Author: Ogochukwu Ndubuisi

Effect N32,000 Pension Increase, Pensioners Urge FG Some pensioners have urged the Federal Government to pay the N32, 000 pension increment according to the National Minimum Wage (Amendment) Act, 2024. The pensioners, in an interview with the Newsmen in Abuja on Sunday, said they needed their entitlements to take care of their feeding, medicals and other bills. The pensioners, who complained about the hard times they faced, urged the Federal Government to increase their monthly pension in line with the present economic reality. The National Public Relations Officer (PRO), the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Mr…

Power sector: FG Prioritises Protection of Most Vulnerable Nigerians Mrs Olu Verheijen, Special Adviser to the President on Energy, on Monday clarified reports suggesting an imminent 65 per cent increase in electricity tariffs. A statement signed by Verheijen said the report was a misrepresentation of what she actually said in a recent press interview. “I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 per cent of the actual cost of supplying electricity, with the Federal Government continuing to subsidise the difference,” she said. According to her, the government is…

FG Commits to Ease of Doing Business, Policy Stability for Investors The Federal Government has reaffirmed its commitment to improving the ease of doing business, ensuring regulatory stability, and fostering strategic alliances to boost Nigeria’s economic competitiveness. Sen. John Enoh, Minister of State for Industry, Trade and Investment, said this at the Renewed Hope Global Virtual Conference 2025. Enoh said that while significant progress had been made, the government was focused on streamlining business operations, reducing bottlenecks, and enhancing investor confidence. The minister reiterated the role of the Presidential Enabling Business Environment Council (PEBEC) in driving reforms to simplify business…

Naira Gains 4.3% on Tripartite FX Inflows Sources The Nigerian naira experienced a rapid yet strong rally in the currency market as inflows from tripartite sources boosted US dollar liquidity in the official window. In January, the naira rose by 4.30% to close the month at N1,474.78 in the official market, according to spot data from the FMDQ platform following the last FX intervention. The Central Bank of Nigeria (CBN) sold US dollars to authorised dealer banks to strengthen the supply side. Also, the foreign portfolio investors and international oil companies’ inflows lifted the liquidity level in the forex market.…

FG Reaffirms Commitment to Industrial Transformation, Economic Growth The Federal Government, FG, has reaffirmed its commitment to driving industrial transformation for a prosperous Nigeria, with policies focused on accelerating industrialisation, boosting manufacturing, and leveraging digital technology. Sen. John Enoh, Minister of State for Industry, said this while speaking on the Federal Government’s economic agenda, at the Renewed Hope Global Virtual Townhall Conference 2025. Enoh emphasised the Renewed Hope Administration’s eight-point agenda, particularly the seventh pillar, which prioritised industrial growth through a digital economy, manufacturing, and innovative technology. According to the minister, the administration has established targeted funding mechanisms to support…

Nigerian Exchange Grows by N1.06trn as FCMB, LASACO List Offers Nigerian Exchange, NGX, grew by N1.06 trillion as FCMB Group, LASACO Plc listed supplementary offers in the local bourse.  The local bourse closed January with a modest gain of 1.53%, the All-Share Index (ASI) climbed further by 0.87% week on week, settling at 104,496.12 points. According to Cowry Asset Limited, the bargain hunting was boosted by the influx of corporate earnings reports that showcased impressive numbers and raised expectations for attractive dividend payouts. This positive momentum underscored the resilience of the local bourse, stockbrokers said. Hence, stock market capitalisation inched…

Trump Threatens BRICS Countries with 100% Tariffs U.S. President has threatened the BRICS group of emerging economies with tariffs of 100 per cent if they move away from the U.S. dollar as an international means of payment. “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Donald Trump said on his social media platform Truth Social. “We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S.…

Honda, Nissan to Announce Merger Details in Mid-February -Officials Honda Motor Co. and Nissan Motor Co. are set to reveal the specifics of their planned merger in mid-February, company officials said on Friday. The two automakers, Japan’s second- and third-largest by volume, previously announced plans to merge under a holding company in 2026 and had initially aimed to disclose further details by the end of January. According to sources familiar with the matter, Honda has been pushing Nissan to accelerate its restructuring efforts. In November, Nissan announced plans to cut 9,000 jobs worldwide and reduce its global production capacity by…

NAICOM Issues Additional Guidelines for Annuity Business The National Insurance Commission (NAICOM) has issued additional regulatory requirements for life insurance companies carrying on annuity business in the country. The annuity is a form of insurance or investment, entitling the investor to a series of annual sums. A circular by the commission in Abuja on Friday, said that insurance companies would be required to have at least, one qualified actuary, responsible for their Assets-Liability Matching (ALM) analysis and implementation. The commission said that insurance companies would be required to submit their ALM reports to it quarterly. NAICOM said the reports would…

Glovo, NIPOST Collaborate to Address E-Commerce Barriers Glovo, Nigerian Postal Service (NIPOST) and Ministry of Communications, Innovation and Digital Economy, are brokering a collaboration to address barriers to e-commerce growth in the country via an e-commerce summit. Mrs Lamide Akinola, the General Manager, Glovo Nigeria, on Friday in Lagos, said the summit aimed to accelerate the growth of Nigeria’s e-commerce industry. Akinola said the event scheduled for Feb. 5, 2025, with the theme: “Accelerating E-commerce through Digital and Physical Infrastructure Integration,” would bring together key industry stakeholders. She said they would discuss challenges and opportunities in the sector, while charting…