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Showing posts with label Business. Show all posts

Nigeria’s Poverty Crisis to hit 3.6% Surge by 2027 - World Bank

Nigeria’s Poverty Crisis to hit 3.6% Surge by 2027 - World Bank

By: Manoah kikekon 

World Bank 

The World Bank warns that poverty in Nigeria is set to rise sharply, with an estimated 3.6% increase over the next five years, peaking in 2027. 

This alarming forecast comes from the latest Africa’s Pulse report, unveiled during the IMF and World Bank Spring Meetings in Washington, DC.  

Despite recent growth in Nigeria’s non-oil sector in late 2024, the report highlights persistent challenges—including heavy resource dependence and national instability—that threaten to reverse progress. Unlike non-resource-rich African nations, which are making strides in poverty reduction, oil-dependent economies like Nigeria and the Democratic Republic of Congo face worsening conditions.  

“Poverty in fragile, resource-rich countries is projected to climb by 3.6 percentage points between 2022 and 2027,”* the report states.  

The region remains the epicenter of extreme poverty, hosting **80% of the world’s 695 million poorest people** in 2024. Shockingly, half of Sub-Saharan Africa’s 560 million extreme poor live in just four nations—Nigeria likely among them. In contrast, poverty rates are far lower in South Asia (8%), East Asia (2%), the Middle East (5%), and Latin America (3%).  

Slumping oil prices and weak fiscal policies are stifling progress in countries like Nigeria. Meanwhile, non-resource-rich nations are capitalizing on high agricultural commodity prices, driving faster economic growth despite budget constraints.  

“Fragile, oil-dependent economies have poverty rates averaging 46%—13% higher than stable resource-rich countries,” the report reveals.  

To combat this crisis, the World Bank urges Nigeria to strengthen fiscal management and foster inclusive economic policies. Without decisive action, millions more could slip into extreme poverty by 2027.  

Will Nigeria turn the tide—or will poverty keep rising? Stay informed as the story develops.  
By: Manoah kikekon 

World Bank 

The World Bank warns that poverty in Nigeria is set to rise sharply, with an estimated 3.6% increase over the next five years, peaking in 2027. 

This alarming forecast comes from the latest Africa’s Pulse report, unveiled during the IMF and World Bank Spring Meetings in Washington, DC.  

Despite recent growth in Nigeria’s non-oil sector in late 2024, the report highlights persistent challenges—including heavy resource dependence and national instability—that threaten to reverse progress. Unlike non-resource-rich African nations, which are making strides in poverty reduction, oil-dependent economies like Nigeria and the Democratic Republic of Congo face worsening conditions.  

“Poverty in fragile, resource-rich countries is projected to climb by 3.6 percentage points between 2022 and 2027,”* the report states.  

The region remains the epicenter of extreme poverty, hosting **80% of the world’s 695 million poorest people** in 2024. Shockingly, half of Sub-Saharan Africa’s 560 million extreme poor live in just four nations—Nigeria likely among them. In contrast, poverty rates are far lower in South Asia (8%), East Asia (2%), the Middle East (5%), and Latin America (3%).  

Slumping oil prices and weak fiscal policies are stifling progress in countries like Nigeria. Meanwhile, non-resource-rich nations are capitalizing on high agricultural commodity prices, driving faster economic growth despite budget constraints.  

“Fragile, oil-dependent economies have poverty rates averaging 46%—13% higher than stable resource-rich countries,” the report reveals.  

To combat this crisis, the World Bank urges Nigeria to strengthen fiscal management and foster inclusive economic policies. Without decisive action, millions more could slip into extreme poverty by 2027.  

Will Nigeria turn the tide—or will poverty keep rising? Stay informed as the story develops.  

Origin Tech Group Drives Nigeria’s Renewal - Prince SJ Samuel

Origin Tech Group Drives Nigeria’s Renewal - Prince SJ Samuel

By: Manoah kikekon 


Prince SJ Samuel 

Prince SJ Samuel Inspires Hope, Highlights Strategic Investments in Agriculture & Logistics for National Transformation


Prince SJ Samuel, Executive Chairman of Origin Tech Group, linked the spirit of Easter hope, faith, and resilience to Nigeria’s journey toward a brighter future.  

As Nigeria enters a pivotal era of renewal, Origin Tech Group is doubling down on its mission to fuel national progress and stakeholder happiness. In an uplifting message.

"Life happens in seasons, and just like this period, Nigeria too is in a season of renewal," said Prince SJ Samuel. "It’s time to strengthen our faith not just in God but in ourselves, in each other, and in the greatness ahead for our nation."

For Origin Tech Group, this season reinforces its core mission: heralding happiness. The company ensures that every interaction across its subsidiaries delivers value, empowerment, and tangible progress for Nigerians.  

"We want to be the company that brings joy to every home, community, and stakeholder we serve," emphasized Prince SJ Samuel. "Our vision is to make wholesome, healthy living affordable and accessible, empowering people to thrive in every circumstance."

With 25+ years of leadership in agriculture, engineering, and logistics, Origin Tech Group is driving Nigeria’s economic resurgence through strategic investments and infrastructure development. Key initiatives include:  Modern farm estates boosting agribusiness, Cutting-edge agricultural equipment enhancing productivity, Sub-Saharan Africa’s largest logistics hub, strengthening supply chains  

"In agriculture, the right steps are being taken," declared Prince SJ Samuel. "New opportunities are emerging, and for the first time, we’re seeing progress at a scale that makes me believe Nigeria will soon feed the world." 

Ending on a powerful note, Prince SJ Samuel urged Nigerians to stay hopeful and united in building a prosperous nation.  

"This is the only country we all have," he affirmed. "Let us keep the faith. Let us rise together. Let us shine together." 

A leader in agriculture, engineering, and logistics, Origin Tech Group is committed to innovation, infrastructure, and inclusive growth, shaping a sustainable future for Nigeria and beyond.  

By: Manoah kikekon 


Prince SJ Samuel 

Prince SJ Samuel Inspires Hope, Highlights Strategic Investments in Agriculture & Logistics for National Transformation


Prince SJ Samuel, Executive Chairman of Origin Tech Group, linked the spirit of Easter hope, faith, and resilience to Nigeria’s journey toward a brighter future.  

As Nigeria enters a pivotal era of renewal, Origin Tech Group is doubling down on its mission to fuel national progress and stakeholder happiness. In an uplifting message.

"Life happens in seasons, and just like this period, Nigeria too is in a season of renewal," said Prince SJ Samuel. "It’s time to strengthen our faith not just in God but in ourselves, in each other, and in the greatness ahead for our nation."

For Origin Tech Group, this season reinforces its core mission: heralding happiness. The company ensures that every interaction across its subsidiaries delivers value, empowerment, and tangible progress for Nigerians.  

"We want to be the company that brings joy to every home, community, and stakeholder we serve," emphasized Prince SJ Samuel. "Our vision is to make wholesome, healthy living affordable and accessible, empowering people to thrive in every circumstance."

With 25+ years of leadership in agriculture, engineering, and logistics, Origin Tech Group is driving Nigeria’s economic resurgence through strategic investments and infrastructure development. Key initiatives include:  Modern farm estates boosting agribusiness, Cutting-edge agricultural equipment enhancing productivity, Sub-Saharan Africa’s largest logistics hub, strengthening supply chains  

"In agriculture, the right steps are being taken," declared Prince SJ Samuel. "New opportunities are emerging, and for the first time, we’re seeing progress at a scale that makes me believe Nigeria will soon feed the world." 

Ending on a powerful note, Prince SJ Samuel urged Nigerians to stay hopeful and united in building a prosperous nation.  

"This is the only country we all have," he affirmed. "Let us keep the faith. Let us rise together. Let us shine together." 

A leader in agriculture, engineering, and logistics, Origin Tech Group is committed to innovation, infrastructure, and inclusive growth, shaping a sustainable future for Nigeria and beyond.  

BIFIF 2025: African Cinema to Shine at Badagry Film Festival – A Call for Movie Submission

BIFIF 2025: African Cinema to Shine at Badagry Film Festival – A Call for Movie Submission

By: Manoah kikekon 

Mr. Viyon Awhanse 

The Badagry International Film Festival (BIFIF) is back for its third edition, reaffirming its commitment to celebrating African cinema, fostering cross-cultural dialogue, and uniting people through powerful storytelling.

Mr. Viyon Awhanse, the festival organizer, announced the 2025 call for submissions in a statement released in Lagos, revealing this year’s theme: “Roots and Routes.” The event will once again take place in Badagry, a historic town with deep cultural significance as a former transatlantic slave trade route. 




Awhanse emphasized that this year’s festival will spotlight African-themed films that capture the continent’s complexities, struggles, and triumphs. However, the festival also welcomes international filmmakers who share a passion for cultural exchange and human-interest narratives.


“While rooted in African narratives, the festival’s scope extends globally, embracing human-interest stories that resonate across borders,” Awhanse said. “Our mission is to provide a platform for diverse voices and perspectives.”  

Why Badagry?
Badagry’s rich heritage and historical significance make it the perfect setting for films exploring resilience, migration, identity, and triumph. The festival aims to: Celebrate African cinema, Build a creative community, Encourage networking and collaboration.

Submit Your Film Now
Filmmakers can submit their entries via the official FilmFreeway portal: https://filmfreeway.com/bifif

Attendees will also have the chance to explore Badagry’s breathtaking landscapes, historical sites, and vibrant local culture, blending cinema with tourism and heritage. 
By: Manoah kikekon 

Mr. Viyon Awhanse 

The Badagry International Film Festival (BIFIF) is back for its third edition, reaffirming its commitment to celebrating African cinema, fostering cross-cultural dialogue, and uniting people through powerful storytelling.

Mr. Viyon Awhanse, the festival organizer, announced the 2025 call for submissions in a statement released in Lagos, revealing this year’s theme: “Roots and Routes.” The event will once again take place in Badagry, a historic town with deep cultural significance as a former transatlantic slave trade route. 




Awhanse emphasized that this year’s festival will spotlight African-themed films that capture the continent’s complexities, struggles, and triumphs. However, the festival also welcomes international filmmakers who share a passion for cultural exchange and human-interest narratives.


“While rooted in African narratives, the festival’s scope extends globally, embracing human-interest stories that resonate across borders,” Awhanse said. “Our mission is to provide a platform for diverse voices and perspectives.”  

Why Badagry?
Badagry’s rich heritage and historical significance make it the perfect setting for films exploring resilience, migration, identity, and triumph. The festival aims to: Celebrate African cinema, Build a creative community, Encourage networking and collaboration.

Submit Your Film Now
Filmmakers can submit their entries via the official FilmFreeway portal: https://filmfreeway.com/bifif

Attendees will also have the chance to explore Badagry’s breathtaking landscapes, historical sites, and vibrant local culture, blending cinema with tourism and heritage. 

ATPN South West VP Apata Tours Ogun State Ahead of Chapter Launch – Boosting Tourism Growth

ATPN South West VP Apata Tours Ogun State Ahead of Chapter Launch – Boosting Tourism Growth

By: Manoah Kikekon 


Samson Nunayon Apata 


In a strategic move to strengthen Nigeria’s tourism sector, Hon. Apata Samson Nunayon, the National Vice-President (South West) of the Association of Tourism Practitioners of Nigeria (ATPN), recently visited Ogun State ahead of the official activation of its ATPN State Chapter.  


The visit was a crucial step in finalizing preparations for the new chapter’s launch. Hon. Nunayon met with key tourism stakeholders, assessed the chapter’s operational readiness, and laid the groundwork for a seamless activation process.  


The establishment of an ATPN Ogun State Chapter signals a major push to:  

Enhance local tourism development

Foster industry collaboration

Boost economic opportunities for practitioners  


With the groundwork now in place, stakeholders eagerly await further updates on the official launch date and activation plans.  


The ATPN leadership is expected to announce the official launch timeline soon, marking a new era for tourism growth in Ogun State.  


Stay tuned for more updates!

By: Manoah Kikekon 


Samson Nunayon Apata 


In a strategic move to strengthen Nigeria’s tourism sector, Hon. Apata Samson Nunayon, the National Vice-President (South West) of the Association of Tourism Practitioners of Nigeria (ATPN), recently visited Ogun State ahead of the official activation of its ATPN State Chapter.  


The visit was a crucial step in finalizing preparations for the new chapter’s launch. Hon. Nunayon met with key tourism stakeholders, assessed the chapter’s operational readiness, and laid the groundwork for a seamless activation process.  


The establishment of an ATPN Ogun State Chapter signals a major push to:  

Enhance local tourism development

Foster industry collaboration

Boost economic opportunities for practitioners  


With the groundwork now in place, stakeholders eagerly await further updates on the official launch date and activation plans.  


The ATPN leadership is expected to announce the official launch timeline soon, marking a new era for tourism growth in Ogun State.  


Stay tuned for more updates!

Nigeria’s Inflation Hits 24.23% in March 2025: Food and Living Costs Skyrocket

Nigeria’s Inflation Hits 24.23% in March 2025: Food and Living Costs Skyrocket

By: Manoah Kikekon 


Photo used to illustrate the story 


Fresh data from the National Bureau of Statistics (NBS) reveals that Nigeria’s inflation rate surged to 24.23% in March 2025, marking a sharp increase from February’s 23.18%. 


The latest report highlights growing economic pressures as food prices and essential living expenses continue to climb.  

  

According to the NBS, the headline inflation rate jumped by 1.05% compared to February 2025. On a month-on-month basis, inflation rose to 3.90%—a staggering 1.85% increase from February’s 2.04%, indicating a faster rise in average prices.  

 

Urban areas saw inflation hit 26.12% year-on-year, with a monthly increase of 3.96%—up by 1.56% from February.  

Rural inflation reached 20.89% year-on-year, with a monthly surge of 3.73%, reflecting a sharp 2.57% rise from the previous month.  


This alarming inflation surge deepens the financial strain on citizens, with many grappling with soaring food prices, transportation, and housing costs. The relentless price hikes have intensified calls for government intervention as households struggle to make ends meet.  


Will policymakers step in to curb this economic crisis? For now, Nigerians brace for tougher times as inflation shows no signs of slowing down.  

By: Manoah Kikekon 


Photo used to illustrate the story 


Fresh data from the National Bureau of Statistics (NBS) reveals that Nigeria’s inflation rate surged to 24.23% in March 2025, marking a sharp increase from February’s 23.18%. 


The latest report highlights growing economic pressures as food prices and essential living expenses continue to climb.  

  

According to the NBS, the headline inflation rate jumped by 1.05% compared to February 2025. On a month-on-month basis, inflation rose to 3.90%—a staggering 1.85% increase from February’s 2.04%, indicating a faster rise in average prices.  

 

Urban areas saw inflation hit 26.12% year-on-year, with a monthly increase of 3.96%—up by 1.56% from February.  

Rural inflation reached 20.89% year-on-year, with a monthly surge of 3.73%, reflecting a sharp 2.57% rise from the previous month.  


This alarming inflation surge deepens the financial strain on citizens, with many grappling with soaring food prices, transportation, and housing costs. The relentless price hikes have intensified calls for government intervention as households struggle to make ends meet.  


Will policymakers step in to curb this economic crisis? For now, Nigerians brace for tougher times as inflation shows no signs of slowing down.  

Tinubu’s Govt Aims for 100% Youth & Women in Agriculture to Boost Food Security & Economy

Tinubu’s Govt Aims for 100% Youth & Women in Agriculture to Boost Food Security & Economy

By: Manoah Kikekon 



Farmers used to illustrate the story. [Photo Credit: Business Day]


The Federal Government has committed to ensuring full inclusion of women and youth in agriculture, a move set to strengthen food security and drive economic growth.  


Omolara Svensson, Special Assistant to the Junior Agric Minister, emphasized that this initiative is crucial for sustainable food production and reducing societal challenges. She spoke during the handover ceremony of new executive officers for the Nigerian Women for Agricultural Progressive and Development Initiative (NWAPDI) in Abuja on Tuesday.  


Svensson, former National Coordinator of NWAPDI, described agriculture as “Africa’s next oil well” and highlighted the pivotal role of women and youth in the nation’s food systems.  


“The government already has a blueprint for agriculture this year. While engaging real farmers, I will ensure women and youth benefit from 100% inclusivity in agricultural programmes,” she stated. “I’ll introduce innovative ideas aligned with the administration’s goals to boost food security. Working with the Minister of State, an agri-economist, makes this mission even more achievable.”


Lucy Pam, NWAPDI Deputy Coordinator, praised Svensson’s dedication to securing fair opportunities for women and youth, preventing resource diversion.  


Similarly, Anyamus Magit, NWAPDI Coordinator in Plateau, noted that 80% of Nigeria’s population engages in farming, with women and youth making up 70% of this workforce.  


(NAN)

By: Manoah Kikekon 



Farmers used to illustrate the story. [Photo Credit: Business Day]


The Federal Government has committed to ensuring full inclusion of women and youth in agriculture, a move set to strengthen food security and drive economic growth.  


Omolara Svensson, Special Assistant to the Junior Agric Minister, emphasized that this initiative is crucial for sustainable food production and reducing societal challenges. She spoke during the handover ceremony of new executive officers for the Nigerian Women for Agricultural Progressive and Development Initiative (NWAPDI) in Abuja on Tuesday.  


Svensson, former National Coordinator of NWAPDI, described agriculture as “Africa’s next oil well” and highlighted the pivotal role of women and youth in the nation’s food systems.  


“The government already has a blueprint for agriculture this year. While engaging real farmers, I will ensure women and youth benefit from 100% inclusivity in agricultural programmes,” she stated. “I’ll introduce innovative ideas aligned with the administration’s goals to boost food security. Working with the Minister of State, an agri-economist, makes this mission even more achievable.”


Lucy Pam, NWAPDI Deputy Coordinator, praised Svensson’s dedication to securing fair opportunities for women and youth, preventing resource diversion.  


Similarly, Anyamus Magit, NWAPDI Coordinator in Plateau, noted that 80% of Nigeria’s population engages in farming, with women and youth making up 70% of this workforce.  


(NAN)

Oando Forced to Shut Key Gas Pipeline After Triple Sabotage Attacks in Bayelsa

Oando Forced to Shut Key Gas Pipeline After Triple Sabotage Attacks in Bayelsa

By: Manoah kikekon 


Oando


Nigeria’s gas exports have taken a hit after three deliberate attacks on a critical pipeline in Bayelsa State, disrupting supply to the Nigeria Liquefied Natural Gas (NLNG) export terminal in Bonny, Rivers State.  


The Ogboinbiri-Obiobi 24-inch Gas Pipelin, located between Angiama and Angiamagbene in Southern Ijaw LGA, was sabotaged in three different spots on April 3.  


Oando Plc, the operator of the pipeline, confirmed the shutdown on Friday to prevent further environmental damage and allow for a thorough investigation.  


In a statement by Idongesit Edet, Oando’s Assistant Manager for Public Relations and Internal Communications, the company said: “Oando PLC confirms three separate attacks on its pipelines over the past week. Following standard protocols, we activated emergency response plans and began containment efforts to reduce environmental impact. Our repair teams were swiftly deployed, and we are collaborating with authorities to conduct a Joint Investigation Visit (JIV).”


A JIV is a mandatory assessment involving regulators, operators, and host communities to determine the cause, volume, and affected areas of an oil or gas leak.  


Oando added that the investigation will help identify the root cause of the sabotage and guide the implementation of long-term solutions.  


The company assured: “After the JIV, Oando will begin full-scale repairs to restore operations swiftly, prioritizing safety, environmental protection, and community welfare. Further updates will be provided as developments unfold.”


(NAN)

By: Manoah kikekon 


Oando


Nigeria’s gas exports have taken a hit after three deliberate attacks on a critical pipeline in Bayelsa State, disrupting supply to the Nigeria Liquefied Natural Gas (NLNG) export terminal in Bonny, Rivers State.  


The Ogboinbiri-Obiobi 24-inch Gas Pipelin, located between Angiama and Angiamagbene in Southern Ijaw LGA, was sabotaged in three different spots on April 3.  


Oando Plc, the operator of the pipeline, confirmed the shutdown on Friday to prevent further environmental damage and allow for a thorough investigation.  


In a statement by Idongesit Edet, Oando’s Assistant Manager for Public Relations and Internal Communications, the company said: “Oando PLC confirms three separate attacks on its pipelines over the past week. Following standard protocols, we activated emergency response plans and began containment efforts to reduce environmental impact. Our repair teams were swiftly deployed, and we are collaborating with authorities to conduct a Joint Investigation Visit (JIV).”


A JIV is a mandatory assessment involving regulators, operators, and host communities to determine the cause, volume, and affected areas of an oil or gas leak.  


Oando added that the investigation will help identify the root cause of the sabotage and guide the implementation of long-term solutions.  


The company assured: “After the JIV, Oando will begin full-scale repairs to restore operations swiftly, prioritizing safety, environmental protection, and community welfare. Further updates will be provided as developments unfold.”


(NAN)

China Fires Back: Slaps 125% Tariffs on U.S. Goods as Trade War Escalates

China Fires Back: Slaps 125% Tariffs on U.S. Goods as Trade War Escalates

By: Manoah Kikekon 


Shipping containers at the Yantian International Container Terminals in Shenzhen, China, on April 7, 2025.Photographer: Qilai Shen/Bloomberg


In a sharp retaliation against the Trump administration, China has imposed staggering 125% tariffs on American imports, intensifying the ongoing trade war between the world’s two largest economies.


 The move comes just a day after the U.S. hiked tariffs on Chinese goods from 10% to 25%, further straining already tense economic relations.  


China’s State Council announced the drastic measure on Friday, condemning Washington’s latest tariff hike as a violation of global trade rules and an act of economic bullying. The Chinese Finance Ministry slammed the U.S. decision, calling it "unreasonable, against market principles, and devoid of common sense."  


In a defiant statement, Beijing declared it will no longer engage in tit-for-tat tariff responses if the U.S. imposes further hikes. "At the current tariff levels, U.S. goods have no competitive market in China," the ministry stated, signaling a hardened stance in the escalating trade battle.  


As tensions reach a boiling point, businesses and investors brace for more economic fallout, with no clear resolution in sight. Will this trade war spiral further, or will negotiations prevail? Stay tuned as the U.S.-China trade conflict takes another dramatic turn.  

By: Manoah Kikekon 


Shipping containers at the Yantian International Container Terminals in Shenzhen, China, on April 7, 2025.Photographer: Qilai Shen/Bloomberg


In a sharp retaliation against the Trump administration, China has imposed staggering 125% tariffs on American imports, intensifying the ongoing trade war between the world’s two largest economies.


 The move comes just a day after the U.S. hiked tariffs on Chinese goods from 10% to 25%, further straining already tense economic relations.  


China’s State Council announced the drastic measure on Friday, condemning Washington’s latest tariff hike as a violation of global trade rules and an act of economic bullying. The Chinese Finance Ministry slammed the U.S. decision, calling it "unreasonable, against market principles, and devoid of common sense."  


In a defiant statement, Beijing declared it will no longer engage in tit-for-tat tariff responses if the U.S. imposes further hikes. "At the current tariff levels, U.S. goods have no competitive market in China," the ministry stated, signaling a hardened stance in the escalating trade battle.  


As tensions reach a boiling point, businesses and investors brace for more economic fallout, with no clear resolution in sight. Will this trade war spiral further, or will negotiations prevail? Stay tuned as the U.S.-China trade conflict takes another dramatic turn.  

Lagos & Sweden Forge Stronger Ties in Tech, Cybersecurity, and Infrastructure Development

Lagos & Sweden Forge Stronger Ties in Tech, Cybersecurity, and Infrastructure Development

 By: Manoah kikekon 


Crown Princess of Sweden Visits Lagos, Eyes Strategic Partnerships for Mutual Growth

Governor Babaji Sanwo-olu 


The Lagos State Government has pledged to deepen its bilateral cooperation with Sweden in key sectors, including information technology, cybersecurity, and infrastructure development, to drive progress in the state.  


Governor Babajide Sanwo-Olu made the commitment during a courtesy visit by the Crown Princess of Sweden, Her Royal Highness Princess Victoria, Duchess of Västergötland, and her delegation at Lagos House, Marina, on Tuesday. Represented by Deputy Governor Obafemi Hamzat, the governor emphasized the potential for expanded collaboration between Swedish investors and Lagos' thriving business community.  


"Welcome to Lagos, the state of aquatic splendor. We hope you experience the rich heritage of our vibrant city," Sanwo-Olu said. 


"This engagement with the Lagos business community will unlock new opportunities for partnership, ensuring mutual benefits for both parties."


Princess Victoria praised Lagos for its pivotal role as Nigeria’s economic hub, acknowledging its vast business potential.


Meanwhile, Sweden’s Minister of Infrastructure and Housing, Andreas Carlsson, highlighted the visit’s objective to establish strategic alliances and finalize key agreements.  


The meeting signals a promising step toward enhanced international cooperation, positioning Lagos for greater technological and infrastructural advancements.  


(NAN)


 By: Manoah kikekon 


Crown Princess of Sweden Visits Lagos, Eyes Strategic Partnerships for Mutual Growth

Governor Babaji Sanwo-olu 


The Lagos State Government has pledged to deepen its bilateral cooperation with Sweden in key sectors, including information technology, cybersecurity, and infrastructure development, to drive progress in the state.  


Governor Babajide Sanwo-Olu made the commitment during a courtesy visit by the Crown Princess of Sweden, Her Royal Highness Princess Victoria, Duchess of Västergötland, and her delegation at Lagos House, Marina, on Tuesday. Represented by Deputy Governor Obafemi Hamzat, the governor emphasized the potential for expanded collaboration between Swedish investors and Lagos' thriving business community.  


"Welcome to Lagos, the state of aquatic splendor. We hope you experience the rich heritage of our vibrant city," Sanwo-Olu said. 


"This engagement with the Lagos business community will unlock new opportunities for partnership, ensuring mutual benefits for both parties."


Princess Victoria praised Lagos for its pivotal role as Nigeria’s economic hub, acknowledging its vast business potential.


Meanwhile, Sweden’s Minister of Infrastructure and Housing, Andreas Carlsson, highlighted the visit’s objective to establish strategic alliances and finalize key agreements.  


The meeting signals a promising step toward enhanced international cooperation, positioning Lagos for greater technological and infrastructural advancements.  


(NAN)


Excessive Checkpoints Killing Badagry Tourism – Whingan Blasts Customs Comptroller

Excessive Checkpoints Killing Badagry Tourism – Whingan Blasts Customs Comptroller

 By: Manoah kikekon 


Hon. Sesi Whingan and Dr. Ben Oramalugo


During an oversight visit by the House Committee on Customs, Hon. Sesi Oluwaseun Whingan, the lawmaker representing Badagry Federal Constituency, strongly condemned the excessive security checkpoints along the Lagos-Badagry Expressway, accusing officials of stifling tourism in the historic town.  


The visit, led by Committee Chairman Hon. Leke Abejide, was part of a broader inspection of Customs formations across six Southwestern states. Whingan specifically called out the Nigeria Customs Service, Police, and other agencies for subjecting motorists—especially tourists—to constant harassment at multiple checkpoints.  


"Tourists visit Badagry to relax and explore, not to endure harassment at illegal checkpoints," Whingan fumed. "Some have had their vehicles impounded after years of use. Such traumatic experiences deter people from returning or recommending Badagry as a destination."  


He also criticized Customs for confiscating food items from local traders, calling it cruel amid Nigeria’s worsening inflation and food insecurity. "Seizing food from struggling traders only deepens hardship. This must stop," he insisted.  


In response, Seme Customs Comptroller Dr. Benedict Oramalugo admitted efforts to reduce checkpoints but shifted blame to the Police, alleging indiscriminate roadblocks. "We’ve scaled back, but the Police continue mounting unnecessary checkpoints. The Committee should address this with the IGP," he said.  


The heated exchange highlights growing frustration over how excessive security presence is harming Badagry’s economy and tourism sector. The House Committee’s ongoing tour aims to enforce accountability and improve service delivery across Customs commands in Lagos, Ogun, Oyo, Osun, Ondo, and Ekiti States.  


Whingan’s bold stance reaffirms his commitment to protecting Badagry’s residents and visitors while pushing for the town’s development.

 By: Manoah kikekon 


Hon. Sesi Whingan and Dr. Ben Oramalugo


During an oversight visit by the House Committee on Customs, Hon. Sesi Oluwaseun Whingan, the lawmaker representing Badagry Federal Constituency, strongly condemned the excessive security checkpoints along the Lagos-Badagry Expressway, accusing officials of stifling tourism in the historic town.  


The visit, led by Committee Chairman Hon. Leke Abejide, was part of a broader inspection of Customs formations across six Southwestern states. Whingan specifically called out the Nigeria Customs Service, Police, and other agencies for subjecting motorists—especially tourists—to constant harassment at multiple checkpoints.  


"Tourists visit Badagry to relax and explore, not to endure harassment at illegal checkpoints," Whingan fumed. "Some have had their vehicles impounded after years of use. Such traumatic experiences deter people from returning or recommending Badagry as a destination."  


He also criticized Customs for confiscating food items from local traders, calling it cruel amid Nigeria’s worsening inflation and food insecurity. "Seizing food from struggling traders only deepens hardship. This must stop," he insisted.  


In response, Seme Customs Comptroller Dr. Benedict Oramalugo admitted efforts to reduce checkpoints but shifted blame to the Police, alleging indiscriminate roadblocks. "We’ve scaled back, but the Police continue mounting unnecessary checkpoints. The Committee should address this with the IGP," he said.  


The heated exchange highlights growing frustration over how excessive security presence is harming Badagry’s economy and tourism sector. The House Committee’s ongoing tour aims to enforce accountability and improve service delivery across Customs commands in Lagos, Ogun, Oyo, Osun, Ondo, and Ekiti States.  


Whingan’s bold stance reaffirms his commitment to protecting Badagry’s residents and visitors while pushing for the town’s development.

Nigeria and Benin Republic Unite to Break Language Barriers, Boost Trade

Nigeria and Benin Republic Unite to Break Language Barriers, Boost Trade

 By: Manoah kikekon 



The Nigerian government has reaffirmed its commitment to eliminating language barriers between Nigeria and the Benin Republic to strengthen diplomatic relations and enhance cross-border trade.  


This announcement was made in a statement by Kauthar Gwarzo, Principal Information and Public Relations Officer of the Nigerian Technical Aid Corps (NTAC), following a high-level meeting in Cotonou.  

  

During a visit to Benin Republic’s Minister of Higher Education and Scientific Research, Eleonore Ladekan, NTAC Director-General Yusuf Yakub emphasized the importance of overcoming communication hurdles to foster deeper bilateral cooperation.  


Yakub highlighted that the NTAC initiative promotes South-South collaboration, particularly among African, Caribbean, and Pacific (ACP) nations, by facilitating trade and development.  


“Nigeria is dedicated to closer cooperation with Benin Republic in language learning and exchange,” Yakub stated. “Removing language barriers will enhance diplomatic efforts, boost trade, and create better economic opportunities for both nations.” 


As part of the initiative, Nigeria plans to send English language teachers to Benin while also encouraging French language acquisition among Nigerians.  


“This exchange will bridge the linguistic gap, paving the way for stronger trade, cultural exchange, and service partnerships,” Yakub explained.  

  

Minister Ladekan thanked President Bola Tinubu for Nigeria’s continued support to ACP countries through NTAC. She also praised the success of the Nigerian International School in Cotonou and expressed Benin’s eagerness to expand collaboration with Nigeria for mutual growth.  


The meeting included key officials from both nations, reinforcing the commitment to a stronger, more connected West Africa.  


(NAN) 

 By: Manoah kikekon 



The Nigerian government has reaffirmed its commitment to eliminating language barriers between Nigeria and the Benin Republic to strengthen diplomatic relations and enhance cross-border trade.  


This announcement was made in a statement by Kauthar Gwarzo, Principal Information and Public Relations Officer of the Nigerian Technical Aid Corps (NTAC), following a high-level meeting in Cotonou.  

  

During a visit to Benin Republic’s Minister of Higher Education and Scientific Research, Eleonore Ladekan, NTAC Director-General Yusuf Yakub emphasized the importance of overcoming communication hurdles to foster deeper bilateral cooperation.  


Yakub highlighted that the NTAC initiative promotes South-South collaboration, particularly among African, Caribbean, and Pacific (ACP) nations, by facilitating trade and development.  


“Nigeria is dedicated to closer cooperation with Benin Republic in language learning and exchange,” Yakub stated. “Removing language barriers will enhance diplomatic efforts, boost trade, and create better economic opportunities for both nations.” 


As part of the initiative, Nigeria plans to send English language teachers to Benin while also encouraging French language acquisition among Nigerians.  


“This exchange will bridge the linguistic gap, paving the way for stronger trade, cultural exchange, and service partnerships,” Yakub explained.  

  

Minister Ladekan thanked President Bola Tinubu for Nigeria’s continued support to ACP countries through NTAC. She also praised the success of the Nigerian International School in Cotonou and expressed Benin’s eagerness to expand collaboration with Nigeria for mutual growth.  


The meeting included key officials from both nations, reinforcing the commitment to a stronger, more connected West Africa.  


(NAN) 

Trump Slaps 14% Tariff on Nigerian Exports in Bold U.S. Trade Overhaul

Trump Slaps 14% Tariff on Nigerian Exports in Bold U.S. Trade Overhaul

 By: Manoah kikekon 


Donald Trump and Bola Tinubu 


In a dramatic shift in U.S. trade policy, former President Donald Trump has announced a 10% baseline tariff on all imports, with additional country-specific reciprocal tariffs—including a 14% duty on Nigerian exports to the U.S.


The move comes in response to Nigeria’s 27% tariff on American goods, which the Trump administration claims creates an unfair trade imbalance.  


According to data from Nigeria’s National Bureau of Statistics (NBS), trade between the two nations totaled N31.1 trillion from 2015 to 2024, with N16.4 trillion worth of imports from the U.S. Nigeria’s exports to the U.S. accounted for 8.7% of its global shipments, making America a key market for Nigerian goods.  


Announcing the policy during a Rose Garden event dubbed "Liberation Day," Trump framed the tariffs as a historic reset to protect American jobs and force open foreign markets.  


"This is one of the most important days in American history," Trump declared. "We will supercharge our domestic industrial base, pry open foreign markets, and break down foreign trade barriers." 


The policy takes immediate effect, affecting major U.S. trade partners like China, the EU, India, and Japan, as well as developing economies in Africa, Asia, and Latin America.  


For Nigeria, the 14% tariff could raise costs for key exports like crude oil, cocoa, and manufactured goods, potentially shrinking trade volumes with the U.S. Experts warn this could strain Nigeria’s economy, already grappling with inflation and currency pressures.  

  

Will Nigeria retaliate with higher tariffs?  

How will this impact Nigeria’s non-oil export growth plans?  

Could this push Nigeria to strengthen trade ties with China and the EU?  


 By: Manoah kikekon 


Donald Trump and Bola Tinubu 


In a dramatic shift in U.S. trade policy, former President Donald Trump has announced a 10% baseline tariff on all imports, with additional country-specific reciprocal tariffs—including a 14% duty on Nigerian exports to the U.S.


The move comes in response to Nigeria’s 27% tariff on American goods, which the Trump administration claims creates an unfair trade imbalance.  


According to data from Nigeria’s National Bureau of Statistics (NBS), trade between the two nations totaled N31.1 trillion from 2015 to 2024, with N16.4 trillion worth of imports from the U.S. Nigeria’s exports to the U.S. accounted for 8.7% of its global shipments, making America a key market for Nigerian goods.  


Announcing the policy during a Rose Garden event dubbed "Liberation Day," Trump framed the tariffs as a historic reset to protect American jobs and force open foreign markets.  


"This is one of the most important days in American history," Trump declared. "We will supercharge our domestic industrial base, pry open foreign markets, and break down foreign trade barriers." 


The policy takes immediate effect, affecting major U.S. trade partners like China, the EU, India, and Japan, as well as developing economies in Africa, Asia, and Latin America.  


For Nigeria, the 14% tariff could raise costs for key exports like crude oil, cocoa, and manufactured goods, potentially shrinking trade volumes with the U.S. Experts warn this could strain Nigeria’s economy, already grappling with inflation and currency pressures.  

  

Will Nigeria retaliate with higher tariffs?  

How will this impact Nigeria’s non-oil export growth plans?  

Could this push Nigeria to strengthen trade ties with China and the EU?  


NNPC Gets Major Overhaul: Tinubu Sacks Mele Kyari, Appoints Bayo Ojulari as New CEO

NNPC Gets Major Overhaul: Tinubu Sacks Mele Kyari, Appoints Bayo Ojulari as New CEO

 By: Manoah kikekon 

Mele Kiyari and Bayo Ojulari


In a bold move to revitalize Nigeria’s oil sector, President Bola Tinubu has removed Mele Kyari as Group CEO of the Nigerian National Petroleum Company (NNPC) Limited and dissolved its entire board, effective April 2, 2025.  


The announcement, made early Wednesday by presidential aide Bayo Onanuga, cited the need for "enhanced operational efficiency, restored investor confidence, and a more commercially driven NNPC." 


Bayo Ojulari (ex-Shell executive) takes over as Group CEO, replacing Kyari.  Ahmadu Musa Kida (former Total executive) appointed as Non-Executive Chairman, succeeding Pius Akinyelure.  Adedapo Segun confirmed as Chief Financial Officer (CFO).  


Six new non-executive directors appointed across Nigeria’s geopolitical zones, including industry veterans like Babs Omotowa (ex-NLNG MD) and Austin Avuru (Seplat co-founder).  


Strategic Goals: $60B Investments & 3M Barrels Daily by 2030 

President Tinubu’s "NNPC Transformation Plan" targets: $30B investments by 2027, $60B by 2030, 2M barrels/day crude production by 2027, 3M by 2030, 200K barrels/day refining capacity by 2027, 500K by 2030 and 8B cubic feet gas output by 2027, 10B by 2030.


Why the Shake-Up?

The move aligns with the Petroleum Industry Act (PIA) 2021, aiming to reposition NNPC as a transparent, profit-driven entity. The new board has been handed a strategic action plan, including a review of NNPC’s joint ventures to maximize value.  


Meet the New Leaders

Ahmadu Kida (Chairman) – Ex-Total deputy MD with 30+ years in oil & gas.  

Bayo Ojulari (CEO) – Former Shell Nigeria Exploration MD and energy strategist.  


Tinubu’s Vision: "We are taking bold steps to transform NNPC into a globally competitive company that drives Nigeria’s energy security and economic growth."  


The outgoing board was commended for reviving Port Harcourt and Warri refineries, enabling local fuel production after years of shutdowns.  


What’s Next? Industry analysts expect faster reforms, increased private-sector partnerships, and a push for modular refineries under the new leadership. 

 By: Manoah kikekon 

Mele Kiyari and Bayo Ojulari


In a bold move to revitalize Nigeria’s oil sector, President Bola Tinubu has removed Mele Kyari as Group CEO of the Nigerian National Petroleum Company (NNPC) Limited and dissolved its entire board, effective April 2, 2025.  


The announcement, made early Wednesday by presidential aide Bayo Onanuga, cited the need for "enhanced operational efficiency, restored investor confidence, and a more commercially driven NNPC." 


Bayo Ojulari (ex-Shell executive) takes over as Group CEO, replacing Kyari.  Ahmadu Musa Kida (former Total executive) appointed as Non-Executive Chairman, succeeding Pius Akinyelure.  Adedapo Segun confirmed as Chief Financial Officer (CFO).  


Six new non-executive directors appointed across Nigeria’s geopolitical zones, including industry veterans like Babs Omotowa (ex-NLNG MD) and Austin Avuru (Seplat co-founder).  


Strategic Goals: $60B Investments & 3M Barrels Daily by 2030 

President Tinubu’s "NNPC Transformation Plan" targets: $30B investments by 2027, $60B by 2030, 2M barrels/day crude production by 2027, 3M by 2030, 200K barrels/day refining capacity by 2027, 500K by 2030 and 8B cubic feet gas output by 2027, 10B by 2030.


Why the Shake-Up?

The move aligns with the Petroleum Industry Act (PIA) 2021, aiming to reposition NNPC as a transparent, profit-driven entity. The new board has been handed a strategic action plan, including a review of NNPC’s joint ventures to maximize value.  


Meet the New Leaders

Ahmadu Kida (Chairman) – Ex-Total deputy MD with 30+ years in oil & gas.  

Bayo Ojulari (CEO) – Former Shell Nigeria Exploration MD and energy strategist.  


Tinubu’s Vision: "We are taking bold steps to transform NNPC into a globally competitive company that drives Nigeria’s energy security and economic growth."  


The outgoing board was commended for reviving Port Harcourt and Warri refineries, enabling local fuel production after years of shutdowns.  


What’s Next? Industry analysts expect faster reforms, increased private-sector partnerships, and a push for modular refineries under the new leadership. 

Badagry Residents Clash with Customs Officers Over Raid on Rice Stores

Badagry Residents Clash with Customs Officers Over Raid on Rice Stores

 By: Manoah kikekon 


Photo used to illustrate the story 


Residents of Badagry, Lagos, resisted an attempted raid by Nigeria Customs Service officers on rice stores near the Badagry Roundabout, an area located about 100 kilometers from the Seme Border.  


The incident occurred on Friday around 4 p.m. when customs officers stormed the rice stores at Roundabout. However, the locals confronted them, forcing a retreat. Reports indicate that the officers vowed to return at night.  


In this year alone, the Nigeria Customs Service has repeatedly raided rice stores in Badagry and neighboring communities, despite the area's significant distance from the Seme Border.  


According to eyewitness Mutin Jimor, who spoke with News Peddlers*l, this marks the fourth time customs officers have raided the area this year, seizing over 700 bags of rice from local traders.  


"They usually come at night, firing gunshots to scare people before breaking into stores. But this time, they came during the day, and the people were ready. As soon as the officers started shooting, the residents retaliated by throwing stones, forcing the customs officers to retreat," Jimor explained. 


Pius Waliu, a local bread seller, credited the residents' bravery for preventing further intimidation.  


"If not for the people standing their ground and stoning the officers despite the gunfire, the situation would have been worse. The officers had no choice but to flee," Waliu said.  


CSP Folajimi Ogoshile, the Divisional Police Officer (DPO) of the Badagry Police Station, swiftly arrived at the scene to restore order. He described the clash as "unfortunate" but assured residents that normalcy had been restored.  


"There is no need for panic. The situation is under control," Ogoshile stated.  


The customs officers involved were reportedly from the Forward Operation Base (FOB) in Gbaji along the Seme Expressway. Despite Badagry's distance from the border, customs officials have continued confiscating rice, citing smuggling concerns.  


This latest clash highlights growing tensions between traders and customs operatives over frequent seizures, raising questions about the legality and methods of enforcement in the region. 


As at the time this report was gathered the road was lettered with stones.

 By: Manoah kikekon 


Photo used to illustrate the story 


Residents of Badagry, Lagos, resisted an attempted raid by Nigeria Customs Service officers on rice stores near the Badagry Roundabout, an area located about 100 kilometers from the Seme Border.  


The incident occurred on Friday around 4 p.m. when customs officers stormed the rice stores at Roundabout. However, the locals confronted them, forcing a retreat. Reports indicate that the officers vowed to return at night.  


In this year alone, the Nigeria Customs Service has repeatedly raided rice stores in Badagry and neighboring communities, despite the area's significant distance from the Seme Border.  


According to eyewitness Mutin Jimor, who spoke with News Peddlers*l, this marks the fourth time customs officers have raided the area this year, seizing over 700 bags of rice from local traders.  


"They usually come at night, firing gunshots to scare people before breaking into stores. But this time, they came during the day, and the people were ready. As soon as the officers started shooting, the residents retaliated by throwing stones, forcing the customs officers to retreat," Jimor explained. 


Pius Waliu, a local bread seller, credited the residents' bravery for preventing further intimidation.  


"If not for the people standing their ground and stoning the officers despite the gunfire, the situation would have been worse. The officers had no choice but to flee," Waliu said.  


CSP Folajimi Ogoshile, the Divisional Police Officer (DPO) of the Badagry Police Station, swiftly arrived at the scene to restore order. He described the clash as "unfortunate" but assured residents that normalcy had been restored.  


"There is no need for panic. The situation is under control," Ogoshile stated.  


The customs officers involved were reportedly from the Forward Operation Base (FOB) in Gbaji along the Seme Expressway. Despite Badagry's distance from the border, customs officials have continued confiscating rice, citing smuggling concerns.  


This latest clash highlights growing tensions between traders and customs operatives over frequent seizures, raising questions about the legality and methods of enforcement in the region. 


As at the time this report was gathered the road was lettered with stones.

Zenith Bank Records N1.3 Trillion Profit Before Tax in 2024 – A 67% Growth Surge

Zenith Bank Records N1.3 Trillion Profit Before Tax in 2024 – A 67% Growth Surge

 By: Manoah kikekon 


Zenith Bank [Photo credit: The Cable]


Zenith Bank Plc has announced an impressive N1.3 trillion Profit Before Tax (PBT) in its 2024 audited financial results, marking a 67% increase from the N796 billion recorded in 2023. 


The financial powerhouse disclosed this milestone in a corporate filing submitted to the Nigerian Exchange Limited (NGX), reinforcing its position as a leader in Nigeria’s banking sector.  


Key Financial Highlights: Gross Earnings Soar by 86% – From N2.13 trillion (2023) to N3.97 trillion (2024)

Interest Income Jumps 138% – Driven by strategic investments in high-yield government securities and loan book expansion  

Net Interest Income Up 135% – Rising from N736 billion to N1.7 trillion

Total Assets Grow by 47% – Reaching N30 trillion, up from N20 trillion  

Customer Deposits Increase by 45% – Climbing to N22 trillion.


Despite a slight rise in cost-to-income ratio (38.9% from 36.1%), Zenith Bank maintained strong asset quality, with a non-performing loan ratio of 4.7% and an impressive 223% coverage ratio.  


Dr. Adaora Umeoji, Group Managing Director/CEO, attributed the outstanding performance to the bank’s customer-focused innovations** and strategic financial management.  


“Our 2024 results reflect Zenith Bank’s relentless drive for excellence, financial inclusion, and superior stakeholder value. We remain committed to delivering cutting-edge solutions while sustaining growth in key economic sectors,” she stated.  


With this record-breaking performance, Zenith Bank continues to set industry benchmarks, reinforcing investor confidence and its reputation as Nigeria’s most profitable bank. 


(NAN)

 By: Manoah kikekon 


Zenith Bank [Photo credit: The Cable]


Zenith Bank Plc has announced an impressive N1.3 trillion Profit Before Tax (PBT) in its 2024 audited financial results, marking a 67% increase from the N796 billion recorded in 2023. 


The financial powerhouse disclosed this milestone in a corporate filing submitted to the Nigerian Exchange Limited (NGX), reinforcing its position as a leader in Nigeria’s banking sector.  


Key Financial Highlights: Gross Earnings Soar by 86% – From N2.13 trillion (2023) to N3.97 trillion (2024)

Interest Income Jumps 138% – Driven by strategic investments in high-yield government securities and loan book expansion  

Net Interest Income Up 135% – Rising from N736 billion to N1.7 trillion

Total Assets Grow by 47% – Reaching N30 trillion, up from N20 trillion  

Customer Deposits Increase by 45% – Climbing to N22 trillion.


Despite a slight rise in cost-to-income ratio (38.9% from 36.1%), Zenith Bank maintained strong asset quality, with a non-performing loan ratio of 4.7% and an impressive 223% coverage ratio.  


Dr. Adaora Umeoji, Group Managing Director/CEO, attributed the outstanding performance to the bank’s customer-focused innovations** and strategic financial management.  


“Our 2024 results reflect Zenith Bank’s relentless drive for excellence, financial inclusion, and superior stakeholder value. We remain committed to delivering cutting-edge solutions while sustaining growth in key economic sectors,” she stated.  


With this record-breaking performance, Zenith Bank continues to set industry benchmarks, reinforcing investor confidence and its reputation as Nigeria’s most profitable bank. 


(NAN)

Nigerian Navy Seizes 13,800 Litres of Petrol and 71 Bags of Foreign Rice in Badagry

Nigerian Navy Seizes 13,800 Litres of Petrol and 71 Bags of Foreign Rice in Badagry

By: Manoah Kikekon 


Nigeria Navy 


The Forward Operating Base (FOB) Badagry of the Nigerian Navy has intercepted 13,800 litres of petrol and 71 bags of foreign rice in a series of anti-smuggling operations along the Badagry creeks.  


The Commanding Officer of FOB Badagry, Navy Captain Oyeleye Omotayo, disclosed this in a statement on Sunday, confirming that the seizures took place between March 7 and 14, 2024. According to him, naval operatives acted on credible intelligence about suspected smuggling activities in the area, leading to the successful interception.  


In an early morning operation on Friday, March 14, at 2:54 am, naval personnel launched a targeted mission to disrupt smuggling networks.  


"The smugglers initially evaded our water patrol but were intercepted by our land patrol team around 3:30 am," Omotayo stated. "A total of 71 bags of foreign rice were seized, while the suspects fled upon sighting our patrol at 4:22 am."  

The confiscated rice has been moved to the base for further action in line with standard procedures.  


On the same day, at12:15 am, naval intelligence uncovered a large stockpile of petrol at Bollington Beach in the Badagry creeks. Reports indicated that the fuel was being prepared for illegal export via wooden boats to Benin Republic.  


A search of the area led to the discovery of 234 jerry cans (25 litres each), amounting to 5,850 litres of petrol, which were swiftly confiscated.  


The Commanding Officer also revealed that 7,770 litres of petrol were seized in separate operations across Badagry communities. Additionally, 7,950 litres of petrol previously intercepted from **two filling stations and Tongeji Island on March 7 and 8** were processed in accordance with the law.  


The Nigerian Navy remains committed to curbing illegal smuggling activities, safeguarding the nation’s economic interests, and maintaining security within its territorial waters.  



(The GUARDIAN)


By: Manoah Kikekon 


Nigeria Navy 


The Forward Operating Base (FOB) Badagry of the Nigerian Navy has intercepted 13,800 litres of petrol and 71 bags of foreign rice in a series of anti-smuggling operations along the Badagry creeks.  


The Commanding Officer of FOB Badagry, Navy Captain Oyeleye Omotayo, disclosed this in a statement on Sunday, confirming that the seizures took place between March 7 and 14, 2024. According to him, naval operatives acted on credible intelligence about suspected smuggling activities in the area, leading to the successful interception.  


In an early morning operation on Friday, March 14, at 2:54 am, naval personnel launched a targeted mission to disrupt smuggling networks.  


"The smugglers initially evaded our water patrol but were intercepted by our land patrol team around 3:30 am," Omotayo stated. "A total of 71 bags of foreign rice were seized, while the suspects fled upon sighting our patrol at 4:22 am."  

The confiscated rice has been moved to the base for further action in line with standard procedures.  


On the same day, at12:15 am, naval intelligence uncovered a large stockpile of petrol at Bollington Beach in the Badagry creeks. Reports indicated that the fuel was being prepared for illegal export via wooden boats to Benin Republic.  


A search of the area led to the discovery of 234 jerry cans (25 litres each), amounting to 5,850 litres of petrol, which were swiftly confiscated.  


The Commanding Officer also revealed that 7,770 litres of petrol were seized in separate operations across Badagry communities. Additionally, 7,950 litres of petrol previously intercepted from **two filling stations and Tongeji Island on March 7 and 8** were processed in accordance with the law.  


The Nigerian Navy remains committed to curbing illegal smuggling activities, safeguarding the nation’s economic interests, and maintaining security within its territorial waters.  



(The GUARDIAN)


FG Calls for Stakeholder Support to Boost ECOWAS Abidjan-Lagos Highway Project

FG Calls for Stakeholder Support to Boost ECOWAS Abidjan-Lagos Highway Project

By: Manaoh Kikekon


Economic Growth, Job Creation, and Seamless Trade Await as Government Seeks Community Cooperation


Lagos-Abidjan corridor [ Photo credit: the Guardian]


The Federal Government has highlighted the immense economic and social benefits of the ECOWAS Abidjan-Lagos corridor highway project, urging residents, traditional leaders, and stakeholders along the Agbara-Badagry route to support its smooth implementation.  


At a recent stakeholders’ town hall meeting in Agbara, David Nwedu, Project Director for Communication and Visibility Study of the Abidjan-Lagos Corridor Highway Development Project, emphasized the highway’s strategic importance. He revealed that the corridor supports 75% of ECOWAS’s economic activities, spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire.  


Nwedu described the initiative as a game-changer for regional trade, with plans underway to integrate a rail line to enhance connectivity. The project aims to eliminate border restrictions by 2045, ensuring seamless movement of goods and people across West Africa.  


Key benefits include:  Thousands of jobs during construction, Boosted commerce for local businesses, New industrial hubs along the corridor, and Increased foreign investment and tourism. 


Community Engagement Critical for Smooth Implementation

Olukorede Kesha, Federal Controller of Works for Lagos State, stressed the importance of community awareness and cooperation, particularly in adhering to the Right of Way (RoW). She noted that the meeting aimed to educate residents, many of whom were engaging in such discussions for the first time.  


Kesha assured stakeholders that community concerns—such as street lighting and bridge expansions—have been factored into the project design, ensuring a balanced approach to development.  


With strong stakeholder collaboration, the ECOWAS highway promises to transform West Africa’s economic landscape, fostering trade, employment, and regional integration.  

By: Manaoh Kikekon


Economic Growth, Job Creation, and Seamless Trade Await as Government Seeks Community Cooperation


Lagos-Abidjan corridor [ Photo credit: the Guardian]


The Federal Government has highlighted the immense economic and social benefits of the ECOWAS Abidjan-Lagos corridor highway project, urging residents, traditional leaders, and stakeholders along the Agbara-Badagry route to support its smooth implementation.  


At a recent stakeholders’ town hall meeting in Agbara, David Nwedu, Project Director for Communication and Visibility Study of the Abidjan-Lagos Corridor Highway Development Project, emphasized the highway’s strategic importance. He revealed that the corridor supports 75% of ECOWAS’s economic activities, spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire.  


Nwedu described the initiative as a game-changer for regional trade, with plans underway to integrate a rail line to enhance connectivity. The project aims to eliminate border restrictions by 2045, ensuring seamless movement of goods and people across West Africa.  


Key benefits include:  Thousands of jobs during construction, Boosted commerce for local businesses, New industrial hubs along the corridor, and Increased foreign investment and tourism. 


Community Engagement Critical for Smooth Implementation

Olukorede Kesha, Federal Controller of Works for Lagos State, stressed the importance of community awareness and cooperation, particularly in adhering to the Right of Way (RoW). She noted that the meeting aimed to educate residents, many of whom were engaging in such discussions for the first time.  


Kesha assured stakeholders that community concerns—such as street lighting and bridge expansions—have been factored into the project design, ensuring a balanced approach to development.  


With strong stakeholder collaboration, the ECOWAS highway promises to transform West Africa’s economic landscape, fostering trade, employment, and regional integration.  

China’s Central Bank Shifts MLF Rate Mechanism, Diminishing Policy Guidance Role

China’s Central Bank Shifts MLF Rate Mechanism, Diminishing Policy Guidance Role

By: Manaoh Kikekon


PBOC Adopts Auction-Based Pricing for Medium-Term Loans to Gauge Market Demand 

 

Chinese Central Bank


China’s central bank announced changes to its medium-term lending operations, a shift analysts say could further weaken the instrument’s role in guiding monetary policy.  


The People’s Bank of China (PBOC) revealed plans to issue 450 billion yuan ($62.03 billion) in one-year medium-term lending facility (MLF) loans on Tuesday.  


Starting this month, MLF operations will transition to a fixed-quantity, interest-rate bidding, and multiple-price bidding approach, the PBOC said.  


"This fixed-volume, auction-based method is another step toward reducing the MLF rate’s role as a policy benchmark," said Frances Cheung, head of FX and rates strategy at OCBC Bank. "The new pricing mechanism will allow policymakers to assess market demand at varying interest rate levels."  


The PBOC stated that the adjustment aims to "maintain ample banking system liquidity" and "better address the differentiated funding needs of financial institutions."  


In recent years, China’s central bank has increasingly relied on the seven-day reverse repo rate as its primary policy tool, while scaling back the influence of other bond instrument rates.  


This month, 387 billion yuan in MLF loans were set to mature. Tuesday’s operation is expected to inject a net 63 billion yuan into the market, providing liquidity support, according to Cheung.  


The PBOC also signaled potential future easing, stating after a quarterly policy meeting that it would cut banks’ reserve requirement ratio and interest rates at the "appropriate time."


($1 = 7.2542 Chinese yuan renminbi) 


(REUTERS)

By: Manaoh Kikekon


PBOC Adopts Auction-Based Pricing for Medium-Term Loans to Gauge Market Demand 

 

Chinese Central Bank


China’s central bank announced changes to its medium-term lending operations, a shift analysts say could further weaken the instrument’s role in guiding monetary policy.  


The People’s Bank of China (PBOC) revealed plans to issue 450 billion yuan ($62.03 billion) in one-year medium-term lending facility (MLF) loans on Tuesday.  


Starting this month, MLF operations will transition to a fixed-quantity, interest-rate bidding, and multiple-price bidding approach, the PBOC said.  


"This fixed-volume, auction-based method is another step toward reducing the MLF rate’s role as a policy benchmark," said Frances Cheung, head of FX and rates strategy at OCBC Bank. "The new pricing mechanism will allow policymakers to assess market demand at varying interest rate levels."  


The PBOC stated that the adjustment aims to "maintain ample banking system liquidity" and "better address the differentiated funding needs of financial institutions."  


In recent years, China’s central bank has increasingly relied on the seven-day reverse repo rate as its primary policy tool, while scaling back the influence of other bond instrument rates.  


This month, 387 billion yuan in MLF loans were set to mature. Tuesday’s operation is expected to inject a net 63 billion yuan into the market, providing liquidity support, according to Cheung.  


The PBOC also signaled potential future easing, stating after a quarterly policy meeting that it would cut banks’ reserve requirement ratio and interest rates at the "appropriate time."


($1 = 7.2542 Chinese yuan renminbi) 


(REUTERS)

Telecom Operators Sound Alarm: N5 Billion Lost to 2,500 Fibre Cuts in Lagos

Telecom Operators Sound Alarm: N5 Billion Lost to 2,500 Fibre Cuts in Lagos

By: Manoah kikekon 

Telecommunications mast [Photo credit: Guardian]


Telecommunications operators have raised concerns after recording 2,500 fibre cuts in Lagos in 2024, resulting in an estimated N5 billion ($6.25 million) in losses. 

The alarming figures were disclosed during the seventh edition of the Policy Implementation Assisted Forum (PIAFo) held in Lagos over the weekend.  

The operators identified high-risk areas such as Ikeja, Lekki, and Victoria Island, where road expansions and private development projects frequently disrupt connectivity. They emphasized that the recurring incidents underscore the urgent need for stronger preventive measures, legal enforcement, and coordinated infrastructure planning.  

Speaking at the forum, themed “Strengthening Protection of Critical Information Infrastructure through Proactive Implementation and Strategic Coordination,” Jude Ighomena, a senior official at Broadbased Communications, highlighted the persistent nature of fibre cuts despite existing regulations.  

“Offenders must be held accountable,” Ighomena stated, advocating for stricter enforcement and the implementation of preventive strategies to safeguard telecom investments. He listed the primary causes of fibre cuts as construction and urban development, illegal excavation, vandalism, and overlapping regulatory authorities.  

Ighomena outlined the significant impacts of fibre cuts, including economic losses, service disruptions, consumer frustration, and security concerns. He stressed the need for a robust compensation and redress framework to address the issue.  

“Policy reforms should mandate stricter penalties for unauthorised fibre disruptions, ensuring offenders are held accountable. Stakeholder engagement is critical, bringing together government agencies, telecom operators, and civil society to create enforceable policies and improve coordination,” he added.  

Earlier at the forum, telecom operators proposed a review of the current national tariff plans, suggesting a shift to a regional tariff regime. This new approach would factor in the specific challenges faced in each state, ensuring that states with better ease of doing business are compensated, while those creating operational difficulties pay higher service costs.  

Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), explained that some states are particularly challenging to operate in, and these difficulties should be reflected in the cost of operations.  

“We may have to reconsider the issue of our national tariffs and look at regional tariffs. If you are aware that the cost of doing business is high in a particular state and it’s impossible to negotiate with them, factor the cost of deployment in those areas into the cost of providing services,” Adebayo said.  
By: Manoah kikekon 

Telecommunications mast [Photo credit: Guardian]


Telecommunications operators have raised concerns after recording 2,500 fibre cuts in Lagos in 2024, resulting in an estimated N5 billion ($6.25 million) in losses. 

The alarming figures were disclosed during the seventh edition of the Policy Implementation Assisted Forum (PIAFo) held in Lagos over the weekend.  

The operators identified high-risk areas such as Ikeja, Lekki, and Victoria Island, where road expansions and private development projects frequently disrupt connectivity. They emphasized that the recurring incidents underscore the urgent need for stronger preventive measures, legal enforcement, and coordinated infrastructure planning.  

Speaking at the forum, themed “Strengthening Protection of Critical Information Infrastructure through Proactive Implementation and Strategic Coordination,” Jude Ighomena, a senior official at Broadbased Communications, highlighted the persistent nature of fibre cuts despite existing regulations.  

“Offenders must be held accountable,” Ighomena stated, advocating for stricter enforcement and the implementation of preventive strategies to safeguard telecom investments. He listed the primary causes of fibre cuts as construction and urban development, illegal excavation, vandalism, and overlapping regulatory authorities.  

Ighomena outlined the significant impacts of fibre cuts, including economic losses, service disruptions, consumer frustration, and security concerns. He stressed the need for a robust compensation and redress framework to address the issue.  

“Policy reforms should mandate stricter penalties for unauthorised fibre disruptions, ensuring offenders are held accountable. Stakeholder engagement is critical, bringing together government agencies, telecom operators, and civil society to create enforceable policies and improve coordination,” he added.  

Earlier at the forum, telecom operators proposed a review of the current national tariff plans, suggesting a shift to a regional tariff regime. This new approach would factor in the specific challenges faced in each state, ensuring that states with better ease of doing business are compensated, while those creating operational difficulties pay higher service costs.  

Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), explained that some states are particularly challenging to operate in, and these difficulties should be reflected in the cost of operations.  

“We may have to reconsider the issue of our national tariffs and look at regional tariffs. If you are aware that the cost of doing business is high in a particular state and it’s impossible to negotiate with them, factor the cost of deployment in those areas into the cost of providing services,” Adebayo said.  

Badagry in Darkness: Lagos Border Community Relies on Benin Republic for Power and Water

Badagry in Darkness: Lagos Border Community Relies on Benin Republic for Power and Water

By: New Peddlers 


Light bulb and electricity poles 


A recent report by PUNCH journalist Muhammed Lawal sheds light on the daily struggles of residents in Kweme, a Lagos-Benin Republic border community, where years of power outages have left them without basic necessities like electricity and clean water.  

The journey to Kweme, a quiet village near the Nigeria-Benin border, reveals a community grappling with the harsh realities of life without power. As dusk falls, residents resort to creative solutions to cope with the prolonged blackout, which has persisted since 2017.  

Crossing Borders for Basic Needs

One of the most striking revelations is that residents often travel to Benin Republic to charge their phones and fetch water. A Beninese trader, Misi, confirmed this, stating, “Nigerians come here to charge their phones, fetch water, and take care of other needs. They patronise us because they don’t have electricity.”  

Kweme, an ancient town in Badagry Local Government Area, oversees several villages, including Akoko, Asipa, Irosu, and others. Despite its strategic location, the community has seen little development in the past decade. The lack of electricity has forced residents into a life of hardship, with many feeling disconnected from modern society.  

A Community in Crisis

The power outage has not only disrupted daily life but also crippled local businesses. Frozen food vendors, like Abdullahi Roimot, struggle to preserve their goods, often resorting to expensive fuel-powered generators. “I can barely afford 20 litres of fuel a week,” Roimot lamented. “My goods spoil before I can sell them, and I’ve never made a profit.”  

For residents like Hawawu Raji, the situation is equally dire. “I pay N200 to charge my phone in Benin Republic,” she said. “We feel like outsiders in our own country. There are no companies here for our husbands to work in, and women are forced into businesses they shouldn’t be involved in just to feed their families.”  

The Irony of Power Supply

Ironically, while Nigeria struggles with power outages, it supplies electricity to Benin Republic. Last year, the Managing Director of the Transmission Company of Nigeria, Sule Abdulaziz, revealed that Nigeria provides 24-hour electricity to Benin and Togo, even as its own citizens endure chronic blackouts.  

This disparity has fueled frustration among Nigerians, who question why their country, often referred to as the “Giant of Africa,” cannot provide basic services to its citizens.  

Crumbling Businesses and Health Risks

The lack of electricity has devastated local businesses, particularly those reliant on refrigeration. Roimot, who also suffers from a recurring medical condition, shared how the absence of power exacerbates her health issues. “I was sweating profusely, feeling like I was suffocating. If there was electricity, I might not have had to go through all of this,” she said.  

Residents also face challenges accessing clean water. Many rely on wells, boiling the water or adding alum to make it drinkable. “We fetch water from Benin Republic because the water here is not safe,” said Bashir Abdullahi, a resident.  

Education and Security Concerns

The power crisis has also impacted education. Abdullahi Semando, a teacher at a local primary school, lamented that computers meant to enhance learning remain unused due to the lack of electricity. “The children are left without the tools to succeed,” he said.  

Security is another growing concern. Prolonged darkness has made the community vulnerable to crime, with vandals frequently stealing transformer cables and other electrical components.  

Calls for Government Intervention  

Residents and community leaders have repeatedly called for government intervention. Awesu Oluwafemi, General Secretary of the Kweme Elders Forum, confirmed that the community has been without power since 2017. “We travel to Benin Republic to charge our phones and take care of other needs,” he said.  

Youth leader Raji Uthman echoed these concerns, stating, “The government should come to our aid. Power is crucial for the growth and development of every community.”  

Expert Weighs In

Abayomi Oladapo, a US-based energy expert, criticized the Nigerian government for prioritizing power exports over domestic needs. “It’s shameful that Nigerians must cross into Benin Republic for electricity,” he said. “The government must renegotiate power export agreements and prioritize underserved communities like Kweme.”  

Vandalism and Eko Disco’s Response

A social advocate in Badagry community, Manoah Kikekon, noted that since the power was disconnected, vandals had been targeting communities, stealing transformer cables and other electrical components.

He said, “An example is Wayingbeme, a community just after Suntan Beach. The power lines before the community have been removed, and the community’s transformer is now practically empty, as all valuables have been stolen.

“Over time, concerned residents have raised the alarm, but nothing has been done because it is believed that the area will not generate the required revenue. That’s why there has been no response to our requests.”

An anonymous official from the Eko Electricity Distribution Company (EKEDC) cited vandalism as the primary cause of the power outage. “Cables passing through the Seme Bridge are repeatedly cut and stolen,” the official said. Efforts to restore power have been hampered by the high cost of repairs and the need for a long-term solution.  

Despite repeated attempts, PUNCH was unable to reach EKEDC’s spokesperson for further comments.  


The plight of Kweme residents highlights the urgent need for government action to address Nigeria’s power crisis. As communities like Kweme continue to live in darkness, the call for equitable access to electricity grows louder. Without immediate intervention, the gap between Nigeria and its neighbors will only widen, leaving millions of citizens in the shadows.  

(PUNCH)
By: New Peddlers 


Light bulb and electricity poles 


A recent report by PUNCH journalist Muhammed Lawal sheds light on the daily struggles of residents in Kweme, a Lagos-Benin Republic border community, where years of power outages have left them without basic necessities like electricity and clean water.  

The journey to Kweme, a quiet village near the Nigeria-Benin border, reveals a community grappling with the harsh realities of life without power. As dusk falls, residents resort to creative solutions to cope with the prolonged blackout, which has persisted since 2017.  

Crossing Borders for Basic Needs

One of the most striking revelations is that residents often travel to Benin Republic to charge their phones and fetch water. A Beninese trader, Misi, confirmed this, stating, “Nigerians come here to charge their phones, fetch water, and take care of other needs. They patronise us because they don’t have electricity.”  

Kweme, an ancient town in Badagry Local Government Area, oversees several villages, including Akoko, Asipa, Irosu, and others. Despite its strategic location, the community has seen little development in the past decade. The lack of electricity has forced residents into a life of hardship, with many feeling disconnected from modern society.  

A Community in Crisis

The power outage has not only disrupted daily life but also crippled local businesses. Frozen food vendors, like Abdullahi Roimot, struggle to preserve their goods, often resorting to expensive fuel-powered generators. “I can barely afford 20 litres of fuel a week,” Roimot lamented. “My goods spoil before I can sell them, and I’ve never made a profit.”  

For residents like Hawawu Raji, the situation is equally dire. “I pay N200 to charge my phone in Benin Republic,” she said. “We feel like outsiders in our own country. There are no companies here for our husbands to work in, and women are forced into businesses they shouldn’t be involved in just to feed their families.”  

The Irony of Power Supply

Ironically, while Nigeria struggles with power outages, it supplies electricity to Benin Republic. Last year, the Managing Director of the Transmission Company of Nigeria, Sule Abdulaziz, revealed that Nigeria provides 24-hour electricity to Benin and Togo, even as its own citizens endure chronic blackouts.  

This disparity has fueled frustration among Nigerians, who question why their country, often referred to as the “Giant of Africa,” cannot provide basic services to its citizens.  

Crumbling Businesses and Health Risks

The lack of electricity has devastated local businesses, particularly those reliant on refrigeration. Roimot, who also suffers from a recurring medical condition, shared how the absence of power exacerbates her health issues. “I was sweating profusely, feeling like I was suffocating. If there was electricity, I might not have had to go through all of this,” she said.  

Residents also face challenges accessing clean water. Many rely on wells, boiling the water or adding alum to make it drinkable. “We fetch water from Benin Republic because the water here is not safe,” said Bashir Abdullahi, a resident.  

Education and Security Concerns

The power crisis has also impacted education. Abdullahi Semando, a teacher at a local primary school, lamented that computers meant to enhance learning remain unused due to the lack of electricity. “The children are left without the tools to succeed,” he said.  

Security is another growing concern. Prolonged darkness has made the community vulnerable to crime, with vandals frequently stealing transformer cables and other electrical components.  

Calls for Government Intervention  

Residents and community leaders have repeatedly called for government intervention. Awesu Oluwafemi, General Secretary of the Kweme Elders Forum, confirmed that the community has been without power since 2017. “We travel to Benin Republic to charge our phones and take care of other needs,” he said.  

Youth leader Raji Uthman echoed these concerns, stating, “The government should come to our aid. Power is crucial for the growth and development of every community.”  

Expert Weighs In

Abayomi Oladapo, a US-based energy expert, criticized the Nigerian government for prioritizing power exports over domestic needs. “It’s shameful that Nigerians must cross into Benin Republic for electricity,” he said. “The government must renegotiate power export agreements and prioritize underserved communities like Kweme.”  

Vandalism and Eko Disco’s Response

A social advocate in Badagry community, Manoah Kikekon, noted that since the power was disconnected, vandals had been targeting communities, stealing transformer cables and other electrical components.

He said, “An example is Wayingbeme, a community just after Suntan Beach. The power lines before the community have been removed, and the community’s transformer is now practically empty, as all valuables have been stolen.

“Over time, concerned residents have raised the alarm, but nothing has been done because it is believed that the area will not generate the required revenue. That’s why there has been no response to our requests.”

An anonymous official from the Eko Electricity Distribution Company (EKEDC) cited vandalism as the primary cause of the power outage. “Cables passing through the Seme Bridge are repeatedly cut and stolen,” the official said. Efforts to restore power have been hampered by the high cost of repairs and the need for a long-term solution.  

Despite repeated attempts, PUNCH was unable to reach EKEDC’s spokesperson for further comments.  


The plight of Kweme residents highlights the urgent need for government action to address Nigeria’s power crisis. As communities like Kweme continue to live in darkness, the call for equitable access to electricity grows louder. Without immediate intervention, the gap between Nigeria and its neighbors will only widen, leaving millions of citizens in the shadows.  

(PUNCH)

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