Nigeria’s headline inflation maintained its uptrend, rising by 49bps to 33.69 per cent y/y in April (March: 33.20% y/y). The outturn is 129bps and 51bps lower than Cordros’ estimate (34.98% y/y) and Bloomberg’s median consensus estimate (34.20% y/y). However, on a month-on-month basis, headline inflation eased further by 73bps to 2.29 per cent (March: 3.02% m/m). Food inflation edged higher in April by 52bps to 40.53 per cent y/y (March: 40.01% y/y). Increases in prices of Millet flour, Garri, Bread, Wheat Flour prepacked, Semovita (which are under Bread and Cereals Class), Yam Tuber, Water Yam, cocoyam (under Potatoes, Yam and…
Author: Elvis Eromosele
Marketing communications professional, Queen Nwabueze has been appointed Marketing and Brand Manager for Champions Breweries Plc. In this new role, Nwabueze will spearhead the marketing and brand strategies for the company’s entire portfolio, including its flagship products and innovative alcoholic and non-alcoholic beverages. Nwabueze brings a wealth of experience and expertise in public relations, media relations, content marketing, and social media, having honed her skills over the past seven years in various roles within the PR, media, and content marketing industries. Her track record in managing reputable brands and companies positions her well for this new challenge. Prior to joining…
The Saudi Arabian government is looking to AI as its next investment opportunity. After splurging on sports teams and stakes in companies like Uber, the country is set to invest $40 billion in AI. According to The New York Times, representatives from Saudi Arabia’s Public Investment Fund held discussions with Silicon Valley venture capital firm Andreessen Horowitz regarding a potential partnership. Developing and training large language models requires huge financial resources and investors are eager to back companies building them following the success of OpenAI. AIM Research findings show AI startup funding in the U.S. grew from $22.7 billion in…
Groupe Special Mobile Association (GSMA), the umbrella body of mobile operators globally, has said that only 29 per cent of Nigerians have regular access to mobile internet, leaving out 71. The body disclosed this in its Digital Economy Report focusing on Nigeria. According to the report, this is due to several industry challenges limiting telecom coverage expansion. The GSMA noted that Nigeria would need to put in place an enabling policy and regulatory framework that will be critical to realizing the full potential of the country’s digital transformation, as recognized in the country’s Strategic Plan 2023 – 2027 as well…
By Elvis Eromosele Today, Nigeria’s telecommunication industry stands at a crossroads. It is facing pressure on a thousand different fronts. On the inside, it is battling with the challenges of sustainable operations and shareholders demands and on the outside, raising costs and regulatory constraints. The Nigerian telecom industry has immense potential. The recently launched GSMA digital economy report made this point. It projects a rise of 15 million new internet users by 2028. It equally highlights the industry’s significant contribution to the nation’s GDP. Industry players, in the light of existing reality, have determined that a tariff increase will provide…
FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, successfully held its 9th Annual General Meeting recently. The gathering served as a platform to present the Bank’s Annual Report and Financial Statements for the financial year ended December 31, 2023. Amid the prevailing economic challenges, the Bank reported a robust financial performance and outlined strategic growth initiatives aimed at delivering sustainable value to its shareholders. Mallam Bello Maccido, Chairman of the Board of Directors, commended the Bank’s resilience in navigating through the complexities of the operating environment in 2023. He stated, “2023 was a year…
The Socio-Economic Rights and Accountability Project (SERAP), BudgIT and 136 concerned Nigerians have filed a lawsuit against the Central Bank of Nigeria (CBN) “over its failure to withdraw the patently unlawful ‘Circular’ directing all banks and other financial institutions to deduct from customers’ account a ‘cybersecurity levy’.” The CBN had last week directed banks to implement a levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions, and to remit the levy to the ‘national cybersecurity fund.’ The CBN relied on the Cybercrime Act 2015 [as amended]. The directive is to be implemented by…
9mobile, Nigeria’s customer-centric telecommunications company has refreshed its ‘MoreBusiness ComboPak’ offerings with additional benefits to enable new and potential customers enjoy more value on calls, data, SMS and CUG for their Businesses. The ‘MoreBusiness ComboPak’ product offering is a flexible and customizable plan with an array of add-on services. The plan gives customers the benefits of extra cost-saving tariff within the bundle and 100 per cent bonus data upon repurchase of select bundles. With the update, 9mobile customers on this plan will also enjoy free incoming calls while roaming on select networks in the following 10 countries: UK, UAE, South…
Boxes have a multitude of uses, and the word “box”, lends itself to diverse contexts. For “Ajala Travelers,” the box is a necessity for keeping goods for their endless journeys. In literature, idiomatically, it can be said that “one has been boxed into a corner;” another might say to deal with a conundrum: “think outside the box;” then there is the “Pandora’s box” that no one wants opened. To “box one’s ear’s” refers to a hit on the head, especially around one’s ears. For those who celebrate Christmas, “Boxing Day,” which is the 26th of December, the second day of…
SERAP, a civil society organisation, has urged President Bola Tinubu to use his “good offices to immediately direct the Central Bank of Nigeria (CBN) to withdraw the cybersecurity levy on Nigerians as it patently violates the provisions of the Nigerian Constitution 1999 [as amended] and the country’s international human rights obligations and commitments.” In a statement on Tuesday, the anti-corruption advocacy group called for the review of the amended law that the CBN seeks to implement with the new directive. News reports on Monday, indicated that the CBN had directed Nigerian Banks to start charging a 0.5 per cent cybersecurity…