The Anambra State Government, in partnership with the United States Agency for International Development (USAID), the Coca-Cola Foundation and TechnoServe has reaffirmed its commitment to recycling plastic waste, securing more environmentally friendly solutions through strategic partnerships and innovative solutions.
Speaking while declaring open a stakeholders’ meeting on Plastic Waste Recycling, held at Hilton Leisure Hotel, Awka, Anambra state, the State Commissioner for Environment, Dr. (Engr) Felix Odimegwu said, “Plastic waste becomes a menace to the environment when not separated and channeled for recycling”.
He highlighted the alignment of the Nigeria Plastic Solutions Activity with Anambra’s strategic vision for sustainable development. Under the leadership of Governor Prof. Charles Soludo, Anambra has been actively pursuing initiatives to reduce waste, promote recycling, and foster a culture of sustainability. Engr. Dr Odimegwu also announced the second season of the “All Anambra Communities Plastic Waste Recovery Challenge,” aiming to reduce waste, promote recycling, and create employment for the residents, reinforcing the state’s commitment to a cleaner, greener future.
Odimegwu said partnering on projects like this, is one of several ways through which the state government is creating awareness on the importance of waste separation for recycling and generating economic prosperity through the circular economy.
In her remarks, the Country Director of Technoserve Nigeria, Mrs Adesuwa Akinboro, represented by the Senior Program Manager, Mr Benneth Obasiohia emphasized the importance of collaboration in combating plastic pollution in the state.
She noted that the project sought to boost local economies and also create sustainable livelihoods, not forgetting Nigeria’s significant contributions to global plastic waste, of which only 12 percent is being recycled in the country.
Obasiohia urged stakeholders to work together, stressing that the success of the initiative depends on collective action for a cleaner, greener future in Anambra State.
The event featured insightful presentations, including one by Professor Emma Ezenwaji, Chairman of the ASWAMA board of directors, on strategic partnerships for improved waste management service delivery in Anambra State, also Franklin Nwaribe, Senior Business Advisor, provided an overview of the Nigeria Plastic Solutions Activity.
Fr. Dr. Jude Ezeanokwasi, a Reader from the Faculty of Law at Nnamdi Azikiwe University, emphasized the growing importance of waste management policy and regulations in Anambra State. He noted that these policies have become not just necessary but sacrosanct, reflecting the urgent need for structured and effective waste management practices to safeguard the environment. Private sector stakeholders, including the Waste Pickers Association of Nigeria (WAPAN), Anambra State Waste Recyclers Association (ASWRA), and plastic aggregators, were also given the opportunity to present the challenges they faced in the plastic recycling sector.
The Nigeria Plastic Solutions Activity is dedicated to intercepting plastic waste at source and transforming it into valuable resources, creating jobs, and fostering sustainable communities. This initiative exemplifies the commitment of USAID, the Coca-Cola Foundation, and TechnoServe to environmental sustainability and economic development in Nigeria
Lagos State Governor, Babajide Sanwo-Olu will formally unveil a new online platform designed to simplify non-tax payments for residents and businesses. The Lagos Revenue Portal is set to be launched today, Thursday, 15th August, 2024.
According to a statement by the Special Adviser on Taxation and Revenue, Opeyemi Ogungbo. He said, “The innovative online platform is designed to simplify how Lagos residents and corporate entities perform their civic responsibilities in the form of non-tax payments, making the entire process more efficient, convenient and secure.
“The proposed launch of the LRP is in line with the governor’s T.H.E.M.E.S+ agenda and his continuous drive to improve the quality of life for Lagosians.”
According to Ogungbo, the innovative online platform is designed to simplify how Lagos residents and corporate entities perform their civic responsibilities in the form of non-tax payments, making the entire process more efficient, convenient and secure.
“As earlier established with the e-Tax platform for all tax payments managed by the LIRS. LRP is another milestone in the administration of our governor, Mr Babajide Sanwo-Olu.
“The LRP scheduled to be launched by Mr Governor on Thursday, August 15, 2024, represents a significant leap towards modernizing our revenue collection system.”
Meanwhile, he maintained that the advanced technology would streamline the state’s collection processes into a more friendly and accessible self-service portal for everyone in Lagos.
According to Ogungbo, the LRP aggregates all Lagos State bills and payments across ministries, departments and agencies in the state, making it a one-stop-shop for all taxpayers.
He added that the portal allows Lagosians to manage and print their bills and make payments online through multiple available channels.
Ogungbo explained that this eliminates the need for physical visits to Lagos State service stations and bank branches, saving time and reducing hassle for their taxpayers.
According to the governor’s side, the portal ensures secure and seamless payment processing, guaranteeing that transactions are both safe and efficient.
Meanwhile, he added that with the portal, every payer receives an instant revenue receipt after successful payment and also allows them to seamlessly validate these receipts to avoid paying to the wrong hands.
“Additionally, the portal facilitates easy payer registration, so individuals and businesses can now register as payers and access their profiles online, simplifying the entire registration process,” Ogungbo stated.
Also, he noted that the LRP also allows for amendment and reversal requests, saying payers can request changes or reversals on their payments, which significantly reduces errors and disputes along the transaction value chain, payers, banks and MDAs.
He added, “A comprehensive view of payments and receipts is another valuable feature of the portal. Users can view and download their payment history (remittance statement) and receipts, providing easy access to their records.
“LRP is available on both secure web and mobile application channels. This will allow taxpayers to access the portal on the go, making it even more convenient. The portal is designed to allow for seamless integrations with current and future technologies; thereby, allowing for scalability, robustness, confidentiality and data integrity without compromising data privacy regulations.
“The LRP is a significant step towards modernising revenue collection and administration in Lagos State, by providing a user-friendly, efficient, and secure platform, the government aims to increase compliance, promote transparency, ensure efficient service delivery, and grow revenue for developmental projects.”
Ogungbo believes that, with time, the new portal is expected to be a game-changer for Lagos State’s revenue collection.
“We are committed to continuously improving LRP to meet the needs of our citizens and businesses in Lagos State,” he included.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian National Petroleum Company Limited (NNPC), in a documentary, has reported significant progress in its fight against oil theft, with the discovery and dismantling of 63 illegal refineries in the past week.
According to the company, a combined effort involving various stakeholders, including Tantita Security Services, four; Shell Petroleum Development Company, 11; Pipeline Infrastructure Nigeria Limited, 26; Maton Engineering Company, 20; NNPC 18 Operating Ltd, one; NNPC Command and Control Centre, 51; and government security agencies, 64, resulted in the detection of 177 oil theft incidents between August 3 and 9.
It noted that during the week under review, 19 illegal pipeline connections were recovered, while some underwent repairs across several locations in Bayelsa and River States. Also, 19 illegal pipeline connections were recovered and repaired across Bayelsa and Rivers states.
The NNPC stated that 63 illegal refineries were discovered and confiscated in Bayelsa, Rivers, Abia, Imo and Delta States. It added that a vandalised barricaded oil wellhead was discovered in Bayelsa State. Stolen crude was also discovered in oil reservoirs in Rivers State.
According to the state-owned firm, 17 vehicular arrests were made in communities in Delta, Bayelsa, Rivers and Akwa Ibom States. It mentioned that 15 wooden boats conveying stolen crude were confiscated in Rivers and Bayelsa States.
The energy company disclosed that 51 of those incidents took place in the deep blue water, 21 in the western region, 29 in the central region, and 76 in the eastern region.
The NNPC stated that no fewer than 16 suspects had been arrested in connection with the incidents in the past week.
Crude oil theft has remained a major challenge in the upstream sector, inhibiting the country’s ability to ramp up production.
Not long ago, Tony Elumelu, billionaire businessman, accused the Nigerian government and security agencies of failing to identify those responsible for the rampant oil theft plaguing the country, especially when they make use of vessels that move through the territorial waters.
He said the menace contributed to the divestment of international oil companies in Nigeria. He linked the ongoing theft to the divestment of international oil companies from Nigeria, after criminal gangs began stealing crude from his pipelines.
Elumelu, who has firsthand experience with the issue, while speaking to the Financial Times, revealed that his oil fields are losing a staggering 18% of production to oil thieves.
He explained, “42,000 barrels of crude are pumped out daily. Theft still takes away about 18 per cent of production.
“This is oil theft; we are not talking about stealing a bottle of Coke that you can put in your pocket. The government should know; they should tell us.
“Look at America, Donald Trump was shot at and quickly they knew the background of who shot him. Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters and we don’t know?”
This article was written by Tamaraebiju Jide, a student at Elizade University
The Dangote Group has experienced a decline in its stock prices, with its sugar and food subsidiaries facing significant challenges. The decline in stock prices for Dangote Sugar Refinery and NASCON Allied Industries is primarily attributed to foreign exchange losses and the rejection of a proposed merger by the Securities and Exchange Commission.
Analysts blamed the escalating inflation and unstable exchange rate for worsening the companies’ predicament. The rising cost of imported raw materials due to currency depreciation has significantly squeezed profit margins.
Dangote Sugar Refinery’s stock price plummeted by 18.67%, dropping from N45.00 to N36.60 from May to August 2024. This decline was driven by disruptions in the supply chain and volatile sugar prices, which adversely impacted the company’s financial performance.
During the same period, NASCON Allied Industries also experienced a downturn in its stock price, falling by 12.57% from N37.00 to N32.45. In contrast, Dangote Cement achieved a remarkable 41% growth in its share price, rising from N419 in May and reaching N591 by early August.
In a statement dated April and signed by the company secretary of NASCON, Adedayo Samuel, it was stated that the proposed merger with Dangote Sugar Refinery Plc and Dangote Rice Limited has been suspended.
He added that this decision, initially announced on August 30, 2023, will not proceed following the comments and recommendations from the Securities and Exchange Commission, which highlighted concerns regarding the current non-operational status of Dangote Rice Limited. NASCON expressed gratitude to its stakeholders for their continued support.
“NASCON Allied Industries Plc. (“NASCON”) at this moment notifies the Nigerian Exchange Limited and the investing public that, further to its announcement of August 30, 2023, in respect of the proposed merger of Dangote Sugar Refinery Plc, NASCON, and Dangote Rice Limited, a decision has been taken to suspend the said merger at this time.
“The suspension is due to the comments and recommendations of the Securities and Exchange Commission centered around the current non-operational status of Dangote Rice Limited. NASCON wishes to express its appreciation to all its stakeholders and will keep the public informed of any developments as they arise.”
A shareholders’ advocacy group leader, Bisi Bakare, stated that while Dangote Group’s subsidiaries have faced declines, they are actively seeking growth opportunities and resilience.
“I do not think the refinery is playing any role in it. It has to do with similar challenges facing the manufacturing sector.
One of the challenges is the effect of foreign exchange losses, which arose as a result of the continuous depreciation of the naira.
“Also, inflationary pressures, which arose as a result of a continuous increase in inflation, led to a high interest rate on borrowing, which has an untold effect on finance costs and the bottom line. Also, the high cost of raw materials imported and the high cost of energy. All these factors continue to impact the manufacturing sector, of which Dangote Cement isn’t an exception,” she said.
A financial analyst, Ariyo Olugbosun, attributed the decline to the Securities and Exchange Commission’s denial of a proposed merger involving Dangote Sugar, NASCON, and Dangote Rice Limited. Olugbosun argued that the regulatory decision led to a loss of investor interest, exacerbating the stock price fluctuations.
“While FX losses are a concern, the SEC’s decision on the merger has been a major driver behind the fluctuating stock prices. The SEC decision is best known to them, but I think it would have helped Dangote make more profit,” Olugbosun explained.
In response to concerns about the price of Dangote Cement, the President of the Progressives Shareholders Association of Nigeria, Boniface Okezie, emphasized that the fluctuations were largely driven by market forces, adding that this perspective underscores the broader trends affecting the entire sector, not just individual players.
“The trend is not unique to Dangote Cement alone. If you look at other companies in the cement industry, like BUA Cement and Lafarge, you’ll see similar patterns. Despite the challenges, Dangote Cement remains higher in value compared to its peers, with BUA Cement following closely.”
Regarding Dangote’s much-anticipated refinery project, Boniface noted that its performance cannot be assessed at this time as it is not yet a publicly quoted company, emphasizing the need for swift action to prevent further damage to the oil and gas industry.
“The refinery isn’t fully operational, and until it is, we can’t gauge its market strength,” Boniface explained. They blamed ongoing challenges with the NNPC and other regulatory agencies for hindering progress. “Nigeria stands to lose if the regulatory relationships aren’t quickly resolved.”
Boniface expressed worry that the ongoing issues could scare away foreign investors from engaging with Nigeria. “A lot of investors might shy away from doing business here”.
He urged for a swift resolution to maintain Nigeria’s attractiveness to international investors, stating, “We urge him not to lose faith in the Nigerian economy. Though the journey might not be easy, his massive investments will yield benefits once the challenges are resolved. It’s a long-term investment, and he won’t reap the rewards immediately, but he will in time,” Boniface added.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Academic Staff Union of Universities (ASUU) has raised alarm over the exorbitant electricity bills faced by Nigerian universities, which have skyrocketed by 300% following a recent tariff hike.
Prof. Emmanuel Osodeke, the National President, ASUU, has called for a per-unit billing system to address the issue as the universities’ power bill rose by 300 per cent, hitting N21.480b monthly.
the Nigerian Electricity Regulatory Commission, in April 2024, declared an increase in electricity tariff paid by Band A customers from N68/KWh to N225/KWh, a 300 per cent increment.
Universities, classified under Band A, are expected to enjoy at least 20 hours of daily power supply. However, despite this, institutions are struggling with astronomical electricity costs amounting to a staggering N275 billion annually.
Electricity is an essential need in universities, as it is required in laboratories, libraries, and for other critical purposes. Before the tariff increase, all 274 universities in Nigeria paid N5,252,000,000 monthly, or N63,024,000,000 yearly.
After the increase, the universities now pay N21,480,000,000 monthly and N257,760,000,000 annually. Findings revealed that the University of Lagos, which previously paid an average bill of N180 million, now spends N300 million on power. Osodeke, in an interview, insisted that the federal government must ensure fairness for all, citing the increased electricity tariffs, which had risen sharply.
He emphasised that all users should be charged based on the actual units of electricity consumed, with a uniform rate, rather than being categorised into different bands.
Osodeke also criticised the Band A classification for the universities, stating that, “Electricity tariffs are a nationwide concern and not limited to universities alone. The idea of categorising consumers into bands such as Band A or Band B is flawed. Billing should be based on actual consumption, with a consistent per-unit rate for all users.
“If someone receives 14 hours of electricity, they naturally pay more because they use more, but automatically charging them more simply because they fall under Band A is illogical. This new system is terrible and unfair.”
Suggesting a way out, Osodeke stated, “We suggest that the rate should be equitable for everyone. People will pay more because they consume more energy, not because of arbitrary classifications. The system should be fair to all Nigerians, charging solely based on the actual electricity units consumed. Whether in universities, towns, or villages, everyone should pay the same rate per unit of energy consumed.”
However, the Committees of Pro-Chancellors and Vice-Chancellors of Nigerian Universities called for a concession in electricity tariffs for all 274 universities in Nigeria.
According to statistics provided by the Secretary-General of CVCNU, Prof. Yakubu Ochefu, the average monthly electricity cost for first-generation universities increased from approximately N80m to N300m, while for second-generation universities, it rose from N50m to N200m.
He noted, “Electricity costs for first-generation tech/agric universities increased from N30m to N150m. First-generation state universities also saw an increase from N30m to N150m. Second-generation state universities (1999/2000) experienced the same hike, from N30m to N150m.
“First and second-generation private universities’ costs rose from N10m to N60m and universities established by former President Goodluck Jonathan increased monthly from N20m to N100m.”
Ochefu maintained that the VCs committee had written a letter to the Federal Government in this regard, and the matter was now in the hands of the pro-chancellors, insisting that if the government did not give concession to the universities, students might have to pay an extra N80,000 for electricity.
“The vice-chancellors have done their part. Since the pro-chancellors have been inaugurated, they will continue from where the vice-chancellors left off because it’s a fundamental funding issue. For example, we reported that universities used to pay N1.2bn to N1.3bn annually for power.
“With the new tariff, that figure has risen to nearly N4b per annum. How are universities expected to find that kind of money? If you calculate it, that’s between N250m to N300m a month. Compare this to the 2024 budget where the overheads for power, water and overhead costs were less than N150m per annum, despite a previous budget of N1.2bn per annum. This depicts a shortfall of almost N900m.
“If the Federal Government does not assist, these costs will likely be transferred to students. For instance, if universities were to pass on these electricity costs to students, each student would pay an additional ₦80,000 per annum on top of their tuition fees. Is that what the Federal Government wants?” he asked.
The coordinator of CIPR at the Lagos State University, Mrs. Oluwayemisi Thomas-Onashile, noted that the university used to pay an average of N30m per month when the tariff was N68/kWh.
With the new tariff of N209/kWh, the average bill has risen to N92m per month.
Dr Joshua Suleiman of Babcock University reported that their monthly electricity bill ranges between N175m and N321m, compared to N94,011,193 and N118,477,338 last year.
Vice-Chancellor, University of Benin, Edo State, Prof. Lilian Salami, disclosed that the electricity bills for their two campuses were costed independently, but after being cut off in May after 19 days of supply, the bill totalled N150m.
Salami stated, “The University of Benin has two campuses: Ekehuan, where the university was established 54 years ago, and Ugbowo, the main campus. Previously, the university paid approximately N80m monthly to the Benin Electricity Distribution Company.
“However, with the tariff increase of over 300 per cent, the Ugbowo campus was classified under Band A, while Ekehuan was not, due to its inconsistent electricity supply. The bill for April was about N280m, despite students being on recess for 10 days. In May, BEDC disconnected supply after about 19 days and issued a bill of N150m. Consequently, the bill has surged from around N80m to N300m.”
The Committee of Pro-Chancellors of State-Owned Universities and the Committee of Vice-Chancellors both said the bill was unaffordable and unsustainable for the universities.
Speaking in an interview, the Chairman of the Committee of Pro-Chancellors of State-Owned, Senator Joshua Lidani, said there had been reports of some universities having their electricity disconnected due to high bills.
He described this as alarming, adding that this would further strain universities’ finances and affect their operations.
Lidani added, “It is an ill wind that will do no good to the universities in the country, especially state-owned institutions already battling several challenges, notably funding and numerous other issues. We appeal to NERC and the various DISCOs not to hike the cost of electricity for universities but rather to grant them discounts or concessionary rates.
“We are alarmed by reports that some universities have had their electricity disconnected due to huge bills. This will only overburden the fragile state of university finances and may grind down their activities.”
The Pro-chancellor, Ladoke Akintola University of Technology, Prof. Deji Omole, expressed concern that the high electricity tariffs would significantly impact universities, lamenting that the combination of chronic underfunding and increased tariffs would severely affect the institutions.
He argued, “We don’t manufacture anything apart from knowledge, and we can’t increase prices except by making students pay more, which is not ideal. It will be counterproductive adding a burden on an already stressed system.
“The Federal Government should withdraw the plan and step down the additional tariffs, granting special concessions so we can carry out our research and make our laboratories functional. The increased tariffs will affect smooth operations.
“We implore the government not to implement these changes as they will be counterproductive. We don’t want the fragile peace in our universities to be jeopardised due to increased electricity tariffs.”
Omole added, “There is a lot of agitation, and we appeal to the government to understand the university system. No meaningful research will be carried out if universities cannot pay. There should be waivers on some of these bills.”
The Vice-Chancellor, Babcock University, Prof. Ademola Tayo, affirmed that the high electricity tariff was a great threat to quality education in Nigeria.
Speaking at the school’s 22nd convocation, Tayo said the institution paid N300m for electricity in May, despite utilising solar energy for street lights and other machines on the campus.
“I hereby call on the government to reduce electricity tariffs. High electricity tariff is a threat to quality education in Nigeria. University and education need support for the development of the country. Our university paid N300m in May after the increase in tariff of electricity consumers on Band A.”
The National President, the Senior Staff Association of Nigerian Universities, Mr Ibrahim Mohammed, condemned the government’s decision to hike electricity bills, saying it is harmful to the universities.
He argued that it would affect academic activities, as no public university could afford the increased costs.
“Our position is that it is a draconian and wicked decision for the government to consider. If not for the five universities that spoke out, it is quite unfortunate. There will be no academic research or classroom activities taking place in the universities.
“This is an affront to university education and shows our leaders don’t care if research and academics occur. No public university in Nigeria can pay these bills. Many of our members are already struggling to work; our computers are lying fallow, and no university can afford to buy diesel to run generators as an alternative to the public power supply.
“The idea of solar energy and renewable energy is not working anywhere. If the government is interested in making education work, universities should be insulated from the hike,” he insisted.
Mohammed urged the government to reconsider and insulate universities from the power tariff hikes, suggesting a focus on revitalising renewable energy initiatives.
He said, “The government should reconsider. Academic institutions should be given a separate format for paying bills if we are serious.
“Renewable energy initiatives that started during Buhari’s administration should be revitalised. Without these measures, there is no way education can operate effectively. SSANU frowns upon charging universities commercial rates; otherwise, they will remain glorified institutions.”
The National Chairman of the Parents Teachers Association, Mr Haruna Danjuma, in an interview with our correspondent, stated that increasing electricity bills in tertiary institutions would worsen the hardship on parents, guardians, and students.
He called for moderate charges, warning that increased costs could lead to mass dropouts.
Danjuma said, “The issue of hiking electricity bills in higher institutions shouldn’t arise. It will add to the hardship and give the impression that the government is not interested in educating Nigerian children. All institutions should either not be charged for electricity or be charged moderately. Parents are already paying a lot, and making universities pay more for electricity means that, indirectly, the government is not prioritising education.
“The Federal Government should reconsider this decision. Why should we have exorbitant fees that we cannot afford? This will lead to mass dropouts, creating another problem for the universities. We are calling on the government to reconsider. If we are asked to pay more, we will have no option but for our children to drop out.”
NANS President Lucky Emoefe has cautioned against any attempt to pass on increased electricity costs to students. While acknowledging the financial burden faced by universities.
Emoefe emphasized that students would not tolerate additional fees and may end up staging protests against insitutions that would add the electricity bills to tuition. He called on the federal government to intervene in the matter.
Emoefe said, “We understand that the current situation is not necessarily the fault of the vice-chancellors, who have expressed concern. Imposing such high costs, like N80,000, on Nigerian students, who may take years to pay, is unsustainable. We will mobilize across all campuses in solidarity to resist these changes. If the government does not intervene, we are confident that this will not work and will face significant opposition.”
Lidani responded to Ochefu’s call for the Committee of Pro-Chancellors to negotiate the electricity tariff costs with the government, saying, “We appeal to NERC and the various Discos not to hike the cost of electricity in the universities but rather grant them discounts or concessionary rates. We are liaising with the Committee of VCs and will arrange to meet with the appropriate government agencies on this.”
This article was written by Tamaraebiju Jide, a student at Elizade University
I’m 23, just like you. I’ve been there, juggling school fees, rent, and the insatiable appetite of youth. It’s a tightrope walk, but I’ve learned something invaluable: investing in myself is the surest path to financial freedom.
You might be thinking, “Invest? I barely have enough for suya!” Trust me, I get it. But let’s break down why it’s worth every naira.
Reason 1: The Power of Compounding
Imagine planting a magic money tree. Every year, the tree doubles its fruits. If you start with just one fruit today, in ten years, you’ll have over a thousand. That’s compounding, baby! The earlier you plant your seed (invest), the bigger your harvest.
Reason 2: Future-Proof Yourself
The world is changing faster than our phone batteries. New jobs, new skills, new everything. Investing in yourself is like buying insurance for your future. You’re equipping yourself to handle whatever life throws your way. Whether it’s a tech course, a language class, or a business idea, it’s an investment in your ability to adapt and thrive.
Reason 3: Financial Independence
Nobody wants to be broke forever. Investing in yourself can lead to new income streams. A side hustle, a freelance gig, or even your own business. The more you invest in your skills and knowledge, the more opportunities you create.
Reason 4: Build Your Brand
Personal branding is everything these days. What you know, what you can do, and how you present yourself matters. Investing in yourself helps you craft a compelling story. It’s about creating a reputation as a problem-solver, an innovator, and a leader.
Reason 5: Improve Your Quality of Life
Money isn’t everything, but it sure helps. Investing in yourself can lead to better jobs, higher salaries, and the ability to afford things that improve your life. Think about travel, healthcare, or even just less stressful days.
Reason 6: Create a Legacy
Imagine building something that lasts beyond you. Your investments can help you create a legacy for your family. Financial security, educational opportunities, and a better life for future generations.
Reason 7: You Deserve It
Let’s be honest, you work hard. You deserve to invest in yourself. It’s not selfish; it’s self-care. Taking steps to improve your life is an act of love.
So, how do you start?
Identify your goals: What do you want to achieve?
Create a budget. Allocate a portion of your income for investments.
Start small. Even N1,000 a month can make a difference.
Educate yourself: Learn about different investment options.
Seek advice: Talk to financial advisors or mentors.
Remember, investing is a marathon, not a sprint. It’s about consistency and discipline. There will be setbacks, but the rewards are worth it.
Your future self will thank you. Trust me, I know.
Wale Edun, Minister of Finance, has reassured Nigerians that the economy is booming under President Bola Tinubu’s leadership, pointing out that the country’s non-oil exports totaled $55 billion last year.
Edun disclosed this information while briefing the press at the State House in Abuja on Tuesday about the outcome of President Tinubu’s meeting with the council of states.
Edun added that the increase in exports has resulted in a trade surplus, indicating that both domestic and foreign investors are progressively returning to the economy. Edun stated that despite the high inflation rate, investors are creating substantial opportunities in the economy, notably in the infrastructure sector.
“In broad terms, the economy is growing. The balance of payment in particular. The trade balance and the current account balance are in surplus. The exchange rate is stabilizing. The inflation, though uncomfortably high for the liking of Mr. President and his team, is slowing and set to fall.
“Foreign investors, domestic investors who are participating in important private-public partnership, particularly in infrastructure sector,. Foreign direct investment is beginning to recover, I will say. On that basis, we reported, in particular, the opportunities for the economy to stabilize.
“We identified in the meeting that we had non-oil export at $55 billion last year with tremendous room to grow,” Edun said.
Emphasis on Service Sector
In addition, Edun stated that the government is focusing on the service sector to create job prospects for young Nigerians. He added that these young people working in the field can outsource their abilities via the internet and phone.
According to the Minister, the government will continue to support the economy with a variety of strategic measures aimed at lowering the high cost of living caused by rising inflation.
“In particular, we identify theservices, and service sector—such as software services, accounting services, computer services—that can be provided by young Nigerians. These Nigerians are staying in Nigeria and providing services through the internet and telephone. Outsourcing was a big area we emphasized.
“In a nutshell, we reported that there was good progress being made, and efforts are going to continue to ensure that the interventions to ameliorate the high cost of living for individuals, agricultural sectors, and small-scale businesses continue,” Edun added.
What you should know
For over four decades, Nigeria’s exportation has been heavily driven by crude oil production, contributing about 85 to 90% of the country’s total exports.
Although the government has launched numerous initiatives to boost non-oil exports, the results have been disappointing. The fact that Nigeria primarily exports raw materials while importing finished goods has made the economy highly import-dependent.
This dependency places significant strain on the country’s foreign exchange earnings, causing the local currency to lose value periodically.
However, in the first quarter of 2024, the country recorded an impressive trade surplus of N6.2 trillion, indicating a rise in exports.
The Nigerian naira fell for the second trading session on the official FX market due to a scarcity of US dollars. The naira has begun to fall in value as the market faces an insurmountable FX liquidity crisis.
Foreign currency demand has surpassed US dollar volume at the autonomous FX window, despite the Central Bank of Nigeria’s (CBN) efforts to shift exchange rate direction through its willing buyer, willing seller policy.
In what appears to be an intermittent distortion of the real exchange rate equation, the market has absorbed FX sales sold to requesters through the CBN’s Retail Dutch Auction System with no long-term consequences.
This market disclosure puts into doubt the CBN’s decision not to protect the local currency. Despite the massive US dollar paid to buy the naira to regain balance, analysts said the amount may not be insufficient to boost exchange rate after all.
In the official market, the naira weakened against the US dollar, depreciating by 0.25% to ₦1,586.04 per US dollar on Wednesday. It is not clear if the CBN has initiated process for its retail FX auction for the week.
The apex bank has not come up with its FX policy timing. However, before the CBN relaunched its retail Dutch auction sales last week, it had been buying the naira from or selling the US dollar to authorized dealer banks each week.
The naira exchange rate is steady at average of ₦1,585 per greenback in the parallel market, as trading activities ended on a quiet note.
In the global commodity market, Brent crude fell by 0.31% to $80.44 per barrel, and West Texas Intermediate (WTI) crude declined by 0.46% to $77.99 per barrel.
WTI futures extended their losses for the second consecutive day following an unexpected rise in U.S. crude oil stocks reported by the EIA.
The Nigerian Exchange (NGX)’s equities market capitalisation fell by more than N80 billion due to selloffs in bellwether stocks. Bears continued to rule the local exchange, with the All-Share Index falling 0.1% to 97,248.82 points. Year-to-date returns have reduced to 30.1% due to profit taking as the market awaits the release of earnings from major banks.
The market has been bleeding for the third straight trading session as a result of sell-side activity in medium and large-cap equities. Atlass Portfolios Limited reported that the market had lost ₦762 billion in investor value in three days.
Activity metrics fell, with the total value transacted in the market falling by 47.38% and 60.62% respectively. Stockbrokers reported that 315.30 million units worth ₦5,480.03 million were transacted across 8,365 deals.
VERITASKAP was the most traded stock in terms of volume, accounting for 12.20% of the total volume of traded today. Other volume drivers include GTCO (11.54%), UNIVINSURE (7.37%), OANDO (7.01%), and FBNH (6.44%) to complete the top 5 on the volume chart
GTCO emerged as the most traded stock in value terms, accounting for 30.36% of the total value of traded on the exchange. GUINEAINS topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by RTBRISCOE which gained 9.87%.
Other gainers HONYFLOUR (+9.87%), NSLTECH (+7.14%), LINKASSURE (+7.06%), DEAPCAP (+6.67%), and fifteen others.
Twenty-five stocks depreciated, where OANDO was the top loser, with a price depreciation of -9.95%. Other decliners include CUTIX (-9.92%), JAPAULGOLD (-7.89%), REDSTAREX (-6.98%), NEIMETH (-5.69%), and TRANSCORP (-2.23%).
At the end of the trading session on Wednesday, the market breadth closed negative, recording 21 gainers and 25 losers. Similar to overall market performance, sentiments were bearish across all five sectors reported.
The Insurance (-0.90%), Banking (-0.30%), Oil and Gas (-0.17%), Consumer Goods (-0.17%), and Industrial Goods (-0.02%) sectors all closed negative, driven by selloffs in NEM (-6.21%), FIDELITYBK (-1.95%), OANDO (-9.95%), NB (-4.52%), and CUTIX (-9.92%), respectively. Overall, the market capitalisation of the Nigerian Exchange fell by ₦80.16 billion to close at ₦55.22.
Nigeria’s economy contracted for the thirteenth consecutive month in July, according to the Central Bank of Nigeria’s (CBN) composite purchasing manager index (PMI), which stood at 49.7 points.
However, the indicator has improved from 48.8 points the previous month, according to the apex bank’s PMI report. According to the PMI, output levels, supplier delivery times, and inventory stocks all increased in July. New orders and employment decreased at a slower rate than in the previous month.
The sectoral breakdown reveals that the services sector expanded for the second consecutive month, while the industrial and agricultural sectors contracted more slowly than the previous month.
Within the industry sector, the manufacturing, construction and mining & quarrying; electricity, gas & water supply subsectors all recorded contractions in the review month, the PMI stated. The composite output index stood at 50.3 points in July 2024, indicating growth in production level for the first time after five consecutive months of contraction.
Of the 36 subsectors reviewed, 16 subsectors reported growth in production during the review month, while 17 subsectors registered a decline with Transportation Equipment reporting the highest decline. CBN said the composite level of new orders index at 48.8 points, indicated contraction in the volume of new incoming businesses/orders.
The PMI showed that of the 36 subsectors reviewed, 25 subsectors reported declines in new orders, with chemical & pharmaceutical products recording the highest decline. While 9 subsectors reported increased level of New Orders in the review month, Cement and forestry, however, were stationary
At 48.7 index points, the composite Employment Level indicated contraction in July 2024 for the seventh consecutive month. The index improved in July 2024 when compared to the 48.3 points recorded in the previous month. Eighteen subsectors reported a contraction in Employment, with Printing & Related Support Activities recording the highest decline in the review month.
Primary Metal subsector remained unchanged, while the remaining 17 subsectors reported increased Employment Levels with Petroleum & Coal Products subsector having the higher Employment Level
The overall Stock Level in July 2024 registered an expansion, with an index of 50.7 points. This marks the second instance of expansion in 2024.
The report stated that sixteen subsectors reported increased stock, with Petroleum & Coal Products experiencing the highest growth.
Six subsectors remained stationary, while fourteen subsectors saw declines in stock levels. Notably, the Transportation Equipment subsector recorded the lowest stock level for the review month. In July 2024, both the overall input and output prices decreased compared to June 2024. However, the overall output price was lower than the overall input price.
The output prices of the Industry, Services, and Agriculture sectors were lower than those recorded in June 2024. For input prices, Agriculture and Services sectors prices were lower than the level in June, while Industry sector price was higher in July
In July 2024, the Industry Sector PMI at 48.3 points, recorded the sixth consecutive month of contraction. Despite this, industrial activities improved as shown higher Production Level and faster Suppliers’ Delivery Times compared to June 2024.
The subsectors with the highest contraction and expansion are Transportation Equipment and Furniture & Related Products, respectively.
The Federal Government has disbursed N130.8 billion for healthcare services through the Basic Health Care Provision Fund (BHCPF) since its inception in 2019.
Dr. Mukhtar Muhammad, Director of the BHCPF, made the announcement on Wednesday during a media engagement in Abuja. According to Muhammad, another N12.9 billion is yet to be distributed in 2024.
According to the News Agency, BHCPF is a fundamental component of Nigeria’s National Health Act 2014, which aims to ensure that all Nigerians, particularly the poor and vulnerable, have access to essential healthcare services.
The fund is distributed through four gateways: the National Health Insurance Authority (NHIA), the National Primary Health Care Development Agency (NPHCDA), the National Emergency Medical Treatment Committee (NEMTC), and the Nigeria Centre for Disease Control (NCDC).
Giving a breakdown of the disbursements over the years, Muhammad said N14 billion was disbursed in 2019, N13 billion in 2020, N34 billion in 2021, N13 billion in 2022, N31 billion in 2023 and N26.8 billion disbursed so far in 2024.
The director said that the fund is made up of one per cent from the Federal Government’s Consolidated Revenue Fund (CRF) and donor contributions aimed at strengthening the healthcare system and improving its delivery.
He added that “the BHCPF is a special Federal Government intervention fund, it is not an allocation, it is a grant and for you to get a grant, you have to earn that grant.
“There are conditions you must fulfill before you get that grant as a state or as a local government.
“First, you must provide what we call counterpart fund, and must bring your facility up to a certain standard so that you can get the fund to start providing services.
“So, it is not just every Primary Healthcare Centre (PHC) we are going to take, as the centres must meet the minimum standard requirements.
“However, the special intervention does not mean that states and local governments would not carry out their responsibilities toward healthcare delivery, rather, they are to be held accountable.”
On NPHCDA’s gateway disbursement, the Director, Special Duties, Dr Oritseweyinmi Ogbe, said 45 per cent was allocated through the agency for provision of essential medicines, vaccines and consumables in PHCs.
He added that fund was also allocated for the provision and maintenance of facilities, equipment and transportation in PHCs and development of human resource for PHC.
He, however, noted that, based on the reforms carried out by NPHCDA, primary healthcare centers are now classified according to functionality.
As investors gambled on naira assets, the average yield on the Federal Government of Nigeria (FGN) bond fell 3 basis points in the secondary market due to purchasing interest at the mid-point of the curve.
A wave of fixed income securities traders and analysts stated the Nigerian government’s bond offering has dropped after the authority frontloaded previous issuances.
Next week, the Debt Management Office is slated to hold its monthly primary market auction, offering investors N190 billion in government bonds.
This is in contrast to previous issue offer sizes of N300 billion per month. The authority has already issued 70% of local bonds in the debt market for 2024, raising N4.3 trillion.
Details of the scheduled auction showed that DMO would offer a 5-year re-opening bond worth N70 billion to investors. Also, a 7-year re-opening bond of the same amount will also require a subscription.
DMO will also re-open a 9-year bond worth N50 billion. The secondary market recorded a yield surge to 20% at the beginning as a result of sell side activities amidst economic uncertainties, and inflation conditions.
The local debt market experienced demand activities on MAY-2033 (-48bps), JUN-2033 (-25bps), and FEB-2034 (-38bps) papers.
The yield on May 2023 FGN bond declined by 48 basis points due to bondholders taken positions. The June 2033 FGN Bond saw 25 basis points decline in its yield while 2023 FGN bond yield dipped by 38 basis points. Consequently, average yields settled at 19.97%.
Across the benchmark curve, the average yield closed flat at the short end but declined at the mid (-5bps) segment due to demand for the JUN-2033 (-24bps) bond. Conversely, the average yield advanced slightly at the long (+1 bp) end as investors sold off the JUN-2053 (+20 bps) bond.
In July, the local bond market showed a bearish trend due to tight system liquidity and an interest rate hike by the Central Bank of Nigeria. Before the auction at the end of the month, the market sentiment remained mixed to bearish in anticipation of higher stop rates.
Reflecting investors’ expectations, the stop rates for Apr 2029, Feb 2031, and May 2033 FGN bonds were issued higher than the previous stop rates at 19.89% (+25bps), 21.00% (+81bps), and 21.98% (+48bps), respectively.
The naira exchange rate fell in the official currency market on Tuesday, erasing previous daily advances following the Central Bank of Nigeria’s (CBN) US dollar sales to banks.
Nigeria’s gross foreign reserves balance fell by $210 million on Monday, following retail Dutch Auction sales last week. According to CBN data, the foreign reserves balance cleared $36.620 billion at the start of the week, up from $36.830 billion the previous Friday.
In the official market, the naira depreciated by 0.71% to ₦1,582.09 per US dollar, as demand outpaced supply.
Before making a 360-degree swing on Tuesday, the naira had begun to rebalance itself by recovering FX market losses. Analysts remain optimistic about the exchange rate outlook, as CBN FX sales indicate a good supply forecast in the official FX market.
In the parallel market, the naira finished at an average of ₦1,585 per US dollar as demand for foreign currency for invisible transactions increased. The black market exchange rate had risen to N1,580 per greenback, reflecting the good impact of the CBN’s retail Dutch Auction system sales last week.
Analysts believe that the authority’s multi-directional policies aimed at increasing exchange rate position in the currency market will deliver results in the absence of shocks.
The government’s recent mandate that the NNPCL to sell 450,000 barrels of crude oil per day directly to the Dangote Refinery and other local refineries has been consider as one of the avenue to create demand for the naira – estimated to save over US$7 billion in foreign exchange.
There is also a plan to issue $500 million domestic US dollar bonds to boost the nation’s FX liquidity amidst persistence shortage.
In the global commodity market, Brent crude dipped by 1.50% to $81.06 per barrel, and West Texas Intermediate (WTI) crude declined by 1.63% to $78.76 per barrel.
This decline marked the end of WTI’s five-day winning streak, as traders weighed the potential for an oversupply with the ongoing tensions in the Middle East.
Additionally, the International Energy Agency’s recent report suggested that inventory declines would ease in the final quarter, while OPEC adjusted its demand forecasts downward due to weaker-than expected Chinese demand.
Analysts Expect Inflation Rate To Jump To 18.2% In May
Nigeria’s inflation rate is forecast to fall by 77 basis points in July, as market consensus anticipates base effects to drag down the consumer price index trajectory.
In the domestic economy, the headline inflation rate continued to rise, reaching 34.19% year on year in June 2024, up from 33.95% in May. Analysts believe that this consistent increase was mostly caused by rising food prices, particularly grains and wheat.
Meristem Securities noted in a note that several factors led to this surge, including continuous instability in food-producing regions, the Naira’s continued depreciation, and idiosyncratic challenges in the country’s agricultural sector.
Additionally, food and core inflation increased by 21bps and 36bps to 40.87% and 27.40%, respectively. Over the years, food inflation has continued to undermine price stability.
On a month-on-month basis, all indices reversed their downward trend, with the headline, food, and core inflation increasing to 2.31%, 2.55%, and 2.06%, respectively.
Analysts at Meristem Securities Limited said they expect a slowdown in food inflation in July 2024, driven by the increased supply of essential food items like yam, which led to lower prices.
Other key staples like tomatoes, and rice also saw a decline during the month. Moreover, the high base effect from July 2023 is anticipated to further temper inflation figures in July.
“For the core index, we anticipate a slight decline for July, primarily due to the high base effect from July 2023”, the investment firm added.
Experts noted that the Naira’s depreciation of 6.87% in July compared to 1.94% in June on the Nigerian autonomous FX window might offset some of this moderation, potentially slowing the pace of the decline.
Overall, analysts at Meristem Securities anticipate a slowdown in the July 2024 inflation rate driven by these factors. “We expect headline Inflation at 33.42%, compared to 34.19% in June 2024, representing a 77bps decrease.
“We expect food inflation at 39.71%, compared to 40.87% in June 2024. Core inflation is expected to print at 27.29%, compared to 27.40% in June 2024,” the firm said in a note.
The average yield on Nigerian Treasury bills and the OMO swung in opposite directions in the secondary market after the two naira assets’ returns converged by roughly 25% recently.
The average yield on Treasury bills fell on Tuesday as demand for naira assets rose in the secondary market. In contrast, the market saw selloffs in the OMO sector.
Treasury investors were seen taking positions ahead of inflation data and the anticipation that the economy will recover in the second quarter. Nigeria’s consumer price index rose to 34.19%, a multi-year high, due to the ongoing food crisis.
The market has been relative trading sideways after tight supply side at the primary market auctions. The market has seen investors boycotting two OMO bills primary market auction, signaling investors’ apathy for the local borrowing assets.
Traders said the change in mood was caused by subdued pricing rates in the main market recently. The apex bank has on consistent basis reduce spot rates on long dated Treasury and OMO bills at its auction.
With the expectation that inflation rate pressure will ease, investors have started purchasing Treasury bills in the secondary market. The market has seen a 7.44% gap between inflation (34.19%) and the benchmark interest rate (26.75%) since last month.
Traders reported that yield contracted by 7bps to 25.6%. Across the curve, the average yield declined at the short (-1bp), mid (-2bps), and long (-14bps) segments, according to Cordros Capital Limited.
The investment firm said the yield contraction was as a result of buying interest in the 86-day to maturity which shed -2bps. Investors also queue behind 177-day to maturity bills, whose yield also bumped by -2 bps, while demand for 205-day to maturity bills dragged the yield lower by -149 bps.
Elsewhere, the average yield expanded by 44bps to 26.6% in the OMO bills segment in the secondary market.
Interbank money market rates climbed on Tuesday as liquidity levels in the banking system tightened. According to statistics from the FMDQ platform, funding rates increased by 36% each due to continuous liquidity tightening.
The market saw N20.50 billion inflows from matured OMO notes without the Central Bank refinancing them. Nigerian interbank offered (NIBOR) rates fluctuate, prompting cash-rich local deposit money institutions to charge higher interest rates to part with their free cash.
As a result, the Open Repo Rate (OPR) and the Overnight Lending Rate increased by 47 and 22 basis points, respectively, to 36.61% and 36.97%, according to analysts in a note.
In the Nigerian Interbank Treasury Bills market, rates showed mixed results, with increases of 8bps and 18bps for the 1-month and 12-month tenors, Cowry Asset Limited said in a note.
Meanwhile, the 3-month and 6-month tenors saw declines of 2bps and 32bps, respectively. MarketForces Africa reported that the financial system liquidity remained positive for most of the trading period before it turned negative by the end of the week.
As a result, the Open Repo Rate and the Overnight Rate increased by 778 bps and 791 bps to 33.39% and 33.97% respectively, compared to the previous week. Analysts said they expect system liquidity to stay frail, in the absence of any major inflow.
The OMO bill maturity inflows increased the liquidity level to N666.64 billion on Tuesday from N664.41 billion at the beginning of the week, according to Futureview Financial Services Limited.
The Nigerian Exchange (NGX) plummeted by more than N279 billion due to sharp selloffs in blue-chip companies. Again, the Nigerian equities market fell as investors profited on high-priced company stocks as they awaited the announcement of key banks’ quarterly results.
The equities market’s major performance indicators fell by 0.50% as a result of bearish activity, driving year-to-date returns lower for the second time in the new week.
The All-Share Index fell by 491.74 basis points to settle at 97,390.01. Today’s drop was fueled by losses at OANDO, CHAMS, BUACEMENT, and UBA, among others.
Stockbrokers report that equities investors had lost ₦682 billion in two days due to ongoing bearish trade following last month’s interest rate hike. Nonetheless, market activity increased somewhat, with total volume and total value traded up 20.27% and 18.23%, respectively.
Atlass Portfolios Limited reported a market update of 599.25 million units valued at ₦13,916.17 million, transacted in 11,237 trades.
GTCO was the most traded stock in terms of volume, accounting for 12.02% of total trading activity, followed by JAPAULGOLD, which accounted for 11.62% of market volume. Other volume drivers include ACCESSCORP (11.07%), VERITASKAP (10.16%), and OANDO (6.86%) to complete the top 5 on the volume chart.
GTCO also emerged as the most traded stock in value terms, the financial services stocks accounted for 23.58% of the total value of trades conducted on the exchange.
MECURE topped the advancers’ chart with a price appreciation of 9.98 percent, trailed by NEIMETH which gained +9.90%. Other gainers include CHAMPION (+9.75%), UPL (+9.63%), RTBRISCOE (+9.35%), ABCTRANS (+9.09%), and twenty others.
Stock data showed that twenty-nine stocks depreciated. OANDO was the top loser, with a price depreciation of -9.97%. Other decliners include LIVESTOCK (-8.10%), LINKASSURE (-7.61%), JAPAULGOLD (-5.39%), UBA (-4.37%), and BUACEMENT (-3.94%).
Given the trading direction today, the market breadth closed negative, recording 26 gainers and 29 losers. Today, the market sector performance was negative, as four out of the five major market sectors closed the day negatively.
The banking sector dropped by -1.92%, followed by the insurance sector, which shed 1.47%, while the industrial sector lost 1.22%. The oil and gas sector lost 0.13%, while the consumer goods sector was up by +0.82%. Overall, the equities market capitalisation of the Nigerian Exchange lost ₦279.08 billion, closing at ₦55.30.
The Bank Directors Association of Nigeria has described the proposed 70% windfall tax on profits produced by banks from foreign exchange transactions as not only excessive but also ill-timed.
The group issued a press statement following its board meeting on Monday, stating that while it respected the government’s objectives in making the decision, it was concerned by the scale of the charge, its timing, and the ambiguities surrounding its implementation.
statement,The chairman of the Board of Directors of the association, Mustafa Chike-Obi, who signed the statement said, “While the imposition of this windfall tax appears to be a response to the current economic climate, we suggest that a 70 per cent tax rate is excessively burdensome and ill-timed, particularly considering the ongoing bank recapitalisation efforts. Such a high levy has the potential to stifle growth and innovation within the banking sector, ultimately affecting the quality of services we provide to our customers and the broader economy.
ensuring“Moreover, we believe that it is vital for all stakeholders in the banking sector to have been consulted prior to the enactment of such significant changes in the Finance Act 2023. Open dialogue and negotiation are essential to ensure that policies are both equitable and effective.”
The association said that its primary concern lies in the ambiguities of the language in this amendment, which leaves critical questions unanswered, “such as whether the windfall tax will be implemented as a Total Tax charge on banks, incorporating other taxes already levied, such as Company Income tax, Tertiary Education Tax, National Information Development levy, etc We also request clarification on what constitutes ‘FX transactions’ to be taxed and the treatment of banks that may incur losses rather than gains during this period. We urge the government to provide clear guidelines on this matter to avoid further uncertainty.”
BDAN also argued that Nigerian banks were amongst the most heavily taxed in the world due to the burden of the Asset Management Corporation of Nigeria levy, which is imposed on the total assets of banks.
It went on to call on the National Assembly to revisit this amendment and engage in constructive discussions with stakeholders in the banking sector.
“By collaborating, we can develop a framework that effectively balances the need for revenue generation with the imperative of fostering a thriving banking environment that supports sustainable economic growth,” BDAN concluded.
Earlier in the month, BDAN distanced itself from the personal views of some bank chairmen on the proposed foreign exchange windfall tax, who expressed support for the move.
On Monday, President Bola Tinubu adopted the National Policy on Health Workforce Migration to address Nigeria’s persistent flight of doctors abroad.
The strategy, announced by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, on his X account on Tuesday, aims to attract an estimated 12,400 Nigerian-trained doctors operating overseas. According to Pate, who also spoke on Channels TV on Tuesday evening, 67% of Nigerian-trained doctors work in the United Kingdom alone.
“The recruitment countries that recruit our professionals, should they not have some responsibilities to help us expand the training? Because the strain of health workers’ migration is continuous, it’s not going to stop tomorrow. “The UK will need Nigerian doctors; 67 percent of our doctors go to the United Kingdom, and 25 percent of the NHIS workforce is Nigerian.
“Nigerians are very vibrant, very entrepreneurial, and very capable wherever they are. If Nigerians hold back from the UK, for instance, the NHS will struggle to provide the services that many Nigerians are going there to get,” the minister said.
Pate stated that the President’s policy was more than just a response to the continued departure of healthcare professionals; it was a holistic strategy for managing, harnessing, and reversing health worker migration. While health workers agreed the strategy could be beneficial, they needed more information and an implementation plan.
The health minister announced the policy on Tuesday, saying, “This afternoon, HE President Bola Ahmed Tinubu, GCFR @officialABAT, in-council, approved a landmark policy that will transform healthcare human resource management in Nigeria.”
“The National Policy on Health Workforce Migration addresses the critical challenges facing Nigeria’s human resources. As the AU Champion for Human Resources for Health and Community Health Delivery Partnership, Mr. President’s commitment to a resilient and robust healthcare system is powerfully reflected in this forward-looking policy.
“This policy is more than just a response to the ongoing exodus of healthcare professionals; it’s a comprehensive strategy to manage, harness, and reverse health worker migration. It envisions a thriving workforce that is well-supported, adequately rewarded, and optimally utilised to meet the healthcare needs of all Nigerians.”
Many Nigerian healthcare workers leave the country for greener pastures, leaving their colleagues to contend with additional workload and extended call hours.
The push factors, according to them, are inadequate equipment, worsening insecurity, poor working conditions, and a poor salary structure.
The minister noted that central to this vision was the Nigeria Human Health Resource Programme, which sets a framework for regular reviews of working conditions, ensuring that health workers, especially in rural and underserved areas, receive the recognition and rewards they deserve.
“By fostering an environment conducive to professional growth and stability, the policy aims to retain top talent within Nigeria.
“In an increasingly digital world, integrating advanced health technologies is essential. The policy’s focus on digital health infrastructure—including electronic medical records, telehealth, and a comprehensive health workforce registry—marks a significant step towards a more efficient, data-driven health system. These innovations will streamline healthcare delivery and enhance the equitable distribution of health workers, ensuring access to quality care for all Nigerians.
“Capacity building is at the heart of this policy. It recognises the importance of continuous professional development, with strategic partnerships and opportunities for international training to equip our healthcare professionals with cutting-edge skills. This investment in human capital underscores our commitment to retaining and empowering our healthcare workforce,” he stated.
He added that the policy addressed the return and reintegration of Nigerian health professionals from the Diaspora.
The minister said that by establishing streamlined registration processes and providing attractive incentives, the policy would not only encourage the return of talented professionals but also actively reintegrate them into the health system.
“This approach leverages the expertise of our Diaspora to bridge gaps within the health sector. Also, the policy champions reciprocal agreements with other nations to ensure that the exchange of health workers benefits Nigeria. These bilateral and multilateral agreements are designed to protect national interests while respecting the rights and aspirations of our healthcare professionals. We call on recipient countries to implement a 1:1 match—training one worker to replace every publicly trained Nigerian worker they receive.
“Recognizing the importance of work-life balance, the policy includes provisions for routine health checks, mental well-being support, and reasonable working hours, especially for younger doctors. These measures aim to create a supportive work environment, reduce burnout, and enhance job satisfaction.
“The governance of this policy will be overseen by the National Human Resources for Health Programme within @Fmohnigeria, in collaboration with state governments. This ensures responsible implementation and alignment with broader sector-wide health objectives.
“With this decisive action, the National Policy on Health Workforce Migration is set to secure the future of Nigeria’s healthcare system. Under Mr. President’s leadership, this policy will further catalyse the transformation of our health sector, ensuring access to quality healthcare for all Nigerians.
“As we embark on this journey, all stakeholders are invited to contribute to building a healthcare system that reflects our nation’s potential and promise,” Pate said.
Explaining the policy further, the Senior Adviser, Media and External Relations, Tashikalmah Hallah, said the government was negotiating with countries where Nigerian healthcare workers migrate to to help Nigeria improve health training facilities.
The Federal Government has expanded our admission quota and improved on these medical institutions, so they are now encouraging all these countries where our health workers go to assist us in maintaining these health institutions.” Hallah said the implementation of the policy takes effect immediately.
“The Federal Government has expanded our admission quota and improved on these medical institutions, so they are now encouraging all these countries where our health workers go, to assist us in maintaining these health institutions.” Hallah said the implementation of the policy takes effect immediately.
“It’s a policy; it was adopted by the Federal Executive Council yesterday (Monday). So, it is immediate, and it has been approved. So, it’s a Nigerian government policy. This is a policy binding on healthcare workers.
He emphasised that the FG has established a policy allowing healthcare workers to travel abroad for training and then return to apply their new knowledge.
“Currently, there is a request by Qatar for 10 medical doctors to go there to study, especially in oncology. So, immediately after the training, they are coming back to the country,” he said.
Guarded optimism
The President of the Medical and Dental Consultants Association of Nigeria, Prof Muhammad Muhammad, said the policy looks more theoretical than real. Muhammad also called for the details of the policy for better understanding.
“The issue is that we need to see the detail; it’s not just the English that matters. People bring a lot of policies on the ground that are very well drafted and crafted, but execution is usually a problem. It might be difficult to say we are fully in support or otherwise if we have not seen the document.
“I have planned to check on the Ministry of Health, maybe tomorrow (today), to see if we can get the document and look at it. They mentioned certain things that we have been advocating—the welfare of doctors, improvement of the work environment, and retraining—but how they are going to do them needs to be spelled out in the document.
“We were not consulted before drafting the document, so we don’t have an insight into what is in the document. If they are going to put it to work, what they have written might be beneficial to the system and to the healthcare workers, but the problem is that there may be a lot of other things that we don’t know yet. For example, when they say they are going to stop the migration, in what way? Is it by preventing doctors from moving, or how are they going to do it?”
The MDCAN President noted that the public needs to know if the policy will improve or worsen the rights of healthcare workers.
He said the 1:1 match—training of healthcare workers to replace every publicly trained Nigerian worker—might mean that “they want any country that is hiring a healthcare worker, in addition to paying the healthcare worker, will also pay Nigeria for the cost of training that doctor. Let’s say Saudi Arabia, the UK, or Canada are going to employ a doctor who is trained in a public institution. They will expect that that country will pay Nigeria the same amount that was spent to train that doctor in Nigeria.”
The Secretary of the National Association of Nigeria Nurses and Midwives, Lagos State Council, Toba Odumosu, acknowledged that the policy appeared promising but emphasised the importance of gaining a clearer understanding of its details.
He also expressed support for the 1:1 training match for healthcare workers, noting that this approach has been successfully implemented in other countries as well.
“For everybody that migrates to particular countries, you have a bilateral agreement for active recruitment of our health workers, then you find a way to sponsor the training of another healthcare worker in Nigeria. So the burden of training is not just on the Nigerian government but also on the people who also benefit. That’s essentially what so many countries have done. In some cases, they have bilateral agreements that would mean that you actually go there for a certain number of years, and then you also find an agreement to come back to your country for a particular number of years before you are now free to migrate back. So, it’s sort of like a controlled migration system.
“But we need the details of the policy to understand how this works because we still need to allocate more funds in the health sector and meet the 2001 Abuja health declaration,” he noted.
As of December 3, 2023, the number of Nigerian-trained doctors licensed to practice in the UK was now 12,198, according to data from the General Medical Council in the UK. Also, no fewer than 281 Nigerian doctors are working in other African countries, according to the data obtained from the Medical and Dental Council of Nigeria in 2023.
The MDCN data showed that 153 Nigerian doctors are practicing in Sudan, followed by South Africa with 41 doctors; Egypt with 17; Ghana with 17; Uganda with 13; and Gambia with seven.
Others are Lesotho (six); Cameroon (four); Namibia (four); Algeria (two); Ethiopia (two); Kenya (two); Liberia (two); Benin (one); Botswana (one); Equatorial Guinea (one); Niger (one); Rwanda (one); Sierra Leone (one); Seychelles (one); South Sudan (one); Tanzania (one); Togo (one); and Zambia (one).
So far, a total of 13,656 Nigerian-trained nurses and midwives are practicing in the United Kingdom. This is according to the latest report on the number of nursing and midwifery professionals on the Nursing and Midwifery Council register as of March 31, 2024.
The report also showed that Nigeria is one of the top non-UK countries of education as of March 2024, and the number of Nigerian nurses and midwives practicing in the UK increased by 28.3 percent in one year.
Other top non-UK countries of education as of March 2024, compared to last year, are India (62,413), the Philippines (49,092), Romania (7,378), and Ghana (5,536).
The scarcity of Premium Motor Spirit (PMS), commonly known as petrol, has triggered widespread anger and frustration across the country. Long queues have formed at filling stations in major cities in the country.
On Wednesday, long queues of motorists formed at filling stations in cities such as Abuja, Kaduna, Niger, Adamawa, Kano, Bauchi, and Delta due to the fuel shortage.
Although the queues were not severe in the South-West, findings showed that the cost of petrol in most of the affected states was close to N1,000/litre at filling stations.
While the South-West region experienced fewer queues, petrol prices in many affected states approached N1,000 per litre. Marketers indicated that the South-West’s relative calm was due to the typical flow of petrol from coastal areas to the North, which has been disrupted by recent protests that impeded the movement of fuel trucks to other regions.
Also, black marketeers exploited the situation in areas with severe shortages, charging between N1,200 and N1,500 per litre, leading to increased transportation costs. Many passengers faced long waits at bus stops as transport fares surged, with some routes seeing fares double.
Oil marketers blamed the prolonged petrol scarcity on the limited supply by the Nigerian National Petroleum Company Limited, stressing that the development had become worse to the point that the national oil firm now allegedly rations PMS to one truck per state.
NNPC is Nigeria’s sole importer of petrol. Other marketers stopped importing the commodity due to their inability to access the United States dollar required for fuel imports.
Some Nigerians on social media asked NNPC to explain why the scarcity has continued to linger. NNPC stayed mute when contacted to speak on the persistent fuel scarcity and the claims by dealers that it was rationing PMS supply.
Since July 27, 2024, when NNPC blamed the fuel scarcity on a hitch in the discharge operations of some vessels, the situation has yet to record any significant improvement.
The Independent Petroleum Marketers Association of Nigeria reported on Wednesday that there was no hope of improvement as at Wednesday.
The Vice National President of IPMAN, Hammed Fashola, said marketers can only push out whatever NNPC makes available.
According to Fashola, there is a shortage in fuel supply and marketers have had cause to ration the little they get.
“No hope on fuel scarcity yet. Whatever NNPC brings is what marketers will push out. There is a shortage in supply. We are still managing whatever we have,” he stated.
Asked if there was any formal communication from NNPC on the reason for the scarcity, Fashola replied in the negative but stated that he believed the energy company was working round the clock to restore normalcy.
“No formal communication yet. We believe that NNPC is working round the clock to make sure they wet everywhere with the product. We as marketers are supporting them to ensure that we dispense the fuel to the public appropriately,” he submitted.
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed Fashola’s position, as he revealed that all his filling stations were empty.
“All my filling stations are empty. I don’t have products to sell. That is the true situation right now. There is no supply from NNPC. So I cannot tell you when the queues are going clear,” he stated.
Asked whether the national oil firm has explained the reason for the scarcity, Gillis-Harry replied, “They have given us no reason, and we are anxiously waiting to know why. But just know that we don’t have the product to sell and it is not the fault of marketers because we don’t import PMS. NNPC is the sole importer.”
Operators had earlier stated that the depots in Apapa, Lagos did not get enough supply from NNPC. According to them, demand is currently higher than what the sole importer of PMS could bring into the country.
The operators said though vessels were bringing in imported fuel, the supply had remained below what the country needed to get rid of the current fuel crisis.
“There is no fuel at the depots. Whatever is being imported now is not enough to fight the current scarcity. And the price is high because marketers now get petrol at N730/litre from private depot owners. There is nothing we operators can do when there is no supply.
“The supply is not increasing because the importer is incurring too much debt. The more they import, the more the debt on NNPC, so they continue to ration. Everywhere is dry, and even major marketers are affected. NNPC retail outlets are affected. The situation is worse in Abuja, especially at Airport Road,” a dealer, who spoke in confidence due to lack of authorisation to speak on the matter, stated.
Another marketer alleged that the national oil company had started rationing supply to the extent of giving out just one truck per state.
“As at when there was enough supply, marketers get as much as they can buy. If there are 3,000 filling stations in a state and each of them can buy a truck, they are ordinarily meant to get it.
“But what we saw in Lagos on Wednesday was that NNPC was giving out just one truck per state. And if this is not addressed as soon as possible, the scarcity will ground activities nationwide,” the dealer stated.
Northern states
In Adamawa State, transport fares skyrocketed on Wednesday as the price of petrol increased in filling stations in Yola, the state capital. Some filling stations dispensed PMS at between N870/litre and N900/litre.
At Optima Oil located along Yola-Mubi road, a litre of petrol cost N900, while at NUT filling station it was N870. At MRS filling station located along Yola-Numan road, the cost was N850, while at Ned Oil it was N890.
Out of the more than 10 NNPC mega stations in the state capital, only one sold petrol on Wednesday as it witnessed long queues of motorists.
On the black market, the cost of petrol was between N1,500 and N1,700, depending on the area of purchase.
This affected the cost of transportation, as the fare from Yola to Mubi that used to cost N4,500 before, increased to N7,000 per passenger on Wednesday. From Yola to Numan, the fare was N1,500 before, but rose to N2,500.
Fuel scarcity resurfaced in Kaduna, leaving motorists stranded and frustrated in the state capital on Wednesday.
Long queues were seen at fuel stations where petrol was available, while many independent marketers claimed to be out of stock.
At NNPC mega stations around Aliyu Makama road by Living Faith Church Barnawa, motorists waited in endless lines, causing traffic congestion and forcing other road users to take alternative routes.
The fuel was sold at N620/litre at the NNPC mega station, a price significantly lower than the N930 to N950/litre charged at other stations in the metropolis.
Motorists expressed frustration and confusion, wondering why the scarcity persisted despite the high prices.
“We’re buying petrol at a cut-throat rate, yet it’s out of sight. Why?” asked John Ayaga, who had been waiting in line since early morning.
The scarcity has led to a boom in black market sales, with petrol sold at exorbitant prices of N1000 to N1300/litre and N4500 to N5000 per gallon, depending on the location.
Sule Ahmed, a black marketer, revealed that they source their fuel from fuel attendants, who sell it to them for resale to desperate motorists. “Fuel attendants sell it to us, and we in turn sell to other motorists,” he said.
This illicit trade is flourishing due to the shortage, causing hardship for many residents who are forced to pay inflated prices in the state.
The development has had a ripple effect on transportation costs, with fares soaring to unprecedented heights. The cost of a tricycle (Keke Napep) ride from GT Barnawa to Central Market (Sheikh Gumi Central Market) has increased significantly, now ranging from N350 to N400, up from the previous N200 to N250.
Fuel queues grounded activities in Niger State as motorists spent hours at filling stations waiting to purchase the product that was not available
In the past, the scenario was that there would be fuel with few motorists queuing to purchase the product.
In Minna, the state capital, residents waited for hours for the product only to find out later that the product was not even available.
A motorist, Kunle Afolabi said he had been to about two other stations before coming to the third to find out the situation was still the same.
“The situation is the same in all the fuel stations, there is no fuel anywhere and the pump price has risen again. We have been buying it for N850 for some time now but it is now N950 in most of the fuel stations. Even the Federal Government station which used to be less than N700 is now N850.
“In most of the fuel stations, the attendants will tell you that they are expecting a supply of the product. After spending hours waiting for fuel, motorists have no option than to leave. This thing is disturbing. The government does not seem to have any solution to the problem,” he said.
Few vehicles were seen waiting endlessly for stations to commence the sale of fuel at fuel stations at the Mobil junction where there are several stations, including the Mobil, Total, A.A Rano, Shafa, Eternal, and Optima, among others.
Also, in Bauchi, it is confirmed that queues had returned to filling stations across the state. While most filling stations were closed, the ones that dispensed petrol in Bauchi sold it at about N900/litre.
In Abuja, residents stated that fuel queues have plagued the city for about two months, leaving commuters and drivers stranded.
On Wednesday morning, passengers were seen waiting at Bwari and Dutse axis of the capital city as drivers searched for fuel.
Despite the presence of at least four NNPC fuel stations and others between Bwari and Dutse, none were queue-free. NNPC dispensed its product at fuel at N617/litre. Other fuel stations like Optima sold fuel at N649/litre, while some others sold theirs for as high as N700/litre.
Shaibu Mazua, a driver, shared his experience. “I couldn’t get fuel to buy today and I was running late for work. I had to buy from the black market at N1,000/litre.”
The situation was similar at Jabi, where NIPCO fuel station and others were crowded with vehicles waiting for fuel. A driver at Utako discharged his passengers, lamenting the losses he would incur due to the scarcity.
“My fuel is finished, and I doubt I can continue working today because the queue here is long,” he said, returning the fare he had earlier charged his passengers.
Fuel scarcity in Abuja has been a recurring issue. Nigeria’s reliance on imported fuel and limited refining capacity contribute to the problem. The government has been working to address the issue, but the situation remains dire for many Nigerians.
In Plateau State, motorists and commuters lamented the harsh conditions caused by the high cost of fuel.
A random survey of petrol stations within the city showed that the prices ranged from N900 to N950 on Wednesday, while the retail outlets of the NNPC continued to sell the product for N670 per litre.
There were long queues at the NNPC mega station located at the Dogon Karfe road as anxious motorists scrambled for fuel at the filling station.
Most motorists who could not bear to stay in queues at the filling stations resorted to patronizing the black marketers, who sold for N1,300 per litre.
Also in Kano, the product sold for between N900 and N950 per litre as most of the filling stations in Kano city remained shut while the few that sold the commodity were beset by a long queue of vehicles. Commericial transport operators increased their fares by about 100 per cent.
There were long queues across various filling stations in Gombe State on Wednesday as most NNPC stations, which sold for less than N700, were amongst those shut.
In Katsina, The PUNCH learnt that fuel price at the NNPC mega stations went for N665 while other fuel stations that previously sold for N830 sold for N900. Most fuel stations in the area were locked as most residents resorted to government-approved NNPC mega stations.
In Damaturu, the Yobe State capital, the pump price sold between N950 and N1000 across major filling stations in the state as against the N637 per litre the NNPC retail outlet sold.
A visit to the Damaturu Metropolitan Motor Park by one of our correspondents showed that transport fare from Damaturu to Potiskum, a distance of 100km, was charged at N1800 while Damaturu to Kano was N8000 following the soaring cost of the product.
In Sokoto, a litre of fuel hit N950, with only the NNPC filling stations selling the product at the official rate of N620.
In Makurdi, the Benue State capital, it sold for between N950 and N970 per litre, while the NNPC station at Kashim Ibrahim Road sold the product for N645 per litre.
A short distance that used to attract N200 now goes for N300 just as many pedestrians resorted to trekking.
A fuel attendant at Prime Power filling station at Ankpa Quarters, who identified herself simply as Debby, said, “For the past one week, we have not received any supply and our boss said we should be rationing what we have. On Monday we sold the product at N920 per litre but today (Wednesday) it’s N970 per litre.”
The product sold between N650 and N800 per litre in many stations in towns and villages in Ondo State on Wednesday, while NNPC sold at N580.
Also many filling stations were still under lock and key while there were long queues at NNPC stations.
In Osogbo, Osun State, a handful of filling stations belonging to major marketers sold the product between N660 and N700 per litre.
Queues were observed at filling stations selling the product for N660 while independent marketers, dispensing the fuel for prices ranging from N750 to N850, had few motorists patronising them.
Independent marketers in Benin City, Edo State increased their pump price from N750 to between N800 and N900, while the major marketers sold for between N685 and N700.
The only filling station where motorists queued for the product was at the NNPCL mega station on Sapele Road.
Black marketers had a field day in the twin metropolitan cities of Warri and Effurun on Wednesday selling petrol to motorists at N1,100 per litre as most of the filling stations ran out of stock.
Majority of the fuel stations had failed to re-stock out of fear that the much expected Dangote products might be pushed into the market this week, at yet to be decided prices.
The various filling stations visited on Wednesday by our correspondent along Warri-Sapele road, including AP, Mobil, A&E, TotalEnergies, ConOil and NNPC, did not dispense fuel.
However, it was dispensed at N939 per litre at the Mobil station, which compelled motorists to patronise the black marketers, who were happy to sell for N1,100. Fuel sells at 870 as queues resurface at NNPC stations
In Owerri, the stations sold for N870 per litre in some areas, while others sold at N900, particularly those on the highways. Residents deserted the private stations for the NNPC stations, which sold for N592.
In Enugu it ranged from N780 to N880 per litre with commercial transporters buying fuel anywhere, preferring to avoid delays in stations owned by major marketers and NNPC.
Areas available
In Maiduguri, residents confirmed to The PUNCH the availability of petroleum products even though they lamented price instability.
Abdullahi Hassan, a resident, said stations sold for between N900 and N920 naira per litre.
“There is no queue at all, but the price is what we are not comfortable with,” he said.
A shop owner in Maiduguri, Yagana Mohammed, added, “I bought for N850 per litre this week but today (Wednesday) I heard some people bought it N900. Our major problem is not scarcity but price instability and the fact that almost every station have their own price of the product”
The product sold between N670 and N800 per litre in Ilorin, the Kwara State capital.
There were no queues at stations located in different areas of the state capital as Bovas sold at N670 per litre, Shafa Petrol at N730, NIPCO at N690, Young Legacy at N850 and NNPC at N850.
Meanwhile, a group, the Civil Society Network on Economic and Social Advancement, has called for the immediate removal of NNPC’s Group Managing Director, Mele Kyari, over the lingering fuel scarcity across the country.
The group made the call at a press briefing in Abuja on Wednesday, noting that despite Kyari’s promise to make the refineries work before the expiration of former President Muhammadu Buhari’s administration, they remained non-functional, while a litre of fuel now sold for N1,500 in some parts of Nigeria, including Abuja, causing long queues at fuel stations across the country.
The national spokesperson of the group, Abubakar Yale, explained that although President Bola Tinubu meant well for Nigerians, Kyari’s disregard for the President’s directive to sell crude oil to Dangote refinery in naira, painted the Tinubu-led administration in bad light, adding that this disregard undermined Nigeria’s efforts to support local refining capacity and reduce Nigeria’s reliance on imported petroleum products.
“Sadly, it is even more concerning that Mele Kyari, who allegedly short-changed every Nigerian through under-remittance to the federation, has been allowed to remain in charge of the NNPC while heads of other important departments and the EFCC have been sacked, arrested and proven. This raises questions of why the case of the NNPC Limited led by Mele Kyari is being treated differently. If the government is genuinely committed to fighting malfeasance which we know that President Tinubu has been doing very well, then Mele Kyari should not be allowed to continue in his position,” he said.
The group announced plans for a nationwide petition drive to gather one million signatures to emphasize their demands and a peaceful protest at the NNPC headquarters on August 22, to showcase the people’s determination to end the reign of mismanagement and corruption at NNPC.
“Fellow Nigerians, the time for action is now. We, the members of the Civil Society Network on Economic and Social Advancement call on all concerned citizens to join us in demanding the immediate removal of Mele Kyari from his position as the GCEO of NNPC Limited. We are launching a nationwide campaign to collect one million signatures, which we will present to the President of the Federal Republic of Nigeria, His Excellency, President Bola Ahmed Tinubu, as a clear demonstration of the people’s resolve to end the reign of mismanagement and corruption at NNPC Limited.
“We call for a protest so that we can occupy the NNPC headquarters on Thursday August 22, 2024, until President Tinubu heeds the people’s demand and removes Mele Kyari from his position. We urge all Nigerians, regardless of their political affiliations to join us in this peaceful demonstration to send a strong message that we will no longer tolerate the continued mismanagement within the NNPC Limited,” Yale included.
This article was written by Tamaraebiju Jide, a student at Elizade University
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