Cloned Nigerian Anchor

Author: Chike Ozohili

  • Naira Freefall: FG To Receive $10bn Forex Inflow – Finance Minister

    Naira Freefall: FG To Receive $10bn Forex Inflow – Finance Minister

    The fortunes of the naira may soon be reversed with the Finance Minister, Wale Edun assuring that about $10 billion naira is expected to flow into the economy in a matter of week

    Edun made this known during a panel session at the ongoing Nigeria Economic Summit Group (NESG) question and answer session concerning stabilizing the foreign exchange market and enshrining liquidity in the market.

    Since the unification of the foreign exchange market in June, the naira’s value has slumped by over 100 per cent on the parallel market.

    The current CBN management has introduced a slew of measures to provide liquidity but the chasm between the rate on the I&E window and parallel market continues to widen.

    The minister said, “in addition, from the supply of foreign exchange through NNPC, increased production, reduced expenditure, from transactions such as forward sales, from our discussions with sovereign wealth funds, that are ready to invest and provide advanced alongside that investment, there is a line of sight of $10 billion worth of foreign exchange in the relatively near future in weeks rather months.”

    The Minister further said President Tinubu has signed two executive orders geared towards ensuring liquidity in the forex market.

    He said, “Mr. President announced that he had taken measures to ease illiquidity in the forex market which we know is very problematic at this time.”

    “The market is illiquid; it’s not functioning properly because there is no supply and there are various reasons for that. The solution that the President has put on the table is that he has signed an executive order that effectively allows under forbearance all the cash that is in the domestic economy to legally come into the formal money supply”

    “Along with that, there is another executive order that allows domestic issuance of foreign currency instruments so that they will have the incentive to provide that foreign exchange from whatever source.”

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

    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 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

  • ERA/FOEN Decries Shell’s Slow Response To multiply Spills In Bayelsa

    ERA/FOEN Decries Shell’s Slow Response To multiply Spills In Bayelsa

    The Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) has expressed dismay at Shell Petroleum Development Company (SPDC) slow response to multiple crude oil spills in the Diebu Creek in Peremabiri community in Southern Ijaw Local Government Area of Bayelsa State.

    ERA/FoEN in a statement by the Communication Officer, Elvira Jordan on Sunday, said its position came in the light of a field visit by ERA/FoEN team led by Programme Manager Niger Delta Resource Center, Comrade Alagoa Morris.  

    The NGO had visited the community with a team of journalists following a save-a-soul call from the community over multiple spills along the Diebu creek.

    Prior to the visit, the community had informed ERA/FoEN that Shell said a Joint Investigation Team (JIT) was to visit the site of the spill but failed to keep show-up, including the very date ERA/FoEN visited.

    After two unkempt JIV, the JIV only took place a day after the field visit by ERA/FoEN with Shell sponsored news statements that attributed one of the spills to equipment failure and the other tagged inconclusive.

    Speaking to the team, the youth president of the community, Benjamin Ebinibo expressed his dissatisfaction over the conduct of Shell and their response to spill issues. According to him, the people of Peremabiri are not known for sabotaging crude oil pipelines and so the leak must have been from faulty Shell equipment.

    Describing the plight of the women of the community, the Assistant Women Leader of Peremabiri, Favour Morganlamented that the recurring spills in their community, and how it has destroyed their environment and collapsed fishing and farming activities, which is their primary source of livelihood. 

    On his part, the CDC Chairman of the community, Basil Young narrated the ordeal of the people of Peremabiri, citing issues ranging fromneglect suffered by the community as host community in terms of absence of basic amenities to negative impacts of the current oil spill incidents.

    Reacting to the spill incident, the Executive Director of ERA/FoEN, Chima Williams said “we have it on record thatthe promise by Shell to visit the Spill site for JIV on 10th and 11th October, 2023 did not happen. Rather, we were duly informed that the JIV took place a day after the field visit by the ERA/FoEN led team; on the 12th October.”

    According to him, “going to sites and communities of interest with the media by ERA/FoEN is a deliberate strategy to enable stakeholders to come face to face with victims of incidents and get information from primary sources.”

    Williams further stated that while booming crude oil to prevent spreading on the surface of water is commendable, such actions do not prevent the soluble elements of crude oil to have chemical reaction within the marine ecosystem, adding that this is why effective and prompt clean up should follow booming of crude oil in any marine ecosystem.

    He called on Shell to take immediate action to clean up and restore the environment around Peremabiri community, and admonished NOSDRA and the Bayelsa State Ministry of Environment to follow up on spill incidents and ensure clean up and compensation matters are affected within a reasonable time frame.

  • Nigeria, Angola Strengthen Bilateral Economic Ties 

    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.”

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

    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

    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.

  • Warri Refinery Fire Outbreak Contained – NNPCL

    Warri Refinery Fire Outbreak Contained – NNPCL

    The Nigeria National Petroleum Company Limited (NNPCL) has confirmed a ‘minor’ fire incident at its Warri refinery but added that the situation had been managed.

    In a statement signed by the company’s Management and released on its X handle, the company explained that the fire which occurred at the cooling tower of the refinery was promptly put out by its personnel. 

    According to the state-owned company, the incident will not affect the pace of the ongoing rehabilitation work at the refinery. 

    “This afternoon, at about 15:02hrs, there was a minor fire incident at the cooling tower of Warri Refinery and Petrochemical Company Limited (WRPC).

    “The fire, which occurred as a result of ongoing welding activity at the top of the cooling tower will not affect the refinery rehabilitation project delivery schedule.

    “NNPC Limited safety officers at the Refinery acted immediately and put out the fire at about 15:30hrs; normalcy has since been restored.

    “NNPC Limited will continue to adhere to the best safety standards in all its business operations,” the statement read. 

  • Conducive Business Environment, Panacea To Ending Africa’s Youth Migration –Elumelu

    Conducive Business Environment, Panacea To Ending Africa’s Youth Migration –Elumelu

    The Founder/Chairman, Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, has said that a conducive business environment is the panacea to Africa’s youth migration.

    Elumelu, who said this at a dinner held for visiting European Union Commissioner for International Partnerships, Ms Jutta Urpilainen in Abuja, added that youth migration can only stop when the continent’s leaders develop an economy where there is employment and prosperity.

    According to him, private sector players, development partners and the government must join hands saying that it was about time citizens were economically empowered rather than the occasional handouts that are doled out.  

    He said, “What is important is for all of us to demonstrate confidence and continue to push and advocate for better governance and the right enabling environment.

    “There are so many global private capitals looking for the right investment destination. If we turn our country to the right investment destination, capital will come and when capital comes, we are able to develop the country to create employment, jobs and fix insecurity and in that process, we create prosperity for posterity.”

    Speaking further, the TEF Founder said it was about time the EU and other development partners pool resources together to empower young Africans.

    “We want to see our young men and women live well in Africa in our lifetime and is this possible? Yes. But how do we make it possible? When all of us – successful rich Africans, friends of Africa like the EU – when we all team up to bring resources together, collaborate to prioritise young Africans, we will achieve that.

    “We believe the ultimate solution to insecurity is economic empowerment and we believe that in the 21st century, it is not about handouts but about economically empowering people so they can look after themselves.”

    Elumelu revealed that since its inception, the Foundation has spent over $100 million empowering over 18,000 young African entrepreneurs.

    According to him, they were able to create wealth through careful entrepreneurship empowerment.

    He said, “The Tony Elumelu Foundation has committed $100 million to impact 18,000 young African entrepreneurs by giving them a seed capital of $5,000 and training them for six weeks as well as providing mentors to coach them. They in turn have gone to create thousands of jobs, which is the impact we want to see.

    “The impact report of the foundation shows that it has created over 400,000 jobs and we will continue to invest more in youth entrepreneurship.”

    He said the partnership with the EU will further deepen the collaboration as the Foundation seeks to attract investments into the continent.

    In her remarks, Urpilainen said the EU is committed to its partnership with TEF, noting that the Foundation was doing a great job through the empowerment of young entrepreneurs across the continent.

    She said, “I wanted to get rid of this kind of donor-reciFoundation was doing a great job of pient relationship where we as donors tell and impose what we expect from Africans under our partnerships;

    “So, we really wanted to change the paradigm and create mutually beneficial partnerships.

    “And in order to be able to succeed, we also created this Global Gateway Investment Strategy and it was adopted two years ago.