Nestle Nigeria Plc has reported a 328% year-on-year surge in net losses for the nine months ending in 2024, with losses climbing from N43.068 billion to a staggering N184 billion.
This increase is attributed to significant foreign exchange losses and heightened operating expenses, according to the company’s unaudited financial statements.
The report highlights an overwhelming N285.29 billion loss tied to foreign exchange issues, overshadowing Nestle Nigeria’s impressive 67.8% revenue growth, which rose to N665.29 billion from N396.592 billion recorded in the same period last year. Key drivers of this topline growth included a 66.8% rise in domestic sales and an 861.7% spike in exports, spurred by the introduction of new products such as Maggi Signature Jollof, Milo 3-in-1, and Cerelac Rice.
However, Nestle’s cost of sales nearly doubled, escalating by 94.1% to reach N458.978 billion. This surge, driven by inflationary pressures and rising raw material costs, has impacted the company’s profit margins. Although gross profits improved by 28.8% to N206.312 billion, gross margin slipped to 31.0%, down from 40.4% in 2023.
Operating expenses also grew significantly, rising 39.8% due to increased marketing and administrative spending. Consequently, the operating profit margin fell from 23.1% to 16.7%, though the operating profit itself rose by 21% year-on-year to N110.844 billion.
The financial report points to soaring finance costs, which increased by 147% to N366.23 billion, largely due to a 135.8% rise in finance expenses, reaching N369.16 billion. These expenses include a net exchange loss on foreign currency denominated balances, which surged to N285.29 billion. Additionally, the company faced a 188.5% jump in interest expenses due to currency devaluation and increased intercompany loans.
On a brighter note, Nestle benefited from a tax credit of N71.11 billion through the reversal of deferred tax liabilities. Despite this, the company closed the nine-month period with a negative profit after tax (PAT) of N184.27 billion, underscoring the impact of Nigeria’s currency devaluation on multinational companies and the ongoing economic challenges.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, addresses the Northern Governors Forum’s opposition to the derivation-based model of Value Added Tax (VAT) distribution outlined in the new finance bill.
In a statement on his official X account, Oyedele expresses agreement with the concerns raised about the current VAT distribution approach, which allocates funds based on the location where VAT is remitted rather than where goods are supplied or consumed. He emphasizes that this model is inequitable not just for Northern states but for states across all geopolitical zones.
Oyedele explains that the committee proposes a more equitable system that considers the location of consumption or supply for goods, regardless of their VAT classification. He states, “We share the sentiment expressed by the Northern Governors regarding the inequity inherent in the current model of derivation as a basis for distributing VAT revenue. This issue affects many states across all geopolitical zones.”
He adds that the proposal aims to establish a derivation system reflecting where goods and services are supplied or consumed, including considerations for zero-rated and exempt items.
Background
The Northern Governors Forum, led by Gombe State Governor Muhammed Inuwa Yahaya, currently rejects the derivation-based VAT distribution model proposed in the ongoing tax bill discussions in the National Assembly. In a communiqué, the forum critiques the proposal, stating it undermines the interests of Northern states and calls on National Assembly members to oppose the bill and any similar legislation that could adversely affect the welfare of the Northern populace.
Current VAT Allocation
As it stands, Section 40 of the VAT Act allocates VAT revenue as follows: 15% to the Federal Government, 50% to states and the Federal Capital Territory (FCT), and 35% to local governments. At least 20% of the allocation to states and local governments is based on a derivation principle. While not explicitly stated in the VAT Act, other distribution factors include 50% based on equality and 30% based on population. Additionally, a 4% collection fee is designated for the Federal Inland Revenue Service (FIRS), and 2% is allocated to the Nigeria Customs Service (NCS) for import VAT.
Broadband penetration in Nigeria decreases to 41.56% in September, despite ongoing efforts to reach a target of 70% through the National Broadband Plan (NBP 2020-2025). This data is provided by the Nigerian Communications Commission (NCC).
The number of Nigerians with access to high-speed internet declines from 94.3 million in March to 90.1 million in September, contributing to the drop in penetration rates. In March 2020, when the NBP was introduced, penetration was at 39.85%, with approximately 75.4 million Nigerians connected.
Factors Behind the Decline
The decline in broadband subscriptions is attributed to several challenges, including inadequate infrastructure and high Right of Way costs. Additionally, the recent reduction in broadband subscriptions correlates with the National Identification Number (NIN) verification process. As reported by Nairametrics, the four major mobile network operators—MTN, Airtel, Globacom, and 9mobile—lost 64.3 million subscriptions during this verification mandated by the telecom regulator.
By the end of September, these operators reported 154.6 million active subscriptions, down from 219 million in March.
Challenges in Meeting Targets
In addition to the NIN-SIM verification impacts, Nigeria faces significant obstacles in achieving the 70% broadband penetration goal. The NBP outlines a target of 50% penetration by the end of 2023; however, penetration is only 41.56% as of September.
Recognizing smartphone costs as a barrier to broadband access, the NBP recommended establishing a local smartphone assembly plant by 2023, aiming to reduce entry-level smartphone prices to approximately N18,000. Currently, Nigeria lacks such a facility, and smartphone prices have surged, with the cheapest models exceeding N100,000.
The plan also sets a milestone for 70% of telecom subscriptions to operate on 4G by 2023. However, as of March 2024, only 44.96% of the 154.6 million active subscriptions were on 4G, while 43.53% remained on 2G networks as of September.
Recent Initiatives
In response to these challenges, the Ministry of Communications, Innovation, and Digital Economy has launched several initiatives to enhance connectivity. One key initiative, Project 774 LG Connectivity, aims to connect all 774 Local Government secretariats in Nigeria to the internet.
Additionally, the government plans to establish a Special Purpose Vehicle (SPV) to facilitate the installation of an extra 90,000 km of fibre optic cable, expanding the current connectivity infrastructure. According to Communications Minister Dr. Bosun Tijani, this initiative, in collaboration with government and private sector partners, aims to increase Nigeria’s connectivity backbone to at least 125,000 km from the current 35,000 km.
Aliko Dangote, Chairman of Dangote Group, has called on petroleum marketers, including the Nigerian National Petroleum Company (NNPC), to start purchasing petrol directly from his refinery to meet Nigeria’s fuel needs.
After a meeting with President Bola Tinubu at Aso Rock Villa in Abuja, Dangote announced that his refinery is ready to supply fuel. He stated that, when operating at full capacity, it can produce over 30 million liters of fuel daily. Currently, the refinery has a reserve of 500 million liters, which could meet the country’s fuel demand for more than 12 days without any need for imports.
“We are fully prepared,” Dangote assured reporters, explaining that the refinery’s production capacity could greatly reduce Nigeria’s reliance on imported fuel.
In response to concerns about fuel shortages in various parts of the country, Dangote clarified, “I produce the fuel, but I’m not in the retail business. Retailers should come and pick up the fuel they need from us. If they don’t, there’s little I can do.”
He urged either NNPC or fuel marketers to stop importing and instead buy locally, since the refinery has ample fuel available. He emphasized that as fuel is distributed, the refinery will continue to pump out more.
He also highlighted the costs involved in holding such large reserves: “It’s costly to store a billion liters in our tanks daily. If retailers buy locally, fuel queues would disappear.”
Olam Agri in Nigeria, an agribusiness in food, feed and fibre, has reaffirmed its commitment to keep unlocking value for consumers and strive for a food-secure nation. The agribusiness’ grain and wheat milling business, Crown Flour Mill (CFM) Limited, relaunched one of its leading product brands, Supreme Semolina, on Friday, October 18, 2024.
The relaunch event, which took place at Radisson Blu, Lagos, showcased the product’s improved quality and unrivalled competitive edge. The event also served as an occasion to engage with and honour the company’s trade partners. Supreme Semolina is a creamy coarse semolina made from wheat, enriched with micronutrients and iron. It has a firm and light texture that makes it ideal for consumption. The improved product captures new market tastes and evolving consumer values.
Speaking during the product relaunch event, B2C Business Head, Grains and Animal Feed, Olam Agri in Nigeria, Siddarth Suri, said, “We are thrilled to announce the successful relaunch of Supreme Semolina and host our valued trade partners. This relaunch showcases our sensitivity and swift response to consumers’ changing demand for an enriched gastronomical experience.”
“The relaunch goes beyond a facelift. We have been able to strategically reassess the product’s key parameters and reexamine the overall customer experience. Essentially, this product captures a new packaging format that makes it last longer and keep fresh till use. initial response to the relaunch has been remarkable and products are available in the market.”
Emphasising the significance of the product relaunch, Bola Adeniji, General Manager/Head Marketing, Olam Agri in Nigeria, stated, “As a business that started in Nigeria more than three decades ago, Olam Agri keeps unlocking value for customers, enabling farming communities to prosper sustainably and striving for a food-secure future. Supreme Semolina was first launched into the Nigerian market in 2004. The relaunch is a testament to our ongoing commitment to ensuring Nigerian consumers can access safe, secure and affordable food products.”
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reports that the country’s daily petrol consumption is between 45 million and 50 million litres. This information is provided by NMDPRA’s Chief Executive Officer, Mr. Farouk Ahmed, during the 18th Africa Downstream Energy Week in Lagos.
Ahmed indicates that an increase in petrol consumption during the fourth quarter is common, particularly due to heightened industrial and consumer activities around the holiday season. He expresses confidence that recent price adjustments and market liberalization will help reduce cross-border smuggling, thus keeping more petrol within Nigeria.
He comments, “We hope this price adjustment or liberalisation will discourage cross-border smuggling of the product, meaning that more petrol will stay within the country.”
While Ahmed anticipates a slight decline in petrol consumption, he does not expect a significant reduction. He underscores the importance of collaboration within the energy sector to improve efficiency and reduce costs, advocating for shared facilities over numerous underutilized private depots to benefit both businesses and consumers.
“Collaborations or alliances among stakeholders will lead to greater efficiency and lower costs for consumers,” Ahmed notes. He adds that partnerships among agencies, such as NMDPRA, the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigeria Ports Authority, are essential to addressing operational inefficiencies.
Ahmed clarifies that while NMDPRA will not enforce mergers, industry players are encouraged to seek partnerships in saturated markets to optimize operations and enhance value for consumers. “With strategic alliances in place, we can reduce costs for consumers by maximizing our existing infrastructure,” he states.
He assures that NMDPRA will continue to assess project viability to ensure consumers benefit from market developments.
In related news, following the removal of fuel subsidies, there are indications of a general decline in petrol consumption in Nigeria. However, the NMDPRA has not published updated consumption reports since August of the previous year. President Bola Tinubu has mentioned that petrol consumption has decreased to approximately 30 million litres daily post-subsidy removal. Additionally, the Dangote Refinery, which began production in September, highlights that improved monitoring of petrol consumption will assist in curbing smuggling into neighboring countries.
Washington D.C., United States of America, 28 October 2024 – Absa has successfully secured a $150 million facility from British International Investment (BII) plc as part of its mission to help close the trade finance gap in Africa. BII is the UK’s Development Finance Institution (DFI) and impact investor, focused on providing patient capital to foster productive, sustainable, and inclusive economies. Absa, as the borrower in this transaction, will utilise the funds to support this objective, with a specific focus on the African continent.
The agreement was signed on the sidelines of the World Bank Annual Meetings.
“Our unyielding commitment to the success of the continent continues to drive us to find solutions to serve our customers by addressing Africa’s trade finance gap, focusing on sustainable funding,” said Mosa Tshabalala, Head of FI Trade Sales (International), Risk Distribution, and Syndication at Absa CIB. “Our role as a Pan-African bank is to channel the funds to reach our client base across our chosen markets. We continue to forge partnerships with DFIs, insurance companies, other commercial banks (locally, regionally, and globally), ECAs, and institutional investors to drive market access and provide the funding necessary to support our customers’ growth ambitions.”
Africa’s trade finance gap is estimated to be between $100 billion and $120 billion. By partnering with BII, Absa is making strides in advancing the efforts of the African Continental Free Trade Area (AfCFTA) agreement, which aims, among other objectives, to reduce the continent’s trade finance gap. In addition, this transaction enables Absa to extend liquidity to clients across various geographies and trade product sets that are in high demand.
These funds are ringfenced for financing trade transactions, with a focus on sustainable funding. This includes, but is not limited to, supporting small and midsize enterprises (SMEs) founded by youth and women engaged in intra-African and global trade.
This aligns with Absa’s goal of concluding R100 billion in sustainability-related transactions by 2025.
“Our extensive presence across the continent, combined with our global reach, enables us to facilitate the flow of capital and trade finance that African businesses need to scale and compete internationally. By leveraging our cross-border expertise and strategic partnerships, we are driving sustainable growth and creating new opportunities in emerging markets, contributing to the broader development of Africa’s economic ecosystem,” said Charles Russon, Interim Group Chief Executive Officer at Absa.
Absa’s long-standing partnership with BII reflects the depth of their relationship and shared vision for driving growth in emerging markets. Since 2019, the partnership has provided much-needed trade liquidity in countries such as Ghana, Nigeria, Kenya, Uganda, Tanzania, and Mozambique – supporting over $1 billion in trade volumes, including over the course of the COVID-19 pandemic, which severely strained trade liquidity in Africa.
The UK’s Development Minister Anneliese Dodds said, “I am happy to see BII support Absa through this important facility, which is part of a long-standing partnership to help fill Africa’s estimated $100bn to $120bn trade financing gap. Today’s signing demonstrates BII and Absa’s continued commitment to addressing that pressing challenge together, focusing on sustainable and inclusive economic growth.”
Admir Imami, Director, Head of Trade & Supply Chain Finance, BII added “We are delighted to continue our partnership with Absa which is based on a shared ambition to progress inclusive and economic development, particularly for underserved groups including SMEs and women. The facility combines BII’s long history of support in Africa with Absa’s cross-border expertise, which will help to make trade finance more accessible to African businesses and improve the vital flow of essential goods including food.”
Tuesday’s intraday trading session on the Nigerian Exchange (NGX) saw significant sell pressures, with Zenith Bank and Access Holdings Plc leading a market dip that shaved off over #400 billion in market value.
This wave of selloffs continued into early Wednesday, hitting stocks like ARADEL Holdings and various financial services shares as third-quarter earnings were released.
The NGX All Share Index dropped -0.52% by mid-day, according to a report from Alpha Morgan Capital Limited, with analysts linking the decline to investors offloading shares in mid- and high-cap stocks. Notable losses included UBA Plc, which fell by an additional 4.84% after Monday’s downturn, followed by FIDELITYBK dropping 2.43%, ARADEL down by 2.35%, and ZENITHBANK losing 2.26%.
Access Holdings (ACCESSCORP) and TRANSCORP also faced heavy sell pressure, with both companies’ shares declining by 2.21% and 2.16%, respectively. Market observers suggest this trend reflects cautious investor sentiment as the Q3 financial reports signal mixed performance outcomes across sectors.
This downward trend could signal heightened volatility in the NGX as investors react to earnings and economic factors shaping Nigeria’s financial market landscape.
With only a week remaining until the United States presidential election, polls reveal a fierce competition between Republican frontrunner Donald Trump and Democratic nominee Kamala Harris.
Trump is leading in critical swing states, while Harris holds a slight national lead, according to data from FiveThirtyEight’s election poll tracker.
In the latest polls, Harris has a narrow 1.4-point national lead, down from 1.7 points the previous week, highlighting the close nature of this race. Campaign strategies for both candidates are heavily concentrated in seven key swing states – Pennsylvania, North Carolina, Georgia, Michigan, Arizona, Wisconsin, and Nevada – which are expected to determine the election outcome.
At a Michigan rally, Harris vowed to “turn the page on fear and divisiveness,” reinforcing her campaign’s call for unity in one of the most contested battlegrounds. Trump, speaking in Atlanta, Georgia, defended his stance and criticized his detractors, including former First Lady Michelle Obama, whom he labeled as “nasty,” as reported by Al Jazeera.
Poll data indicate that Trump holds an advantage in Pennsylvania, Nevada, North Carolina, Arizona, and Georgia, while Harris retains a lead in Michigan. Wisconsin remains a virtual tie, with both candidates separated by less than a tenth of a percentage point.
With both candidates nearly tied within a two-point margin in each swing state, these battlegrounds remain unpredictable, leaving the final outcome hanging in the balance just days before election day. Political analysts predict razor-thin margins, adding suspense to an election already marked by high voter engagement and polarized opinions.
The Lagos State has led the revenue chart with a record-breaking N815.86 billion, which accounts for 34% of the total national IGR, highlighting its substantial economic contributions.
The Federal Capital Territory (FCT) followed with N211.10 billion, while Rivers State secured the third position, generating N195.41 billion in 2023.
In a significant boost to Nigeria’s economy, the 36 states and the Federal Capital Territory (FCT) generated a total of N2.43 trillion in Internally Generated Revenue (IGR) in 2023, marking a 26.03% increase from the N1.93 trillion reported in 2022.
The data, recently released by the National Bureau of Statistics (NBS), highlights a strong rise in local revenue generation across the nation.
At the lower end of the spectrum, Taraba, Yobe, and Kebbi states recorded the least IGR figures, with N10.87 billion, N11.19 billion, and N11.74 billion respectively, indicating the disparity in economic activity and revenue generation capabilities among Nigerian states.
The NBS report also noted that tax revenues constituted approximately 80% of total IGR, with Pay-As-You-Earn (PAYE) tax as the primary contributor, totaling N1.24 trillion and representing 63.83% of the tax income. In contrast, capital gains tax was the lowest contributor, adding N5.91 billion.
As Nigeria continues its push for economic diversification, these figures reveal significant progress in boosting local revenues, although disparities between states highlight the need for targeted fiscal strategies to uplift economically lower-performing regions.
In a major financial boost, Transnational Corporation (Transcorp) Plc has reported an impressive 234% increase in profit for the first nine months of the 2024 financial year, reaching N75.9 billion, a substantial rise from N22.76 billion in the corresponding period of 2023.
This remarkable financial growth highlights Transcorp’s resilience and strategic expansion amid challenging economic conditions.
According to the company’s unaudited financial statement for Q3 FY2024, Transcorp’s revenue surged by 132.5% year on year to N297.7 billion, compared to N128.072 billion in the previous period. The significant rise in revenue reflects heightened business activity and increased pricing, positioning Transcorp as a key player in the Nigerian corporate landscape.
Cost of sales rose by 158.5% year on year to N164.8 billion due to higher natural gas and fuel costs, affecting production expenses. The company’s operating expenses also saw a rise, increasing by 56.8% to N37.268 billion, driven by management fees, advertising, and increased employee costs.
Despite rising costs, Transcorp reported an impressive N18.2 billion in additional income, primarily from gains on investment sales and dividend income, which offset some of the financial pressures. A favorable net finance cost, reduced by 50.2% to N8.3 billion due to foreign exchange gains on borrowings, added further to the company’s strong quarterly performance.
The company’s pretax profit skyrocketed by 303%, reaching N105.485 billion, compared to N26.183 billion in the same period last year, showcasing Transcorp’s effective financial management strategies. Additionally, Transcorp recently completed a share reconstruction, delisting 40.6 billion shares and re-listing 10.1 billion shares at N44.20 each. This restructuring contributed to a 9.95% surge in its share price on the Nigerian Exchange, closing at N48.60 due to heightened buying interest.
As Transcorp strengthens its market presence and maintains its financial momentum, the company sets a high benchmark in the Nigerian corporate sector, reinforcing its role as a formidable player in the national economy.
The National Bureau of Statistics (NBS) has released new data showing that Nigeria’s 36 states and the Federal Capital Territory (FCT) collectively generated an impressive N2.43 trillion in Internally Generated Revenue (IGR) in 2023.
This marks a 26% increase from the N1.93 trillion recorded in 2022, highlighting a significant boost in revenue generation efforts nationwide.
According to the NBS report, the surge in IGR was primarily driven by taxes and revenues from various Ministries, Departments, and Agencies (MDAs). Among the tax categories, the Pay As You Earn (PAYE) tax was the highest contributor, generating N1.24 trillion, which accounted for 63.8% of the total tax revenue collected across the country.
Leading the IGR rankings were Lagos, the FCT, and Rivers State, with Lagos topping the list at N815.86 billion, followed by the FCT at N211.10 billion, and Rivers at N195.41 billion. In contrast, Taraba, Yobe, and Kebbi recorded the lowest IGR figures, with values of N10.87 billion, N11.19 billion, and N11.74 billion, respectively.
The report highlights that the total taxes collected accounted for nearly 80% of the overall IGR, underscoring the importance of tax revenue in state finances. Capital gains tax, however, made the smallest impact, bringing in only N5.91 billion.
This increase in IGR reflects the ongoing efforts by states to strengthen their revenue-generating mechanisms, especially amid economic pressures. As states seek greater financial independence, the trend points to an evolving fiscal landscape with a stronger emphasis on internal revenue to support local development and reduce dependency on federal allocations.
Every corps member has that moment: they open their posting letter, eagerly scanning for the location, only to find themselves assigned to a town they’ve never heard of. While the thrill of exploration is real, so is the shock of realizing your new “home” has limited Wi-Fi, intermittent electricity, and a single (often dusty) road. The NYSC experience promises a chance to see Nigeria in all its diversity – but for many, that diversity includes understanding how to live without their favorite city conveniences.
For every Nigerian graduate, the NYSC posting letter is like a surprise ticket to the unknown, and sometimes, to the completely unexpected. With a mixture of excitement and nervousness, every corps member anticipates their assigned location, wondering if they’ll be posted to the urban hustle of Lagos or the calm remoteness of a rural community.
The arrival at camp marks the real beginning, with tales of unique cultures, new dialects, and surprising ways of life. Many find themselves shocked by their posting destination, facing a world vastly different from what they’re used to. For some, it’s their first experience in rural Nigeria – a place where electricity may come and go, and Internet service requires standing at a particular “magic spot” in the village. But as the weeks pass, corps members learn that there’s something unique about each posting location, be it the local dishes, the warm welcome of the people, or the endless landscape of open fields. Culture shock gives way to adaptation, and in the end, everyone finds a way to call their new home just that – home.
Stretching ₦33,000: Budgeting Brilliance
Living on the government-issued ₦33,000 monthly allowance is an art form, one that every corps member quickly masters. To survive on this tight budget, they dive into the world of frugality with creative solutions, turning budgeting into a series of daily challenges. The monthly allowance, which felt promising at first, quickly shrinks in the face of rent, food, transportation, and the occasional splurge on treats to boost morale.
Corps members become experts in stretching resources – bulk buying becomes essential, cooking groups emerge as roommates pool funds for shared meals, and “budget-friendly” market hunts become a weekend tradition. Tips and tricks are shared among friends, with favorite hacks like “rice is your best friend” and “never turn down free food.” Yet, even on such a tight budget, many corps members manage to save a little for rainy days, embracing the unexpected skill of financial discipline. For them, living frugally becomes not just a necessity but a badge of honor.
CDS Chronicles: A Series of Unfortunate (and Funny) Events
Community Development Service (CDS) days bring a layer of humor and sometimes outright chaos to every corps member’s experience. Officially, CDS is a day of giving back to the community, where corps members get assigned to roles like teaching, health services, and community clean-ups. But in practice, CDS days are a blend of hilarious challenges, unexpected learning curves, and shared laughter over the day’s most chaotic moments.
Take gardening, for example. What begins as a mission to plant crops for a community garden often turns into a comedy of errors, with corps members discovering that their thumbs aren’t quite as green as they thought. Meanwhile, those assigned to run educational workshops for young children often end up learning more from the kids than the other way around – patience, after all, is a skill you only master when a room full of toddlers refuses to cooperate.
For many, CDS projects are a chance to grow in ways they hadn’t imagined. From planning local events to fundraising for school supplies, corps members develop leadership and project management skills on the go, learning to navigate the unpredictable with a sense of humor. And, at the end of the day, every minor disaster becomes a story to laugh about with friends, adding another chapter to the NYSC saga.
The Daily Life and Unexpected Life Skills
The NYSC year may seem like one long routine of working, commuting, and CDS, but beneath the surface, it’s a crash course in adulting. Corps members learn how to live independently – cooking for themselves, managing finances, and even handling unexpected challenges like transportation delays and power cuts.
For some, learning to cook and manage a household becomes an invaluable skill they carry into later life. Who knew that YouTube cooking tutorials would be so popular among corps members, or that using an electric stove during the rare hours of power supply would be such a luxury? Navigating transport in unfamiliar areas, finding alternate routes, and adjusting to local customs all become part of the daily adventure. Even something as simple as understanding local jokes and expressions becomes a fun challenge, making corps members feel more connected to their host communities over time.
Building Bonds: Friends, Families, and Lessons for Life
One of the NYSC’s lasting gifts is the friendships forged along the way. With corps members hailing from all across Nigeria, bonds form quickly, often as a survival mechanism in those first few disorienting weeks. Roommates become family, sharing everything from daily meals to wild stories, while groups of friends gather to explore nearby sites, laugh about daily mishaps, and celebrate birthdays on a shoestring budget.
There’s a unique sense of community among corps members, a shared understanding that everyone is going through the same struggles. The bonds formed are like none other, a patchwork of experiences that unite people from vastly different backgrounds in ways they may never have imagined. These friendships, forged through shared challenges and triumphs, often last a lifetime, providing corps members with a network that supports them beyond the NYSC year.
Conclusion
The NYSC year is a whirlwind of emotions, challenges, and growth. Despite the hurdles, each corps member finds their own way to embrace the experience, learning that every hardship comes with its own unexpected reward. Whether it’s mastering the art of budgeting, navigating local customs, or bonding with people who feel like family, NYSC is a transformative year that builds resilience, patience, and unforgettable memories. In the end, it’s a journey of survival, laughter, and self-discovery that every corps member cherishes – a year spent discovering both Nigeria and themselves in ways that stay with them long after they’ve hung up the khaki uniform.
In 2024, Nigeria has witnessed a surge in online activity, with Google search trends reflecting the nation’s diverse interests and pressing concerns. From politics and entertainment to education and technology, the top search queries offer a glimpse into the minds of Nigerians.
Why it trended: The 2023 general elections were a major event, captivating the nation’s attention. Nigerians were eager to know the results, analyze the outcomes, and understand the implications for the country’s future.
Related searches: Presidential election results, INEC results, election results live, 2023 election results, and election news.
2. Naira to Dollar
Why it trended: The fluctuating exchange rate between the Naira and the US Dollar is a perennial concern for Nigerians. As the economy faces challenges, many are looking for the latest exchange rates to make informed financial decisions.
Related searches: Dollar to Naira rate, Naira exchange rate, Dollar rate in Nigeria, and Naira to Dollar today.
3. JAMB Result
Why it trended: The Joint Admissions and Matriculation Board (JAMB) Unified Tertiary Matriculation Examination (UTME) is a crucial step for Nigerian students seeking higher education. The release of results is eagerly awaited, and many students turn to Google to check their scores.
Related searches: JAMB result checker, JAMB result 2023, how to check JAMB result, and JAMB portal.
Why it trended: Football is a religion in Nigeria, and fans are passionate about their favorite clubs and the national team. Google search trends reflect the nation’s love for the beautiful game, with fans seeking updates on matches, transfers, and player news.
Related searches: Football transfer news, Premier League table, La Liga table, Champions League, and Super Eagles.
5. Music Downloads
Why it trended: Nigerian music has taken the world by storm, and many Nigerians are eager to download the latest songs and albums from their favorite artists. Google search trends reflect the popularity of music streaming and download platforms.
Related searches: Download music, Naija music download, MP3 download, and music download sites.
6. Job Vacancies in Nigeria
Why it trended: Unemployment is a significant challenge in Nigeria, and many job seekers turn to Google to find opportunities. The platform is a valuable resource for those looking to advance their careers.
Related searches: Jobs in Nigeria, Federal Government jobs, Job vacancies in Lagos, and job search websites.
Why it trended: Nigerians are increasingly relying on online news sources to stay informed about current events. Google search trends reflect the nation’s appetite for news, with people seeking updates on politics, economy, and social issues.
Related searches: Nigerian news today, Breaking news Nigeria, News headlines, and top news.
8. How to Make Money Online
Why it trended: With the rise of the internet, many Nigerians are exploring online opportunities to earn extra income. Google search trends reflect the growing interest in online entrepreneurship and digital skills.
Related searches: Make money online, Online jobs, Work from home, and how to make money.
9. Educational News
Why it trended: Education is a priority for many Nigerians, and parents are eager to find the best schools for their children. Google search trends reflect the nation’s focus on education, with people seeking information on schools, scholarships, and educational resources.
Related searches: Best schools in Nigeria, JAMB cut-off marks, WAEC result checker, and scholarship opportunities.
10. Health News
Why it trended: Health is a major concern for Nigerians, and many are turning to Google for information on diseases, symptoms, and treatments. The platform is a valuable resource for health-conscious individuals.
Related searches: Health news, COVID-19 news, Symptoms of COVID-19, and health tips.
These are just some of the top Google search terms in Nigeria in 2024. As the country continues to evolve, it is likely that new trends will emerge, reflecting the changing interests and priorities of Nigerians.
The exchange rate between the Naira to dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1746.00 per $1 on Tuesday, October 29, 2024. Naira traded as high as 1637.00 to the dollar at the investors and exporters (I&E) window on monday
How much is a dollar to a naira today in the black market?
Naira to Dollar Exchange Rate Today Black Market (Aboki Dollar Rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market)players buy a dollar for N1740 and sell at N1746 on Monday, October 28, 2024, according to sources at the Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Yields on Nigerian US dollar bonds rose slightly to 9.60% due to recent sell-offs by foreign portfolio investors trading in the Eurobond market. Concerns about Nigeria’s local economic conditions, rising debt levels, and expectations of persistent inflation throughout the year have weakened demand for Nigeria’s sovereign Eurobonds.
Following two months of slowing inflation, Nigeria saw a reversal in September, with inflation climbing again due to rising energy costs. In response, Nigerian authorities have requested the disbursement of a $750 million installment from a broader $2.25 billion loan recently approved by the World Bank.
Despite an increase in external reserves, the naira has continued its decline, casting doubt on the actual net FX balance accessible to authorities after various reserve-backed agreements.
On Monday, Nigeria’s Eurobond market experienced sell pressure across short-, mid-, and long-term maturities, leading to a 2 basis point rise and bringing the average yield to 9.60%.
The week opened bearishly for the Eurobond market, with notable selling pressure on African sovereign bonds, especially those from Angola and Nigeria, following a sharp decline in oil futures. However, some buying activity was observed in Egyptian bonds. Overall, Nigeria’s bond yields trended upwards.
Analysts expect this sentiment to continue into Tuesday, although the selling pressure may moderate slightly.
The oil market saw a rebound on Tuesday following a steep decline in crude oil prices on Monday, which came in the wake of Israel’s recent retaliatory strike on Iran over the weekend. Although Iran’s response remains uncertain, the market currently perceives a reduced supply risk, according to a note from ING.
Brent crude rose to $71.32 per barrel, while the U.S. benchmark West Texas Intermediate (WTI) climbed 0.45%, reaching $67.68 per barrel, compared to $67.38 at Monday’s close.
In the past month, oil prices had surged on concerns that potential Israeli attacks on Iran’s energy infrastructure could escalate into a broader conflict in the Middle East, home to a large share of global oil resources.
On Monday, oil prices dropped over 6% as Israel’s strikes carefully avoided targeting oil and nuclear sites in Iran. The resulting decline in geopolitical risks led to a selloff across oil markets.
Despite this, tensions in the Middle East remain high. Iranian President Masoud Pezeshkian stated that Iran does not seek war but will defend its rights and respond to Israel’s actions if necessary.
The recent strength of the U.S. dollar, ahead of upcoming elections, has also contributed to lower oil prices, as a stronger dollar makes oil more expensive for foreign buyers, reducing demand.
Meanwhile, the U.S. government’s plan to purchase oil for the Strategic Petroleum Reserve (SPR) lent some support to prices. The U.S. Department of Energy’s Office of Petroleum Reserves announced on Monday a new solicitation to buy up to 3 million barrels for SPR delivery between April and May 2025.
ING analysts noted that Israel’s selective response potentially leaves room for de-escalation, which could refocus market attention on fundamentals. “Fundamentals are expected to remain bearish through 2025,” ING said. In light of the geopolitical uncertainty, many market participants have turned to options markets to hedge against potential price spikes.
The Biden administration intends to procure up to 3 million barrels for the SPR to be delivered to the Bryan Mound site between April and May 2025. So far, the Department of Energy has acquired more than 55 million barrels for the SPR at an average price of $76 per barrel, compared to the $95 per barrel received during emergency sales in 2022.
Ghana plans to source petroleum products from Nigeria’s Dangote Oil Refinery once it operates at full capacity, potentially decreasing reliance on more expensive imports from Europe.
Mustapha Abdul-Hamid, head of the National Petroleum Authority, states this at the OTL Africa Downstream Oil Conference in Lagos. He emphasizes that such a move could significantly reduce the $400 million Ghana spends monthly on fuel imports from Europe.
Abdul-Hamid explains that importing from Nigeria lowers goods and services prices by minimizing freight costs. He notes, “If the refinery reaches a capacity of 650,000 barrels per day, that volume cannot solely meet Nigeria’s needs, making it easier for us to import from Nigeria instead of Rotterdam.”
He also mentions the possibility of African countries adopting a common currency, which could decrease the demand for U.S. dollars.
Reports indicate that the Dangote Oil Refinery intends to supply petroleum products to various West African nations and the Caribbean once fully operational. Aliko Dangote, CEO of the refinery, asserts that it produces petrol, diesel, and aviation fuel for both domestic use and export across Africa.
At the Africa CEO Forum in Kigali, Rwanda, Dangote highlights the refinery’s capacity to meet local demand while supplying products to other African countries. He states that it ensures a stable supply of gasoline, diesel, and aviation fuel for the continent and export markets, including Brazil.
The Dangote refinery, completed with a $20 billion investment, stands as the largest in both Africa and Europe, processing 650,000 barrels per day. This development aims to reduce Nigeria’s dependence on imported petroleum products, despite the country being the continent’s leading oil producer, as Nigeria currently relies heavily on fuel imports due to inadequate refining infrastructure.
The yield on Federal Government of Nigeria (FGN) bonds dipped slightly as buying interest increased for longer-term securities amidst limited supply. A hike in rates and yields during Q3 2024 spurred investor interest in the fixed-income market, ultimately putting downward pressure on FGN bond yields.
The average yield on FGN bonds reached a high of 20.1% in mid-August but eased to 18.7% by September 27, 2024, as demand picked up. In the secondary market, positive trading activity brought the average yield down marginally to 19.3%.
Investors showed interest in securities maturing in February 2031, May 2033, April 2037, and June 2053, though trading volumes remained limited, leading to a 2-basis-point drop in average mid-yield.
Looking to Q4 2024, FSDH noted that about N1.4 trillion in maturing Treasury Bills and OMO bills could be reinvested, potentially stabilizing yields. However, high government borrowing, which surged 63.9% month-on-month in August, is expected to keep upward pressure on yields. With mixed investor sentiment—some expecting higher yields and others locking in current rates—yields are anticipated to remain elevated, tracking closely with policy rate movements.
Interbank rates fell considerably amid a massive outflow from FX auction sales to authorized deposit money institutions last week. Money market rates have been over 32% in recent weeks, owing to the liquidity imbalance.
Some banks have borrowed from the Central Bank of Nigeria’s standing lending facility (SLF) to improve their liquidity position.
Similar to money market rates, which have been in the double digits, the Apex Bank raised the SLF rate to 31.75% in September in response to monetary policy rate changes. According to statistics from the FMDQ website, money market rates fell below 28% as the financial system’s liquidity balance increased.
According to reports, system liquidity strengthened further after FAAC inflows shifted the liquidity situation from deficit to positive balance. On Monday, the financial market saw ₦259.35 billion in fresh inflows from the FGN Bond coupon.
However, rates remain around 27% because to the settlement involving the CBN’s foreign currency intervention. Cowry Asset Limited reported varied developments in Nigerian interbank borrowing rates (NIBOR) across various maturities.
The overnight NIBOR and 1-month tenor declined by 0.25% and 0.19%, respectively, to 27.88% and 27.06%, indicating higher liquidity in the banking sector.
Key short-term benchmark interest rates, including the Open Repo Rate (OPR) and the Overnight Lending Rate (O/N), fell by 2.46% and 2.41%, respectively, to 27.32% and 27.73%.
Analysts stated that anticipate an improvement in system liquidity on Tuesday as markets expect OMO bill maturity inflows to hit the system.
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