ABUJA: The Federal Government said it generated about N2.4 billion in 2024 from marriage contracts via its marriage registry at the Ministry of Interior.
Minister of Interior, Dr Olubunmi Tunji-Ojo disclosed this on Tuesday in Abuja during a media interface.
According to him, the ministry also generated over N3.2 billion from expatriate quota applications, saying overall, there was a 150 per cent increase in revenue generated.
Details later…
Sandra Agaga, a renowned financial educator and advocate for responsible Forex trading, has issued a crucial call for aspiring traders to temper their expectations when entering the volatile world of Forex markets.
Speaking during one of her many workshops in Port Harcourt, Agaga highlighted how unrealistic expectations often lead to unnecessary risks, financial losses, and disillusionment.
“Many people approach Forex trading believing it’s a shortcut to wealth,” Agaga remarked. “The truth is, Forex trading is a skill that requires discipline, patience, and consistent effort. Reducing these unrealistic expectations can be life-changing.”
The Problem of Unrealistic Expectations
Agaga pointed out that misconceptions about the Forex market are fueled by aggressive marketing campaigns, social media influencers, and unregulated platforms promoting “get-rich-quick” schemes.
“Too often, people are promised massive profits with minimal effort, only to face losses that discourage them from pursuing the skill responsibly,” she said.
A Life-Changing Approach to Forex Trading
Agaga outlined practical steps to help traders manage their expectations and approach Forex with the right mindset:
Embrace Continuous Learning: Forex trading is not about luck but strategy and education. Traders must invest in credible training and stay updated on market trends.
Understand the Risks: Recognizing the high volatility of the Forex market is crucial. “Losing is part of the process,” Agaga noted, emphasizing the importance of risk management.
Start Small: Unrealistic goals of overnight wealth often lead to over-leveraging and significant losses. Starting with small, manageable trades is key.
Focus on Long-Term Gains: Agaga encouraged traders to view Forex as a long-term skill rather than a quick-fix income source.
Ensuring Responsible and Sustainable Trading
To ensure my students trade responsibly and sustainably, Agaga stated:
Risk Management Emphasis: I stress the importance of risk management, teaching students how to set stop-loss orders, adjust position sizes, and manage their emotions.
Trading Psychology: I educate students on trading psychology, helping them understand how to manage their emotions, avoid impulsive decisions, and develop a winning mindset.
Sustainable Trading Strategies: I teach students sustainable trading strategies that focus on long-term success, rather than short-term gains.
Ongoing Support: I provide ongoing support to my students, offering guidance, mentorship, and regular check-ins to ensure they stay on track.
By focusing on these key areas, I’m confident that my students will be well-equipped to trade responsibly and sustainably, achieving long-term success in the Forex market.
The value of electronic payment transactions rose by 59.3 per cent, year-on-year (YoY) to N284.4 trillion in 2024 from N178.5 trillion in the corresponding period of 2023.
Vanguard analysis of data from Nigeria Interbank Settlement System (NIBSS) epayment data for 2024 showed that the NIBSS Instant Payment (NIP) had the highest volume (10.47 billion) and value (N105 trillion) of e-payment transactions during the period.
This was followed by Mobile Money Operation transactions with a value of N79.7 trillion and a volume of 3.92 billion transactions.
Further analysis showed that the volume of NIP transactions grew YoY by 92 per cent to 10.47 billion in 2024 from 8.49 billion in 2023 while the value fell by 8.69 per cent to N105 trillion in 2024 from N115 trillion in 2023.
Similarly, the volume of Mobile Money Operators, (MMOs) transactions increased by 28.9 per cent, YoY to 3.92 billion in 2024 from 3.04 billion in 2023 while the value rose by 70 per cent to N79.7 trillion in 2024 from N46.77 trillion in 2023.
In its 2023 Fraud Landscape report , NIBSS said that the number of fraud counts reduced to 95,620 in 2023 from 101,669 in 2022.
It also noted that the mobile epayment channel saw a five percent rise compared to 2022 emerging as the most selected means of fraud during the period.
The federal government should award contracts only to construction companies listed on the Nigerian Exchange Limited (NGX) to enable broader wealth distribution to Nigerians.
Chief Executive Officer of Nairametrics, Mr. Ugodre Obi-Chukwu, who made the assertion, noted that there should be mandatory listing of companies executing major infrastructure projects in Nigeria, including the Lagos-Calabar Coastal Highway, on NGX.
Speaking at a seminar hosted by the Finance Correspondents Association of Nigeria (FICAN) in Lagos, themed, “Outlook for the Nigerian Economy in 2025,” Obi-Chukwu highlighted that listing such companies on NGX would significantly enhance capital formation for critical infrastructure development and enable broader wealth distribution across the country.
Obi-Chukwu explained that when infrastructure companies are listed on NGX, it would unlock a new funding avenue for projects while allowing the public to invest and share in the collective wealth.
He stated: “For a lot of the projects going on in Nigeria now, such as the Lagos-Calabar Coastal Highway and other government infrastructure projects, the companies executing those projects for the government should be made to list on NGX, because when they list, capital flows across the country.
“By making these companies accessible to the public through the stock market, Nigeria could benefit from increased transparency and accountability in how projects are financed and executed.”
He also pointed out that such listing would ensure that Nigerians could receive dividends from these projects, allowing them to partake in the country’s economic growth.
Obi-Chukwu stressed that private companies executing large infrastructure projects without significant public involvement could result in a concentration of wealth among a few.
“However, if these companies were listed on NGX, the wealth generated would be more widely distributed. “Once you do that, you will see a change in how the economy is growing, and you will see how wealth flows around the country,” he said.
The average retail price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas, LPG, otherwise known as cooking gas dropped by 13.3 percent on a month-on-month, MoM basis to N16,250 in January 2025 from N18,750 in December, 2024.
Checks by Vanguard showed that the price of 1kg of gas dropped by 13.3 percent to N1, 300 from N1,500. A visit to some accredited gas plant, showed that the price of a kg was sold at N1, 250 while others retail the product at N1, 400 per kg.
In an interview with the National President of the Nigerian Association of Liquefied Petroleum Gas Marketers, NALPGAM, Mr. Olatunbosun Oladapo on the latest development, he said “as an association, we are advocating for the full usage of LPG as a means of cooking, therefore, the only way to achieve this is to ensure its affordability”.
However, “as of today, the average price to fill a kg of gas within the southwest is around N1, 300 to N1, 250. The government has also put measures in place to ensure the price is stable. Generally, the price increase is caused by government influence, demand and supply but presently, all gas plants are wet, supply is going on steadily and demand has not really outgrown supply in Nigeria”.
“We have more than 70 percent of our consumption being produced locally. We are not solely relying on imported price; the effect of local production has made the price stabilize in Nigeria. Therefore, if we produce enough, the national price would not be affected”.
While reacting to gas plants that sell at N1, 400 per kg, Oladapo said, “there are people that make life difficult, there are plants that sell at N1,210 and N1,250, the highest is N1,300. Anyone selling N1,400 is extorting innocent Nigerians. This is one of the reasons we publish prices on a daily basis, the awareness is important in order not to extort Nigerians.
“The beauty of the industry is that it is an open market; also competition will further drive the price down.”
Before investing in Nigeria, Africa’s largest economy by GDP and the most populous country on the continent, it’s essential to understand that the country’s economy is diversified, with a growing services sector and ever-changing government policies that can encourage or discourage investment.
Understanding this, whether as a seasoned investor or a beginner, can help you make informed decisions and achieve your financial goals.
Having these in mind, here are some areas where you can invest N1 million as a Nigerian in 2025 and be certain to get a positive investment.
Equities
According to experts, the best place to invest N1 million in 2025 would be in oil and gas sector stocks; and insurance sector.
These sectors have proven to be a notable exception due to the remarkable positive outcome despite challenging economic conditions. However, no investment is 100 percent guaranteed.
Agriculture
Agriculture in Nigeria is one of the most promising investment opportunities for both local and international investors. Investors can explore areas such as crop farming (cassava, maize, cocoa, soybeans, rice, and palm oil), poultry, aquaculture, and snail and livestock farming, which are in high demand locally and internationally.
The increasing demand for this agricultural produce makes it an investment that will yield positive outcomes no matter the challenging economic conditions or government policies.
Renewable Energy
With the incessant grid collapse bringing darkness all over the country, Nigerians are beginning to seek an alternative that can guarantee a 100 percent power supply without excuses for collapse. Invest in renewable energy especially solar panel manufacturing, installation, and maintenance.
Financial Services
With the growing population of citizens who find the bank time-consuming and irrelevant, especially among the illiterate and rural areas, Nigeria’s financial services sector is a good place to invest N1 million in 2025.
Financial services such as digital banking, micro-lending, and the popular Point of Sale (POS) business are attractive spaces for investors looking to capitalize on financial technology advancements.
These investment areas have little risk attached and can be achieved with N1 million in 2025.
President Bola Tinubu will depart Abuja on Sunday for Dar es Salaam, Tanzania, to participate in the Africa Heads of State Energy Summit on January 27-28, 2025.
The Summit, hosted by the government of Tanzania in collaboration with the African Development Bank Group and the World Bank, aims to advance ‘‘Mission 300,’’ an initiative to provide electricity access to 300 million people in Africa by 2030.
A statement by the presidential spokesman, Bayo Onanuga explained that in Dar es Salaam, African leaders, private sector leaders, development partners, and civil society groups will strategise to accelerate energy access across the continent.
According to the statement: “The Summit will provide a platform for sharing knowledge, expertise, and resources to address Africa’s energy challenges.
“Discussions will focus on accelerating energy access in underserved regions, renewable energy, energy efficiency, and mobilising private sector investment.
“On the first day, at the ministerial level, participating countries, including Nigeria, will present their national energy strategies, termed compacts, detailing their approaches to achieving universal energy access within five years.
“On the second day, Heads of State will endorse the Dar es Salaam Energy Declaration, outlining a unified roadmap for Africa’s progress towards the Mission 300 objectives.”
It further stated that President Tinubu will deliver a national statement reaffirming Nigeria’s commitment to achieving universal access to energy and its leadership role in Africa’s energy sector.
“He will also highlight Nigeria’s ongoing clean energy initiatives and its strategy to drive integrated energy delivery in the continent,” it added.
Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, Minister of Power, Adebayo Adelabu, the Special Adviser to the President on Energy, Olu Verheijen, and other senior government officials will accompany President Tinubu on the trip.
The statement said that the President will return to Abuja after the summit.
The trade volume between Nigeria and China exceeded $20 billion in 2024.
The Chinese Ambassador to Nigeria, Yu Dunhai, disclosed this on Saturday during the celebration of the 2025 Chinese Lunar New Year at the Chinese Cultural Centre in Abuja.
Speaking at the event, Ambassador Yu highlighted Nigeria’s significance in China’s trade partnerships across Africa.
“Last year, the trade volume between China and Nigeria exceeded $20 billion. Nigeria is our largest engineering contract partner, the second-largest export market, and the third-largest trade partner in Africa,” he said.
He expressed optimism about further collaboration between the two nations, adding, “We aim to increase our trade volume even higher because of the immense potential we see in Nigeria.”
The ambassador also emphasized the broader relationship between the two nations, which was recently elevated to a comprehensive strategic partnership following President Xi Jinping’s state visit to Nigeria.
He noted the importance of cultural and people-to-people exchanges in strengthening bilateral ties.
The Permanent Secretary of the Federal Ministry of Arts, Culture, Tourism, and Creative Economy, Oraeluno Obi Raphael, praised the growing economic and cultural partnership between the two countries, describing China’s contributions to Nigeria’s cultural and tourism sectors as impactful.
“Collaborative efforts in trade, tourism, and the creative economy have not only enriched our societies but also opened avenues for economic growth and mutual prosperity,” Raphael said
Osun State Governor Ademola Adeleke has been challenged to explain how his administration expended the N183 billion accrued to the local government council within two years.
The challenge was poised by former council chairmen under the Governor Adegboyega Oyetola-led administration, asking the governor to tell the state how the money was spent without elected council chairmen in office.
Speaking with newsmen on behalf of other ex- chairmen, Mr Owoeye Abiodun disclosed that it is imperative to let the world know the huge amount of money allocated to local government within two years (November 2022-November 2024), but which was not spent judiciously by the Adeleke-led administration.
“It is disheartening to note that between November 2022 and November,2024, a staggering sum of N183,196,629,321.19,( One Hundred and Eighty Three Billion, One Hundred and Ninety Six million, Three and Twenty One Thousand, Nineteen Kobo), being allocation to the 30 Local Government Council of the State, have been received and unfathomably spent by the Ademola Adeleke administration.
“Despite the fact that the actions by the Adeleke administration is against the spirit and decision of the Supreme Court on the sovereignty of local governments in the country, especially as regards their funding, we are deeply concerned by the flagrant abuse and disregard to the judicial pronouncement of the highest court in the land.
“Curiously, our concern stems from the fact that the Ademola Adeleke administration has embarked on this impunity without a democratically elected local government officials in place”, he said.
Reacting, the Commissioner for Information and Public Enlightenment, Kolapo Alimi described the accusation of the sacked chairmen as mischievous and misleading, promising to react to their figure and other issues appropriately.
A group, the Citizens Network for Peace and Development in Nigeria (NPDN), has faulted the Nigeria Governors Forum (NGF)’s VAT sharing formula for states in the proposed Tax Reform Bill.
The group in its communique issued on the proposed bill at the end of its citizen’s engagement on Friday in Abuja, said that the NGF’s formula did not take into account the nation’s productivity and economic growth.
The communique, signed by Chijoke Nwachukwu, Ben-Kalio Adokiye, Dangana Abubakar, Joachim Ikechukwu, Ali Paul and Isa Tiki, was presented by Mr Okorie Raphael, the group’s National Coordinator at a news conference.
“We categorically reject the NGF proposed VAT sharing formula, which allocates 50 per cent based on equity, 30 per cent based on derivation, and 20 per cent based on population.
“This formula does not take into account productivity and economic growth, which are critical factors in determining a state’s contribution to national economy.
“By ignoring productivity, this formula may, inadvertently, penalise states that are making concerted efforts to diversify their economies and promote economic growth,” Raphael said.
He urged the National Assembly to reconsider the proposed bill and adopt a more subtle approach that rewards productivity and economic growth.
The NPDN coordinator said that the bill had the potential to ensure that revenues derived from taxes were channelled into critical sectors, such as education, healthcare, and rural development.
He said that the group was driven by a collective aspiration for equity, justice, and economic progress.
“We gather here today to express our unified position on the tax reform bill currently before the National Assembly.
“We are guided by the principle that a hungry man cannot be patriotic, and therefore, assert that taxation must serve the common good and prioritise the most vulnerable in our society,” he said.
Raphael said that when enacted into law, the legislation would provide opportunity for a fairer redistribution of wealth and allow government to prioritise the needs of the underprivileged.
“The true measure of any society is how the society treats its most vulnerable members,
“The beauty of the tax reform bill lies with its intent to make richer individuals and entities to contribute proportionally more.
“This will definitely reduce the tax burden on the poor and ensure that funds are available for public services that benefit marginalised communities, ” he said.
He further said that in addition to making the rich pay more taxes, the bill sought to promote equity and fairness.
Raphael described the bill as a proposed game changer designed to ensure that high-income earners and large corporations contributed proportionally to national development.
This, he added, corroborated the assertion that “from whom much is given, much is expected”.
He commended President Bola Tinubu and his economic team for conceiving the idea of the bill, noting that it would reduce poverty and inequality.
He expressed optimism that the bill, if passed into law and implemented with the right focus and fairness, had the potential to be a cornerstone for poverty alleviation and just economic redistribution.
He called on the National Assembly to uphold the pro-poor agenda and urged all stakeholders to prioritise the interests of the common man over parochial interests.
“As law abiding citizens, it is only right to allow the course of lawmaking prevail.
“As such, the public hearing stage of this process is positioned to collate various inputs and enhance the people’s input into decision making that affects them.
“Therefore, those calling for reviews must have a rethink and allow the lawmaking process to commence instead of appearing to scuttle a legitimate democratic process,” he said.