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Category: Business

  • 11 Months After Launch, 5G Subscribers Hit 1.8m

    Fifth-generation subscriptions have risen to 1.8 million eleven months after its launch in Nigeria, data from the Nigerian Communications Commission, has stated.

    According to the data, 0.83 per cent of the total mobile subscriptions (220.36 million) as of August 2023 were on the 5G network. When calculated, this amounted to 1.83 million mobile subscriptions.

    On a month-on-month basis, 5G subscriptions grew by 537.95 per cent from 286,698.4029 as of July 2023 to 1,828,997.8438 as of August 2023, despite a 0.079 per cent decline in the total number of mobile subscriptions in the country.

    As of July 2023, only 0.13 per cent (286,698.4029) of total mobile subscriptions (220.54 million) was on 5G network. 2G subscriptions (132.92 million) continue to dominate in the country.

    The journey of 5G in Nigeria officially began in 2019 when the NCC disclosed that it would test 5G for three months in the country before actual approval and rollout. Later that year, there was a demonstration, but it wasn’t until December 2022 that the commission officially auctioned its first two 5G spectrums.

  • Diesel Price Rises By 12.77% In September – NBS

    The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 12.77 per cent on a year-on-year basis from a lower cost of N789.90 per litre recorded in the corresponding month of last year to a higher cost of N890.80 per litre in September 2023.

    In its Automotive Gas Oil (Diesel) Price Watch (September 2023), the National Bureau of Statistics (NBS), noted that on a month-on-month basis, it represents a 4.27 per cent increase recorded from N854.32 in the preceding month of August to an average of N890.80 in September 2023.

    Looking at the variations in the State prices, the top three States with the highest average price of the product in September 2023 include Kano State (N967.78), Anambra State (N950.95) and Niger State (N950.55).

    Furthermore, the top three lowest prices were recorded in the following State namely, Bayelsa State (N840.16), Katsina State (N840.55) and Rivers State (N840.82).

    The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that South East Zone has the highest price of N918.06 while South South Zone has the lowest price N863.97 when compared with other Zones.

  • Equity Market Sheds N21bn

    Equity Market Sheds N21bn

    Nigeria’s equity market began the week on a bearish note, shedding N21 billion following profit-taking in the shares of Dangote Sugar, GTCO Plc and other stocks.


    The development impacted on the market forcing the NGX All Share Index to decline by 38.49 basis points to 66876.92 points from 66915.41 points reported the previous day.


    Market capitalisation of listed equities also declined by 0.06 per cent to N36.742 trillion from N36.763 trillion reported the previous day.

    An analysis of the investment showed that Thomas Way led gainers table in percentage terms, gaining 9.92 per cent to N3.99 per share, Academy Press followed with a gain of 9.71 per cent to close at N1.92 per unit, Ikeja Hotel added 9.52 per cent to close at N3.45 per unit, Chams Plc increased by 7.38 per cent to close at N1.60 per unit, Tantalizer added 6.90 per cent to close at N0.31 per share.

    Volume of trades increased by 135.726 million, representing 65.92 per cent as investors traded 314.619 million shares valued at N4.388 billion in 6133 deals against 205.893 million shares costing N6.380 billion in 4986 deals.


    On the contrary, VFD group recorded the highest loss during the day, shedding 9.99 per cent to close at N242.40 per share, Mcnichols followed with 9.69 per cent to close at N0.56 per share, UPL dipped by 9.32 per cent to close at N2.14 per unit, Chi pls declined by 5.22 per cent to close at N1.09 per unit, Omatek down by 4.44 per cent to close at N0.43 per unit.


    Transactions in the shares of United Bank for Africa led market activities with 47.150 million shares valued at N900.695 million, AccessCorp followed with a gain of 40.348 million shares valued at N666.866 million, FCMB group traded 29.054 million shares cost N173.552 million, GTCO Plc exchanged 27.393 million shares worth N959.246 million while Transcorps sold a total of 16.435 million shares valued at N102.039 million.

  • IGR: Lagos Leads Other States With N651.1bn, Rivers N172.8bn  

    *FCT Generates N124,366,774,519.25

    Lagos states led other states of the federation in the amount of internally generated revenue in 2022, according to the IGR report released by the National Bureau of Statistics (NBS) on Monday.

    According to the National Bureau of Statistics, Lagos, Rivers, and the Federal Capital Territory (FCT) stood out as the leading states in terms of IGR, ranking in  impressive amounts of N651,145,633,085.30, N172,823,232,535.44, and N124,366,774,519.25, respectively.

    On the other end of the spectrum, Kebbi, Taraba, and Yobe were the least successful in generating revenue, managing to collect only N9,146,249,907.83, N10,238,110,125.95, and N10,456,776,796.18, respectively.

    Collectively, the 36 states of Nigeria and the Federal Capital Territory (FCT) managed to generate a total of N1,925,612,626,650.76 as IGR in 2022.

    This represented a modest growth of 1.57 per cent when compared to the N1,895,786,762,263.80 generated in the previous year, 2021.

    The report further stated that the revenue for 2022 came from taxes, including various types, and the income generated by different government departments and agencies. The total revenue collected across all states and the FCT increased slightly compared to the previous year.

    According to the report, the main source of revenue for the year was the pay-as-you-earn (PAYE) tax, contributing a significant 67.62 per cent to the total tax revenues generated across the country.

    The report also stated that capital gains tax, on the other hand, played a much smaller role, accounting for only 0.24 per cent of the total tax revenue.

    In terms of local government area (LGA) revenue, Oyo, Lagos, and Jigawa emerged as the top three states.

    They reported impressive figures of N11,832,437,020.33, N11,505,586,283.35, and N8,700,993,591.78, respectively.

    The NBS report also noted that in the year 2022, the Internally Generated Revenue (IGR) was primarily driven by two major sources: taxes and revenue from Ministries, Departments, and Agencies (MDAs).

  • Nigeria’s Insurance Industry Grew N444.2bn In 8 Years – NAICOM

    Nigeria’s Insurance Industry Grew N444.2bn In 8 Years – NAICOM

    Despite Nigeria’s economic headwinds the country’s insurance experienced a 13 per cent growth in revenue between 2014 and 2022, the National Insurance Commission has said.

    Commissioner for Insurance, Mr Sunday Thomas, who disclosed this during his welcome address at the National Insurance Conference on Monday in Abuja, also said the Commission mobilized the insurance industry to contribute the sum of N500 million and free Life Insurance cover for front line workers during the COVID-19 Pandemic.

    He said, “In terms of its performance Your Excellencies, the industry premium income between 2014 and 2022 grew at an average of 13.6%; from a premium income of N282 Billion to N726.2 Billion. The total assets of the sector also grew at an average of 12% for the same period; from an asset base of N827.5 Billion in 2014 to N2.33 Trillion in 2022.”

    The NAICOM helmsman noted that despite the upward movement in the industry’s income trajectory, the industry has been hampered by talent gap, comparatively low public awareness, insurance affordability, lack of trust and confidence in insurers, cultural and religious bias, inadequate distribution channels, low enforcement of insurance, among numerous others.

    Thomas said the Commission under my leadership has remained resilient and focused on implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy.

    As part of its efforts to reach its goal, the NAICOM boss said the Commission will transform the regulatory environment to sustain the industry growth, ensuring a transition to a risk-based capital model.

    “Promote insurance awareness and adoption; Broaden insurance product offerings and improve effectiveness of distribution channels; enhance digitalization of the insurance industry; deepen the industry’s talent pool and capabilities as well as support Nigeria’s economic transformation and sustainability agenda, he said.

    Highlighting some of the flagship projects being implemented by the management of the Commission as part o its medium term Strategic Plan 2021–2023, Thomas explained that the Commission has ensured improved safety and soundness of the Nigerian insurance sector to continue to de-risk economic activities of Nigerians through the enhancement of our prudential regulatory tools and good corporate governance practices; migration of the Commission’s supervisory regime to align with global best practices. According to him, this initiative has enhanced the Commission’s distress management and market restructuring.

    “Implementation of Project E-Regulation through operationalized Business Process Management Solution and NAICOM Portal.  The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria,” he said.   

    The theme of the Conference is “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction”. 

  • Dangote Industries Prepare Big For Sustainability Week

    Dangote Industries Limited and its subsidiaries are preparing very big for the sustainability week, which starts Monday 23rd to Friday 27th October 2023

    The theme for the year 2023 is Sustainable Production and Consumption – The Dangote Way.


    The week has been designed to be a week-long event to create an opportunity for DIL and its subsidiaries’ employees to volunteer their skills and competencies for community impact initiatives, using time that is paid for by the organisation.


    While the mother company, DIL, will have an online Sustainability Conference for all staff, where various representatives of the business units will present innovative opportunities for Sustainable Production and Consumption in their line of business to a panel of executives who will evaluate the opportunities for adoption.


    Other subsidiaries also have a series of events that have been lined up in line with the Sustainable Development Goals or Global Goals designed to serve as a shared blueprint for peace and prosperity for people and the planet, now and into the future.


    The week will start on Monday with Volunteer mobilization across the various business locations in Nigeria and Pan Africa.


    Dangote Cement will host a Sustainable Living Fair and Exhibition on Tuesday, in Ikoyi, Lagos. Notable stakeholders have been invited to attend the Fair, which will be declared open by the Group Managing Director and Chief Executive of Dangote Cement, Mr. Arvind Pathak.

    NASCON also on Tuesday will donate whiteboards to schools in its host community, while Dangote Fertilizer Limited (DFL), will roof 6 classrooms in the Magbonsegun community as it supplies roofing sheets, asbestos, and timber. It will however be done in collaboration with the school’s PTA, and community leaders. Health materials will also be donated by NASCON to Ijoko Health Care Center and Ajegunle Health Care Center.


    In the same vein, Dangote Petroleum Refinery, from October 23rd to November 2nd, will organize an elderly care program for its host community. The program includes Health talks and medical screening for malaria, infectious diseases, dementia, hypertension, diabetes, arthritis, vitamin deficiency, BMI, and eye problems. Elders, who are 65 years and above are the target of this programme and close to 1,000 of such elders have been booked to attend the event.


    GDNL also for the week has programmed an educational initiative, which will involve three schools in their host community, with a focus on educating the students on the essence of sustainability and climate change challenges, and donation of computers, markerboards and sanitary pads to schools in their community.


    Dangote Packaging Limited (DPL) will be training the women and in its host community on how to make insecticides locally thereby helping to comeback malaria which is the number 1 ailment in the area. The trained women will also be empowered with a startup kit.
    It would be recalled that DIL, recently shone like a million stars as its subsidiaries clinched several awards at the just concluded Sustainability, Entrepreneurship and Responsibility Awards (SERAs).


    Dangote Cement Plc won four major awards, including: The Best Company in Sustainability Reporting, Best Company in Stakeholder Engagement, and Overall, Winner – Africa (First Runner Up). Another Dangote subsidiary, Dangote Sugar Refinery (DSR), which was participating in the SERAS for the first time, won the award of Best Company in Poverty Eradication.


    Anthony Chiejina, Group Chief, Corporate Communications Dangote Industries Limited reacting to the company’s outstanding performance at this year’s SERAS said: “DIL’s approach is focused on mainstreaming sustainable practices and building this into the very fabric of the organization.

    “The Dangote Way’ underlines the importance that we attach to our people, communities, and other key stakeholders.”

    A’Court sacks Senate Minority Leader, orders rerun

  • Nigeria, Angola Strengthen Bilateral Economic Ties 

    Nigeria and Angola, in an effort to enhance economic growth and promote bilateral trade, have strengthened their cooperation.

    This was revealed during the inaugural Angola-Nigeria Business Forum held in Abuja recently.

    Speaking during the business forum in Abuja, the Secretary of State for International Cooperation and Angolan Communities, Domingos Lopes, who represented the Minister of External Relations, Angola, His Excellency Téte Antonio, stated that Angola will invest more in strengthening economic and commercial relationship with Nigeria in other to gain vast experience in the diversification of economic production.

    Angola’s Ambassador, Mr. Jose Bamoquina Zau, highlighted the determination to bring a significant number of Angolan investors to Nigeria, fostering strong partnerships in various sectors, including manufacturing, mining, oil and gas, commerce, tourism, and education.

    Nigeria’s Minister of Information and National Orientation, Alhaji Mohammed Idris, affirmed Nigeria’s eagerness to support Angola’s domestic and foreign aspirations, expecting reciprocity. 

    An 8-man Angola-Nigeria Business Council was inaugurated during the event.

    During her vote of thanks, the president of the Angola-Nigeria Business Council, Fifi Ejindu, said the council was established to serve as a driver for economic cooperation between the two countries, with the private sector of both nations taking the lead. She said, “We will continue in the council to seek opportunities for investment and support entrepreneurship on a global level. So, the job has just begun, but I assure you that we are very committed to this cause.”

  • Petrol Increased To N626.21 In September- NBS

    Petrol Increased To N626.21 In September- NBS

    The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from N191.65 in September 2022 to N626.21 in September 2023.

    It made the declaration in its Petrol Price Watch for September 2023 released in Abuja on Saturday.

    It stated that the September 2023 price of N626.21 represented a 226.75 per cent increase over the price of N191.65 recorded in September 2022.

    “Comparing the average price value with the previous month of August 2023, the average retail price increased by 0.08 per cent from N626.70.

    “On state profiles analysis, Taraba paid the highest average retail price of N665.56 per litre, followed by Borno and Benue at N657.37 and N641.29, respectively.

    “Conversely, Rivers, Delta and Jigawa paid the lowest average retail prices at N602.55, N605.88 and N617.42, respectively,’’ it stated.

    Analysis by zones showed that the North-East recorded the highest average retail price in September 2023 at N638.33, while the South-South recorded the lowest at N618.47 per litre.

    The NBS also stated in its Diesel Price Watch Report for September 2023 that the average retail price was N890.80 per litre.

    It explained further that the September 2023 price of N890.80 per litre amounted to a 12.77 per cent increase over the N789.90 per litre paid in September 2022.

    “On a month-on-month basis, the price increased by 4.27 per cent from the N854.32 per litre recorded in August 2023,’’ it added.

    On state profile analysis, the report said the highest average price of diesel in September 2023 was recorded in Kano at N967.78 per litre, followed by Anambra at N950.95 per litre and Niger at N950.55 per litre.

    On the other hand, the lowest price was recorded in Bayelsa at N840.16 per litre followed by Katsina at N840.55 per litre and Rivers at N840.82 per litre.

    In addition, the analysis by zones showed that the South-East has the highest price at N918.06 per litre, while the South-South recorded the lowest price at N863.97 per litre. 

  • EU To Support Africa’s Infrastructure Drive With €150bn In 4 years

    The European Union (EU) through its Global Gateway initiative has promised to disburse 150 billion Euros to Nigeria and other African countries to enhance infrastructure in over eight sectors.

    The disbursement of the fund which commences from this year to 2027, aims to enhance connectivity, promote sustainable development, and strengthen economic ties between the EU and its partner countries, including Nigeria.

    The EU Commissioner for International Partnerships, Jutta Urpilainen, who revealed this at the launch of the Global Gateway initiative in Abuja, added that the bloc would support Nigeria to achieve enhanced infrastructure connectivity, including transport, energy, digital networks; support agriculture, economic growth, health and education.

    She said: “It will also promote sustainable development and environmental protection; and foster cooperation and partnerships with Nigeria and other partner countries.

    “We are living in an increasingly fragmented world. The war that Russia started against Ukraine last year, the military takeover in Niger in July, and the escalation in Israel-Palestine conflict are just stark reminders of that.

    “In such a world, the Global Gateway strategy is our positive offer to build resilient connections in the world through strategic partnerships to jointly address the challenges of our times from fighting climate change to improving health systems.

    “Together, we intend to mobilise 300 billion Euros in investments by the year 2027, and half of them for Africa; it is 150 billion Euros by the year 2027; Nigeria features prominently in the Global Gateway investment package”, the commissioner added.

    Urpilainen further clarified that the EU would support the 5G rollout in Nigeria, as part of its efforts to support the digital economy as well as also working on a potential loan to support Small and Medium Enterprises (SMEs) in the digital and print sectors.

    According to her, the EU had committed financial resources to support the energy sector, including the setting up of mini grids and small hydropower plants for productive and public purposes.

    “In 2022, we launched a digital economic package for Nigeria. With EU and European Investment Banks, investments worth 820 million Euros, it is a lot of money,” she added.

    The EU commissioner described education as “the most transformative investment anyone could make. So, an empowerment project is being launched in North Western Nigeria in cooperation with government to promote quality basic education in the northern regions.”

    Urpilainen assured that the EU’s long-term commitment would support investments in key sectors of the Nigerian economy, namely Agriculture (€42,000,000), Energy (€37,000,000), Health (€45,000,000), Digital (€55,000,000), Education (€45,000,000), and Social Protection (€46,000,000).

    In his remarks, Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, said that the Global Gateway initiative was aimed at achieving collective regional and global prosperity was in full alignment with President Bola Ahmed Tinubu’s Renewed Hope agenda.

    He explained: “The core of this administration’s agenda is a developed Nigeria that is not only for a few, but for all, providing the Government the opportunity to actualize its plans in sectors that it wants to focus on.

    “Africa’s relationship with Europe has deep historical roots, and has been built on years of shared values, collaboration and mutual respect.

    “While we enjoy geographical proximity, we also have increasingly intertwined culture, and more importantly, a shared future,” the minister added.

    Tijani pointed out that working with the EU gave Nigeria the opportunity to leverage its structure and historical resources for global development, particularly for Africa.

  • Single Digit Interest Rate Will Transform Nigeria’s Agribusiness –Obasanjo

    Former President Olusegun Obasanjo has said that a single digit interest rate on agricultural loans will help transform the agribusiness in the country.

    Obasanjo who said this at the launch of Youths in Agribusiness project at the weekend in Abuja, said that interest rate of less than 10 per cent would empower youths to go to the bank to borrow money for agriculture.

    Speaking on the theme of the event: “Enabling Scaling of Innovative Technologies for Sustainable Food Solutions,” the former President urged the Federal Government to fashion out a way that will make it easy for youth to access finance at the right rate.  

    “I believe any interest that is more than single digit is not good enough for agriculture.”

    OBJ as he is fondly called noted that agricultural stakeholders have done tremendous work in providing the right seed, hybrid seed, high yielding seed and knowledge that can be used to transform the agribusiness sector.

    “But we need more of these scientific and technological products in the farmers’ hands so that farmers can be better on what they get in terms of yields,” he said.

    He said that food production, food security and nutritional security were very important in Nigeria and there was also a need to create jobs for the teeming population of youth in the country.

    On his part, Wouter Plomp, Netherlands Ambassador to Nigeria said the Youth Agribusiness Programme would be a three-year initiative inspired by Nigerian tenacity and a sprinkle of Dutch innovation to support 8000 young agri-preneurs.

    He said the goal was to combat food insecurity by empowering youths to get access to finance and connect young agri-preneurs with local and international markets.

    According to him, the aim is not only to ensure Nigeria’s food security, but also place the nation at the forefront of global agricultural innovation.

    The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said the 2023 World Food Day campaign took water action for food by encouraging its wise utilisation to ensure stability in food security.

    The minister, who was represented by Engr. Adegbenro Adebiyi, Director Agribusiness and Market Development, said the aim of the project was to provide opportunities that would save and restore livelihoods and reduce food insecurity in the country.