In 2024, electronic payment transactions in Nigeria rose to N1.07 quadrillion, reaching an all-time high and the first time to hit the quadrillion mark. In dollar terms, this is about $702.6 billion based on the closing exchange rate of N1,535/$1 on December 31, 2024. According to the data released by the Nigeria Inter-Bank Settlement System (NIBSS), the value recorded on the NIBSS Instant Payment (NIP) represents a 79.6 per cent increase over the N600 trillion recorded in 2023. While the e-payment data shows a steady increase throughout the 12 months of the year, the highest value was recorded in December.…
Author: Elvis Eromosele
By Elvis Eromosele Economists say inflation is a persistent rise in prices. It happens when there’s too much money chasing too few goods. Inflation in Nigeria today has become a huge challenge, affecting businesses, consumers, and the overall economy. As inflation rates soar above acceptable thresholds, companies are navigating uncharted waters to stay afloat. Inflation is bad for everyone. It erodes the purchasing power of consumers, increases the cost of raw materials, and heightens operational expenses. For businesses, the ripple effect can be devastating including but not limited to reduced profit margins, lower consumer spending, and the constant pressure to balance affordability with…
Landmark Group, leading indigenous one-stop-shop for business, leisure and lifestyle, has revealed that it has raised $20 million, equivalent of over N30 billion, through private placement, to develop and promote tourism business across eight West African cities, including Nigeria. This action is seen part of the group’s response to the demolition of its multi-million-dollar Beach Resort in Lagos by the federal government to pave the way for the Lagos-Calabar coastal highway construction. According to Paul Onwuanibe, Group CEO, Landmark, “We are geographically diversifying to lessen our reliance on any one economy and this is taking us to eight West African…
The Nigeria Labour Congress (NLC) has urged Nigerians to prepare for a nationwide boycott of telecommunication services in protest of the Nigerian Communications Commission’s (NCC) recent approval of a 50 per cent increase in telecom tariffs. On Monday, the NCC formally approved a 50 per cent in telecom tariffs after a telcos’ agitation for cost-reflective prices in the face of harsh economic conditions. This increase, which was below the 100 per cent rise telcos asked for, pushed the average cost of calls to N16.5 per minute from N11, the cost of 1GB of data to N431.25 from N287.5/GB, and SMS…
The fields of communications, advertising, and public relations have seen remarkable growth in recent years. Technology, especially artificial intelligence (AI), has revolutionized industries, raising both excitement and concern about its impact on conversations and engagements. As we navigate this evolving landscape, authenticity is emerging as a critical pillar for success in public relations (PR). The Challenge of Fake Content In recent years, phrases like “alternative facts” and “fake news” have entered the global lexicon. We now face the proliferation of manipulated content, including hyper-realistic fake videos created using AI—a phenomenon that blurs the lines between reality and fabrication. Events such…
Akinwumi Adesina, President, African Development Bank (AfDB), has said that Africa will need 56 million new homes to close the housing gap on the continent. Adesina, who noted that challenges are not unique to Africa, emphasised that the continent has various investment opportunities that the world needs to see. According to him, this made it crucial for the launch of the Africa Investment Forum (AIF) to showcase these opportunities and attract investments, as the forum brings together financial ecosystems from Africa, Europe, America, and Asia. The AfDB president said that in agriculture, 65 per cent of the world’s remaining arable…
The Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank…
In a groundbreaking move to bolster consumer protection and foster fair competition in Nigeria’s telecommunications sector, the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) have officially signed a Memorandum of Understanding (MoU). The ceremony, held at the FCCPC headquarters in Abuja, marked a significant milestone in regulatory collaboration aimed at enhancing consumer welfare and market efficiency. Speaking at the event, Dr. Aminu Maida, Executive Vice Chairman, NCC, described the partnership as a strategic alignment of two pivotal regulatory institutions committed to protecting Nigerian consumers. “This MoU is a testament to our shared vision of…
i-Fitness, West Africa’s leading and fastest-growing fitness chain, has announced the launch of its newest branch in Ogudu, Lagos. Designed as an end-of-year gift to the residents of Ogudu and its neighbouring communities, this branch opening is a celebration of health, wellness, and community spirit. The new Ogudu branch marks i-Fitness’s 25th location nationwide and 22nd in Lagos, reinforcing the brand’s commitment to bringing premium fitness experiences closer to Nigerians. This milestone aligns with the company’s mission to make fitness accessible while inspiring individuals to embrace healthier lifestyles. Speaking on the launch, Mr Foluso Ogunwale, Founder and CEO of i-Fitness…
Telecom users in Nigeria are bracing for a tariff increase as following months of rumoured approval by the Federal Government, Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, revealed after a stakeholders’ meeting in Abuja that new rates will soon be announced. He argued however, that the proposed 100 per cent hike by Mobile Network Operators (MNOs) will not be fully approved. In his words: “You’ve seen agitation from these companies for a 100 per cent tariff increase. But it will not happen at that scale. The Nigerian Communications Commission (NCC) will release a clear directive soon.” The…