The Nollywood Mandate (TNM), in collaboration with key industry Guilds and Associations in Nigeria’s creative industry, has announced that the breakout Nollywood Economic Outlook (NEO), Mini Marathon and Exhibition will take place from February 22nd to 24th, 2024, at the prestigious Ojez Lounge, National Stadium, Surulere Lagos. The three-day event is designed to bring together top thought leaders, experts, professionals, innovators, content creators, private organisations, and government agencies to critically review and analyze the state of the creative industry and chart a course for a prosperous future under the theme: “Reshaping the Future of the Creative Economy.” Speaking to newsmen…
Author: Elvis Eromosele
The indebtedness of Nigeria’s power sector to electricity generating companies and gas producers has risen to about N3.3 trillion, the Federal Government has revealed. It also revealed that subsidies on electricity for 2024 would gulp about N3 trillion, whereas only N450 billion was budgeted for this purpose in this year’s budget, adding that it was now very difficult to sustain power subsidies. Adebayo Adelabu, Minister of Power, said Nigeria must begin to move towards a cost-effective tariff model, as he revealed that the country was currently indebted to the tune of N1.3 trillion to electricity generating companies, while the debt…
The Federal Government, on Wednesday, announced that it would distribute the 42,000 metric tonnes of grains approved by President Bola Tinubu to poor Nigerians at no cost. This came as Ogun State Governor Dapo Abiodun on Wednesday announced over N5bn intervention plans which he said would go a long way to help the residents of the state stay afloat the biting effects of the country’s struggling economy occasioned by the rising inflation and currency devaluation. Abiodun revealed that the intervention was a direct reaction to the fact that the government was never oblivious or insensitive of the hard times Nigerians…
By Elvis Eromosele Statistics paint a picture. In a recent revelation, the Poultry Association of Nigeria (PAN) expressed deep concern over the closure of more than 50 per cent of poultry farms in 2023. This means for every two poultry farms in Nigeria in 2023, one closed shop. This figure, 50 per cent represents half of all poultry farms. It also paints a figure that sheds light on the severe challenges gripping the sector. The real unfortunate part is that this alarming development has significant repercussions both on the economy and public health. Economic Fallout The Nigerian poultry industry is…
Shareholders of Cadbury Nigeria Plc have approved the conversion of an outstanding intercompany loan of $7.718 million (₦7.036 billion) owed to its majority shareholder, Cadbury Schweppes Overseas Limited, to equity. The shareholders gave Cadbury Nigeria the nod at an Extraordinary General Meeting (EGM), which took place on 8 February 2024 in Lagos. Cadbury Schweppes Overseas Limited, an entity currently owned by Mondelēz International Inc, holds a 74.97 per cent stake in Cadbury Nigeria, while the remaining shares are held by a diverse group of indigenous, individual, and institutional investors. Cadbury Nigeria had earlier communicated the proposal to the Nigerian Exchange…
By Elvis Eromosele In recent years, irregular migration has emerged as a significant global challenge, with far-reaching implications for individuals, communities, and nations alike. Defined as the movement of people across borders without the necessary legal authorisation or documentation, irregular migration encompasses a wide range of journeys, from perilous sea crossings to clandestine border crossings. While the motivations behind irregular migration are diverse and complex, they often stem from a combination of factors, including economic hardship, political instability, conflict, environmental degradation, and lack of opportunity. The challenge of irregular migration is a complex and multifaceted issue that requires a comprehensive…
Over the past seven years, a total of 34,694 stranded Nigerian migrants have been assisted in returning home through the collaborative efforts of the Federal Government and the International Organization for Migration (IOM). Cyprine Cheptepkeny, an IOM Awareness Raising Programme Officer, revealed this during a media training session on Amplifying Women’s Voices in Migration Decision Making held in Lagos. Out of these returnees, 19,579 were male and 15,115 were female. They were evacuated from various countries, including Libya, Chad, Morocco, Mali, Germany, Netherlands, and Ghana. Of the returnees, 28,204 have been successfully reintegrated, with 16,264 being male and 11,940 being…
The Federal Government, through the Federal Ministry of Industry, Trade, and Investment (FMITI), has established three funds totaling N200 billion to support businesses across Nigeria. The initiative will be deployed under the Presidential Conditional Grant Scheme (PCGS); the FGN MSME Intervention Fund; and the FGN Manufacturing Sector Fund. Specifically, the Bank of Industry (BOI) has been appointed as the executing agency of the funds, vested with the responsibility for its day-to-day administration. The Presidential Conditional Grant Scheme (PCGS) is a N50 billion grant scheme to support eligible nanobusiness owners. The grant will be disbursed to a minimum of 1,000 beneficiaries…
Nigeria’s electronic payment transactions in December 2023 stood at N71 trillion, bringing the total volume of transactions last year to N600 trillion. According to the statistics from the Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP), released recently, the N71 trillion was an all-time high monthly record on the platform. The rise could be attributed to the rising adoption of e-payments and festive activities. The e-payment data showed a steady increase throughout 2023, amidst various challenges, including those witnessed during the critical cash crunch in the first quarter following the failed Central Bank of Nigeria (CBN) naira redesign policy implemented…
Dr. Solomon Gizaw, Head, Technologies for African Agricultural Transformation (TAAT) Clearinghouse, has revealed that African nations collectively expend approximately $20 billion annually on importing wheat. He stated this during a Train-the-Trainer workshop on wheat seed production in Kano. According to him, the ongoing Ukraine-Russia crisis has led to supply disruptions and increased wheat prices in Africa, resulting in substantial financial burdens for the continent. Dr. Gizaw pointed out that Nigeria possesses the necessary resources to cultivate wheat domestically, not only to sustain itself but also to supply neighbouring African nations. “The fight between Russia and Ukraine impacted the whole of…