Author: Ogochukwu Ndubuisi

Kano Allocates N16.6bn to Agriculture The Kano State Government earmarked N16.6 billion for the agricultural sector in this year’s budget to achieve food security and increase citizens’ income level, an official has said. The Commissioner for Budget and Economic Planning, Alhaji Musa Shanono, disclosed this while giving the 2025 budget breakdown on Thursday. Shanono said that about N3 billion was earmarked for constructing the 3.1 billion liters Dansoshiya Dam and providing flowing channels. He said that the Kano State Agricultural and Rural Development Authority and Kano State Agro-Pastoral Development Project Intervention Programme (KSADP) would receive N5.6 billion to enhance agricultural…

FG Reiterates Commitment to Gas-to-Power Initiative The Federal Government, FG, has reiterated its commitment to the gas-to-power initiative. The initiative, which was launched in 2021, aims to transform Nigeria into a gas-powered economy by 2030 through a series of policy reforms, infrastructure development, and investment attraction strategies Mr Mele Kyari, the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPCL, made this known on Thursday at the groundbreaking ceremony of the five mini-Liquefied Natural Gas (LNG) Plants in Ajaokuta, Kogi. Kyari said the projects play a critical role in promoting economic growth and contributing to the nation’s…

With rapid daily gain, the naira extends its rally in the currency market as a flood of US dollar credits boosted liquidity level in the official window on Thursday. According to spot data from the FMDQ platform, the naira appreciated by 1.7% to N1,458.95 per US dollar

Airtel Africa’s Revenue Increases 20.4% in 9 Months Airtel Africa Plc has reported a 20.4 per cent growth in revenue to $3,638 million for the nine-month ended Dec. 31, 2024. It said this in a report on Thursday. It said the total customer base grew by 7.9 per cent to 163.1 million, with data customer penetration increasing by 13.8 per cent to 71.4 million. According to Airtel Africa, data usage per customer increased by 32.3 per cent to 6.9 GBs, with smartphone penetration increasing by 5.2 per cent to reach 44.2 per cent. The report said the company’s mobile money…

Investors Portfolio Value Increased by N347bn in Equities Market Equities investors’ portfolio value jumped by more than N347 billion as FCMB Group lists its public offer on the Nigerian Exchange, NGX. Trading activities in the domestic bourse ended on a green note amidst the fourth quarter of 2024 corporate earnings release. Key performance indicators surged by 19 basis points, reflecting the latest bargain hunting on growth and value stock in the local market. While the market index or the Nigerian Exchange All-Share index, climbed by 0.19% on the day, market capitalisation surged 0.54%. In its note, Atlass Portfolios Limited attributed…

BDC Operators Commend CBN on Waiver of 2025 Licence Fees Bureau De Change (BDC) operators have praised the Central Bank of Nigeria (CBN) for waiving the 2025 license fees for the operators. They spoke under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON). The president of the association, Dr. Aminu Gwadabe, gave the commendation on Wednesday in an interview with the Newsmen in Lagos. Gwadabe thanked the management of the Apex Bank for the waiver of the annual license renewal, which he described as amnesty extended to his members. According to him, the move underscores…

EU Targets Products from Russia, Belarus with More Tariffs The European Commission, EU, has proposed further tariffs on a range of agricultural products and fertiliser from Russia and Belarus in an effort to further reduce imports and ultimately impact Moscow’s ability to wage its war against Ukraine. “The agricultural products affected by the new tariffs constitute 15 per cent of agricultural imports from Russia in 2023 that had not yet been subject to increased tariffs,” the Commission said in a Tuesday statement. “Once adopted by the Council, all agricultural imports from Russia would be the subject of EU tariffs,” it…

Energy Summit: Tinubu Reaffirms Commitment to Improve Electricity Access President Bola Tinubu has concluded his visit to Dar es Salaam, Tanzania, where he joined other African leaders to participate in the Mission 300 Africa Energy Summit. The President, who arrived with his team arrived on Sunday, is now on his way back to Abuja. The two-day summit, hosted by the government of Tanzania in collaboration with the African Union, the African Development Bank (AfDB), and the World Bank Group, adopted the Dar es Salaam Declaration. The Declaration focused on providing access to electricity for 300 million people in Africa by…

Telecom Operators Justify 50% Tariff Hike The Association of Licensed Telecoms Operators of Nigeria (ALTON) has justified the recent 50 per cent hike in telecom tariffs, citing the need to adapt to rising economic pressures and ensure the sustainability of the industry. Mr Gbenga Adebayo, the Chairman of ALTON, said this during an interview on television monitored by the News Men Tuesday in Lagos. He explained that the tariff increase was not taken lightly, but rather was a necessary response to the significant economic challenges facing telecoms operators. Adebayo said: “The industry has been grappling with escalating costs, including diesel,…

AfBD, World Bank Commit $40bn to Mission 300 Dr Akinwumi Adesina, President and Chairman of the Board of Directors of the African Development Bank (AfDB), says the bank and the World Bank Group are committing 40 billion dollars toward the Mission 300 innitiative. Adesina disclosed this while delivering his welcome remarks tagged,“From Ideas to Action to Accelerate Energy Access,” at the Mission 300 Africa Energy Summit on Tuesday in Dar es Salaam, Tanzania. The goal of the Mission 300 is to provide electricity to 300 million Africans by 2030. Adesina said the financial commitment to Mission 300 included 18.2 billion…