The Niger Delta Development Commission (NDDC) has announced plans to establish a strategic partnership with the Nigerian Institute of Public Relations (NIPR) to enhance national reputation management.
This was disclosed by NDDC’s Executive Director of Corporate Services, Ifedayo Abegunde, during a courtesy visit by the NIPR Rivers State Chapter’s Chairman, Mr Francis Asuk, to the NDDC headquarters in Port Harcourt.
In a statement issued by the NDDC Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, Abegunde emphasised the critical role of reputation management and the NIPR’s contribution to fostering a positive national image.
Representing the NDDC Managing Director, Dr Samuel Ogbuku, Abegunde reiterated the Commission’s commitment to supporting initiatives that bolster the country’s standing both domestically and internationally.
The NIPR Chairman, Asuk, highlighted the significance of the upcoming NIPR Week, themed “Rebuilding National Reputation through Business Integrity and Public Trust,” and emphasised the importance of NDDC’s participation.
He expressed confidence that the Commission’s involvement would strengthen ties between the Niger Delta region and the Federal Government, furthering efforts to rebuild trust and enhance Nigeria’s reputation on the global stage.
Asuk expressed satisfaction with the outcome of the meeting, noting that both parties acknowledged the potential of collaboration to strengthen public trust and national integrity.
The NDDC’s involvement, he stressed, would play a key role in promoting transparency and fostering goodwill in the Niger Delta.
A Federal Capital Territory High Court in Jabi, Abuja, has granted an interim injunction restraining the Economic and Financial Crimes Commission (EFCC) from arresting or detaining former Defence Minister, Lawal Batagarawa, in connection with a land dispute.
The order, issued by Justice Yusuf Halilu on Tuesday, also prevents the EFCC from inviting, harassing, or intimidating Batagarawa until further court proceedings.
The court’s decision came in response to claims that the ex-minister had been subjected to undue harassment by the anti-graft agency.
The dispute centres around a plot of land in the Gudu District of Abuja, allocated to Batagarawa’s company, Lamda Beta Investment Limited, by the Federal Capital Development Authority (FCDA) in 2001.
In addition to halting any further action by the EFCC, Justice Halilu ordered substituted service of the originating process and other legal documents on the commission and other respondents involved in the case. The judge set the hearing for the motion on notice for October 31, 2024.
In an affidavit filed by Batagarawa, he alleged multiple instances of harassment, including being detained by the EFCC from August 19 to 20, 2024, and being subjected to repeated summons and threatening phone calls.
The ex-minister claimed that the EFCC’s actions were instigated by Patrick Ineke, the 4th respondent in the case, who falsely claimed ownership of the disputed land based on a transaction involving a deceased individual and a former aide of Batagarawa.
Batagarawa provided evidence to the court that the land had been legitimately allocated to his company, presenting proof of payment made in 2001.
Democratic presidential candidate Kamala Harris has sharply criticized her Republican opponent, Donald Trump, accusing him of being a danger to democracy as both held competing rallies in Pennsylvania, a key battleground state.
On Monday evening, Harris addressed supporters in Erie, while Trump hosted a town hall in Oaks, a suburb near Philadelphia. Harris warned the crowd that a second Trump presidency would pose significant risks to the country. “Donald Trump is increasingly unstable and unhinged,” she said, referencing his recent remarks suggesting the U.S. faces an internal threat.
Trump has ramped up his fiery rhetoric as the November 5 election approaches, using language that critics argue dehumanizes immigrants. He also hinted at the need for military action to combat what he referred to as “enemies from within.”
In an interview with Fox News over the weekend, Trump expressed concerns about potential Election Day unrest, stating, “I think the bigger problem is the enemy from within. We have some very bad people, radical left lunatics.” He further suggested that military forces, including the National Guard, could be deployed to maintain order if needed.
Trump has previously used social media to share content portraying his political opponents as traitors, implying they should face military tribunals. For years, Democrats have portrayed Trump as a threat to American democracy, especially after the January 6, 2021 attack on the U.S. Capitol, when a mob of Trump supporters attempted to disrupt the certification of the 2020 election results.
President Joe Biden, who defeated Trump in 2020, labeled Trump’s “Make America Great Again” (MAGA) movement as extremist, arguing that it stands in opposition to democratic values.
Despite these concerns, polls suggest the race between Harris and Trump remains exceptionally close, with less than a month to go before the election.
Harris has intensified her outreach efforts, focusing on key Democratic constituencies such as Black men and Arab and Muslim Americans, who have shown declining enthusiasm for her campaign. At her rally, she played clips of Trump’s controversial comments, warning voters of the dangers of another Trump term.
“He sees anyone who disagrees with him or refuses to submit to his will as an enemy of the country,” Harris stated.
Polling averages show Harris with a slim lead of less than 1% in Pennsylvania, a critical state in the upcoming election.
Meanwhile, at his town hall in Oaks, Trump reiterated his promise to boost U.S. oil drilling, a move he claims will reduce energy costs despite domestic production already being at record levels. “We’re going to drill, baby, drill,” Trump said. “We’ll have so much energy, and we’re going to bring prices down.”
During the event, medical emergencies in the crowd briefly interrupted Trump’s remarks. He requested that the song “Ave Maria” be played, and afterward, referred to those affected as “patriots.” He added, “We love them. And because of them, we ended up with some great music, right?”
The Confederation of African Football (CAF) has delisted the second leg of the current 2025 African Cup of Nations qualification between Nigeria’s Super Eagles and Libya’s Mediterranean Knights.
The game was originally set for 8 p.m. in Libya, after the first leg on Friday at Godswill Akpabio Stadium in Uyo.
The Super Eagles defeated the Mediterranean Knights by a single goal in the final minute of the game. However, the return leg has sparked controversy as Super Eagles players and officials recounted their over 14-hour agony at the Libyan airport, which led to their return home.
Meanwhile, CAF announced it has initiated a probe into the event after the Libya Football Federation claimed sabotage and threatened legal action against Nigeria. The African football body further updated games that would be played on Tuesday without including the Libya versus Nigeria game on its X handle.
Nigeria’s headline inflation rate for September 2024 increased to 32.70 percent after dropping in the previous two months, July and August. This was according to the National Bureau of Statistics’ most recent Consumer Price Index data.
It is a 0.55 percent rise over the August 2024 level of 32.15 percent, suggesting persistent pricing pressures throughout the country. Year on year, inflation has risen by 5.98 percentage points, compared to 26.72 percent in September 2023.
The report read, “In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 Headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%). This shows that the Headline inflation rate (year-onyear basis) increased in September 2024 when compared to the year-on yearin the preceding year (i.e., September 2023).
“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%). This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”
Food costs continue to be a primary driver of inflation, with the food inflation rate rising to 37.77 percent in September 2024, a significant 7.13 percent increase from 30.64 percent in the same time previous year.
Food inflation has been driven mostly by increased costs for commodities such as rice, maize, beans, and yams. Month after month, the food inflation rate rose to 2.64 percent in September 2024, up from 2.37 percent in August.
Nigerian National Petroleum Company Limited (NNPC) has agreed to supply Premium Motor Spirit (petrol) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) for N995 per litre.
The Department of State Services intervened in the dispute between the two parties. Hammed Fashola, IPMAN’s National Vice President, informed our reporter that the DSS involvement alleviated many of the challenges that merchants had.
Fashola also acknowledged that, as a result of their participation, the Nigerian Midstream and Downstream Petroleum Regulatory Authority agreed to pay the association’s unpaid N10 billion while settling concerns around the direct purchase of fuel from the Dangote refinery.
“We really appreciate their intervention. They are doing their job. Anywhere they have seen that there may be a crisis, it is their duty to intervene. And their intervention brokered peace and understanding between the parties, and everybody agreed to work together,” Fashola stated.
Asked to disclose how much the NNPC will sell PMS to IPMAN, he replied, “For now, tentatively, I think they are offering us N995 per litre.”
With the N995 ex-depot price, Fashola assured that IPMAN members would no longer sell at prices much higher than that of major marketers, saying, however, that distance is another factor for pricey PMS.
“Our members sell at N1,200 or so and this depends on the location. I think with the N995, there will be a little reduction. Don’t forget that if you transport a product from Lagos to a far distance, you will pay for transportation and other charges.
“We want to work on that because we want to have a common ground. When we sit down and look at the price analysis offered to us, and factor in all our expenses, we want to have a uniform price as much as possible.
“So, I will not be able to tell you the exact price now, but we are working on it, especially in the Lagos axis and other zones. We will look at the transportation cost and all that. At the end of the day, we will fix the price for ourselves,” he stated.
The IPMAN leader emphasised that IPMAN is interested in prices that would be competitive, saying the price disparity has been a disadvantage to independent marketers.
“The price disparity has been a disadvantage between us and the NNPC Retail and major marketers. So, we are trying to look at how to close that gap so that we come back fully into the business. The lack of direct supply has been our problem, and now that we are solving that problem, I don’t think that disparity will be there again,” he stressed. Fashola explained that the price differential is the reason for the queues in some filling stations in the cities.
“The queues you see are because of that difference in prices, that’s why people are saying there are queues. There are no queues; it is the price disparity that is causing the queues. So, if there is not much difference, we have filling stations everywhere; just drive in, buy fuel, and go. But that so much difference in the price is creating that scenario of queues,” he narrated.
Reacting to the directive that marketers can now buy petrol directly from local refineries, Fashola said the association would meet with Dangote this week.
“For now, we intend to meet with Dangote this week to see how we work out the modalities and all that. The Federal Government has given a directive and we want to take full advantage of that,” he posited.
The IPMAN vice president stressed that the association is not ignoring the NNPC either as it would patronise the best price.
“At the same time too, we are not ignoring NNPC. So, whichever way, we are ready to do business with NNPC. It depends on the price, we go for the best.
IPMAN disclosed on Thursday that the cost of fuel from the Dangote Petroleum Refinery to NNPC was around N898/litre, but that NNPC was selling the same product to independent marketers in Lagos for N1,010/litre.
The group, which owns more than 70% of filling stations in the country, protested and threatened to shut down operations, as well as a return from the NNPC for previous petrol supply payments paid by its members.
Abubakar Maigandi, the IPMAN national president, said in a live television interview on Thursday that the price was greater than what the NNPC paid for the Dangote refinery product. He also noted that independent marketers’ funds had been held by the national oil company for about three months.
According to him, NNPC purchased the product from the refinery at N898/litre but is asking marketers to buy it at N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port Harcourt; and N1,040 in Warri.
“Our major challenge now is that independent marketers have an outstanding debt from the NNPC and the company collected products through Dangote at a lower rate, which is not up to N900, but they are telling us now to buy this product from them at the price of N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port-Harcourt; and N1,040 in Warri,” Maigandi stated.
The Abia State Government has commenced the disbursement of interest-free loans to 302 youths who recently completed training in agricultural ventures. The initiative is part of the state’s efforts to boost food production.
Commissioner for Information and Culture, Mr. Okey Kanu, made this announcement during a press briefing on Monday at the Government House, Umuahia, following the State Executive Council meeting.
According to the News Agency of Nigeria, the 302 youths were sponsored by the state government in February to undergo agricultural training at CSS Global Integrated Farms in Nassarawa. This programme is aimed at empowering young people with the skills to contribute to agricultural development in Abia.
Kanu stated, “The process for disbursing interest-free loans to 302 CSS farms-trained youth farmers has begun, following the flag-off and approval of the loan programme by His Excellency, Dr. Alex Otti, in September.”
He added that the state’s Ministry of Agriculture would supervise the loan distribution to ensure proper utilisation. Rather than a one-time lump sum, the loans will be disbursed in stages, tied to specific milestones achieved by the beneficiaries.
“These measures are in place to guarantee that the funds are effectively utilised and that the purpose of enhancing agricultural productivity is realised,” Kanu explained.
He noted that the initiative is expected to provide financial support to young farmers, enabling them to implement their training and contribute to food security in Abia State.
The Mpox virus has spread across 25 states and the Federal Capital Territory (FCT), affecting 63 local government areas, according to the latest situation report from the Nigeria Centre for Disease Control and Prevention (NCDC).
The report, which was made public on Tuesday, revealed that 94 confirmed cases have been recorded out of 1,297 suspected cases between January 1 and October 6, 2024.
During Epidemiology Week 40, 47 new suspected cases were reported, compared to 67 suspected cases in Week 39. However, only six new confirmed cases were recorded in Week 40, down from 10 confirmed cases in the previous week.
The report highlighted that since the virus resurfaced in Nigeria in 2017, a total of 5,114 suspected cases have been documented from 36 states and the FCT. Of these, 1,180 cases have been confirmed, representing 23.1% of the suspected cases, with a total of 17 fatalities. Men make up about 70% of the confirmed cases.
The NCDC also noted that its National Mpox multi-sectoral and multi-partner Emergency Operation Centre is continuing to coordinate the national response efforts.
Among the states with confirmed cases in 2024, Cross River leads with 11 cases, followed by Lagos with 10, Plateau and Enugu with eight each, Akwa Ibom with eight, Delta and Bayelsa with six each, and the FCT with five. Other affected states include Imo (four), Benue (four), Rivers (three), Abia (three), Osun (two), Ogun (two), Edo (two), Anambra (two), and several others with at least one confirmed case each.
Ogun State currently has the highest number of suspected cases at 222, followed by Lagos with 153 suspected cases. Other states with significant numbers include Bayelsa (125), Cross River (84), Akwa Ibom (65), and Ekiti (63).
The NCDC’s data on the age distribution of confirmed cases shows that the virus has affected individuals across all age groups. Children aged 0-10 account for 24 confirmed cases, while those aged 21-30 recorded the highest number of 25 confirmed cases. Meanwhile, the 50-and-above age group has had four confirmed cases.
Health authorities continue to urge vigilance and precautionary measures to prevent the further spread of Mpox across the country.
The Federal and State Governments have reiterated their dedication to ensuring the sustainability of Nigeria’s HIV response. This pledge was made during the national-state engagement meeting held in Abuja on Monday, where key stakeholders discussed strategies for a long-term HIV eradication plan.
Dr. Temitope Ilori, the Director General of the National Agency for the Control of AIDS (NACA), emphasised the need to redefine HIV programme sustainability.
According to Ilori, the success of the HIV response cannot be achieved solely at the national level but requires active participation from state, local, and community leaders.
“The HIV epidemic cannot be solved from the national level alone. Every stakeholder has a role to play, and our sub-national stakeholders are critical to this sustainability plan. The epidemic is far from over, and we must adopt a New Business Model to move forward.” She added.
Ilori also highlighted the ongoing donor dependency that has historically characterized Nigeria’s HIV response.
She stressed the importance of government structures taking a more visible and engaged role, stating that no child should be born with HIV, given the technology and resources available to prevent mother-to-child transmission.
Leo Zekeng, the UNAIDS Country Director, acknowledged the significant progress made in combating HIV both globally and in Nigeria.
He noted that while new infections and AIDS-related deaths are on the decline, the current approach, rely heavily on external resources and the needs to evolve.
“The challenge now is how to shift responsibilities to non-governmental organisations and state-level bodies to ensure sustainability. Development partners will continue to play a role, but local governments, states, and communities must take on greater responsibilities to sustain these programmes,” Zekeng said.
Dr. Alabi Babajide, Executive Secretary of the Kwara State AIDS Control Agency, underscored the importance of developing a comprehensive HIV sustainability plan.
He called for collaboration among stakeholders to create a national roadmap that can be adapted to meet the unique challenges of each state.
Babajide added, “This meeting allows us to align our strategies and identify future challenges in order to fight HIV effectively and achieve our target of eradicating the virus by 2030.”
The engagement meeting provided an opportunity for stakeholders to assess existing HIV responses, evaluate areas for improvement, and ensure that the fight against HIV remains on track.
Report has it that as Nigeria moves closer to its 2030 goal of ending AIDS, the focus remains on increasing domestic funding and fostering greater involvement from sub-national actors.
The Director-General of the Securities and Exchange Commission (SEC), Dr. Eromomotimi Agama, has revealed that five leading Nigerian banks surpassed expectations in their recent efforts to raise fresh capital, with the offers being oversubscribed.
This disclosure was made during an interview with Bloomberg in Lagos, and highlights the robust demand for investment in the Nigerian banking sector.
“The banks that came to the market are fully subscribed and even oversubscribed,” Agama said, confirming the success of the banks’ capital-raising efforts.
Following the Central Bank of Nigeria’s directive on fresh capital requirements, Guaranty Trust Holdings Plc, Zenith Bank Plc, Access Holdings Plc, Fidelity Bank Plc, and FCMB Group Plc raised a combined total of approximately N1.26 trillion ($770 million) through public offers and rights issues over the past two months. The capital was raised well in advance of the two-year deadline set by the CBN to strengthen their financial positions.
This surge in investment interest is not only a response to regulatory requirements but also reflects growing confidence in the Nigerian banking sector. Dr. Agama further noted that younger investors are becoming increasingly active participants in the capital market, which bodes well for its future growth.
“Young people are beginning to embrace the market, and we’re excited about it. We want to ensure domestic investors, particularly, are more involved in the market,” he stated.
To facilitate greater participation from these young investors, the Nigerian Stock Exchange (NGX) launched NGX Invest, a digital platform that the banks leveraged to promote their share offers. This innovative platform has been instrumental in attracting a younger demographic to the capital market.
Meanwhile, at a stakeholder event themed Financing the Future in Nigeria, organised by the International Finance Corporation and Milken Institute, Dr. Agama emphasised the untapped potential of Nigeria’s capital market in addressing the country’s infrastructure deficit. He stressed the importance of leveraging the capital market to mobilise funds for critical sectors such as healthcare, education, agriculture, and transportation.
“The debt market in Nigeria has not been fully explored. People are not aware of its full potential, which is why we are actively informing them about the capital market’s capacity to drive economic growth. Nigeria’s infrastructure needs are immense, and we are looking beyond $50 billion to bridge this gap,” Agama explained.
He also reiterated President Bola Tinubu’s vision of growing Nigeria into a trillion-dollar economy, stressing that the capital market, along with the mining, oil and gas, construction, and housing sectors, would play a pivotal role in achieving this goal.
“The President has tasked us with growing a one-trillion-dollar economy. This is possible through the capital market. We have the capacity, and we are determined to make it happen,” Agama concluded.
As Nigeria looks to address its infrastructure challenges and strengthen its financial systems, the success of these banks in raising capital demonstrates both the resilience of the financial sector and the growing trust in the country’s economic prospects.
Bizwatch Nigeria claims that the national power system has crashed again. On Monday, about 6:18 p.m., the grid crashed, leaving Nigerians in the dark.
Checks revealed that electricity generation fell from 3.87 gigawatts at 5 p.m. to 3.56GW at 6 p.m., and 0.00GW between 7 and 8 p.m. On Monday evening, the Enugu Electricity Distribution Company issued a statement confirming the system meltdown.
The EEDC informed its customers “of a general system collapse that occurred at 18:48 hours today, 14th October 2024,” saying this has resulted in the loss of supply currently being experienced across the EEDC network.
“Consequently, due to this development, all our interface TCN stations are out of supply, and we are unable to provide services to our customers in Abia, Anambra, Ebonyi, Enugu, and Imo States.
“We are on standby awaiting detailed information of the collapse and restoration of supply from the National Control Centre (NCC), Osogbo,” the EEDC stated in the statement signed by the Head of Corporate Communications, Emeka Ezeh.
The Abuja Disco also said, “Dear Valued Customer, Please be informed that the power outage being experienced is due to a system failure from the national grid at 6:58 pm today, affecting the power supply to our franchise areas.
“Rest assured, we are working with the relevant stakeholders to restore power as soon as the grid is stabilised. Thank you for your understanding.”
The Nigerian Exchange’s (NGX) stock market capitalization soared when Aradel Holdings Plc was listed as a public corporation. The Exchange said that key performance indicators swung upward owing to bargain hunting at the start of the trading day.
Atlass Portfolios Limited said that the NGX-ASI rose by 0.62%, while the market capitalization increased by an astounding 6.10%. Stockbrokers attributed the mismatch in performance indicators to the ‘Introduction’ of Aradel Holdings Plc’s 4,344,844,360 ordinary shares of 50 kobo each at ₦702.69 per share on the market today.
Today’s trading session saw the market index, or All-Share Index, rise by 608.50 basis points, or 0.62%, to end at 98,215.13 points. Investor mood remained high, as it had been since last Friday, with significant purchasing activity in recently listed Aradel Holdings, as well as medium- and large-cap companies such as DANGSUGAR, OANDO, and others.
The buy-side activity led to a $3.42 trillion boost in investor wealth. Overall, equities market activity improved, with total volume and value traded increasing by 0.18% and 251.96%, respectively. Atlass Portfolios Limited reported 304.97 million units valued at ₦19,707.80 million were traded in 8,083 transactions.
CUTIX was the most traded stock in terms of volume, accounting for 12.49% of the total volume traded on the exchange. Other volume drivers include ZENITHBANK (11.22%), UBA (11.17%), CHAMS (6.20%), and ARADEL (6.16%).
ARADEL emerged as the most traded stock in value terms, accounting for 73.309% of the total value of trades on the exchange. WAPIC topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by ARADEL with (+9.99%) growth, CONHALLPLC (+9.35%), NASCON (+6.67%), LINKASSURE (+5.38%), FIDSON (+4.30%), and thirteen others.
Stock market analysts noted that 31 stocks depreciated. VITAFOAM was the top loser, with a price depreciation of -9.09%. Other decliners include TANTALIZER (-8.33%), ELLAHLAKES (-4.31%), STERLINGNG (-3.61%), LASACO (-3.33%), and UNILEVER (-1.30%).
Today, the market breadth closed negative, recording 19 gainers and 31 losers. But the sectoral performance was positive, as three of the five major market sectors rallied.
The banking sector grew by +0.36%, followed by the insurance sector, which gained +0.29%, while the consumer goods sector inched higher by +0.24%. The oil & gas and industrial sectors declined moderately by 0.02% and 0.01%, respectively.
Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦3.42 trillion to settle at ₦59.51 trillion as Aradel Holdings came to market.
Interbank rates fell in the money market as coupon payments or inflows from Federal Government of Nigeria (FGN) bonds increased liquidity in the banking system.
Analysts claimed the FGN coupon payment of N28.22 billion overloaded the financial system, which had fallen into negative territory.
Money market rates have been rising due to a negative liquidity balance in the financial markets, fueled by a series of auction sales by the debt authority.
Cowry Asset Limited said today that the Nigerian interbank offered rate (NIBOR) fell across all maturities, indicating better liquidity in the banking sector.
Data from the FMDQ website revealed that major money market rates, including the Open Repo Rate (OPR) and the Overnight Lending Rate (O/N), decreased by 0.17% and 0.33%, respectively, to close at 32.19% and 32.67%, respectively.
Analysts said Nigerian Interbank Treasury Bills True Yield (NITTY) experienced mixed movement across all maturities, while the average secondary market yield on T-bills moderated by 0.04%, settling at 23.11%.
Sahara Group To Invest $1bn in LPG in Nigeria, Others
As Nigerians face the rising cost of petrol, they are also grappling with the increasing price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, which has surged to N1,500 per kilogram.
The Managing Director/CEO of NIPCO Plc, Suresh Kumar, expressed optimism that the Dangote refinery and other local refineries would help reduce cooking gas prices. He highlighted that over 60% of Nigeria’s LPG consumption is currently imported, a significant factor in the price hikes.
Recent checks show that the price of cooking gas has reached N1,500 per kilogram in some retail outlets across Ogun and Lagos States. In Abuja, the price to refill a 12.5kg cylinder has soared by 41.6%, reaching N17,000. This is a sharp increase compared to N12,000 in July and N11,735 in January 2024. The price surge reflects market trends, impacting many consumers who rely on LPG for their daily cooking needs.
In August, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, vowed to address the rising costs by engaging regulators and gas producers. However, a recent market survey reveals that prices have continued to climb. For instance, in the Lokogoma area of Abuja, gas is now sold for N17,000, up from N12,000 just three months ago. In Kubwa, prices range from N16,200 to N16,500, while in outskirts like Bwari, Kurudu, and Jikwoyi, it is sold at N1,300 per kilogram.
Ogun State’s Commissioner for Environment, Ola Oresanya, warned that if the trend continues, many might turn to using charcoal for cooking. At a recent conference in Lagos, Kumar urged the government to encourage Chevron to convert more of its propane output into butane, a more suitable option for domestic use. He noted that less than 40% of the 1.5 million metric tonnes of LPG consumed in Nigeria is produced locally, making the country reliant on imports.
Kumar emphasized that increased local production from refineries like Dangote’s, which source crude oil in local currency, would help stabilize and reduce prices. He believes that as domestic output increases, Nigeria’s dependence on imported LPG will diminish, making the product more affordable by reducing the impact of foreign exchange fluctuations.
Boosting local production, he argued, could attract more investment in pipelines, storage, bottling facilities, and retail outlets across Nigeria. NIPCO, which entered the LPG market in 2004, has expanded its operations significantly. Its LPG facility in Apapa has grown from a 5,000 metric tonne capacity in 2008 to over 20,000 metric tonnes, supported by strategic partnerships.
Kumar stressed that while LPG is essential for households, compressed natural gas (CNG) will play a pivotal role in powering industries and transforming Nigeria’s transportation sector. He highlighted that domestic LPG consumption has grown from 50,000 metric tonnes annually when NIPCO entered the market to around 1.5 million metric tonnes today. Still, he believes significant potential remains untapped, as less than 60% of Nigeria’s 200 million people use LPG.
To harness this potential, Kumar called for collaboration with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other stakeholders to end gas flaring. He emphasized the need for substantial investments to capture and process flared gas, boosting domestic LPG supply from the current 1.5 million metric tonnes to at least 5 million metric tonnes annually.
Despite the challenges, Kumar remains confident that the market will correct itself in time, especially as more players enter the gas processing sector. He acknowledged that high prices have curbed consumption growth but believes that with increased local production, the LPG market will stabilize and become more affordable for Nigerians.
Nigeria’s crude oil production dropped by 33,000 barrels per day in September, averaging 1.405 million barrels per day (mb/d), according to the latest report from the Organisation of Petroleum Exporting Countries (OPEC). This marks a decline from the 1.438 mb/d recorded in August, based on secondary data from Nigerian authorities.
Data from direct communication indicates an even sharper fall, with Nigeria’s September output averaging 1.324 mb/d, a drop of 27,000 barrels compared to August’s 1.352 mb/d.
Despite the decline, Nigeria maintained its position as Africa’s largest oil producer, widening the gap with Libya, whose production plummeted to 450,000 barrels per day due to the shutdown of key oil fields.
Global Production Trends
Non-DoC (Declaration of Cooperation) liquids supply, which refers to production from countries not participating in the OPEC+ agreement, is expected to grow by 1.2 mb/d in 2024, keeping the overall supply at an average of 53.1 mb/d—unchanged from last month’s forecast.
In the United States, crude and condensate production dipped slightly in July. However, natural gas liquids (NGLs) production remained steady at around 6.9 mb/d, reflecting a 0.4 mb/d increase from the previous year. US liquids supply growth for 2024 is projected at 0.6 mb/d, with key contributors to non-DoC growth being Canada, Brazil, and China.
OPEC and Non-OPEC Output
OPEC-12’s total crude oil production averaged 26.04 mb/d in September, reflecting a 604,000 barrels per day month-on-month decrease. Iran and Kuwait increased their output, while production fell in Libya, Iraq, Nigeria, and Saudi Arabia. Meanwhile, production from non-OPEC DoC members averaged 14.06 mb/d in September, with a modest increase of 47,000 barrels per day, driven by Kazakhstan, while Russia experienced a decline.
Challenges for Nigeria
The September dip in Nigeria’s oil production aligns with earlier reports from Nairametrics, which had flagged a 40,000-barrel decline. Like Libya, Nigeria has faced challenges in boosting its production to meet both its OPEC quota and local refinery needs. Throughout 2024, Nigeria’s oil output has hovered between 1.2 and 1.3 mb/d, struggling to regain higher production levels.
The World Bank has stated that Nigeria is among a list of top 10 countries with high debt risk exposure.
The World Bank adjusts its 2024 economic growth projection for sub-Saharan Africa, bringing it down to 3% from its earlier estimate of 3.4%, mainly due to the impact of the civil war in Sudan.
Despite this downgrade, the region is still set to grow faster than last year’s 2.4%, driven by rising private consumption and investments, as highlighted in the latest Africa’s Pulse report.
“This is still a recovery in slow motion,” remarks Andrew Dabalen, the World Bank’s Chief Economist for Africa, during a media briefing on Monday. The report forecasts that growth will climb to 3.9% in 2025, up from the previous estimate of 3.8%, thanks to easing inflation rates in many countries, which could enable central banks to lower high interest rates.
Despite the projected recovery, the report emphasizes that armed conflicts, climate disasters like droughts and floods, and political instability pose significant risks to the region’s economic outlook. Without the devastating effects of Sudan’s ongoing conflict, the region’s 2024 growth would have been half a percentage point higher.
South Africa, the region’s largest economy, is projected to grow by 1.1% this year and 1.6% in 2025, following a 0.7% growth rate last year.
Nigeria’s economy is forecasted to expand by 3.3% in 2024 and further accelerate to 3.6% in 2025.
Kenya, East Africa’s biggest economy, is expected to grow by 5% in 2024, according to the report.
The region’s economy grew robustly between 2000 and 2014, averaging 5.3% annually during the global commodity boom. However, growth slowed significantly after the crash in commodity prices and the COVID-19 pandemic.
“If this economic stagnation continues, the effects will be catastrophic,” warns Dabalen.
Dabalen also points out that many African economies are struggling with low levels of public and private investments. While foreign direct investments (FDI) began to recover in 2021, they remain weak.
“The region needs much higher investment levels to accelerate recovery and fight poverty,” he says. Debt service costs are also a major hurdle in countries like Kenya, where protests erupted earlier this year over rising taxes. Many African governments have moved away from cheaper loans from institutions like the World Bank, turning instead to costlier borrowing from financial markets.
The region’s external debt has soared to around $500 billion, up from $150 billion 15 years ago, with much of it owed to bondholders and China.
Countries such as Chad, Zambia, Ghana, and Ethiopia have defaulted in recent years and have since restructured their debts under the G20’s Common Framework. Ethiopia’s restructuring is still ongoing, while the other nations have completed the process.
“As long as these debt challenges remain unresolved, uncertainty will persist, which is bad for both countries and creditors,” Dabalen notes.
The World Bank also projects that over the next three decades, sub-Saharan Africa will experience the fastest growth in its working-age population globally, with an increase of 740 million people by 2050. However, with 12 million young people expected to enter the workforce annually, and only 3 million formal wage jobs being created each year, the region faces significant economic challenges moving forward.
Ebehijie Momoh, Managing Director of AfriGo, states that the National Identity Management Commission’s (NIMC) new multipurpose card could integrate 30 million Nigerians into the financial system. Speaking at Nigeria Fintech Week 2024 in Lagos, she highlights that AfriGo, Nigeria’s domestic card scheme, is working with NIMC to roll out the cards.
Momoh explains that linking government payouts to these cards will streamline processes and promote transparency, significantly improving financial inclusion. “With over 100 million individuals having National Identification Numbers (NINs), we can instantly integrate 30 million more people into the financial system by issuing these cards to all Nigerians,” she says.
Momoh emphasizes the potential of NINs in enhancing financial access in Nigeria, where only 55 million people currently have bank accounts. “With over 100 million NIN holders, we see a major opportunity to connect more people to financial services, which is why AfriGo is partnering with NIMC to provide multipurpose cards linked to NINs,” she notes.
She adds that beyond infrastructure, increasing financial inclusion also depends on raising awareness and keeping costs affordable. People must understand the need for financial services, and the cost of entry must be reasonable.
Momoh also highlights AfriGo’s focus on developing tailored solutions for Africa, especially Nigeria. One of their key innovations is a contactless payment system for the transportation sector, enabling commuters to pay for services offline, even in areas with poor internet connectivity.
“We’ve partnered with a fintech company to ensure that commuters can use our cards to pay for transportation services regardless of internet access. This is a breakthrough for Nigeria, where internet infrastructure is often unreliable,” she states.
In April 2024, NIMC announced the launch of the multipurpose National ID card, designed for identity verification, payments, and access to government services. The card, powered by AfriGo in partnership with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), will be compatible with the eNaira and compliant with EMV security standards. However, while the card was announced, the official rollout date remains unclear.
The Federal Government of Nigeria has introduced a provision in the Nigeria Tax Bill 2024 that would allow taxpayers to pay their taxes in instalments. The bill, recently submitted to the National Assembly.
This new measure offers flexibility for individuals, enabling them to either pay their taxes in one lump sum or spread payments across several instalments, provided that the full amount is settled before the filing deadline.
The bill also includes a proposal to create a special account, managed by the Accountant-General of the Federation, dedicated to tax refunds.
Comprehensive Tax Reforms
Last week, the government introduced a series of tax reforms aimed at improving revenue collection. Four new bills were sent to the National Assembly, designed to provide a legal framework for the proposals set forth by the Presidential Fiscal Policy and Tax Reforms Committee, chaired by Taiwo Oyedele.
These reforms will centralize revenue collection, creating the Nigeria Revenue Service while removing the Nigerian Customs Service, Nigerian Ports Authority, and 60 other agencies from direct collection activities. A tax tribunal and ombudsman are also proposed under the new measures.
Instalment Tax Payments
An analysis of the 160-page draft bill indicates that tax payments in instalments are a key feature aimed at improving tax compliance. Section 48 states that taxpayers can make payments in monthly instalments, with the final payment due by the filing deadline. The bill outlines that the monthly amount should be proportional to the estimated tax liability for the year.
For instance, if a company’s accounting period is less than one year, the monthly payment must reflect the tax estimated for that shorter period. The final installment is due at the time of filing the tax return and must account for any previous payments made during the accounting period.
Tax Refund Provisions
The bill also outlines a detailed process for tax refunds. After an audit by the relevant tax authority, taxpayers will be eligible for a refund of any overpaid taxes. Refunds must be processed within 90 days, or taxpayers can choose to apply the excess toward future tax liabilities.
A dedicated account will be created by the Accountant-General to manage these refunds, ensuring proper allocation of funds. State governments will also follow this structure for managing tax refund payments. However, refund claims must be submitted within six years of the related tax assessment.
Distribution of VAT Revenue
The bill proposes a new distribution formula for value-added tax (VAT) revenue: 10% will go to the Federal Government, 55% to State Governments and the Federal Capital Territory, and 35% to Local Governments. Of the amount allocated to states and local governments, 60% will be distributed based on the principle of derivation.
Nigeria Is facing Worst Unemployment Crisis - World Bank
The world’s 26 poorest nations are currently facing their highest debt levels in 18 years, making them increasingly vulnerable to economic shocks and natural disasters, according to a new World Bank report.
These countries, which host 40% of the global population living in extreme poverty, are poorer today than they were before the COVID-19 pandemic, despite global economic recovery in many parts of the world.
The report highlights that these nations, with per capita incomes under $1,145, are struggling with an average debt-to-GDP ratio of 72%, the highest since 2006. Half of these countries are either already in or at high risk of debt distress, and they have become heavily reliant on International Development Association (IDA) grants and concessional loans, as traditional market financing dries up.
Most of these countries are located in sub-Saharan Africa, with others such as Afghanistan and Yemen outside the region. The report shows that two-thirds are also battling armed conflicts or deep institutional fragility, which hampers foreign investment. Their dependence on volatile commodity exports and frequent natural disasters—causing annual losses equivalent to 2% of GDP—further exacerbates their economic struggles.
“IDA has been a lifeline for these nations when global support has dwindled,” said World Bank Chief Economist Indermit Gill. Over the last five years, IDA has directed the majority of its resources to these 26 low-income countries, helping them navigate historic challenges. The World Bank aims to raise over $100 billion by December to replenish IDA’s funds.
The debt crisis is a major obstacle to poverty reduction efforts globally.
The average debt-to-GDP ratio in these 26 nations has reached 72%.
Many of these countries are affected by conflict, fragile institutions, and heavy reliance on commodity exports.
Natural disasters between 2011 and 2023 have caused significant economic losses, further weakening these economies.
As of June 2024, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), with a debt exposure of $16.5 billion, up from $14.3 billion in 2023. This marks Nigeria’s first appearance in the top three IDA debtors. Additionally, the World Bank’s September food security report ranks Nigeria as the fifth most affected by food inflation globally, driven by conflict and climate challenges that continue to worsen food security across the country.
The Naira recovered sharply against the US dollar in the foreign currency (FX) market at the start of the week, following a poor performance the previous week.
According to spot FX data from the FMDQ website, the local currency increased by 5.38% and closed at ₦1,552.92 per US dollar on the official market.
US dollar demand pressures lessened at the start of the week, following $50 million in FX auction sales to local banks last week. The Apex Bank has continued to support the naira in an effort to lessen forex market volatility.
Despite the authority’s efforts to keep exchange volatility under control, the naira has been under pressure in foreign markets. According to channel check, exchange rate at the informal currency market worsened at the beginning of the week due to seasonal demand for the greenback.
The October effects in the currency market started taking shape, and this caused informal sector FX demand to stay uptrend. Analysts believe that Nigeria’s latest open window for food imports contributed to depressed exchange rate in the informal currency market.
Today, the naira closed at ₦1,680 to the US dollar amidst plan to feed more than 230 million Nigerians with imported foods to reduce pressure in the markets.
In a move to combat soaring food prices and alleviate the burden of inflation on Nigerians, the Federal Government proposed a temporary zero-duty levy on selected food imports.
The Central Bank of Nigeria released $689.88 million or N903.95 billion at the official exchange rate of N1,309 as of March 31, 2024 to Nigerians for importing food items in the first quarter of 2024.
The market anticipates that the CBN will continue to sell US dollar to authorised dealer banks to boost FX liquidity level in the official currency market.
In the global commodities market, oil prices fell, with Brent Crude decreasing by 2.36% to $77.2 per barrel, while WTI also dropped by 2.45%, closing at $73.7 per barrel.
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