More than 31.8 million Nigerians are acutely short of food due to security challenges and the removal of fuel subsidies, the government said on Tuesday, citing a study by several of the country’s international development partners. The development partners set out the shortage scale, which led to malnutrition among women and children, at a meeting with the government on Monday and Tuesday, the Ministry of Budget and Economic Planning said in a statement. The findings indicate a sharp rise from the 18.6 million people assessed as vulnerable to acute food insecurity from October to December 2023 by the U.N. World…
Author: Elvis Eromosele
The Nigerian Electricity Regulatory Commission (NERC) has given six states the authority to regulate their electricity markets on Tuesday. In a statement by the Commission on X (Twitter), Enugu, Ekiti, Ondo, Imo, Oyo, and Edo States were authorised to regulate their electricity markets. NERC confirmed that these states have established their electricity regulatory agencies and will now oversee the electricity markets within their jurisdictions. In the statement, NERC said, “This regulatory measure can be referred to as the Order of Transfer of Regulatory Oversight of the Electricity Market in Oyo, Enugu, Edo, Imo, Ondo, and Ekiti States ‘from the Nigerian…
The Nigerian Communications Commission (NCC) has mandated that all telecommunications companies (telcos) block stolen subscriber identification module (SIM) cards within five minutes of receiving a report from subscribers. The NCC has stated that any subsequent usage of the stolen SIM should not incur charges for the consumer from the time the report is made. In its recent publication, ‘Quality of Service Business Rules,’ released in August 2024, the NCC also unveiled several new standards designed to enhance customer service in the telecommunications sector. These guidelines establish minimum service standards, relevant measurements, and key performance indicators (KPIs) for telecom operators. A…
The number of metered electricity consumers in Nigeria increased by 48.5 per cent between 2019 and 2024, the National Bureau of Statistics has said. An analysis of data from the NBS, an agency of the Federal Government, showed that in 2019, the number of metered consumers nationwide was 3,976,940. This increased to 5,907,644 in the first quarter of 2024, representing a 48.5 per cent growth over the five years. The bureau said metered power users in Nigeria increased from 3,976,940 in 2019 to 4,138,043 in 2020; 4,773,217 in 2021; 5,125,009 in 2022; 5,605,842 in 2023; and reached 5,907,644 in the…
According to the Nigerian Bureau of Statistics, Nigeria’s youth unemployment rate among individuals aged 15-24 rose to 8.6 per cent in Q3 2023, reflecting an increase of 1.4 per cent from Q2 2023. In response to this growing challenge, initiatives such as the Alliance for Youth Nigeria came together to address the gap by developing innovative solutions that create sustainable earning opportunities for young people across the country. Launched in August 2021, the Alliance for Youth is a business-driven movement comprising organizations dedicated to empowering young Nigerians with the skills they need to thrive in today’s job market or create…
The Federal Government of Nigeria (FGN) has officially issued a $500 million domestic dollar bond, opening for subscription on August 19, 2024. This bond, part of the government’s financing initiatives, will carry a 9.75 per cent per annum interest rate and is set to mature in 2029. The auction for this bond will remain open until August 30, 2024, giving investors a sufficient window to participate in this offering. The settlement date, when investors will have their purchases confirmed and interest will begin accruing, is set for September 6, 2024. This bond issuance marks a significant step in Nigeria’s financial…
The Central Bank of Nigeria (CBN) has reported a 130 per cent surge in remittance inflows, with the figure reaching $553 million in July 2024. According to the CBN, this milestone represents the highest monthly remittance inflows ever recorded, marking a significant increase from the same period in 2023. This is according to a statement by Hakama Sidi Ali, the Acting Director of Corporate Communications, on Tuesday, August 20, 2024. The CBN credits this surge in remittance inflows to a series of strategic policy measures designed to enhance liquidity in Nigeria’s foreign exchange market. The statement read: “The Central Bank of…
Dr Frederick Mordi, the acclaimed author of the newly released novel ‘The Talent Coach’, recently met with Ivie Urieto, a remarkable 9-year-old chess prodigy whose passion for the game is driving her to use chess as a tool for social change in Abuja, Nigeria’s capital city. ‘The Talent Coach’ is an inspiring and informative book that explores the delicate and intricate process of talent development. Mordi’s novel challenges the conventional notion that talent is solely innate, offering a fresh perspective that both nature and nurture play crucial roles in shaping abilities. The 208-page book, divided into 12 insightful chapters, is…
Across industries, one topic of conversation remains at the forefront of strategic business discussions: the integration of innovative technologies that protect the data of consumers. This is even more true for the betting industry which has some of the strictest regulations, ensuring bettors’ safety. Taking these high-security standards seriously and going beyond these regulatory mandates is Betking, a leading betting platform that has continued to design cutting-edge technologies that meet the laid-down industry standards, providing robust systems to enhance customer safety and trust. As the new football season kicks off across leagues and beyond, BetKing remains at the forefront, dedicated…
Adebayo Adelabu, the minister of power has announced a 25 per cent increase the Nigeria’s power generation, stating that this has occurred within one year of his appointment to head the ministry. Adelabu disclosed this at the inaugural meeting of the Inter-Ministerial Power Sector Working Group held in Abuja on Wednesday. According to him, the power sector remains a major driver of national economic growth, stressing the need for collaboration in tackling the challenges that could hinder the power sector from achieving its full potential. He said, “The President meant his words that he would give us all the support,…