Author: Ogochukwu Ndubuisi

Telecom Hike: LCCI Seeks Continuous Stakeholders’ Engagement The Lagos Chamber of Commerce and Industry (LCCI) has called for continuous engagement by stakeholders in telecommunications sector to create a win-win situation, following the approved tariff hike. Director General, LCCI, Dr Chinyere Almona, made the call on Tuesday in an interview with the News Agency of Nigeria (NAN), in Lagos. Almona was reacting to the recent approval of a 50 per cent tariff hike on mobile telecommunication by the Nigerian Communications Commission (NCC). She said the emerging innovative landscape in food production, surveillance technology for security and exploits of artificial intelligence depended…

China’s Oil, Gas Output Exceeds 400m Tonnes for First Time China’s crude oil and natural gas output exceeded 400 million tonnes of oil equivalent for the first time in 2024, according to the National Energy Administration. The country’s crude oil and natural gas output has sustained a robust annual growth streak of over 10 million tonnes for the eighth consecutive year, the administration said. Crude oil production reached 213 million tonnes in 2024, an increase of 24 million tonnes from 2018, while natural gas production reached 246.4 billion cubic meters. It is with an average annual growth of over 13…

The naira depreciated against the US dollar in official foreign exchange (FX) market as demand pressures increased after huge rally

ACCI Urges FG to Streamline Regulatory Frameworks, Eliminate Business Bottlenecks The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to streamline regulatory frameworks to eliminate overlapping and complex processes that burden businesses. ACCI’s Director-General, Mr Agabaidu Jideani, made the call while speaking on possible ways to promote a conducive business environment, in Abuja on Monday. Jideani urged government to create a stable and supportive environment that would inspire confidence among investors, saying that such gesture would enhance business activities across the country. “Government should prioritise the implementation of business-friendly policies and focus on improving budget…

Africa Loses $18bn Annually Due to Conflict – African Union Kenyan President William Ruto, the champion of the African Union (AU) institutional reforms, on Monday said conflicts is hindering Africa’s potential, resulting in estimated losses of 18 billion dollars annually, displacing millions of people. Ruto, said Africa currently hosts 35 million internally displaced persons, 8.9 million refugees, 1.1 million asylum seekers, and 1 million stateless persons. “Between April and June 2024 alone, a total of 1,000 terrorism incidents were recorded across Africa, resulting in 4,818 deaths,” he said during the high-level Extended Bureau Retreat on AU Institutional Reforms held in…

Nigeria to Partner Switzerland on Economic Diversification–Akpabio The President of the Senate, Godswill Akpabio, says Nigeria is ready to partner Switzerland to ignite innovation, diversify the economy and create opportunities for generations to come. He said this on Monday, when he received the Chairman and members of the Swiss. European Free Trade Association (EFTA) who were at the National Assembly on courtesy visit. Akpabio said that Nigeria, as the largest economy in Africa and a proud member of the African Continental Free Trade Area, was ready to engage with EFTA in ways that would transcend mere trade. “We envision partnerships…

Edun Highlights Nigeria’s Leadership in Africa’s Energy Transition Mr Wale Edun, Finance Minister and Coordinator of the Economy for Nigeria, has highligted the critical need of having energy access in achieving economic growth and sustainable development. He said this during a panel discussion on “Policies and Reforms for Transforming African Energy”, at the ongoing Mission 300 Africa Energy Summit on Monday in Dar es Salaam, Tanzania. According to Edun, Africa has to take congnisant of global risks such as state conflict, trade wars, and misinformation and its nations must take charge of their own energy future. “It is so important…

Banks, Asset Managers Bet N2.54trn on Nigerian Treasury Bills Investors, including banks and other asset managers, staked N2.54 trillion in bets on Nigerian Treasury bills at the primary market auction last week amidst rising appetite for naira assets. The Debt Management Office (DMO) conducted a primary market auction on behalf of the Central Bank, where N530 billion worth of Treasury papers was offered to local investors. The auction was significantly oversubscribed amidst liquidity fluctuations that kept short-term benchmark interest rates uptight in the money market. The Nigerian Treasury bills offers were split across standard maturities, but appetite for one-year bills…

Equities Investors Gain N498bn as Transcorp Power, UBA Rally Equities investors gained about N498 billion on the Nigerian Exchange, NGX, as Transcorp Power, UBA, surged. The local bourse closed the week on a positive note as key performance indicators grew by 0.79%. Stockbrokers said the bullish sentiment was fuelled by strong buying interest in medium- and large-cap stocks, such as GUINNESS, TRANSPOWER, UBA, and others. The uptick was further driven by the release of full-year financial performance reports from some quoted companies, which attracted increased investor activity. The Nigerian Exchange All-Share Index added 810.26 basis points to close at 103,598.46.…

9mobile Applauds NCC over 50% Tariff Adjustment 9mobile, a telecommunications service provider, has applauded the Nigerian Communications Commission (NCC) for approving a 50 per cent tariff adjustment. The Chief Executive Officer of 9mobile, Obafemi Banigbe, who commended the NCC in a statement on Friday in Lagos, said that the tariff adjustment was aimed at addressing challenges in the telecommunications sector. According to Banigbe, the tariff adjustment will enable operators to reinvest in critical infrastructure upgrades and capacity expansion, which has been delayed due to financial constraints. He said that it would also allow operators to fulfill obligations and capital commitments…