Tag: Nigeria

Inflation Report: “Our Reality on the Ground is Different”

19Feb

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Cost of Living, Economy, Finance, News, Nigeria

Inflation Report: “Our Reality on the Ground is Different”

Bloomberg's recent announcement of Nigeria's inflation rate dropping to 24.48% in January 2025 has sparked widespread skepticism and outright rejection among Nigerian citizens. Despite the National Bureau of Statistics' (NBS) claim of a significant decrease from December's 34.80%, many Nigerians argue that the data does not reflect their daily economic struggles. The NBS attributed the drop to a rebasing of the Consumer Price Index (CPI), a move intended to update the basket of goods and services used to measure inflation. However, this statistical adjustment has not translated into tangible relief for the average Nigerian. Public Reaction: In the bustling markets of Lagos, traders like Mrs. Adaeze Okonkwo, who sells staple foods, expressed frustration. "They say inflation is down...

Opinion: Nigeria Strategic Infrastructure Monopoly by Kalu Aja

6Feb

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Economy, Infrastructure, News, Nigeria, Transportation

Opinion: Nigeria Strategic Infrastructure Monopoly by Kalu Aja

Nigeria, the top economy in West Africa, has seven main ports 1. Lagos Port Complex: Lagos State; 94% of exports and 76% of imports according to NBS Q4 2023 2. Tin Can Island Port Complex: Lagos State; 3% of exports and 8% of imports 3. Lekki Deep Sea Port: Lagos State 4. Onne Port Complex: Located in Rivers State 5. Rivers Port Complex: Located in Rivers State 6. Calabar Port Complex: Cross River State 7. Delta Port Complex: Located in Warri, Delta State Nigeria's most important port is the Lagos Port Complex. That single port in Apapa is the key export and import point for over 200m Nigerians. In 2024, it was reported that the “Nigerian Ports Authority (NPA) had allocated more than $200 million over the past decade to dredging operatio...

4Feb

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Africa, Burkina Faso, Mali, News, Niger

Is ECOWAS Finally Facing Disintegration

....as Mali, Burkina Faso, and Niger Withdraw from the regional body It is no longer news that the military governments of Burkina Faso, Mali, and Niger have officially withdrawn from the Economic Community of West African States (ECOWAS). This unprecedented disintegration of the 50-year-old bloc, established in 1975 to foster economic integration and political stability, poses significant questions about the future of regional cooperation and security in West Africa. Background of the Withdrawal The decision to leave ECOWAS was announced by the governments of Burkina Faso, Mali, and Niger, all currently under military rule following a series of coups from 2020 to 2023. The juntas cited ECOWAS's "inhumane" sanctions and perceived lack of support in the face of security threats lik...

Chinese Firm Targets Nigeria’s £20 Million P&ID Judgement Award as Part of its Assets Seizure

19Aug

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Nigeria

Chinese Firm Targets Nigeria’s £20 Million P&ID Judgement Award as Part of its Assets Seizure

Lagos, August 19, 2024 — The Chinese company Zhongshan Fucheng Industrial Investment Co. Limited is making aggressive moves to seize the £20 million awarded to Nigeria by a United Kingdom appeal court in its long-running battle against Process & Industrial Developments Ltd (P&ID). This development comes amid escalating efforts by the Chinese firm to confiscate Nigerian assets in various foreign jurisdictions. Zhongshan Fucheng has been embroiled in a bitter dispute with the Ogun State government in Nigeria since the termination of a joint venture agreement in 2013, which was originally signed in 2007. The partnership was intended to develop a free-trade zone in Ogun State. However, the agreement fell apart amid allegations of misrepresentation and concerns over the capability of...

French Court Seizes 3 Nigerian Jets Amid Dispute with Chinese Company

16Aug

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Nigeria

French Court Seizes 3 Nigerian Jets Amid Dispute with Chinese Company

Paris, August 16, 2024 — A French court has ordered the seizure of three jets owned by the Nigerian government, in an international dispute between the Chinese company Zhongshan Fucheng Industrial Investment, and a state in Nigeria. The legal wrangling, which stems from a terminated contract dating back to 2007, is an embarrassment to the Nigerian government and does not help its attempts at attracting foreign direct investment. The controversy traces back to a 2007 agreement between Zhongshan Fucheng and Nigeria's Ogun State government in the southwest. The contract was aimed at developing a free-trade zone that would host a massive industrial park designed to attract international investors. However, the deal unraveled between 2015 and 2016 when the Ogun State government terminated th...

Catholic and Anglican Clerics Tackle FG on Policies, Condemn Handling of Protests

14Aug

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Nigeria

Catholic and Anglican Clerics Tackle FG on Policies, Condemn Handling of Protests

Catholic and Anglican Bishops have lent their voices to the current issues facing Nigerians. In separate meetings which held in Kaduna and Abuja respectively, the two bodies in separate statements, made their positions on current political and governance issues known. The Catholic clerics called on President Bola Ahmed Tinubu to address the issue of fuel subsidy removal and other pressing concerns facing the country. The clerics made this appeal after the second plenary session of the Catholic Bishops of Kaduna Ecclesiastical Province in Kaduna, urging him to prioritize the welfare of the Nigerian people. Meanwhile, the Anglican Bishops condemned the Nigerian government's handling of the recent protests against bad governance. In a statement, the bishops expressed their disappointmen...

Nigerians are Sore Losers – Governor Dapo Abiodun

31Jul

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Nigeria

Nigerians are Sore Losers – Governor Dapo Abiodun

Ogun State, Nigeria — In the face of the swelling "End Bad Governance" protests sweeping across the nation, Governor Dapo Abiodun of Ogun State has come forward to defend President Bola Tinubu's administration. Speaking on Channels Television’s "Politics Today" program, yesterday, Governor Abiodun addressed the criticism and unrest that have gripped the country. During the interview, Seun confronted Governor Abiodun with a pointed question about the legitimacy and performance of President Tinubu's government, especially given the widespread dissatisfaction manifesting in the protests. Seun said, “there are those who do not believe in the Bola Tinubu project. There are those who did not vote for Bola Tinubu and the APC, and whatever is going on today they will say it serves you right. Wh...

Ganduje, Wife and Others to Face Charges of Bribery and More

10Jul

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Nigeria

Ganduje, Wife and Others to Face Charges of Bribery and More

Kano, Nigeria – The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, along with his wife Hafsat Ganduje and six other individuals, is set to appear in court on Thursday to face charges of alleged bribery, diversion, and misappropriation of funds amounting to billions of naira. This development comes after a notice of trial was served to the respondents through substituted means, as per the order of the Kano State High Court. The court granted this order on June 5, 2024, enabling the state to serve the seven respondents via substituted service. The service was executed through advertisements in two national newspapers on June 6, 2024. See Also: EFCC Arrests Hafsat Ganduje, Wife Of The Governor Of Kano Respondents in the Case The individuals and entiti...

Nigeria Customs Intercepts Arms, Illicit Drugs Worth N13.9 Billion

2Jul

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Nigeria

Nigeria Customs Intercepts Arms, Illicit Drugs Worth N13.9 Billion

ONNE PORT, Rivers State, July 1, 2024 — The Nigeria Customs Service (NCS) has intercepted nine containers loaded with contraband items, including arms, ammunition, illicit drugs, and second-hand clothes, with a total duty-paid value of N13.9 billion. Comptroller-General of Customs, Adewale Adeniyi, made this announcement on Monday while addressing journalists at Onne Port. Adeniyi revealed that one of the intercepted containers originated from Turkey. Due to multiple risk factors associated with its importation, the container became a subject of intense scrutiny by the Customs Service. “We have followed its sail across continents and we’ve benefitted immensely from credible information through our collaboration with intelligence communities both at local, national and international l...

Cholera Outbreak Hits Kirikiri Prison, 25 Cases Confirmed

2Jul

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Nigeria

Cholera Outbreak Hits Kirikiri Prison, 25 Cases Confirmed

LAGOS, July 1, 2024 — The Lagos State Government has confirmed an outbreak of cholera-induced gastroenteritis in Kirikiri Medium Security Prison, making the state's battle against the infectious disease even more complicated. The state's health ministry announced on Sunday that 25 cases of severe gastroenteritis caused by cholera have been detected in the prison, signaling a potential spread into correctional facilities. This revelation directly contradicts recent assurances from the National Correctional Service (NCoS). Just four days prior, NCoS spokesperson Abubakar Umar declared that all correctional centers were free of cholera, crediting routine hygienic measures and health education for keeping the disease at bay. Umar emphasized the role of health professionals in educating staf...