IMAN Condemns Harassment of Importers
The Importers Association of Nigeria (IMAN) has denounced illegal harassment of importers and urged for the protection of their interests. The association called for stronger regulatory measures to ensure a safe and transparent environment for all stakeholders.
EXMAN: Marketers to Adapt Strategy in 2025
The Experiential Marketers Association of Nigeria (EXMAN) predicts marketing strategies in 2025 will balance empathy with profitability to align with macroeconomic realities.
FBN Holdings Responds to EGM Call
FBN Holdings reassures stakeholders that shareholders’ call for an Extraordinary General Meeting (EGM) will not impact operations. The bank remains focused on meeting regulatory capital requirements.
SEC to Enhance Borrowing Framework
The Securities and Exchange Commission (SEC) plans to strengthen borrowing rules for governments and corporations, including the introduction of derivatives to boost confidence in the capital market.
CBN Suspends Export Proceeds Extension
The Central Bank of Nigeria (CBN) has suspended the extension of export proceeds by banks. Exporters must now repatriate funds into domiciliary accounts within 90 to 180 days.
Netzence Expands to Ghana
Netzence Sustainability Limited has expanded to Ghana to support green initiatives and assist the country in meeting global emissions reduction targets with its innovative sustainability technologies.
FBN Holdings’ Rights Issue Closes
FBN Holdings has closed its rights issue as part of its plan to increase capital and continue good corporate governance. The company is committed to protecting the interests of its stakeholders while meeting regulatory requirements.
Dangote Refinery Expands Storage to Address Crude Supply Challenges
Dangote Refinery is building eight additional tanks, increasing its crude storage by 41.67%. Low local crude supply from NNPC drives this expansion, leading to higher import reliance. The refinery aims to store 3.4 billion litres of crude. Production of refined products like petrol, diesel, and aviation fuel continues to ramp up.
Rewane Backs Telecom Tariff Hike for Inflation Control
Bismarck Rewane supports the telecom tariff hike, stating it will improve productivity and help curb inflation. Telecom operators seek a 100% increase to manage rising operational costs, though Rewane anticipates a more moderate 40-50% rise. The Nigerian Communications Commission is engaging with consumer groups before finalizing the decision.
FG Debt Servicing Consumes 47% of 2024 Budget
Debt servicing in Nigeria took up 47% of the federal budget in the first nine months of 2024, amounting to N8.94tn. This marks a 56.8% rise from 2023 and reflects the increasing fiscal burden. The government’s debt servicing now exceeds both recurrent and capital expenditures. Analysts warn this limits funds for infrastructure and essential services.
Govt Increases Military Retiree Allocations by 53% in 2025 Budget
The Nigerian government has raised military pension allocations by 53%, from N221.66bn in 2024 to N338.90bn in 2025. This comes after protests over unpaid entitlements by retired military personnel. The new budget includes pension, retirement, and death benefits. Retirees continue to seek timely and transparent payment of their dues.
Inflation May Drop to 27% By December 2025 — Report
Nigeria’s inflation is expected to average 30.5% in 2025, with a forecasted drop to 27.1% by December 2025. The reduction is anticipated as high fuel costs stabilize, barring unforeseen shocks. Business activity shows cautious optimism, with agriculture and non-manufacturing sectors leading growth. The Central Bank may shift to a more accommodative policy if inflation decreases.
