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Nigeria’s inflation rate surged to 34.80 percent in December 2024 from 34.60 percent in November.
This is according to the latest Consumer Price Index and inflation data released on Wednesday by the National Bureau of Statistics, NBS.
While the country’s inflation continues to rise, the Centre for the Promotion of Private Enterprise, CPPE, has identified tips for its moderation.
The December inflation data showed that the country’s inflation further rose marginally by 0.20 percent due to heightened demand for goods and services during the festive season.
On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92 percent in December 2023.
The untamed rise in the Nigeria’s inflation highlights the upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs and persistent supply chain disruptions.
“On a year-on-year basis, the headline inflation rate was 5.87 percent higher than the rate recorded in December 2023 (28.92 percent). This shows that the headline inflation rate (on a year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),” NBS stated.
Meanwhile, NBS said Nigeria’s food inflation dropped marginally to 39.83 percent in December 2024 from 39.93 percent in November on a year-on-year basis.
CPPE reacts
Reacting, the Chief Executive Officer at the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the inflationary pressures continue to be a troubling feature of the Nigerian economy as reflected in December’s inflation rate.
“Though the increase in the December headline inflation was marginal at 0.2% compared with November inflation figures.”
However, Yusuf is optimistic that Nigeria’s inflation would have a positive outlook in 2025 due to moderation in exchange rate volatility and improvement in foreign reserves.
“Meanwhile, the inflation outlook for 2025 promises to be positive for the following reasons: Sustained moderation in exchange rate volatility and improvements in foreign reserves.
“Prospects of easing geopolitical tensions with the inception of the Trump presidency in a few days time.
“And a strong base effect, given the high inflationary pressures experienced in 2024,” he stated.
The economic think tank group, CPPE, also decried the current fixation of the National Assembly on revenue, especially the arbitrary revenue targets for ministries, departments, and agencies.
“Excessive pressure on MDAs to boost revenue and increase IGR has profound inflationary implications.
“The reality is that such pressures are invariably transmitted to investors in the form of higher fees, levies, penalties, import duties, regulatory charges, etc. These outcomes are in conflict with government aspirations to boost investment, curb inflation, and create jobs.
“Revenue targets should be based on empirical studies, absorptive capacity of the economy, and due consideration of the wider economic implications.
“Obsession with revenue would hurt investments, worsen inflationary pressures, aggravate poverty, and impede economic growth. There should be a careful balancing act between revenue growth aspirations, desire to boost investment, and commitment to moderate inflation,” CPPE stated.
How Nigeria’s inflation rate can drop – CPPE
CPPE highlighted that Nigeria’s inflation can moderate on pause of monetary tightening policy by the Central Bank of Nigeria, reducing fiscal risks.
“To ensure a further moderation in inflationary pressures, CPPE recommends as follows:
“Pause on monetary policy tightening and interest rate hikes by the CBN to reduce business operating costs.
“Reduction in fiscal risks to macroeconomic stability through a reduction in fiscal deficit and deceleration in growth of public debt,” the CPPE stated.
The Minister of State for Defence, Bello Matawalle, joined President Bola Ahmed Tinubu and other dignitaries at the Central Mosque in Abuja to offer prayers in honor of Nigeria’s fallen heroes.
The special prayer session, held as part of activities to commemorate the 2025 Armed Forces Remembrance Day, highlighted the nation’s gratitude to its military and paramilitary personnel who sacrificed their lives in the line of duty.
In a press statement issued by Ahmad Dan-Wudil, Personal Assistant on Media to the Minister of State for Defence, the event was described as a solemn reminder of the selfless service rendered by Nigeria’s security operatives.
The Armed Forces Remembrance Day, observed annually on January 15, honors the sacrifices of fallen heroes while seeking divine guidance and protection for serving personnel and their families.
Special prayers were offered for the repose of the souls of departed soldiers, the safety and success of those currently serving, and the progress and stability of the nation.
The event was graced by members of the Federal Executive Council, lawmakers, senior military officials, and paramilitary officers.
As the nation prepares for the wreath-laying ceremony and other activities to mark the occasion, the Minister called on Nigerians to reflect on the sacrifices of the Armed Forces and contribute to building a peaceful and secure nation.
Grammy-nominated superstar Asake has been named the best-selling artist in Nigeria for 2024, overtaking Nigeria’s big three in the music industry.
According to the annual end-of-the-year chart by Nigeria’s leading music chart publication, TurnTable, Asake outshone all other artists, marking a remarkable third consecutive year as the overall No. 1 artist.
This unprecedented achievement makes Asake the first artist in Nigeria’s history to hold the top spot for three consecutive years.
Asake’s Project Achievements
In 2024, Asake’s projects, including his previously released albums Mr Money With The Vibe (MMWTV) and Work Of Art, achieved sustained success, spending multiple weeks in the top ten of the Official Top 100 Albums chart.
His third album, Lungu Boy, proved to be the year’s standout project, spending 15 weeks at No. 1 and finishing as the best-selling album of 2024 despite being released in August.
No. 1 radio artist for 2024
Asake also emerged as the No. 1 radio artist for the second consecutive year and ended the year with the highest total chart points on the Official Nigeria Top 100 chart.
His hit single “MMS” featuring Wizkid topped the Year-End Afro-R&B chart and debuted at No. 1 on the Official Nigeria Top 100 chart, where it remained for three weeks.
Asake’s Streaming Performance
On streaming platforms, Asake reigned supreme. He finished 2024 as the top artist on Apple Music, with Lungu Boy as the leading album. The project also dominated Audiomack, while Asake was crowned the No. 1 artist on YouTube in Nigeria.
MoreMonee Collaborates with NIBSS and AfriGO to Launch Nigeria’s First Domestic Card Approved by CBN
MoreMonee || M&M MFB, a leading financial institution in Nigeria, has taken a significant step towards redefining the country’s payments approach by collaborating with the Nigeria Inter-Bank Settlement System (NIBSS) and AfriGO to launch the first Nigerian domestic card approved by the Central Bank of Nigeria (CBN) See the video here.
This creative partnership is a testament to MoreMonee’s commitment to providing cutting-edge financial solutions that cater to the needs of individuals and businesses in Nigeria (Visit our website).
As a pioneer in the financial sector, MoreMonee has always been at the forefront of innovation, and this latest collaboration is no exception.
By partnering with NIBSS, a financial services company that provides infrastructure for electronic payments and settlements between banks, discount houses, and card companies in Nigeria, MoreMonee M&M MFB ensures that the domestic card is integrated into the existing payment ecosystem, enabling smooth and efficient transactions.
The AfriGO card, a national domestic card scheme created by the CBN, is designed to facilitate domestic transactions within Nigeria, reducing the country’s reliance on international payment platforms and promoting financial inclusion.
MoreMonee’s collaboration with NIBSS and AfriGO is a strategic move that aligns with the CBN’s vision of promoting monetary stability and a sound financial environment in Nigeria. As the apex monetary authority, the CBN has been working tirelessly to reduce the country’s reliance on international payment platforms, and MoreMonee is proud to be part of this initiative.
By launching the first Nigerian domestic card, MoreMonee is contributing to the growth and development of the financial sector and providing a secure, convenient, and affordable payment solution for individuals and businesses.
The company’s partnership with AfriGO has numerous benefits. AfriGO offers secure and convenient transactions, affordable payment solutions, increased financial inclusion, and reduced reliance on international payment platforms.
This, in turn, will enhance economic growth and development in Nigeria, as more people will have access to financial services and be able to participate in the formal economy. MoreMonee is committed to supporting the growth and development of Nigeria’s financial sector, and this collaboration is a significant step towards achieving this goal.
With the launch of the AfriGO card, MoreMonee is poised to transform the Nigerian payments system, providing a unique payment solution that meets the needs of individuals and businesses.
As a leader in the financial sector, MoreMonee is dedicated to driving financial innovation and excellence in Nigeria, and this collaboration is a testament to its commitment to providing state-of-the-art financial solutions. By working with NIBSS and AfriGO, MoreMonee is confident that it can positively impact the Nigerian economy and provide a better financial future for all Nigerians.
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EMMANUEL NLEWEDUM, Port Harcourt
The General Officer Commanding, GOC, 6 Division Nigerian Army, Major General Jamal Abdusalam, officers and troops of the division have been applauded for boosting the nation’s economy through their relentless fight against crude oil theft and pipeline vandalism in the Niger Delta region.
The Chief of Army Standard and Evaluation (CASE), Major General Olumuyiwa Aiyenigba who spoke as the special guest of honour at the Regimental Dinner Night held at the Python Officers’ Mess, 6 Division Nigerian Army, Port Harcourt Barracks on Friday, said their efforts were yielding clear positive results.
Major General Aiyenigba attributed the reduction in oil theft and environmental pollution to the operational successes recorded by 6 Division, Nigerian Army in the year 2024.
He affirmed that the successes recorded by the division led to a significant increase in the nation’s oil production output from 1.4 to almost 2 million barrels per day (bpd) production.
He added that the army’s feats has significantly boosted Nigeria’s economy through increased oil revenue, Aiyenigba assured the Division of continuous support of the Chief of Army Staff (COAS), Lieutenant General Olufemi Oluyede, in providing all necessary support needed to sustain the achievements recorded so far.
The Army Chief commended the GOC, 6 Division Nigerian Army, Major General Abdusalam and his team for sustaining the age-long military tradition critical in reinforcing professionalism and esprit-de-corps in the Service, describing the Dinner Night as one of the important aspects of military regimentation.
He explained that the event fostered comradeship and solidarity among the officers, their spouses, other security agencies and friends of the Division.
Aiyenigba said, “I am glad to witness such auspicious event in an elite military formation such as the 6 Division. Therefore, it gives me great pleasure to see that the Division is sustaining this tradition, which is key to reinforcing professionalism and esprit de corps in the Service. Starting the year on this note is indeed a testament to the resolve of the General Officer Commanding, to set the tone for a professionally rewarding year 2025 for 6 Division.
“I am also impressed by the Division’s effort through this medium to foster comradeship and solidarity among the officers; between our darling spouses, between sister Services and friends of the Division and indeed the Nigerian Army.
“This is aptly demonstrated by the good turnout of officers and spouses, officers of sister Services and security agencies; traditional rulers and the wider Port Harcourt community, who have graced this auspicious event. Suffice to state that this is in line with the Command Philosophy of the Chief of Army Staff, which gives premium to effective cooperation in a joint and multi-agency environment.
“At this juncture, it is important to acknowledge the significant operational successes recorded by 6 Division in Year 2024, leading to marked reduction in oil theft, illegal refining and its associated environmental pollution amongst others. These have led to the increase in Nigeria’s oil production output from sub-One Milion barrels to the current almost Two Million barrels of crude oil produced per day.”
He expressed his happiness over the turnout of security agencies, traditional rulers and other critical stakeholders in gracing the event, noting that it underscores the command philosophy of the COAS of placing high premium on effective cooperation in a joint and multi agency environment.
He also commended the President Mess Committee (PMC), Python Officers’ Mess for the leadership he has demonstrated, and expressed gladness to be part of the event in an elite military formation, like 6 Division.
Delivering the vote of thanks, the President Mess Committee (PMC), who is the Commander, 6 Division Garrison, Brigadier General Sani Ahmed, thanked Major General Aiyenigba, traditional rulers, captains of industries and other invited guests who made the event memorable, assuring of continuous synergy with critical stakeholders.
He, on behalf of the Division, pledged to maintain the standard in all they do and to uphold regimentation and professionalism in line with the COAS Command Philosophy.
High points of the event were the presentation of souvenirs to the Special Guest of Honour by the Patron, conduct of the band and red carpet photograph session among other attractions.
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Viathan Group, a leading integrated energy solutions provider in Nigeria, has announced important leadership appointment as Lekan Adekeye is set to assume the role of Group CEO with Mr. Habeeb Alebiosu, outgoing Group CEO and Co-Founder, appointed as Vice Chairman, where he will remain an integral part of Viathan Group’s strategic direction and governance at the board level. This leadership transition underscores Viathan Group’s commitment to innovation, technological advancement, and its mission to deliver uninterrupted and reliable power solutions to underserved communities across Nigeria.
Lekan Adekeye, an alumnus of the London Business School, brings over 20 years of leadership experience across oil & gas, FMCG, and FinTech sectors. He brings a wealth of experience and a proven track record in overseeing the company’s investments in technology, talent development, and strategic partnerships. His appointment marks a significant milestone in the company’s journey toward becoming the premier energy solutions provider in Nigeria.
“I am honored to lead Viathan Group into this exciting new chapter. My focus will be on furthering our mission of providing reliable energy solutions while exploring emerging opportunities in the energy sector. Together with our talented team, we will continue to innovate and deliver on our promise of powering Nigeria’s future,” said Lekan Adekeye.
Under Habeeb Alebiosu’s leadership, Viathan Group achieved remarkable milestones, including the expansion of its power solutions to thousands of underserved households and businesses across Nigeria. Alebiosu expressed his confidence in Lekan Adekeye’s ability to lead the company to even greater heights.
“It has been a privilege to lead Viathan Group, and I am immensely proud of what we have accomplished. I am confident that Lekan Adekeye’s vision and expertise will guide the company toward an even brighter future,” said Alebiosu.
Lekan Adekeye’s appointment comes at a pivotal moment as Nigeria’s energy landscape continues to evolve, with increased focus on innovation and sustainability. His leadership will drive Viathan Group’s strategic goals, including expanding access to energy solutions for millions of Nigerians, leveraging cutting-edge technology, and contributing to the transformation of Nigeria’s energy sector.
“This transition reflects Viathan Group’s unwavering commitment to fostering innovation, driving industry transformation, and delivering exceptional value to our stakeholders,” said Solabomi Oreagba, General Manager, Fulfilment and Corporate Services, Viathan Group.
Looking ahead, Viathan Group is poised to accelerate its efforts to shape the future of energy in Nigeria by investing in advanced technologies, forming strategic partnerships, and exploring new market opportunities.
Senate President Godswill Akpabio has pledged the 10th National Assembly’s full support to President Bola Tinubu to ensure his administration’s success.
Akpabio emphasized the need for national transformation, expressing confidence in Tinubu’s ability to make difficult decisions.
He made these remarks on Wednesday during a New Year visit to the President at his Ikoyi residence in Lagos, accompanied by National Assembly principal officers and House of Representatives Speaker Tajudeen Abbas.
The Senate President commended Tinubu’s tough economic policies, including the removal of fuel subsidies, acknowledging the hardship it might cause citizens but emphasizing its potential to pave the way for long-term prosperity.
“This journey of reforming Nigeria, in all aspects you are not alone. The National Assembly is with you. We will stand by you to ensure that we don’t do the same thing over and over and expect the different results.
“Nigeria needs transformation and under you, you are determined to do so. We are in essence saying that at the end of the day, you have been given an award as man of the year. Man of the year 2024 simply indicates that you are that man that has taken the very, very hard decision that Nigeria needed to take many years before you became president.
“The subsidy needed to go many years ago. Somebody used to joke that if subsidy does not kill Nigeria, then Nigerians will die of subsidy, whichever way you look at it. But you have stopped all that.
“Today, the reformative agenda of your administration, people are groaning and I am in sympathy and I said they should bear with you. We are all going to bear with you because we know, like you always say, that it’s like the pains of childbirth. It might be difficult, but when the first smile of the child comes, the joy comes in the morning,” he said.
The Chairman of the 10th NASS consoled the President on the deaths of citizens who were stampede at rice-sharing events in Ibadan of Oyo State, Okija of Anambra State and Maitama of Abuja.
“So Mr. President, congratulations that we were able to make it to 2025. We said we must be here. Please accept our sympathy for the souls of your citizens that you lost in 2024. May their souls rest in perfect peace. Please accept our sympathy, particularly on the stampede that took away our very young children in Ibadan and other places. It was not limited to one location. These were unavoidable circumstances, not man-dead, but almost natural disasters. Please accept our sympathy. May the souls of all rest in perfect peace,” he stated.
Akpabio lauded the efforts of the military and other security agencies who have continued to sacrifice for the peace and security of the nation. He assured that the 10th NASS would prioritize laws that would make their work easy.
“Extend our congratulations to the men and women in uniform, as commander-in-chief of the armed forces, who are daily striving and working very hard to keep us safe and to keep Nigeria afloat. We salute them and we are all with them. Tell them that the National Assembly will do everything possible to make their job easy,” he assured.
The Senate President further thanked Tinubu for creating a conducive environment for investors and businesses. He commended his democratic disposition in the management of the country’s affairs.
“I thank you for the ease of doing business. Nigeria is now becoming a destination where people come in and can get visa at the airport. It never happened before. You are making a lot of reforms that at the end we shall smile because of foreign direct investment.
“We tried to do Euro bond. We approved Euro bond for you of about $2 billion. We were subscribed under one week. Mr. President, that shows you that people are still interested in Nigeria. And why are they interested in Nigeria? Because the democrat, the former Senator, is now the President. And the former Senator is now the Vice President. And the former Senator is now the First Lady of the Federation. And they know what democracy is. Democracy is all about changing things and bringing about freedom. Freedom to do business. Thank you for the reforms. May God be with all of us. Happy New Year, Mr. President,” Akpabio added.
Former President Olusegun Obasanjo has revealed how the Nigerian National Petroleum Corporation, NNPC, declined a $750 million offer by billionaire business tycoon Aliko Dangote to manage the Port Harcourt and Kaduna refineries in 2007.
Obasanjo made this revelation during an exclusive interview with Channels Television.
According to the former president, the NNPC was aware that it lacked the capacity to run the national refineries but still rejected Dangote’s offer.
“Aliko got a team together, and they paid $750 million to take part in a PPP (Public–Private Partnership) to run the refineries.
“My successor refunded their money, and I went to him and explained what had transpired.
“They wanted the refineries, and they could run them. I said, ‘But you know they cannot run it,’” Obasanjo said.
DAILY POST reports that Obasanjo served as Nigeria’s democratically elected president from May 1999 to May 2007.
He was also Nigeria’s military Head of State from February 1976 to October 1979.
Former President Olusegun Obasanjo has attributed Nigeria’s current challenges to both the actions of its leaders and the contributions of its followers.
Despite the difficulties facing the country, Obasanjo urged Nigerians to remain hopeful and not lose faith as the new year begins.
During an appearance on the Arise TV Morning Show on Monday, Obasanjo expressed confidence that Nigeria will soon assume its rightful position among nations, emphasising that he remains a steadfast optimist about the country’s future.
He said, “We wish all Nigerians a happy and prosperous new year, and I will say to Nigerians, We’re going through hardship, but they should never lose hope.
I’m an incurable optimist about Nigeria, and we have a great country.
“Where we are is not where God wants us to be, and I believe that sooner than later we will get to where God wants us to be.
God wants Nigeria to be a land flowing with milk and honey, not a desert, a basket case, or a failed country.
“That we’re where we are is either by inadvertent or advertent actions of our leaders and followers to some extent, but God is God of great things for Nigeria.
I believe God has great things for Nigeria in the immediate future.”
Obasanjo also addressed the issue of U.S. President-elect Donald Trump’s previous remarks about Nigeria, emphasising the need for Nigeria to find a way to make Trump understand that the country is not what he described.
“Whether anybody likes it or not, the American people have decided that Trump will be their leader, and Trump, being the American people’s leader, will lead America for the next four years and will be the leader of the world.
“America is the greatest country in the world for now. It may change in a few years. Maybe China will take over and become the largest economy or surpass America in terms of technology or military power, but for today America is that country, and we cannot say we have nothing to do with Trump.
“We have to find a way of letting Trump know that what he calls a ‘shithole’ is not it, and we have to make him understand that.
I believe that there will be policymakers around him that we can reach and talk to.
“America has an enlightened interest in Africa, and we must tell him, ‘This is your interest, and don’t ignore it.
We’re ready to work with you; give us the respect and dignity that is due to us, respect our citizens who are in your country, and let us work together for a peaceful world.
A world that is secured, stable, and where prosperity is shared and security will be common for everybody.’
I believe Trump will understand that.”
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realme has brought a remarkable shift to the Nigerian smartphone market since it officially launched in October 2024. The launch was well received by tech enthusiasts who were happy to try out a new brand and Nigerians scouring for affordable smartphones with top-notch quality.
With a commitment to delivering quality tech at pocket-friendly prices, realme is positioning itself as a formidable contender in the competitive Nigerian smartphone market for 2025. But is that enough to tackle the leading brands in Nigeria?
realme’s official entry into Nigeria
Known globally for its value-for-money smartphones, realme debuted in Nigeria with the realme Note 50 and realme C61 in Q4, 2024. The company’s marketing strategy highlighted its focus on young, tech-savvy consumers constantly demanding high-performance devices without straining their finances.
The realme C61 swears by marketing phrases like “Hard to break” and “4 years of lag-free use”, promising a reliable device that’s worth every penny. Its top features include an IP54 rating, a 90Hz display, 256GB storage, 24GB Dynamic RAM, a 5,000mAh battery, and a 50MP camera. By focusing on these core values, realme aims to attract a diverse audience, from tech-savvy youths to budget-conscious consumers. This commitment is particularly relevant in a market where economic factors heavily influence purchasing decisions.
A game-changer for Nigeria’s smartphone market
Popular brands like TECNO, Infinix, and Samsung have long dominated Nigeria’s smartphone market. A 2024 statistic by StatCounter shows that TECNO holds about 24.4% of the market share, followed by Infinix at 22.3% and Samsung at 12.2%. While contending with these brands is no small feat for a newcomer, realme’s strategic entry has the potential to change Nigeria’s smartphone market.
It’s not new that the country’s fluctuating economy has pumped up smartphone prices by over 86%, making even mid-range devices unattainable for most people. With a new player ready to offer quality tech at cheap prices, Nigerians are open to getting more value for their hard-earned money.
With what we’ve seen with the realme C61 and Note 50, realme is not offering cheap, poor-performing devices. For instance, the realme C61 offers a sturdy build quality with IP54 dust and water resistance. The device sports a massive 256GB storage, up to 24GB Dynamic RAM and expertly tuned software to match their “4 years of lag-free use” claim.
That aside, realme’s foray also means increased competition in pricing and quality. The dominating brands will need to innovate further to maintain their market share. This increased competition is a win for Nigerian consumers, who now have access to better devices. And since realme is offering its devices at competitive prices, it has an edge in disrupting Nigeria’s market in 2025.
Users’ feedback for realme Note 50 and realme C61
Early user feedback for the realme Note 50 and C61 has been largely positive, reflecting the brand’s alignment with consumer expectations. To separate gimmicks from real marketing, realme’s bold claim of the realme C61 as “Hard to break” has aroused many to put it to the test.
@kagan, a top Nigerian tech content creator, shared on Instagram page how the phone remained in pristine condition after trying to damage it in various ways.
https://www.instagram.com/p/DDLAvfrMX_V/
He first simulated a casual accident by dropping it from eye level to a tiled floor. He then proceeded by smashing it with a hammer, which resulted in zero damage to the phone. Driving a 3-ton truck on the phone was his next move, but all his efforts proved abortive as the realme C61 remained unbreakable.
Besides the sturdy build quality, many users have praised the realme Note 50 and realme C61 for their sleek design, camera capabilities, performance, long-lasting battery, and software features streamlined for daily activities. All these positive reviews will help attract more customers who may have been disappointed by other brands.
After-sales support
realme’s after-sales support is another aspect that could contribute to its rapid growth in Nigeria. While the brand promises rugged smartphones, most people still cherish the assurance that their phones can be easily repaired.
In November 2024, realme announced its first official service centre in Lagos to provide quality after-sales services and offer fans exclusive access to their latest devices. With plans to recreate this in other Nigerian states in 2025, realme is projecting itself as a trustworthy brand that Nigerians can bank on.
Can realme reshape Nigeria’s smartphone market in 2025?
realme’s entry into the Nigerian smartphone market marks a significant milestone for the industry. With its commitment to delivering quality technology at affordable prices, realme is well-positioned to challenge established players and capture a substantial share of the market in 2025.
While there are hurdles to overcome, realme’s commitment to keep innovating and meeting consumers’ needs could indeed make it a top contender in the nation’s smartphone market by 2025.
The Central Bank of Nigeria (CBN) has attributed the sharp decline in oil revenue during the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies.
In its latest economic report for Q3 2024, the apex bank revealed that oil revenue dropped by 24.72% to ₦1.30 trillion, compared to the second quarter of the year.
This decrease was primarily due to reduced collections from petroleum profit tax and royalties.
The report further highlighted that the revenue figure fell 75.39% short of the quarterly target, mainly due to frequent shut-ins caused by deteriorating pipelines and installations.
It stated: “Oil revenue fell by 24.72% to ₦1.30 trillion relative to Q2 2024, on account of lower receipts from petroleum profit tax and royalties. It was also 75.39% below the quarterly target due to shut-ins arising from ageing oil pipelines and installations.”
Despite a modest increase in crude oil production to 1.33 million barrels per day (mbpd) from 1.27 mbpd in the previous quarter, the report noted that theft, vandalism, and infrastructure deficits significantly hindered oil revenue. The ageing infrastructure not only reduced operational efficiency but also impacted Nigeria’s ability to meet its OPEC production quota.
Additionally, global factors exacerbated the situation, as the average spot price of Nigeria’s Bonny Light crude declined by 5.45% to $82.23 per barrel during the quarter, reflecting weakened global demand. Similar trends were observed in other crude benchmarks, including Brent and the OPEC Reference Basket.
While the oil sector struggled, Nigeria’s economy recorded a GDP growth of 3.46% in Q3 2024, up from 3.19% in the previous quarter. This growth was largely driven by the non-oil sector, which contributed 3.18 percentage points to overall GDP growth.
The oil sector’s year-on-year growth slowed to 5.17%, down from 10.15% in the previous quarter, as operational challenges and declining crude prices continued to weigh on performance.
The fiscal implications were substantial, with federally collected revenue falling 23.71% short of the budget benchmark, despite a 7.48% quarter-on-quarter increase. The fiscal deficit narrowed by 22.51% compared to Q2 but widened by 43.88% relative to the quarterly target, underscoring persistent fiscal pressures.
The report concluded that Nigeria’s target of achieving 2 million barrels per day (mbpd) of oil production by the end of 2024 remains at risk due to these ongoing challenges.
In a statement marking the Yuletide season, the First Lady expressed heartfelt gratitude to Nigerians for their unwavering support and patience as efforts towards building a better Nigeria continue.
She noted that the administration of President Bola Ahmed Tinubu is committed to positive reforms that will benefit every citizen, most of which are already yielding positive results.
As the year comes to a close, the First Lady appeals to all to hold onto the belief that better days are ahead, continue to love and support one another, foster unity, and embrace the diversity that makes our nation so great.
She wishes all Nigerians a Merry Christmas and a prosperous 2025, filled with love, joy, peace and prosperity.
The statement reads:
“As we celebrate Christmas and look forward to the new year, 2025, I want to take a moment to send my warmest wishes to all Nigerians.”
“I express my heartfelt gratitude for your unwavering support and patience as we work towards building a better Nigeria. I want to assure you that under the administration of President Bola Ahmed Tinubu, GCFR, we are committed to positive reforms that will benefit every Nigerian.”
“Most of which are already yielding positive results.”
“As this year comes to a close, let us hold onto the belief that better days are ahead. Let us continue to love and support one another, foster unity, and embrace the diversity that makes our nation so great.”
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Peter Obi, the Labour Party’s presidential candidate in the 2023 election, has criticized Nigeria’s judicial system, describing it as riddled with “harsh inequalities” in delivering justice.
Obi’s comments come in response to the case of Segun Olowookere, sentenced to death for stealing a fowl in Osun State.
In 2010, at the age of 17, Olowookere and an accomplice, Morakinyo Sunday, were arrested for breaking into the homes of a police officer and another individual.
After prolonged legal proceedings, Justice Jide Falola of the Osun State High Court convicted them of burglary and theft in 2014, sentencing them to death by hanging.
The ruling has sparked widespread debate, prompting Osun State Governor Ademola Adeleke to intervene. The governor directed the Attorney-General and Commissioner for Justice to review the case and initiate processes for a possible prerogative of mercy.
In a statement, Governor Adeleke said, “Osun is a land of justice and equity, and we must ensure fairness and protect the sanctity of lives. I assure the public that this matter is receiving my direct attention with the urgency it deserves.”
Reacting via his X handle on Friday, Obi praised Governor Adeleke’s intervention while condemning the glaring disparities in Nigeria’s justice system.
He wrote, “I commend Governor Ademola Adeleke for stepping in to prevent the inhumane punishment of death by hanging for the theft of a fowl and eggs—an offence for which the individual has already served 14 years in prison.
“That sentence alone far exceeds the demands of justice, even if the crime warranted consideration in the first place.
“This case highlights the harsh inequalities in Nigeria’s legal system. Those who embezzle billions of public funds are often celebrated, even when caught, while ordinary citizens face disproportionate punishments. At the same time, individuals pursuing honest and legitimate businesses are burdened with oppressive regulations and treated with suspicion, as though success through integrity is a crime.”
In a recent interview on the Talk To B show hosted by actress Abiola Adebayo, Olowookere’s parents shared their plight. They recounted the events leading to their son’s conviction, the hardships endured over the years, and their hope for justice after more than a decade of legal struggles.
Nigeria is preparing to reopen its embassy in Pyongyang, North Korea, which had been shut down in early 2021 due to the COVID-19 pandemic.
Patrick Imologhome, Nigeria’s Charge d’Affaires to North Korea, announced the development on December 11 during a meeting with Aleksandr Matsegora, Russia’s Ambassador to North Korea.
A statement released by the Russian Embassy highlighted that the two diplomats discussed bilateral relations and regional issues affecting the Korean Peninsula.
According to the statement, both envoys engaged in a “thorough exchange of views,” and Matsegora expressed optimism regarding Nigeria’s plans to reestablish its diplomatic presence in Pyongyang.
“Matsegora conveyed sincere wishes for the successful implementation of plans to restore the Nigerian diplomatic mission,” the statement noted.
The Russian ambassador also assured his support for Nigeria’s renewed diplomatic engagement and pledged to assist the Nigerian mission in effectively carrying out its operations.
“He offered full support and assistance for the productive functioning of the diplomatic corps in the DPRK [Democratic People’s Republic of Korea], which, despite its small size, is known for its unity and friendly atmosphere among diplomats,” the statement added.
North Korea’s stringent pandemic measures led to a complete border shutdown in early 2020, which resulted in the withdrawal of many foreign embassies and international organizations. However, in August 2023, the country began reopening its borders, creating an opportunity for countries like Nigeria to reestablish diplomatic ties.
Nigeria’s decision to resume embassy operations in Pyongyang comes at a time when North Korea remains under close international scrutiny.
In 2022, a United Nations report alleged that Nigeria considered purchasing $3.5 million worth of arms from Haegeumgang Trading Corporation, a North Korean weapons supplier linked to the Korean People’s Army. Such a deal would have breached sanctions imposed by the United Nations, European Union, and the United States.
While the Nigerian government did not officially address the allegations, the reopening of its embassy is expected to renew global interest in Nigeria-North Korea relations.
Diplomatic analysts suggest that this step is part of Nigeria’s broader strategy to enhance its international partnerships and strengthen its global diplomatic presence.
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