Foreign-owned companies in Nigeria are facing significant challenges as debt and FX losses continue to squeeze margins. FMCGs like Nestlé Nigeria are grappling with skyrocketing costs, with pre-tax losses surging by 381% YoY despite growing revenues. Guinness Nigeria, now under Tolaram Group’s ownership, is navigating a new era, while telecom giants such as MTN and Airtel work to mitigate FX exposure and consumer pressure.
Author: Oladi Samuel
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The Lagos State Government has begun clearing illegal markets and shanties obstructing the System 6c drainage in the Cele-Ilasa area, following the expiration of notices served to the occupants.The operation, led by the joint operatives of the Lagos State Environmental Sanitation Corps (LAGESC) and the Lagos State Environmental Taskforce, was announced by the Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, in a tweet on his official X page on Friday.This follows an earlier directive from Commissioner Wahab to remove the illegal shanties and markets beneath the Cele/Itire Bridge.These makeshift stalls blocked the System 6 and 6c drainage…
The UK prison service is recruiting officers from Nigeria and other countries to fill gaps in staffing.This marks the first time the government has sponsored skilled worker visas for overseas recruits, following a change in the rules.The move to recruit prison officers from abroad comes as the prison service struggles to fill vacancies. Many of the overseas recruits are from Nigeria, and some are switching from other visa routes.According to The Telegraph, the prison service has faced difficulties in managing the accommodation needs of these new recruits, with some even resorting to sleeping in their cars or camping near their…
The removal of the fuel subsidy by President Bola Tinubu’s administration has significantly increased the revenue shared among the federal, state, and local governments, rising from N760 billion in 2023 to N3.2 trillion in 2024.This was disclosed by Sunday Dare, Special Adviser, Media & Public Affairs to the President, during an interview on Arise Television’s Prime Time on Thursday night.He said prior to the subsidy removal, Nigeria was losing $7.5 billion annually, a situation he described as unsustainable. He urged Nigerians to hold state governors accountable for the effective utilization of the substantial revenues now available to them, emphasizing that…
Nigeria recorded at least 589 oil spills in 2024, according to data mined from the Oil Spill Monitor, a satellite tracker of the National Oil Spill Detection and Response Agency (NOSDRA).These are spills reported by oil exploration companies or residents of host communities.Meanwhile, there was a 49.3% decrease in recorded spills, when compared to 2023 in which 1,162 spills were recorded.In the year under review, the tracker recorded 19,000 barrels of crude oil spilled, which is approximately 3 million litres and 95 oil tanker trucks full. The figures were similar to those recorded in 2023, in which 18,747 barrels, (2.9…
The UK government has announced new measures aimed at reducing taxpayer funding for the migration and borders system.The changes, which were laid before Parliament on January 16th, 2025, propose increasing fees for a range of immigration and nationality services.The goal of these increases is to reduce the amount of money the government needs to spend on the immigration and borders system, thereby relying less on taxpayer funding to cover the costs.According to the UK Home Office, the proposed changes will allow the government to raise fees on several immigration and nationality products and services. These adjustments are intended to generate…
The NEPAD-Infrastructure Project Preparation Facility (NEPAD-IPPF), a multi-donor special fund hosted by the African Development Bank (AfDB), continues to advance Africa’s infrastructure and integration ambitions.This was revealed during the 39th Oversight Committee Meeting, held virtually with participation from over thirty institutions, including donors, partners, Regional Economic Communities (RECs), and implementing agencies.Speaking at the event, Solomon Quaynor, the AfDB Vice President for the Private Sector, Infrastructure, and Industrialization, reaffirmed the pivotal role of NEPAD-IPPF in driving the continent’s infrastructure development.He noted that the Bank’s Ten-Year Strategy (2024-2033) prioritizes mobilizing funds through project preparation facilities like NEPAD-IPPF to address the rising demand…
Dr. Oba Otudeko, Chairman of Honeywell Group, has addressed the ongoing conflict between First Bank of Nigeria (FBN) and General Hydrocarbons Limited (GHL).Reports indicate that representatives from the Central Bank of Nigeria (CBN) and FBN are expected to testify against Otudeko and former FBN Managing Director, Olabisi Onasanya, in an alleged N12.3 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC).In response to these reports, Dr. Otudeko firmly refuted the claims regarding his role in FBN Holdings and stated his intention to vigorously defend his reputation.A statement signed by Olasumbo Abolaji, General Counsel at Honeywell Group, emphasized…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Nigeria’s Compressed Natural Gas (CNG) conversion capacity was boosted by over 2,500 per cent in 2024.This was disclosed by the agency’s Chief Executive Officer, Farouk Ahmed, while he was speaking at the inaugural Petroleum Industry Stakeholders’ Forum, organised by the Ministry of Petroleum Resources on Thursday in Abuja.Ahmed said that the NMDPRA provided 186 new conversion centres to boost the county’s conversion capacity.He noted that the boost was stimulated by the current administration’s Presidential Compressed Natural Gas Initiative (PCNGI), adding that the initiative has raised the Nigerian Gas…
The World Bank has projected that Nigeria’s economy will grow by 3.5% in 2025 and improve slightly to 3.7% in 2026, driven by increased services sector activity and gradual improvements in macroeconomic stability.These forecasts, detailed in the World Bank’s latest Global Economic Prospects report, suggest a steady but modest recovery for Nigeria amidst ongoing domestic and global challenges.Growth in Nigeria increased to an estimated 3.3% in 2024, primarily driven by strong performance in the services sector, notably in financial and telecommunication services.The World Bank noted that macroeconomic and fiscal reforms implemented in 2024 helped improve business confidence.Its report read, “In…