at the  2024 Wetech Conference sponsored by inDrive. She described her success at the last edition of the Aurora Tech Award as a product of resilience, signalling a turning point in her career.

While advising eligible women in tech to apply for the 2025 Aurora Tech Award, she maintained that the initiative remains the best platform to get the desired recognition and support.

The Tech Entrepreneur noted that her initiative, Emergency Response Africa,  aims to address the issue of inadequate response to emergencies in Africa by connecting ambulances and first responders to patients through technology.

The initiative, which has received tremendous acceptance from various state governments in Nigeria, continues to attract successful partnerships aimed at improving emergency response, such as transporting pregnant women in labor to hospitals.

According to her, the need for better emergency response systems motivated the set up of Emergency Response Africa. An inspiration she attributed to high-profile deaths and numerous unreported cases of death in Africa due to the knowledge gap on the part of the public during the period of emergencies.

The initiative, designed to confront issues such as public panic and misconceptions about emergency services, aims to improve emergency care by educating the public and ensuring timely and effective responses to medical emergencies.

In her remarks, the Acquisition Manager, inDrive Nigeria, Catherine Akindele speaking to the success of the Aurora Tech Award, said “ The Aurora Tech Award was borne out of the need to foster fairness, inclusivity and empowerment of women in technology.”

Akindele stated that the award has received a significant number of applications from participants with innovative tech ideas, with only a few selected each year. Shedding more light on the company’s commitment to the awardees, she said, “Beyond the reward, we monitor the progress of participants by providing resources and guidance on how to grow their businesses.”

The Aurora Tech Award, now in its 5th edition, is structured to enable participants to learn from each other and gain inspiration from one another’s experiences.

Federal Government Aims For 30% Reduction In Shuttle Fares With CNG Transition Of 800 Taxis At Abuja Airport

EAAIF Acts As Sole Impact Investor, Anchors Africell’s Debut Issuance Of USD300 Million International Public Bond

The USD300 million public bond issuance was oversubscribed with orders over USD550 million. The financing will support the roll-out of digital infrastructure across four countries, enhancing connectivity for Africell’s current 14 million customers and boosting future growth.

The investment demonstrates EAAIF’s pledge to accelerate the development of capital markets across Africa and South and Southeast Asia.

London, 30 October 2024: The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, managed by Ninety One, has invested USD 28 million and acted as the sole impact investor in an oversubscribed USD 300 million capital market maiden bond issue. Book orders over USD550 million meant that EAAIF could reduce its anchor commitment from USD40 million to USD28 million, allowing the participation of more private capital from a variety of international investors.

The proceeds of the issuance will support capital expenditure growth across Africell’s subsidiaries in Angola, the Democratic Republic of Congo (DRC), The Gambia, and Sierra Leone. This will strengthen the supply of mobile and data connectivity for approximately 14 million current subscribers, with conditions ripe for future expansion across these countries.

Magase Mogale, Africell’s Executive Vice President, said, “EAAIF was instrumental in the success of this process. Their support and involvement gave other investors confidence, resulting in our debut issuance being heavily oversubscribed. Launching the bond is a transformational moment for our company, as we offer investors exposure in four dynamic African countries”.

The transaction deepens Africa’s financial services landscape and diversifies fundraising sources for dynamic, fast-growth businesses. This bond issuance is the first by any corporate or state in two of Africell’s four established markets (The Gambia and Sierra Leone). It will provide international private investors with insight into these markets and create the opportunity for further, much-needed, foreign investment.

Tidiane Doucoure, Director, Emerging Market Alternative Credit at Ninety One Group, the Fund Manager of The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, said: “We are proud to have acted as anchor investor on the successful first bond issuance of Africell. At PIDG and Ninety One, we firmly believe in the development of capital markets and the mobilisation of private capital in low and middle-income countries. That’s the only viable way the trillions of dollars currently available in developed markets will be channeled to support the much-needed economic and social growth for the six billion people living in emerging markets. We are honored by the trust of Africell and our other partners, including the global banks that acted as bookrunners—JP Morgan, Citi, and Standard Bank.”

Developing Africa’s capital markets is a key priority for the Private Infrastructure Development Group and Ninety One. In 2020, sub-Saharan Africa, excluding South Africa, contributed just 0.02% to the global stock of international bonds. This presents a tremendous opportunity for global investors and ambitious businesses to increase access to growth capital from debt capital markets.

Federal Government Aims For 30% Reduction In Shuttle Fares With CNG Transition Of 800 Taxis At Abuja Airport

President Tinubu Appoints Major General Olufemi Oluyede as Acting Chief of Army Staff

President Bola Ahmed Tinubu has appointed Major General Olufemi Oluyede as the Acting Chief of Army Staff, stepping in temporarily for Lt. General Taoreed Abiodun Lagbaja, who is abroad for medical treatment.

 The appointment was disclosed in an official statement on Wednesday by presidential spokesman Bayo Onanuga.

“President Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces, has appointed Major General Olufemi Olatubosun Oluyede as the acting Chief of Army Staff (COAS),” the statement read, adding that Oluyede will manage the duties pending Lagbaja’s recovery and return to duty.

Major General Oluyede, a seasoned and highly-decorated officer, previously served as the Commander of the elite Infantry Corps in Jaji, Kaduna. His distinguished military background spans various strategic roles, including commanding the 27 Task Force Brigade in Operation HADIN KAI in Nigeria’s Northeast. His combat and operational experience also extend to the ECOMOG peacekeeping mission in Liberia, Operation HARMONY IV in Bakassi, and multiple other roles within the Guards Brigade and the Amphibious Training School.

A graduate of the Nigerian Defence Academy, Oluyede has steadily risen through the ranks since his commissioning as an officer in the 39th Regular Course in 1987, alongside his long-standing associate Lt. General Lagbaja. Promoted to Major General in 2020, Oluyede has earned numerous commendations, including the Corps Medal of Honour, the Grand Service Star, and recognition as a Member of the National Institute.

The appointment signals continuity within the Nigerian Army’s leadership as Oluyede assumes command, leveraging his extensive background in both operational command and leadership in high-stakes military settings.

Senate Begins Screening Of Seven New Ministerial Nominees Amid Tinubu’s Cabinet Reshuffle

Dropbox Announces 20% Workforce Reduction Amid Strategic Transition

Dropbox, a leading file storage and sharing company, announces plans to reduce its global workforce by 20%, impacting 528 employees, as part of a significant restructuring effort.

In a communication to staff, CEO Drew Houston expresses regret over the decision, highlighting the necessity of navigating a transitional phase to realign Dropbox’s focus for future growth.

Houston notes that the company’s core business has reached maturity, prompting investments in new products like Dash for Business to secure ongoing success. However, challenging economic conditions and shifting market demands have pressured the company’s existing structure.

“We recognize that our organizational framework has become overly complex, leading to inefficiencies,” Houston states. To combat this, Dropbox aims to simplify its operations and eliminate areas that are underperforming or over-invested.

The restructuring occurs as Dropbox seeks to strengthen its position in the competitive cloud content management sector. Houston emphasizes that the recent launch of Dash for Business has received positive feedback, comparable to the initial reactions to Dropbox’s flagship platform.

As investments in the sector surge, Dropbox prioritizes urgent action and additional investment to maintain its competitive edge. The company plans to reveal more details about its growth strategy for 2025 in the near future.

Support for Affected Employees

Dropbox commits to assisting impacted employees with severance, healthcare, and job placement services to ensure a smoother transition. Affected employees will receive:

  • Severance and Equity: 16 weeks of pay, plus an additional week for each year of service. Employees will also retain their Q4 equity vest and receive a pro-rated bonus for 2024.
  • Healthcare Coverage: U.S. employees can access up to six months of COBRA coverage, while those in Canada will receive a one-month healthcare extension. Ongoing access to mental wellness resources will also be available.
  • Device and Job Placement Support: Employees will keep their company devices and gain access to career coaching and job placement services.

Context of Recent Tech Layoffs

Dropbox’s announcement follows a trend of layoffs in the tech industry that began earlier this year. For instance, Microsoft recently announced a reduction of 1,900 positions across its video-game divisions. Instacart and Cisco have also cut jobs, and Amazon Web Services has implemented cost-cutting measures affecting hundreds of employees. This wave of layoffs reflects broader adjustments within the tech sector following a pandemic-related hiring surge.

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Nigerian Borders Become Safer With Technology Deployment – Kemi Nandap

The Comptroller General of the Nigeria Immigration Services (NIS), Kemi Nandap, states that the security of Nigerian borders has improved due to the deployment of technology at key entry points nationwide.

During a recent courtesy visit to Plateau Governor Caleb Mutfwang in Jos, Nandap highlighted the innovative initiatives the NIS has adopted to enhance the safety of land borders and protect citizens.

“We leverage technology and other initiatives to ensure our borders are now safer,” she asserts.

Nandap also announces plans to revive Departments of Immigration (DIOs) in Local Government Areas (LGAs) to better safeguard rural communities.

E-Border Solutions Implemented

Earlier this month, the NIS initiates the deployment of advanced e-border solutions at over 80 crossing points across Nigeria. This action is part of ongoing efforts to strengthen border security and combat trans-border crime.

Nandap explains that this deployment represents the first phase of the e-border project, a significant advancement in modernizing border surveillance and control. The e-border system enables real-time, 24/7 monitoring and intelligence sharing, which enhances the NIS’s ability to manage border activities.

“To date, we have implemented e-border solutions at more than 80 crossing points, with plans for a second phase soon. Our objective is to cover as many points as possible, utilizing technology to support our field officers,” Nandap states.

With over 190 crossing points in Nigeria, the NIS aims to address the unmanned areas that are vulnerable to illegal crossings and irregular migration. Nandap emphasizes that technology will play a crucial role in monitoring these zones, ensuring that every individual entering the country is identified and tracked.

Additionally, she notes that the e-border system will enhance collaboration with other security agencies by facilitating the sharing of vital intelligence.

Background Information

In 2019, the Federal Executive Council (FEC) approved N52 billion for the acquisition of e-border surveillance systems to improve border monitoring through technology. The project, aimed at providing real-time information from major border posts, did not commence until 2022.

Report Highlights Decline In Business Confidence In Nigeria Due To Naira Devaluation And Subsidy Removal

Snapchat Reports $1.37 Billion Revenue With 443 Million Daily Active Users In Q3 2024

Snapchat's Monthly Active Users Reach 500m

Snapchat announces a revenue of $1.37 billion for Q3 2024, marking a 15% increase from $1.19 billion in the same quarter last year. The platform currently has 443 million daily active users, reflecting a year-over-year increase of 9%.

The revenue growth is largely attributed to Snap’s ongoing investments in artificial intelligence (AI) and augmented reality (AR), which have significantly enhanced user experience.

CEO Evan Spiegel expresses pride in the company’s progress, noting the strong growth in community engagement and financial performance. He emphasizes that investments in AI and AR are fostering innovation in advertising and creating new experiences for users.

Additionally, Snap Inc. announces a stock repurchase program of up to $500 million for its Class A common stock, set to occur over the next 12 months, depending on market conditions and stock price. This initiative aims to counteract dilution from employee stock units and promote a culture of ownership within the company.

As of September 30, 2024, Snap Inc. reports a robust balance sheet with $3.2 billion in cash and marketable securities.

In terms of financial performance, the company reduces its net loss to $153 million from $368 million the previous year, representing a 58% improvement. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rise to $132 million, up 229% year-over-year. Operating cash flow improves to $116 million, and free cash flow reaches $72 million, compared to a negative $61 million last year. The diluted net loss per share decreases to $0.09, an improvement of 61% from $0.23 in Q3 2023. Furthermore, non-GAAP diluted net income per share increases to $0.08, up 300% from $0.02 the previous year.

User engagement also shows significant growth, with a 25% increase in time spent watching content. Spotlight, the video-sharing feature, averages over 500 million monthly active users, a 21% rise from the previous year.

To enhance advertising capabilities, Snap introduces new formats such as Sponsored Snaps and Promoted Places. The premium subscription service, Snapchat+, reaches 12 million subscribers, more than doubling year-over-year.

With a continued focus on community engagement and technological advancements, Snap Inc. remains optimistic about its long-term growth prospects.

Federal Government Aims For 30% Reduction In Shuttle Fares With CNG Transition Of 800 Taxis At Abuja Airport

Nigeria Needs ₦35 Trillion to Upgrade Road Infrastructure, FRSC Reveals

Nigeria would need an estimated ₦35 trillion to upgrade its road infrastructure to smart, safety-focused systems, according to the Federal Road Safety Corps (FRSC).

 The Deputy Corps Marshal of the FRSC, Clement Oladele,  highlighted this figure during the BusinessDay Breakfast Meeting/Townhall in Abuja, where he spoke on leveraging “smart infrastructure” to enhance road safety and efficiency.

Oladele explained that Nigeria’s current road infrastructure is valued at approximately ₦70 trillion. He emphasized that transitioning to smart infrastructure, integrating technology with highways, bridges, and superhighways and could greatly improve safety for road users and enable smoother operations for road management and enforcement agencies.

“Smart infrastructure includes systems and facilities that make roads safer and more efficient for both users and managers’’

 “If Nigeria’s infrastructure were lost today, the replacement cost would be around ₦70 trillion. Modernising these roads would require nearly half that value to transition to intelligent infrastructure.” He added.

At the event, Vincent Olatunji, National Commissioner/CEO of the National Data Protection Commission, represented by Ibukunoluwa Owa, also stressed the importance of data privacy. She warned that as the FRSC introduces smart monitoring technology, protecting citizens’ personal data becomes essential to prevent risks like identity theft and fraud.

“Citizens must share personal data, such as names, addresses, and vehicle numbers, for these systems. Without robust data protection, there’s a risk of this information being misused,” Owa noted. She emphasised that public trust hinges on data security, urging the FRSC to adopt responsible data collection practices.

IPMAN Calls For Direct Sales Of Petrol From Dangote Refinery Amid NNPC Supply Delays

Senate Begins Screening Of Seven New Ministerial Nominees Amid Tinubu’s Cabinet Reshuffle

The Nigerian Senate has begun screening seven new ministerial nominees, following President Bola Tinubu’s recent cabinet reshuffle.

This development comes after Tinubu’s dismissal of five ministers, sparking significant interest in the new appointees who may drive changes in critical areas such as humanitarian affairs, education, and trade.

Among the nominees is Dr. Nentawe Yilwatda, who is expected to serve as Minister of Humanitarian Affairs and Poverty Reduction, and Muhammadu Dingyadi as Minister of Labour and Employment. Notably, Bianca Odumegwu-Ojukwu has been nominated as Minister of State for Foreign Affairs, and Dr. Jumoke Oduwole for Minister of Industry, Trade, and Development. Other appointees include Idi Muktar Maiha as Minister of Livestock Development, Rt. Hon. Yusuf Ata as Minister of State for Housing, and Dr. Suwaiba Said Ahmad as Minister of State for Education.

The Senate expedited the screening process by suspending its rules to allow the Special Adviser to the President on Senate Matters, Basheer Lado, to introduce the nominees. This motion, led by Senate Leader Opeyemi Bamidele, was passed in Wednesday’s plenary, allowing for immediate attention to Tinubu’s selections.

Senate President Godswill Akpabio read Tinubu’s nomination letter in Thursday’s session, underscoring the administration’s intent to revitalise key ministries and address critical socio-economic challenges. With the new ministerial appointments, Nigerians are looking for impactful governance, particularly in areas needing reform and development.

IPMAN Calls For Direct Sales Of Petrol From Dangote Refinery Amid NNPC Supply Delays

IPMAN Calls For Direct Sales Of Petrol From Dangote Refinery Amid NNPC Supply Delays

DPR's Revenue Generation Drive Affecting Regulatory Role - IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is urging Dangote Refinery to begin direct petrol sales, addressing prolonged delays and unpaid funds by the Nigerian National Petroleum Company Limited (NNPCL).

 This call reflects increasing frustration among marketers over supply issues and loading backlogs at NNPC depots.

Speaking in a televised interview, Abubakar Maigandi, IPMAN’s President, highlighted the impact of NNPC’s logistical challenges, revealing that IPMAN members have over ₦40 billion held by the NNPCL, hindering their ability to procure petrol.

“We have over ₦40 billion under NNPCL’s custody. Some of my marketers were recently directed to load at the Dangote refinery, but they waited with their trucks for more than four days,” Maigandi said. “With reports of 500 million litres of Premium Motor Spirit (PMS) available at Dangote, we’re ready to buy directly if the refinery offers it.”

This plea follows statements from Aliko Dangote, President of Dangote Group, who recently affirmed that his refinery could meet local petrol demand, revealing that 500 million litres of PMS are yet to be purchased by retailers.

As fuel supply challenges continue, the potential for direct sales could signal a new chapter for Nigeria’s petroleum sector, enhancing efficiency and accessibility for independent marketers.

Oil Prices Surge On Unexpected US Crude Inventory Drop, Middle East Tensions
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