The Nigerian Exchange (NGX) experienced a boost of approximately N132 billion, pushing market capitalization beyond the N59 trillion mark. This increase reflects a recovery in the equities market, driven by positive investor sentiment following recent declines.
As a result, NGX’s year-to-date return rose to 30.36% on Wednesday, remaining ahead of the annual inflation rate, with key economic data on the horizon. Buying activity across various indices helped the NGX All-Share Index grow by 0.22%, mirroring the growth in market capitalization.
Market data reveals that the All-Share Index increased by 217.05 points to close at 97,477.80. Atlass Portfolios Limited highlighted this recovery in a note, attributing gains to bargain hunting in the Financial and Consumer Goods sectors, which helped reverse prior losses.
The banking sector saw strong interest, with notable buying activity in Tier-1 banks: UBA (+3.48%), Zenith Bank (+2.38%), and Access Corp (+2.70%), pushing the banking index upward.
However, overall trading volume and value dipped, with total volume and value traded down by 29.50% and 18.91%, respectively. Approximately 247.01 million units, valued at ₦7,510.53 million, were traded across 8,305 deals. Access Corp was the highest traded stock in volume terms, accounting for 16.22% of the total, followed by UBA (9.62%), Fidelity Bank (8.63%), UCAP (6.61%), and GTCO (5.97%).
In terms of value, Aradel led, representing 22.34% of total trades. INTENEGINS topped the gainers list with a 10.00% price increase, followed by JOHNHOLT (+9.98%), EUNISELL (+9.88%), THOMASWY (+9.71%), and others. Meanwhile, REGALINS was the biggest decliner, falling 10.00%.
Market breadth was positive, with 30 gainers against 19 losers. Sector performance was mixed: the Banking sector grew by 1.38%, Consumer Goods rose 0.38%, and Industrials edged up 0.01%. The Insurance sector declined by 0.58%, while Oil & Gas remained steady. Overall, NGX market capitalization expanded by N131.65 billion, closing at N59.07 trillion.
The prices of crude oil slipped on Thursday as a surging U.S. dollar weighed on global markets, with investors turning cautious ahead of a key speech from U.S.
Federal Reserve Chairman Jerome Powell. Brent crude dropped to $71.67 per barrel, while the U.S. benchmark, West Texas Intermediate (WTI), declined to $67.84 per barrel, reflecting market uncertainty over the Fed’s future policy stance.
This decline in oil prices aligns with recent U.S. inflation data, which showed a persistent increase, suggesting the Fed’s battle against inflation might extend longer than anticipated. Rising inflation and speculation around the Fed’s next move have prompted concerns that a widely anticipated rate cut in December may be delayed, as the central bank balances inflation control with economic stability.
Market observers are now keenly awaiting Powell’s comments on economic outlook, which could offer clues on whether the Fed will proceed with a rate cut next month. Money market futures are currently pricing in an 83% probability of a 25 basis point rate cut, though further signs of inflation may prompt the Fed to reconsider.
The strong U.S. dollar has added to the pressure on oil markets, raising energy costs for major importers like China and India and potentially dampening demand. High interest rates have bolstered the dollar against other currencies, pushing the DXY dollar index up by 0.1% to 106.601 on Thursday, after hitting a one-year high of 106.775 earlier in the week.
Analysts at Swissquote Bank noted that the dollar remains in “overbought market territory,” suggesting a possible correction. However, its outlook remains positive, driven by rising inflation expectations and concerns over the Fed’s capacity for continued rate cuts under president-elect Donald Trump’s proposed economic policies.
Adding a layer of complexity to the oil market’s outlook, data from the American Petroleum Institute (API) indicated a 777,000-barrel decrease in U.S. crude inventories last week, contrasting market expectations of a 1 million-barrel increase. This surprising draw suggests robust demand, potentially influenced by heightened energy use over the prior week.
As investors keep a close watch on Powell’s forthcoming address, the U.S. Energy Information Administration is expected to release its official inventory report later today, which will provide further insights into supply and demand dynamics in the U.S. oil market.
International Breweries Plc has reported a sharp increase in its after-tax losses for the first nine months of 2024, with figures surging to N112.8 billion, up from N28.56 billion in the same period last year. The significant rise in losses is attributed to higher costs across various areas, notably a jump in other expenses to N147.6 billion from N36.2 billion and an increase in cost of sales to N248.6 billion from N126.4 billion.
The company’s net finance costs also spiked to N29.2 billion, compared to N11.1 billion in 2023, even as revenue climbed to N343.4 billion, up from N183.8 billion over the same period.
Obi Achebe, Chairman of the Board of Directors at International Breweries, expressed confidence in the company’s strategic direction, citing the recent repayment of foreign currency-denominated loans as a pivotal move. He noted that eliminating exposure to foreign exchange risks was critical to enhancing cash flow and achieving long-term profitability.
“This recapitalisation, enabled by our parent company, Anheuser-Busch InBev (AB InBev), bolsters our financial position. It not only strengthens our balance sheet but also sets the stage for innovation, operational efficiency, and new opportunities,” Achebe said.
International Breweries initiated a N588 billion rights issue in May 2024, offering 161 billion new ordinary shares at N3.65 each, with the terms entitling existing shareholders to six new shares for each share held. Scheduled to close on June 10, 2024, the rights issue aims to enhance liquidity and operational resilience. AB InBev, the majority shareholder, fully subscribed to its share of the rights issue, signalling strong support for International Breweries’ growth ambitions in Nigeria.
David Tomlinson, Finance Director at International Breweries, highlighted the significance of the rights offer, particularly the tradability of rights on the Nigerian Exchange, which enhances liquidity for shareholders.
“We are committed to creating sustainable value for our shareholders and fortifying our position in the Nigerian beverage industry,” he remarked.
The rights issue follows the Nigerian Exchange Limited’s approval of a two-year extension for International Breweries’ free float compliance, now valid until July 30, 2024. This compliance allows the company more flexibility to strengthen its financial framework while engaging stakeholders and leveraging growth opportunities.
The expansion of International Breweries under AB InBev has been transformative but challenging. Since merging its Nigerian subsidiaries in 2017. Intafact Beverages, Pabod Breweries, and the original International Breweries entity, the combined operation has faced rising liabilities and increased operational costs. The newly implemented capital infusion, however, is expected to offset some of these pressures, propelling International Breweries toward a more sustainable growth trajectory as it adapts to Nigeria’s dynamic economic landscape.
The Private Sector ESG Forum, a leading platform designed to champion sustainable business practices across Africa, concluded its 2024 edition with a resounding call to action for the private sector to leverage the carbon market as a catalyst for investment to propel a greener, more inclusive future for Africa.
The 2024 ESG Forum held with the theme “The Carbon Market: Driving Investment for a Sustainable Africa,” on Wednesday, 6th November, 2024 at the Civic Centre, Lagos. This year’s forum brought together prominent business leaders, policymakers, and sustainability experts to explore how the carbon market can unlock transformative opportunities for the continent.
Yarub Al-Bahrani, Managing Director of BAT West & Central Africa, set the tone for the day’s discussions in his welcome address, emphasizing the private sector’s crucial role in addressing the climate crisis and driving sustainable development.
“Africa stands at the crossroads of unprecedented opportunity and pressing environmental challenges. As the world transitions to a low-carbon economy, the carbon market offers Africa a unique chance to lead in climate action while attracting much-needed investment for sustainable growth. By leveraging the carbon market, we can generate economic opportunities that uplift communities, advance clean technologies, and build more sustainable industries,” said Al-Bahrani.
Dr. Oreoluwa Finnih, Special Adviser to the Lagos State Government on Sustainable Development Goals (SDG) who represented the Lagos State Governor, His Excellency, Babajide Sanwo-Olu, shared Lagos state’s commitment to sustainability and good governance practices.
“Lagos state recognizes the importance of ESG principles in driving a green and resilient economy. The state has taken several steps to advance ESG priorities, including pioneering waste-to-energy projects that convert solid and liquid waste into renewable energy sources, and establishing the Lagos carbon registry,” said Dr. Finnih.
She also highlighted the state’s commitment to leading by example in transparency through its public-private partnerships in areas like infrastructure, healthcare, and waste management, which aim to reduce bureaucratic delays and improve citizen access to services.
During his keynote address, Paul Muthaura, CEO Africa Carbon Market Initiatives expressed the need for collaborative actions to driving sustainable development. He said “The carbon market stands as an opportunity for Africa businesses. It is a tool that enables us to harness our rich natural resources while driving investments that empower communities and protect our environment. Together, we can transform the challenges of climate change into pathways for economic growth, ensuring that Africa leads the world in creating a sustainable future”.
The forum featured a series of insightful panel discussions that delved into the multifaceted impact of climate change on African businesses, the financial challenges and solutions for decarbonization projects, and the intricacies of the carbon market and carbon credits.
The speakers shared valuable insights on how companies can navigate the risks and seize the opportunities presented by climate change, as well as the innovative financing mechanisms and business models that can make decarbonization more viable and attractive to investors.
Key speakers at the event included: Dr. Innocent Bariate Barikor, Director General/CEO of National Environmental Standards and Regulations Enforcement Agency (NESERA); Segun Ajayi-Kabir, Director General, Manufacturers Association of Nigeria (MAN); Mr. Paul Muthaura CEO, Africa Carbon Markets Initiative, Kenya; Titilayo Oshodi, Special Adviser to the Lagos State Government on Climate Change; Ademola Ogunbanjo, President/CEO, Oando Clean Energy; Ejiro Gray, Director, Governance & Sustainability, Sahara Group; Jocelyne Landry Tsonang, Project Manager Africa, Green Bond Corporation, Cameroon; Afolabi Akinrogunde, Snr. Deal Lead/Business Opportunity Manager, Shell Energy Nigeria, Habiba Suleiman, Head of Strategic Partnerships, TGI Group, amongst many others.
Part of the highlight of the event was the announcement of the Young Professional Mentorship Programme, aimed at gathering young sustainability enthusiasts to expand awareness and build capacity on ESG.
“This programme is a transformative step towards empowering the next generation of young sustainability leaders by fostering a community of passionate young professionals, we are not only expanding awareness around ESG but also building the capacity needed to drive meaningful change across Africa. Collaboratively, we can cultivate innovative solutions that will shape a sustainable future for our continent.” Said Odiri Erewa-Meggison, Director, External Affairs BAT WCA & Chairman, ESG Forum Technical Committee.
The forum also emphasized the responsibility of the private sector, policymakers, and the broader stakeholder community to integrate sustainable practices into their operations and strategies. At the close of the event, participants collectively pledged to be more responsible to ESG practices. This aimed at uniting stakeholders in the race for accountability in driving sustainable progress and addressing pressing environmental and social challenges.
For inquiries for the ESG Forum and registration for the Young Professional Mentorship Programme, please visit www.esgforumafrica.com
Senators Mohammed Ndume (APC-Borno) and Shehu Sani have voiced opposing views on President Bola Tinubu’s proposed tax reform bills currently under consideration by the National Assembly. While Ndume deems the bills poorly timed amidst Nigeria’s economic hardships, Sani defends them as essential steps toward fairer tax administration and increased revenue.
In a statement released Monday, Senator Ndume, former Senate Chief Whip, argued that the reforms are insensitive to the struggles many Nigerians face.
“The general sentiment is that Nigerians are not in a position to pay additional taxes. Right now, people can’t even afford basic necessities. Let them survive before we ask for more taxes,” Ndume stated, questioning the rationale behind introducing tax reforms during a period of economic instability.
Conversely, former Senator Shehu Sani, who represented Kaduna Central from 2015 to 2019, asserted that the bills hold significant benefits for Nigerian citizens and the economy. Sani highlighted a provision allowing value-added tax (VAT) to be collected by the host states of companies, rather than pooled into a single account for nationwide distribution. He noted that this would create a fairer distribution of tax revenue, particularly benefiting states that host large companies.
“The bills represent a comprehensive effort to streamline tax administration and enforcement, which will generate and protect revenue for both the country and the states,” Sani argued.
Sani, also a civil rights advocate, added that the reforms would dismantle systemic corruption linked to tax waivers often exploited by corporate interests. According to him, the bills do not aim to increase taxes, reduce jobs, or favour any region over another, but rather to modernise Nigeria’s outdated tax system and ensure fairer revenue allocation.
President Tinubu submitted the four-bill tax reform package to the National Assembly in October. The bills include the Nigeria Tax Bill, the Nigeria Revenue Service Establishment Bill, the Tax Administration Bill, and the Joint Revenue Board Establishment Bill.
The reform package, if passed, promises a shift towards a more structured, simplified tax system intended to boost transparency and enhance the nation’s revenue capabilities, though its timing and public reception remain divisive among policymakers and citizens alike.
The Senate Committee on Anti-Corruption and Financial Crimes has pledged to raise the budgetary allocation for the Economic and Financial Crimes Commission (EFCC), enhancing its capacity to tackle corruption and financial crime in Nigeria.
Speaking during an oversight visit to the EFCC headquarters in Abuja on Monday, the committee chairman, Senator Emmanuel Udende, underscored the need for additional funding to support the commission’s operations. “The EFCC requires more funding to perform its duties effectively,” Udende stated, referencing a N3.4 billion software request by the EFCC to combat cryptocurrency-related fraud.
In a bid to sustain the agency’s efforts, Udende suggested that the EFCC should receive a percentage of its recovered assets, similar to the Nigeria Customs Service, which retains a portion of its seizures to support its operations. “If we allow the EFCC to work from the proceeds of crime they recover, it will enhance their financial independence and operational efficiency,” he said.
EFCC Chairman Ola Olukoyede urged the Senate to support a 300 percent increase in the commission’s 2025 budget, citing the need for advanced technology to curb illicit financial flows and economic sabotage. Olukoyede highlighted inadequate funding as one of the agency’s primary challenges, stressing that substantial financial resources are required to carry out its mandate effectively.
Olukoyede also sought legislative support to improve public perception of the EFCC, which he noted has been affected by misinformation. The EFCC, he said, is actively investigating the extractive industry and will soon bring charges against individuals implicated in corrupt activities.
As part of its expanded mandate, the EFCC recently gained access to the Integrated Personnel and Payroll Information System (IPPIS) to monitor government disbursements and prevent misuse of public funds. Olukoyede announced that the commission now has authority to track fund allocations, including monitoring of lawmakers’ constituency projects, and called for the senators’ cooperation in this transparency initiative.
“We now have a partnership with the Accountant General’s Office, allowing us access to IPPIS to track fund releases,” Olukoyede informed the committee. “We will be monitoring constituency projects to ensure transparency, and we hope the distinguished members of the Senate will support us in this effort.”
With the Senate committee’s backing for increased funding, the EFCC’s ability to execute its anti-corruption agenda may see notable improvement in the coming year.
The Nigerian government is advancing a series of tax reforms aimed at easing the tax burden on citizens while ensuring steady revenue growth, according to Taiwo Oyedele, the Chair of the Presidential Committee on Fiscal Policy and Tax Reforms.
Oyedele emphasized the importance of empowering trained tax authorities to handle tax collection, allowing other institutions to focus on their primary responsibilities, which he believes will foster economic growth.
“We want authorities trained in tax matters to be responsible for tax collection, while others focus on their core mandates to help the economy grow in a way that benefits everyone,” Oyedele said.
He highlighted the Nigerian Tax Administration Bill as a crucial tool for improving tax registration, return filing, assessments, audits, and the use of technology in tax processes. This bill is currently under review by lawmakers, who Oyedele hopes will address existing concerns to push the reform forward.
Expressing concern about the outdated nature of Nigeria’s tax system, Oyedele described it as “one of the most backward in the world,” calling the situation “embarrassing” and advocating for urgent reform. “Anything that would hinder the reform process at this stage would be deeply unfortunate,” he said.
In a post on his X account on Monday, Oyedele assured Nigerians that the tax reform initiative under President Tinubu’s administration is designed to lessen the overall tax burden while increasing revenue through streamlined collection processes and tax harmonization. He responded to citizens’ questions, clarifying that the government’s goal is not to raise taxes but to simplify the tax system, remove investment obstacles, and promote a business-friendly environment.
“The plan is to reduce the overall tax burden, not increase it,” Oyedele stated. “By simplifying the tax system, harmonising taxes, and addressing barriers to investment, these reforms will boost economic activities and, consequently, enhance revenue generation for all levels of government.”
Oyedele outlined key reform strategies, including removing disincentives for business formalization, leveraging technology and data intelligence, and simplifying tax processes. He believes these measures will increase tax compliance, creating a fair environment for compliant taxpayers while curbing tax evasion.
In addition to simplifying the system, the reforms propose a reduction in the corporate income tax rate from 30 percent to 25 percent over the next two years. The government also aims to eliminate certain company-specific taxes, replacing them with a single harmonized levy at a reduced rate, a move expected to benefit both small and large businesses across Nigeria.
Despite the recent addition of nine new planes to Nigerian airlines’ fleets, airfares remain steep, forcing consumers to weigh alternative travel options as the Christmas season approaches.
Although airlines have bolstered their fleets in preparation for increased demand, high operating expenses have kept ticket prices elevated, raising concerns over the long-term sustainability of the country’s aviation sector.
Industry sources indicate that, while airlines like United Nigeria Airlines, Xejet, Ibom Air, and Air Peace have recently expanded their fleets, the expected drop in ticket prices has yet to materialise. Market experts point to persistent cost pressures, such as high foreign exchange rates and surging aviation fuel prices, as significant contributors to the fare hikes.
Obiora Okonkwo, Chairman and CEO of United Nigeria Airlines, noted that currency volatility plays a crucial role in determining costs. “If you want to make it a prayer point for fares to come down, you should pray for the naira to be stable, the lower the value of the naira, the higher the cost of aviation fuel and operations.” He stated.
Current airfares reflect only a portion of airlines’ operating expenses, Okonkwo added. Ticket prices on routes like Lagos to Enugu, Owerri, Port Harcourt, and Asaba now range between N170,000 and N350,000 for a one-way economy class ticket, a significant increase from last year’s average of N100,000. On heavily travelled routes such as Lagos-Abuja, fares remain slightly lower at an average of N130,000, although still far above previous levels.
A recent report from the National Bureau of Statistics (NBS) showed a 57.81 percent increase in domestic airfares from N79,013.48 in September 2023 to N124,693.40 in September 2024. Airlines are particularly vulnerable to foreign exchange fluctuations, as most aircraft maintenance and parts are procured in dollars. With the country’s ongoing FX scarcity, airlines face increased operational challenges in maintaining their fleets.
“Foreign exchange issues have a direct impact on the sustainability of any domestic airline in Nigeria,” explained Seyi Adewale, CEO of Mainstream Cargo Limited. Adewale highlighted that essential components and services, such as aircraft engines and spare parts, must be acquired in foreign currency. Additionally, customs clearances are impacted by high FX rates set by the Central Bank of Nigeria (CBN), further straining resources.
Operational costs continue to rise, with aviation fuel consuming nearly 45 percent of airlines’ expenses, while labour accounts for 17 percent and aircraft leasing costs 8.5 percent. Non-aircraft leases, professional fees, and landing charges also contribute to this high-cost environment, which, according to industry experts, is unsustainable without policy reforms or market adjustments.
A recent analysis by BusinessDay revealed that despite Nigerian airlines’ efforts to stabilise ticket prices, the ongoing FX crisis and high maintenance costs are likely to keep fares high. As the holiday season approaches, consumers may be forced to explore alternative travel options, signalling a challenging period for the aviation sector as it navigates economic pressures and rising demand.
The naira continued to face pressure in Nigeria’s foreign exchange market, falling to N1,740 per dollar in the parallel market on Monday, marking a loss of N8 from the previous day’s rate of N1,732/$. This depreciation persists despite a surge in FX turnover and an increase in the country’s external reserves.
In the official market, the naira closed at N1,681.42 per dollar, down by 0.2 percent from Friday’s rate of N1,678.87/$. This decline comes amid a record FX turnover of $1.4 billion on Friday, as reported by FMDQ Securities Exchange Limited, a substantial jump from the previous day’s turnover of $244.96 million.
According to the Central Bank of Nigeria (CBN), the country’s external reserves rose to $40.08 billion as of November 7, 2024, representing a 21.4 percent increase from $33.02 billion at the beginning of the year. Analysts at Afrinvest Securities Limited anticipate the naira’s continued trade within a similar range, citing recent rate cuts in major economies, which have encouraged carry-trade investments in emerging markets, including Nigeria.
Reports indicate that Nigeria’s reserves, currently sufficient to cover 11.6 months of merchandise imports and 8.1 months when services are included, have strengthened significantly. This improvement is partly due to increased foreign capital inflows, drawn by Nigeria’s favourable carry trade conditions under the CBN’s restrictive monetary policy, according to a recent analysis by FBNQuest. The stringent approach has made Nigeria attractive for foreign investors seeking high-interest environments.
The weakened naira has also curbed imports, contributing to reserve stability. The FBNQuest report notes that the higher costs associated with currency depreciation have discouraged imports, with Nigeria’s merchandise imports dropping 20 percent year-on-year, from $57.1 billion in June 2023 to $45.5 billion in June 2024.
FBNQuest expects Nigeria’s official reserves to increase further, spurred by steady foreign portfolio investment (FPI) inflows linked to Nigeria’s positive interest rate differentials relative to developed economies.
The analysis by Afrinvest further highlighted factors influencing global crude oil prices, which rose by 3.5 percent last week to $75.63 per barrel due to geopolitical events. OPEC+ recently delayed a planned production increase, and Hurricane Rafael temporarily shut down a significant portion of production in the Gulf of Mexico. Renewed Middle East hostilities have also heightened concerns about supply chain disruptions, putting additional upward pressure on oil prices.
On the domestic front, CBN’s foreign reserves reached $40.0 billion as of November 7, marking the highest level in 32 months. However, the Naira Autonomous Foreign Exchange Market (NAFEM) saw reduced activity, with average daily turnover falling by 14.2 percent to $976.5 million. In the NAFEM window, the naira closed at N1,678.87 per dollar, weakening by 70 basis points, while in the parallel market, it strengthened slightly, trading at N1,720.00 per dollar.
Nigerian food is slowly but surely making a name for itself on the international culinary stage. Known for its bold flavors, diverse ingredients, and rich history, Nigerian cuisine offers an unforgettable experience that has food enthusiasts worldwide curious for more. Whether you’re a die-hard foodie or simply someone looking for new tastes, Nigerian dishes bring a fresh wave of flavor to global kitchens.
Here are seven reasons why Nigerian food is set to take the global food scene by storm.
1. The Unique Taste of Jollof Rice
Jollof Rice is arguably Nigeria’s most famous dish, and for good reason. This delicious rice dish cooked with a blend of tomatoes, onions, and spices has become a hit far beyond West Africa. The distinctive flavor of Jollof has sparked debates on who makes the best version, especially among West African nations. It’s become a go-to dish at weddings, parties, and family gatherings, and now, international restaurants are adding it to their menus. The blend of rich tomato sauce, spices, and the smoky undertones from the slow-cooked rice makes Jollof a must-try for anyone interested in exploring new flavors.
2. Healthy Superfoods Are a Staple
Nigerian cuisine uses a variety of superfoods that are not only delicious but also packed with health benefits. Ingredients like bitterleaf, plantains, yams, and cassava are central to many Nigerian dishes and are known for their nutritional value. Dishes such as Egusi Soup (melon seed soup) and Bitterleaf Soup are rich in protein, fiber, and antioxidants, while Pounded Yam serves as a hearty, complex carb. As the world turns toward healthier eating, Nigerian cuisine is gaining attention for its nutritious and vibrant dishes, perfect for anyone looking to eat clean while still enjoying bold, satisfying meals.
3. Street Food Is Taking Over
Nigeria is home to an exciting street food culture, with food vendors offering quick, affordable, and flavorful dishes that can be enjoyed on the go. From Suya (spicy grilled meat skewers) to Akara (bean cakes), Nigerian street food brings fresh and unique flavors. These quick bites have already made their mark in food festivals across the globe and are becoming a popular choice for food lovers looking for something more exciting than the usual fast food. The versatility of Nigerian street food means it can be enjoyed as a snack or a full meal, making it perfect for sharing or just satisfying your cravings.
4. The Rise of Nigerian Spices
Nigerian cuisine is known for its bold use of spices, which create rich, layered flavors in every dish. From the fiery heat of Scotch Bonnet peppers to the earthy richness of Locust Beans (Ogiri), the spices in Nigerian dishes bring out intense flavors that leave a lasting impression. As global food trends embrace more complex, spicy flavors, Nigerian spices are becoming increasingly popular. The growing interest in global heat sources, like Chili and Pepper Soup, means Nigerian food is perfectly placed to fill the global appetite for bold, spicy dishes.
Nigerian food has a high potential for fusion. International chefs and home cooks are experimenting with Nigerian ingredients to create exciting fusion dishes. For example, imagine a Suya pizza or Jollof Rice sushi! Nigerian cuisine’s adaptability and the creativity it inspires are making it a strong contender for fusion menus in restaurants worldwide. The combination of traditional Nigerian flavors with other world cuisines will help elevate Nigerian food in the global market.
6. Rich Cultural and Culinary Heritage
Every dish in Nigerian cuisine tells a story. From regional favorites like Ofada Rice in the Southwest to Bitterleaf Soup in the Southeast, Nigerian food is deeply rooted in culture, history, and tradition. The variety of ingredients used in Nigerian cooking reflects the country’s rich agricultural landscape. As more people become interested in not just food but the culture behind it, Nigerian cuisine offers a deep and meaningful culinary experience. People are looking for more than just a meal—they want a connection to a culture, and Nigerian food delivers that in abundance.
7. It’s Already Gaining Global Recognition
Nigerian food is no longer just a regional delight; it’s beginning to take off internationally. Nigerian restaurants in the U.S., the U.K., and other countries are attracting customers eager to experience authentic African dishes. From Puff Puff (sweet fried dough balls) to Boli (grilled plantain), Nigerian dishes are being showcased in food festivals and pop-up events. With growing interest from food lovers around the world, Nigerian cuisine is carving out a place in the global food scene. Whether in a small café or a high-end restaurant, Nigerian food is becoming more visible, and its reputation is only set to grow.
Conclusion
Nigerian cuisine is no longer a hidden gem; it’s emerging as a global culinary force to be reckoned with. From the delicious and internationally beloved Jollof Rice to the spicy, flavorful Suya, Nigerian food offers something for everyone. The unique blend of spices, healthy ingredients, and cultural heritage ensures that Nigerian cuisine is ready to take the world by storm.
As the world becomes more adventurous in its food choices, Nigerian cuisine is perfectly positioned to shine. So, whether you’re a seasoned foodie or someone looking to explore new tastes, the vibrant, rich flavors of Nigerian dishes are worth the experience. Ready to try something new? Nigerian food is waiting to make its mark on your taste buds.
Nigerians are making their mark in every corner of the world, and one area where this impact is particularly evident is the global entertainment industry. Whether through music, film, comedy, or digital content, Nigeria is leading a cultural renaissance that blends creativity, talent, and technological innovation.
Here are seven ways Nigerians are changing the face of global entertainment.
1. Afrobeats Dominates the Global Music Scene
If you’ve been following global music trends, you’ve probably heard of Afrobeats. This genre, rooted in the vibrant sounds of West Africa, has taken the world by storm, with Nigerian artists leading the charge. Stars like Burna Boy, Wizkid, and Tems are not just household names in Nigeria—they’re chart-topping, Grammy-winning artists who have redefined what it means to be a global music sensation.
Afrobeats’ popularity is driven by its infectious rhythms, innovative fusion of different genres, and its ability to connect people worldwide. Major international collaborations with artists like Drake, Beyoncé, and Justin Bieber have helped cement the genre’s place on the global stage. And the best part? The success of Afrobeats has sparked a global interest in other African music genres, giving Nigerian talent a platform to shine brighter than ever.
2. Nollywood Is Going Global
Nigeria’s film industry, Nollywood, is the second-largest in the world by output, producing over 2,500 films each year. But it’s not just quantity that’s making waves—quality is catching the attention of audiences globally. Recent Nigerian films, such as The Wedding Party, Lionheart, and Shanty Town, have made it to prestigious film festivals, streaming platforms, and cinemas worldwide.
The success of these films has led to increased collaboration with Hollywood and other international production companies, further establishing Nollywood as a major player in global cinema. Moreover, Nigerian filmmakers are pushing boundaries with fresh narratives, contemporary themes, and innovative storytelling techniques that resonate with diverse audiences across the globe.
3. Digital Content Creation and Social Media Influence
In today’s world, digital content creators are a force to be reckoned with, and Nigerians are leading the charge. The rise of Nigerian YouTubers, Instagram influencers, and TikTok stars has created a new wave of entertainment that resonates with younger audiences everywhere.
From comedian and content creator Bovi to influencer and entrepreneur Adesua Etomi, Nigerian stars are breaking the internet with relatable, humorous, and culturally rich content. These creators are not only entertaining but also influencing global trends in fashion, lifestyle, and business. The democratization of media through social platforms allows Nigerians to reach millions of followers globally, making their voices and talents heard like never before.
4. The Rise of Nigerian Comedy Globally
Comedy has always been a central part of Nigerian culture, but over the past few years, Nigerian comedians have taken their acts to international stages. With an infectious blend of humor, storytelling, and insightful commentary on everyday life, Nigerian comedians like Basketmouth, Alibaba, and the viral star Mr. Macaroni have become popular both at home and abroad.
Through stand-up comedy shows, social media skits, and collaborations with international platforms like Netflix and Comedy Central, these comedians are attracting global attention. The humor and relatability of Nigerian comedy are connecting people across continents, showing the world that laughter is a universal language.
5. Nigeria’s Influence on Global Fashion Trends
Nigerian fashion has been a huge influence on global fashion trends, with local designers and fashion icons leading the way. Designers like Lanre Da Silva, Duro Olowu, and Mai Atafo have gained international recognition for their creative and elegant African-inspired designs that reflect the richness of Nigeria’s culture.
Furthermore, Nigerian celebrities like Genevieve Nnaji, Omotola Jalade-Ekeinde, and Tiwa Savage are using their platforms to promote Nigerian fashion on a global scale. Nigerian fashion week events are drawing attention from international buyers and media, highlighting the country’s role in shaping global fashion.
6. Nigerian Video Games and Esports Are Gaining Popularity
While Nigeria has been known for its film and music industries, there’s another sector that’s starting to get significant attention: gaming and esports. Nigerian gamers are not just enjoying games—they’re competing on a global level, with esports tournaments attracting international sponsors and millions of viewers.
The rise of Nigerian video game developers and esports athletes is particularly exciting. Nigerian startup companies are now creating locally relevant video games that cater to African audiences while gaining global recognition. Platforms like Esports League Nigeria are further developing the esports ecosystem, creating career opportunities for young Nigerians passionate about gaming.
7. The Emergence of Nigerian Pop Culture Influencers
As Nigerian culture continues to captivate the world, Nigerian pop culture influencers are gaining international recognition. These influencers use their platforms to share Nigerian music, fashion, and lifestyle with global audiences.
From the “Naija boys” showcasing African street style to beauty influencers promoting local makeup and skincare products, Nigerian content creators are bridging the gap between African culture and the world. The global demand for Nigerian products and services is growing, and these influencers are at the forefront of marketing African culture to the world, making them valuable global ambassadors.
The Future of Nigerian Entertainment
Nigerian entertainment is on an unstoppable rise, and this trend is set to continue. The global stage is taking notice of Nigeria’s immense cultural influence, and opportunities for Nigerian talent are expanding at a rapid pace. Whether in music, film, comedy, or digital media, Nigerians are proving that they’re not just part of the global conversation—they’re leading it.
As these industries continue to evolve, one thing is clear: Nigeria’s impact on global entertainment is only just beginning. Whether you’re watching Afrobeats take over the charts or streaming the latest Nollywood film, it’s exciting to see how Nigeria’s cultural contributions are shaping the future of entertainment worldwide.
Conclusion
Nigerians are quickly becoming some of the most influential people in global entertainment, leading the charge in music, film, comedy, and fashion. With an unwavering passion for creativity and an innate ability to connect with global audiences, Nigerian talent is taking the world by storm. The future of entertainment is brighter than ever, and Nigeria is playing a central role in that global spotlight.
The Federal Government, through the Presidential Fiscal Policy and Tax Reform Committee, announces plans to exempt Nigerians earning the national minimum wage and slightly above from the Pay As You Earn (PAYE) tax, pending the approval of the Tax Reform Bills. This development is confirmed by the committee’s chairman, Taiwo Oyedele, who, on Monday, addresses the public to clarify key aspects of the proposed tax changes.
Oyedele explains that individuals with monthly earnings up to approximately N1.7 million will experience a reduction in PAYE taxes, while those earning the new minimum wage of N70,000 or slightly more will be fully exempted. This adjustment aims to provide financial relief to low-income earners who have been increasingly impacted by outdated tax brackets introduced in 2011. These unadjusted rates have resulted in “fiscal drag,” pushing more low-income individuals into higher tax bands over time due to inflation.
The revised tax thresholds are set to benefit about 98% of employees in both the public and private sectors, resulting in lower tax payments, while the top 2% of high-income earners will see a modest increase in their tax rate, which could go up to 25% for the wealthiest individuals. Oyedele emphasizes that these changes align with the government’s policy of not taxing the poor, ensuring that the lowest-income earners, who make up roughly one-third of the workforce, are entirely exempt from taxes, while middle-income earners will benefit from reduced rates.
Additionally, the new tax reform includes significant Value Added Tax (VAT) exemptions on essential goods and services such as food, healthcare, education, rent, and public transportation. These zero-rated items account for an average of 82% of household expenditures and nearly 100% for low-income families, aiming to reduce the cost of living and alleviate financial burdens on vulnerable groups.
Addressing concerns over the VAT allocation formula, which has met resistance from some regional stakeholders, Oyedele assures that no state will experience a drop in revenue under the new derivation model. He explains that the reform includes a 5% equalisation transfer fund to support states that may receive less revenue due to the new allocation method. This approach ensures revenue stability for all states in the short term while promoting broader economic growth in the medium to long term.
To support the expanding digital economy, Oyedele outlines proposed changes to income tax laws designed to facilitate remote work opportunities for Nigerians, particularly in the global business process outsourcing industry. This initiative is expected to create more job prospects for the nation’s youth in the digital space.
Further, the proposed tax reform bills aim to streamline consumption taxes by abolishing all subnational levies, except for VAT, to tackle the issue of multiple taxation, which burdens both businesses and consumers. Oyedele clarifies that these reforms will not result in the merger or dissolution of existing revenue agencies, such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Customs Service (NCS). Instead, these agencies will continue to perform their regulatory duties, with their operations funded through the national budget rather than through direct fee collections.
These tax reforms are part of the Federal Government’s broader strategy to modernize Nigeria’s tax system, increase revenue generation, and establish a fairer tax structure that reflects current economic conditions.
In a sweeping crackdown on counterfeit products, the National Agency for Food and Drug Administration and Control (NAFDAC) announced the seizure of counterfeit wines and spirits valued at over N41.2 million during a major operation on Monday.
The raid, which targeted wine shops in Mararaba Market, New Nyanya, and Masaka areas of Nasarawa State, underscores NAFDAC’s heightened commitment to combating the circulation of fake and substandard products across Nigeria.
The operation in Nasarawa follows closely on the heels of another recent raid in Bauchi Metropolis, where NAFDAC’s enforcement team apprehended dealers in counterfeit agrochemicals based on intelligence reports.
One product in particular, identified as “Patriarc,” was found circulating among agrochemical sellers in the area. The Bauchi operation led to the sealing of three facilities, arrest of the proprietors, and seizure of counterfeit products valued at approximately 5 million naira.
In a statement released on Saturday, NAFDAC confirmed its ongoing investigation into the Nasarawa case, revealing that its enforcement team is actively tracking down the suspected importers or manufacturers behind these counterfeit goods. NAFDAC emphasised its commitment to curbing the activities of unscrupulous individuals endangering public health with counterfeit products.
Via its official X handle, NAFDAC urged consumers to remain vigilant and report any suspicious items to the nearest NAFDAC office. The agency reiterated that consumer safety is paramount and called on the public to assist in identifying and reporting potentially dangerous products to prevent further circulation.
As NAFDAC intensifies efforts to hold manufacturers of counterfeit products accountable, it is committed to strengthening consumer safety across the country through sustained enforcement and public awareness campaigns.
Fitch Solutions projects a significant depreciation of the naira, predicting it will reach N1,993 per dollar by 2028. This decline is expected to pose challenges for Nigeria’s pharmaceutical sector, particularly in the importation of medical devices.
The forecast comes from BMI Research, a subsidiary of Fitch Solutions, which recently published its findings on the impact of currency fluctuations on the medical devices market.
According to the report, despite an anticipated economic rebound, Nigeria’s medical device market will continue to encounter operational and demand challenges in the near term. The market is expected to grow at a compound annual growth rate (CAGR) of 10.8% in local currency and 9.6% in US dollar terms between 2023 and 2028, reaching a market value of NGN171.1 billion (approximately USD344.7 million) by the end of the forecast period.
BMI Research highlights that Nigeria remains heavily dependent on imports for over 95% of its medical devices, similar to other markets in sub-Saharan Africa. The weakening naira will likely increase import costs, exacerbating pressures on the healthcare system and reducing consumers’ purchasing power for essential medical technologies, especially given the existing underfunding of the public health sector.
The report emphasizes that the depreciating currency could significantly affect the demand for high-cost medical devices, including diagnostics, orthopaedic, and dental products. However, on a positive note, a weaker naira may boost the competitiveness of locally manufactured medical devices, potentially supporting growth in the export market.
The analysis underscores persistent challenges in establishing a robust local manufacturing base for medical devices in Nigeria, despite government incentives aimed at promoting self-reliance in the sector. Fitch Solutions calls for strategic interventions to mitigate the adverse effects of the exchange rate volatility on the healthcare industry and ensure access to critical medical technologies.
International investors have increased their exposure to Nigeria’s Eurobonds amid improved market sentiment, driven by the recent U.S. Federal Reserve rate cut of 0.25% to a range of 4.50%-4.75% and U.S. election results.
High yields on Nigeria’s dollar-denominated bonds have attracted significant foreign interest, with demand rising across various maturities. This confidence is partly attributed to ongoing reforms and improved prospects for funds repatriation, with investors hoping the MSCI Index will soon restore Nigeria’s status in the frontier market.
Analysts noted buying pressure across the short, medium, and long ends of the yield curve, which caused the average yield to drop by 24 basis points to 9.31% by Friday. While the Eurobond market experienced some volatility, Nigeria’s dollar bonds, along with African sovereign assets like Angola’s and Egypt’s, saw gains of up to $2.
The bullish sentiment was further bolstered by the Federal Open Market Committee’s (FOMC) rate cut, AIICO Capital Limited reported. Towards the week’s end, some profit-taking emerged after sustained buying interest.
As a result, the average mid-yield on Nigerian Eurobonds fell by 45 basis points to 9.3% week-on-week. AIICO Capital Limited anticipates mixed sentiments ahead, with potential profit-taking at the beginning of the week.
Market reports indicated broad buying interest along Nigeria’s yield curve, with particular focus on mid-duration bonds. The U.S. election outcome suggests future rate cuts may proceed at a moderated pace under the new administration, according to TrustBanc Capital Limited.
The Delta State Government proposes a budget of N936 billion for the 2025 fiscal year, seeking approval from the State House of Assembly. The State Commissioner for Economic Planning, Mr. Sonny Ekedayen, announces this during a press briefing after the State Executive Council meeting led by Governor Sheriff Oborevwori at the Government House in Asaba.
Mr. Ekedayen is joined at the briefing by Commissioners Dr. Ifeanyi Osuoza (Information), Mr. Charles Aniagwu (Works, Rural and Riverine Roads), and Mr. Ebikeme Clark (Riverine Infrastructure).
The proposed budget allocates N587.4 billion (62.75%) to capital projects, focusing on infrastructure and development, while N348.7 billion (37.25%) is set aside for recurrent expenditures, including salaries and overhead costs. The budget framework uses an exchange rate of N1,300 per dollar, even though the current market rate exceeds N1,650, raising concerns about its viability.
Mr. Ekedayen emphasizes that the budget aims to balance capital and recurrent spending, showcasing the government’s commitment to key sectors. He states, “This budget reflects our dedication to advancing critical areas such as agriculture, support for MSMEs, youth empowerment, tourism, healthcare, education, and infrastructure.”
The 2025 budget proposal marks a 29.12% increase compared to the current 2024 budget, highlighting the administration’s focus on economic growth and sustainable development. However, Mr. Ekedayen clarifies that this proposal is still subject to legislative review and will be formally presented to the State House of Assembly for further consideration.
On funding, the Commissioner assures that Governor Oborevwori’s administration maintains its commitment to transparency and accountability. He confirms that the 2025 budget relies entirely on internally generated revenue and federal allocations, with no plans for external borrowing. The state expects to generate at least N140 billion from internal sources, with substantial support from the Federal Accounts Allocation Committee (FAAC) to fund the outlined projects and initiatives for the upcoming fiscal year.
The average yield on Federal Government of Nigeria (FGN) bonds reached 19.41% in the secondary market last week, following mixed trading sessions and in anticipation of upcoming inflation data.
Bond trading activity remained subdued amid a slowdown in local bond supply. The Debt Management Office (DMO) has halved its monthly bond offerings from N360 billion to N180 billion, leading to oversubscription. Pension funds and banks are placing substantial bets on government debt securities, though returns have been affected by inflation.
With inflation resuming an upward trend, analysts expect further increases throughout the year, primarily due to rising energy prices that are pushing up logistics costs and affecting food prices.
As investors await October inflation data, trading in Nigerian bonds has been mixed, showing fluctuating patterns. Early in the week, trading sentiment was neutral, but it turned bearish after the Open Market Operation (OMO) and Treasury auctions, which saw rising stop rates in the main auction, according to TrustBanc Capital Limited.
Investors showed interest in the Feb 2031, May 2033, Feb 2034, and Jun 2053 bonds, resulting in slight yield movements. Trading was muted overall, but on Friday, the average benchmark yield inched higher amid mild sell-offs driven by risk aversion.
Towards the end of the week, some traders observed modest selling activity in the mid- to long-term bonds, reflecting investors’ response to rising rates and liquidity constraints in the financial system. AIICO Capital Limited noted that buying interest was largely concentrated at the shorter end of the yield curve.
The average benchmark yield remained steady at 18.95% on a week-over-week basis, with expectations that subdued trading will continue into the next week.
The naira experienced further depreciation across foreign exchange (FX) markets as demand for the US dollar continued to outstrip supply in Nigeria’s autonomous FX market.
In official trading, the naira fell by 0.15%, closing at ₦1,681.42 per US dollar. Persistent US dollar shortages have pressured the naira, pushing it past key resistance levels, potentially signaling more depreciation ahead.
With demand for foreign currency rising, the exchange rate has held above N1,600, and analysts forecast the naira could weaken further as the one-year forward rate exceeds N2,000.
In the parallel market, the naira fell to ₦1,730 per dollar, losing N5 due to increased demand in the informal economy. The widening gap between official and parallel market rates presents speculative opportunities, with the difference now at N49 per dollar.
Meanwhile, global oil prices dropped on Monday, with Brent Crude falling 2.79% to $72.03 per barrel and West Texas Intermediate (WTI) dropping 2.75% to $68.44 per barrel. This decline reflects persistent market volatility from geopolitical and supply-demand factors. Oil prices were pressured as China’s latest stimulus measures did not meet expectations for boosting fuel demand, and a strengthening US dollar further impacted global commodities.
Gold prices also dropped by over 2%, affected by the dollar’s rise and uncertainties surrounding potential changes to US fiscal and interest rate policies under Donald Trump. Gold traded around $2,619.10 per ounce, reflecting these broader economic concerns.
Investors saw gains of approximately N84 billion on Monday as stocks in Aradel Holdings, Eunisell Interlinked, and Flour Mills of Nigeria Plc surged on the Nigerian Exchange (NGX), driven by increased buying activity.
The Nigerian Exchange opened the week on a positive note after ending the previous week in the red. The equities market capitalization grew by N84 billion, a 0.14% increase, closing at N59.004 trillion.
This growth in market value was fueled by demand for select high-value stocks, pushing the All-Share Index up by 0.14% or 138.1 points to reach 97,374.25, compared to 97,236.19 on Friday. The year-to-date increase for the NGX market stands at 30.23%, as shown by NGX data.
Despite the positive gains, market activity saw a decline, with the total trading volume dropping by 37.81% and the value of transactions falling by 20.21%. Stockbrokers reported roughly 297.83 million units worth ₦7,517.55 million traded across 9,902 deals.
STERLINGNG led in trading volume, contributing 12.14% of total trades, followed by UBA (11.26%), ACCESSCORP (8.26%), FLOURMILL (5.05%), and FBNH (4.88%). UBA was the top stock by value, accounting for 13.86% of total trade value on the exchange. EUNISELL led the gainers with a 10% price increase, while ARADEL (+9.99%), JOHNHOLT (+9.98%), DEAPCAP (+9.35%), CUSTODIAN (+8.62%), TANTALIZER (+7.14%), and FLOURMILL (+1.56%) also showed strong gains. Conversely, UCAP topped the decliners, with a -9.78% loss, followed by PRESTIGE (-6.67%), CONHALLPLC (-5.88%), STERLINGNG (-4.76%), ELLAHLAKES (-2.45%), and ZENITHBANK (-0.95%).
Sectoral performance was mixed. The Insurance (+0.23%) and Oil & Gas (+0.16%) sectors closed positive, driven by gains in MANSARD (+5.93%) and ARADEL (+9.99%), while the Banking (-0.81%), Consumer Goods (-0.10%), and Industrial Goods (-0.03%) sectors closed lower, weighed down by declines in ACCESSCORP (-2.64%), DANGSUGAR (-2.60%), and WAPCO (-0.52%).
The Nigerian Labour Congress (NLC) has expressed alarm over rising petrol prices in Nigeria, alleging that the current pump price is significantly inflated beyond its actual market value.
In a statement released on Sunday, NLC President Joe Ajero accused influential players within the petroleum sector of artificially driving up petrol costs to unreasonable levels. According to Ajero, this price manipulation has been a primary factor in the ongoing disagreements between Dangote Refinery and local petrol marketers.
The NLC is urging the government to promptly activate domestic refineries, including those in Port Harcourt and Warri, to address the issue.
NLC’s Statement
The NLC’s statement reads:
“The NEC-in-session noted with growing concern the manipulation surrounding the pricing of petrol (PMS) in Nigeria. It appears that certain powerful interests are collaborating to keep prices artificially high, far above what should be the actual market price. With recent revelations from the dispute between marketers and the Dangote group, it’s clear that cost padding and excessive profit margins have become common.
“There’s a possibility that Nigerian workers and citizens are being exploited by those who control the economic levers in the country. This may explain why there has been no immediate action to bring public refineries online.
“NLC demands a fair, transparent pricing of petrol and calls for immediate action to bring the public refineries in Port Harcourt, Warri, and Kaduna back into operation, breaking the monopolistic grip held by major industry players.”
Key Background
The increase in petrol prices has continued since the removal of subsidies, with the government facing challenges in overseeing petrol distribution among marketers and filling stations. The Nigerian National Petroleum Corporation (NNPC) Limited has consistently raised its petrol prices, citing market forces as the reason for the increases.
Meanwhile, some marketers argue that importing petrol could lower product prices. The Dangote Refinery, however, has maintained its petrol prices between N970 and N990, claiming that this reflects current market realities. The refinery also asserts that any entity selling imported petrol at a lower rate may be involved in supplying substandard fuel or partaking in crude oil theft.
The dispute between Dangote Refinery and petrol marketers has now intensified into a legal matter, with a resolution pending in court.
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