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Category: Economy

  • Alliance of Sahel States: 0.5% tariff ‘ll affect businesses in Nigeria, Niger – Traders

    Alliance of Sahel States: 0.5% tariff ‘ll affect businesses in Nigeria, Niger – Traders

    Some traders in Mai’adua Local Government Area of Katsina State on Thursday decried the 0.5 per cent additional tariff imposed by the Alliance of Sahel States on imports into the states.

    Speaking in separate interviews with the News Agency of Nigeria (NAN) in Kongolom, a border town in Mai’adua, these traders said the increased tariff would negatively affect their business activities.

    The traders specifically noted the potentially negative effect of the tariff on traders along the Nigerian/Niger Republic border communities.

    NAN recalls that Mali, Niger and Burkina Faso recently withdrew from ECOWAS, a regional body, and formed the Alliance of Sahel States.

    They also announced the imposition of an additional 0.5% tariff on goods imported from outside the three countries.

    Alhaji Muhammad Mamman, a trader along the axis, told NAN that the initiative could only disrupt the long-standing trade relationship between the countries in the region.

    He said that was because many traders in the border communities relied on daily transactions to sustain their businesses and families.

    “Small and medium-scale businesses may not be able to afford the expenses forced by this new tax.

    “If only fewer goods move across the border, markets in Mai’adua and other areas will suffer, leading to economic stagnation,” he said.

    Mamman observed that the measure also had the tendency to increase smuggling activities, especially by small traders looking for ways to bypass the official channels, which may lead to revenue losses.

    Malam Abubakar Sagir, another trader in the area, said that rather than impose more taxes, both countries should work on improving trade policies that encourage economic cooperation.

    Sagir noted that businesses in the border communities had already been affected by the border closures and diplomatic issues, especially between Nigeria and Niger Republic.

    The traders, he said, might reduce their imports or look for alternative routes to avoid the levy, which comes with its own risks.

    On his part, Alhaji Kabir Sani, a businessman, revealed that the majority of the traders depended on small profit margins.

    “Any extra cost will affect our ability to compete; adding a 0.5% duty will only make things worse.

    “Instead, both governments need to find a better way to support trade, not make it harder.

    “If this continues, business will slow down and both Nigerians and Nigeriens will suffer; poverty will also increase,” Sani added. (NAN)

  • FG boosts power generation by 2,000mw in 2 years — Minister

    FG boosts power generation by 2,000mw in 2 years — Minister

    ABUJA-Minister of Power, Adebayo Adelabu, said yesterday it took Nigeria nearly 40 years to increase its power generation from 2,000 megawatts in 1984 to 4,000MW by 2022.

    Adelabu, who disclosed this when he received members of the Nigerian Society of Engineers, NSE, led by the President, Margaret Oguntala, on a courtesy visit to his office in Abuja, said this feat had been achieved in less than two years of the present administration.

    According to him, the country has experienced a remarkable surge in power generation to an impressive 6003 megawatts by the present government.

    A statement by the spokesman for the Minister of Power, Bolaji Tunji, yesterday, said the discussion further centred on strategic partnerships, mentorship opportunities, and the crucial role of NSE in providing technical advisory support to the ministry on power-related issues.

    The minister said Nigeria should have moved past the engineering-related challenges, particularly in the power sector, given the number of engineers the country has produced.

    While reviewing the activities of the government since the present administration took over, the minister acknowledged that while the country was not yet where it should be, the progress demonstrated that President Bola Tinubu’s administration was committed to revitalising the power sector.

    The minister said: “In 1984, the country generated 2000MW of electricity and this was not increased to 4000MW until about 40 years later, around 2022 or so.

    “We are about two years now, but we have been able to increase it to 6000 megawatts and this can be attributed to the efforts of President Bola Ahmed Tinubu and the realisation of the importance of the sector as a major factor to galvanise the economy.’’

    He urged the society to take training seriously, encourage, and serve as role model for the younger generation, inspiring them to show greater interest in the profession.

    Adelabu stressed the need for collaboration and a stronger working relationship between the Nigerian Society of Engineers and the federal ministry of power, especially in addressing challenges facing the power sector, assuring of his willingness to collaborate closely with the NSE in tackling some of the challenges in the power sector.

    “Let me thank you and your executive members for your visit to me and to the power ministry. There is no way to separate the Power Ministry from the NSE because most of our works here are engineering-related, so there is a natural relationship between us.

    ‘’But the issue is that, has this relationship crystallised into mutual benefits? Has the ministry benefitted from the competence of the NSE members to impact the power infrastructure in the country in the supply of stable, functional, and reliable power?

    “I want to challenge the body to let your activities impact the efficiency of the critical infrastructure of the ministry. In this, you must be seen to have lived up to your responsibility. We have so many engineers in Nigeria, yet our power infrastructure is still like this.

    ‘’NSE was established in 1958, that is about 67 years ago and yet we are still having grid collapse, so what are our engineers doing? Should it be like this? The answer is definitely, no,’’ he said.

    Adelabu also emphasised the importance of manpower development and training and enjoined the NSE to take it seriously.

    He advised the NSE to focus on the challenges facing infrastructure development, saying such efforts to develop the country were the way to show patriotism and nationalism.

    He added: “It is a slight on us if we cannot address these challenges, so I am calling on your society to let us work together in addressing Nigeria’s problems, using your expertise. The ministry does not give jobs out without such a company being a member of your society.

    ‘’We are not like any other ministry or government agency, the power sector is unique. So, on our part, we are fulfilling our obligations to you, but you have not reciprocated this to us.

    “I also want the NSE to take the issue of training very seriously. The profession needs constant training and retraining. We have a very vibrant training institute, the National Power Training Institute, that you can partner with in this aspect of training.

    “Unfortunately, the issue of training has been relegated to the background. The last crop of our engineers that were trained were those from the old National Electric Power Authority. We must go back to that era of rigorous training of our engineers.’’

    In her remarks, the NSE president, Margaret Oguntala, promised that the body would take up the challenge by the minister.

    She assured of NSE’s commitment to contributing technical expertise toward improving Nigeria’s power sector, fostering innovation and enhancing capacity development within the industry.

  • Sterling Bank stops online transfer charges, urges others to follow suit

    Sterling Bank stops online transfer charges, urges others to follow suit

    LAGOS – In a landmark move that sets a new benchmark for customer-focused banking in Nigeria, Sterling Bank has championed the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.

    The announcement made on April 1 initially sparked widespread arguments, with many assuming it was a marketing prank tied to April Fools’ Day. However, Sterling Bank has confirmed that this is no stunt: the zero-transfer-fee policy is real and effective immediately.

    With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.

    “We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, Growth Executive leading the Consumer and Business Banking Directorate. “This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive and truly customer-focused.”

    “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added. “Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”

    Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.

    This customer-first orientation is not new for Sterling. During the COVID-19 pandemic, the bank stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support. From that moment to now, Sterling has continued to redefine what it means to be a responsible and responsive institution.

    The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.

    “We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”

    Online communities were not excluded as WhatsApp Nigeria lit up with viral broadcasts as users forwarded the news across various groups, including one from a prayer circle that read: “Please my good people this is not a joke!!! Sterling Bank has just shocked Nigeria today o!! My neighbour Justina just transferred N100k and no charges!!! God bless Sterling Bank!!” The message quickly gained traction, sparking massive public interest and mounting pressure on other banks to follow suit.

    Sterling’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.

  • 6 Nigerian banks report N3trn profit amid complaints, challenging environment

    6 Nigerian banks report N3trn profit amid complaints, challenging environment

    Six banks in the country have posted N3.41 trillion as Profit After Tax (PAT) for the year 2024 ended against the N2.1 trillion recorded in the 2023 financial year.

    This is in spite of diverse transaction and service complaints, dissatisfaction among customers and the challenging economic situation of the country.

    The figure represents a 62.38 per cent increase from the amount recorded during the 2023 financial year (FY).

    The News Agency of Nigeria (NAN) correspondent, who monitored banks’ 2024 audited financial statements posted on the Nigerian Exchange Group (NGX) platform, reveals that all the banks recorded increase in their gross earnings.

    Similarly, their Profit Before Tax (PBT) rose to N4.1 trillion in 2024, which represents 42.7 per cent increase compared to N9.61 billion recorded in the corresponding period in 2023.

    The banks analysed include Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, Fidelity Bank Plc, Stanbic IBTC Holdings PLC and Wema Bank Plc.

    The banks attributed the profit to equity holders, non-controlling interests, earning per share (basic and diluted).

    As part of its earnings, GTCO announced a final dividend of N7.03 per share, which brought the total dividend for the 2024 financial year to N8.03 per share, against the N3.20 per share paid in 2023.

    Zenith proposed a final dividend of N4.00 per share in addition to N1.00 per share interim dividend, which amounted to N5.00 per share.

    UBA proposed a total dividend of N5.00 per share, while Fidelity proposed a final dividend of N2.10 per ordinary share, and Stanbic IBTC proposed a final dividend of N3.00 against N2.20 paid in N2023.

    Similarly, the banks’ donations to charitable and non-political organisations rose to N969 billion for the 2024 FY compared to their N2.6 billion contribution in 2023.

    However, there were still unresolved customers’ complaints recorded by the banks.

    GTCO received 941,241 complaints and resolved 935,081, leaving 7,998 complaints unresolved, while UBA received 3,210,708 complaints and resolved 2,090,122 out of them, leaving 1,120,907 unresolved for the 2024 FY.

    Zenith Bank has 203,787 complaints including the ones brought forward and resolved 202,384, leaving 1,403 unresolved.

    Wema Bank received 783,461 and resolved 780,063, leaving 11,372 complaints unresolved, including the number carried forward (C/F).

    Reacting to these headwinds, financial experts urged the Central Bank of Nigeria (CBN) to step up its monitoring and supervisory role to ensure that banks are not over-charging customers.

    Prof. Uche Uwaleke, the President, Capital Market Academics of Nigeria (CMAN), told NAN that
    the CBN’s Monetary Policy Committee (MPC) enabled a number of banks to increase interest income.

    Uwaleke said that interest income made lending rates to increase without commensurate increase in savings rates.

    He said that other factors which led to growth in banks’ profits exchange rate, included the depreciation of the Naira, which made banks holding foreign denominated assets to benefit.

    According to him, there is the issue of the banking sector recapitalisation, which enables banks to raise some money from the capital market and invest in Information Technology (IT) infrastructure.

    ”It is very true that a number of banks, especially the tier 1 banks, are declaring huge profits in spite of the economic situation in the country.

    “The reason is not far-fetched. If you recall, 2024 was characterised by a high interest rate environment.

    ”The economy is still experiencing weak growth and we see that in virtually all the sectors, particularly the risk sectors of the economy, manufacturing, agric, did not really make any meaningful growth in 2024,” he said.

    He, however, noted that the services sector had powered growth, adding that the banking sector is within the services sector.

    “Now how do we really bridge this disconnect, this gap between the financial sector and the risk sector and how do we also ensure that the bank customers also begin to have a feel of the fortunes of banks, if one might put it that way?

    ”The CBN needs to really monitor and supervise the banks to ensure that they are not overcharging the customers.

    ”I know there is the recommended bank charges by the CBN for banks, but it is important for the regulator to ensure that customers don’t bear the brunt of some of the inefficiencies we see from some banks,” he said.

    Uwaleke said the CBN should also advise advise banks to increase savings rates in tandem with lending rates.

    ”It is also the duty of the CBN to ensure that whenever the policy rate is increased, as we saw in 2024, usually banks are quick to increase lending rates, but savings rates don’t usually respond by as much.

    ”So the CBN needs to advise the banks on the margin between savings and the lending rates that it shouldn’t exceed a particular limit.

    ”So it is important that savings rates increase in tandem with lending rates each time policy rates are increased,” he suggested.

    The expert said that customers were also very important stakeholders in the banking business, hence the need for the CBN to protect them.

    Mr Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria (CIBN) said that banks usually initiate all forms of charges at the expense of their customers.

    Unegbu regretted that some customers were reluctant about challenging their banks in the event of some ‘illegal’ charges.

    ”Banks charge all sorts even illegal charges and if customers complain they won’t respond because they feel that money is not much.

    ”Customers are docile too, they are sleeping, they should wake up and take these banks to court for some of these illegal charges,” he said.

    The customer will say for example, is it because of N50 that I’m going to court?

    ”It is not the N50 but the underlining principle and the banks are using this as a very good excuse to rip customers of their hard earned money.

    ”If you charge N50 to 1,000 customers, you can see how much it is,” he said.

    Unegbu called on Bank Customers Association of Nigeria (BCAN) to rise up to their responsibility by holding banks accountable for their ‘unfair’ actions to customers.

    Some bank customers who spoke to NAN alleged that there complaints to their banks on transaction failure and debits had yet to be resolved by the banks.

    Mrs Catherine Itoha, a customer of GTCO, said the bank had yet to reverse over N20,000 debited from her account through various failed Point of Sale (PoS) transactions since 11 months.

    Itoha urged some banks and their staff to adopt principles of fair practice in handling their customers.

    ”Customers are the reason why banks are in existence so, we deserve to be treated fairly.

    ”GTB debited me in about four different transactions that I did but up till now, they did not reverse any of these monies.

    ”I visited the bank, filled forms, spoke to their staff personally but still the issue was not resolved since last year,” she said.

    Mr Augustine Ode, a Zenith Bank customer, appealed to the CBN to check the excesses of some banks, who were allegedly defrauding customers and posting huge profits.

  • Passage of contentious tax reform bills

    Passage of contentious tax reform bills

    On March 18, 2025, the House of Representatives finally passed the highly contentious tax reform bills sponsored by President Bola Tinubu to upgrade our tax laws.

    All was set for the Senate to do the same, but for the distractions occasioned by the declaration of state of emergency in Rivers State and the “sexual harassment” controversy involving Senate President Godswill Akpabio and Senator Natasha Akpoti-Uduaghan. However, it should be smooth sailing to the desk of President Tinubu since all the obstacles that dogged the bills have been cleared through consensus.

    The four bills are: The Nigerian Tax Administration Bill, Nigerian Revenue Service (Establishment) Bill, Joint Revenue Board Bill and Nigerian Tax Bill which repeals certain taxation acts and consolidates legal frameworks for taxation.

    When the president forwarded the bills to the National Assembly in October last year, it met immediate and stiff oppositions. The 19 Northern Governors and prominent traditional rulers jointly opposed them and called for their immediate withdrawal as, according to them, the derivation model Tinubu sought would negatively affect the region.

    Indeed, Borno State Governor, Babagana Zulum, a key Tinubu ally, granted a passionate television interview telling the President that his tax reforms would impoverish the North.

    Tinubu however made it clear he would not withdraw them. Also, the Nigerian Governors Forum, NGF, at a meeting of the National Economic Council, NEC, chaired by Vice President Kashim Shettima, asked for more consultation and consensus building to carry all sections along. The Presidency sent its officials to explain the reforms to critical stakeholders, while the National Assembly also held consultative forums and public hearings.

    Among the highlights of the bills passed by the House of Representatives are: the reduction of Tinubu’s 15 per cent Value-Added Tax, VAT, to7.5 per cent, pegging of VAT allocation to 50 per cent equality, 20 per cent population and 30 per cent consumption, with net VAT revenue distributed 10 per cent to the Federal Government, 55 per cent to States and the FCT, and 35 per cent to the LGAs.

    The contentious 25 per cent taxing of inheritance was dropped while the legislative arm will henceforth approve waivers by the President and Governors respectively, among other adjustments.

    If the President signs these Bills into Acts, it will be a major triumph of consensus in our democracy. The scriptures say when two agree, they can walk together. We recommend this model in solving similar national issues to cement our unity in diversity.

    With this achievement, President Tinubu’s ambition of driving Nigeria to a trillion US Dollar economy can proceed. Our tax to GDP ratio will greatly improve to reduce heavy dependence on borrowing. Antiquated laws will be brought up to date and our now consolidated tax revenue framework will be beneficial to citizens and businesses.

    Consensus is key!

  • SEC talks tough over market infractions

    SEC talks tough over market infractions

    The Securities and Exchange Commission (SEC) has indicated that it is going hard on market operators engaging in unscrupulous activities.

    The Commission reaffirmed its commitment to ensuring that only fit and proper individuals are permitted to operate in Nigeria’s capital market to enhance investor protection.

    Speaking in an interview in Abuja over the weekend, SEC Director-General Dr. Emomotimi Agama, stated: “It’s important that, as a form of self-regulation, they are aware beforehand that if you do what is not right, the SEC will bring you out to the world to say that you do not have character, because the very ethics of regulating or of registering a securities market operator is in the principle of the fit and proper person’s test. A fit and proper person’s test means that you satisfy all of the requirements that have been laid down in the Investments and Securities Act 2007 and in other regulations that the SEC has brought out to make sure that this happens.

    “Disclosures by public companies will be very, very essential making sure that the investor has enough information to make decisions. If information is not provided, then that will be against the rules and regulations of the SEC and indeed, the ISA.

    “So clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that have an intention to defraud Nigerians and to defraud anybody that is investing in this market”.

    Agama also emphasized that investor protection is a fundamental principle for the Commission in line with the provisions of its enabling law, with investor protection and market development as its twin priorities.

    He added, “It is important to state clearly that every investor in Nigeria is under the cover of the SEC as long as the person operates within the Nigerian capital market. And so the year 2025 is a year where we say that there is zero tolerance for any activity that does not fall within the laws of the Investments and Securities Act 2007”.

  • ₦77,000 allowance for corps members starts in March  —  NYSC DG

    ₦77,000 allowance for corps members starts in March  —  NYSC DG

    The National Youth Service Corps (NYSC) has assured Corps Members that their monthly allowance will increase to ₦77,000 starting from March 2025.

    During an interactive session with Corps Members on Thursday, the Director General of NYSC, Brigadier General Olakunle Oluseye Nafiu, confirmed that the payment will commence as planned.

    The event, held at the Wuse and Garki NYSC Zonal Offices in Abuja, addressed concerns about the delayed implementation of the allowance increase. Brigadier General Nafiu emphasised the NYSC’s and the Federal Government’s commitment to the welfare of Corps Members.

    “With effect from March, you will receive Seventy-Seven Thousand Naira as your monthly allowance. NYSC is efficient in record-keeping, and I assure you that your payments will be made. The nation and the Scheme appreciate you,” he stated.

    He encouraged Corps Members to remain patient and focused on their service. Brigadier General Nafiu praised the vision of the NYSC’s founding fathers and called for continued support from all stakeholders.

    He highlighted the NYSC’s role in promoting national unity and instilling values such as patriotism and teamwork.

    Brigadier General Nafiu expressed gratitude for the dedication of Corps Members and reiterated the nation’s appreciation for their contributions.

    NYSC member Zaka Deborah Alheri, with call number FC/24A/5831, spoke on behalf of her colleagues at the Garki Zone and thanked the Director General for his efforts in ensuring the payment would finally materialise.

  • ‘Stop wasting public funds on unproductive workshop’ — Gov Oyebanji warns commissioners

    ‘Stop wasting public funds on unproductive workshop’ — Gov Oyebanji warns commissioners

    The Governor of Ekiti State, Mr Biodun Oyebanji, has sent stringent warnings to Commissioners and Ministries, Departments and Agencies (MDAs) in the state to stop wasting public funds on unproductive workshops and conferences.

    Oyebanji gave the warning on Thursday in Ado-Ekiti while commissioning motorcycles and other valuable items at a program organized by Ekiti State Internal Revenue Service (EKIRS).

    Oyebanji expressed his displeasure at the activities of some Commissioners and MDAs, saying they don’t reflect their pledge to improve citizens’ lives.

    The State helmsman urged them to refrain from unproductive workshops and conferences and divert resources into projects and initiatives that will benefit the entire state.

    His words, “My appeal to all of us to exercise fiscal caution has not been yielded. I still see requests from MDAs forwarded to me by Commissioners on suspicious workshops, seminars, conferences and other questionable expenditures to take money out of the system.

    “I feel bad when Commissioners also forward such to me. I approved some just to make people happy, but my heart bleeds when I see it.

    “I have pleaded with MDAs that there’s no point going to any seminars that will not add value to us. Even if they don’t have original papers, they make photocopies, and they send them to me, and commissioners forward them to me because they also want to travel.

    “They are not being fair to our people; I declined some proposals, I approved some and let it slide.
    “Most of them, the commissioner of finance, will not pay, and they will abuse him. I’m pleading with all of us to please fear God and to note that God put us in this position because of people who are helpless outside.

    “I still don’t understand why civil servants, after paying the minimum wage and salary, would want to attend an association conference and want the state government to sponsor them.

    “I can’t rationalize it, they would say that’s the tradition; we need to look inward because you are the one making the money, if you now waste it, then what happens to your efforts and the impacts it should have on Ekiti people?”.

    The Governor also commended the chairman of the Ekiti State Internal Revenue Service, Olaniran Olatona, for his commitment and transparent efforts in revenue generation and called for the blockage of leakages in the State’s civil service.

    Speaking with Journalists, the EKIRS Chair, Olatona, said Motorcycles and other valuable items were presented to nine top-performing MDAs to encourage them and improve their operations.

    He noted that the rapid growth in the state IGR was not achieved by EKIRS alone but with the tireless efforts of MDAs in the State. He urged the underperforming revenue generation ministries to work hard and strategize to contribute to the development of the state, saying revenue generation is the lifeblood of Ekiti.
    Olatona explained that the EKIRS would collaborate with MDAs to embrace digitalisation and devise strategies to stop leakages and improve internal revenue generation.

    The top-performing MDAs are the Ministry of Justice, Bureau of Lands Services, Housing Corporation, Ministry of Trade Investment and Cooperative, Ministry of Agriculture, Ministry of Forestry, Directorate of Farm Settlement, Ministry of Education, Signage and Advertisement, Office of the Surveyor General and Office of the Accountant General.

  • UK house prices jump £10,431 as buyers seek larger homes

    UK house prices jump £10,431 as buyers seek larger homes

    UK house prices have surged by an average of £10,431 over the past year, bringing the typical property value to £294,818, with demand for larger homes playing a key role in this growth.

    Easing interest rates have improved mortgage affordability, pushing annual property price growth to 3.7% in January 2025, a significant rise from just 1% at the start of 2024, according to data from Halifax.

    This latest increase has seen house prices surpass their previous peak in August 2022, which was set during the pandemic-driven property boom.

    Read also: How Nigerians can secure 10-year UK visitor visa

     

    Terraced houses have been the standout performers, recording a 4.5% price increase to reach an average of £235,296.

    Detached properties have also seen substantial growth, rising 4.1% to £471,748.

    Meanwhile, flats experienced the slowest growth rate at 3.2%, bringing their average price to £168,569. Semi-detached homes saw a 3.8% rise, now averaging £307,685.

    Amanda Bryden, head of Halifax Mortgages, noted as quoted by UK Yahoo Finance: “The fortunes of different property types tend to ebb and flow depending on broader market conditions. This time last year, the average price of a flat had risen more quickly than a detached house, as buyers adjusted to higher borrowing costs and sought to compensate by targeting smaller properties.

    “Now, as interest rates have started to ease, it’s once again those homes offering more space which are fuelling demand. And that’s not just a short-term trend; over the last decade, bigger properties have tended to outperform smaller homes when it comes to price growth.”

    Terraced homes have led property price increases throughout much of the past year, peaking at a 5.7% rise in October 2024 before moderating to 4.5% at the start of 2025.

    Over the past 12 months, prices for these homes have increased by £10,025.

    Toby Leek, president of NAEA Propertymark, commented: “Not only are buyers looking to take advantage of easing interest rates to secure a bigger home, but other trends, such as a continued increase in people looking for parking spaces and electric vehicle charging, as well as the surge in desire for outside space post-pandemic, are pushing more buyers to pursue larger properties with driveways and gardens, moving away from apartments and flats.

    “Terraced homes are likely proving popular among buyers as they often offer a home with a larger garden and parking at a more affordable price allowing many to maintain a sustainable financial balance.

    “As different areas across the country offer more value for money, it’s likely we will continue to see buyers adjusting their criteria and broadening their search areas.”

  • NCDMB woos investors as local content hits 56% in petroleum industry

    NCDMB woos investors as local content hits 56% in petroleum industry

    The Nigerian Content Development and Monitoring Board, NCDMB, has said that it is targeting fresh local investments into the Nigerian oil and gas sector during the 2025 Nigerian Oil and Gas Opportunity Fair, NOGOF, in Yenagoa, Bayelsa State.

    Executive Secretary, NCDMB, Engr. Felix Ogbe told journalists in Abuja that local content in the petroleum industry currently stands at 56 percent.

    Ogbe explained that at the 2023 NOGOF, over 100 investment opportunities were presented by companies, adding that some of the projects showcased at the event were the Ubeta and Bonga North where have been executed.

    He explained that “NOGOF provides opportunities for companies in the upstream, midstream and downstream sectors to showcase their upcoming projects. The aim is to achieve our national aspirations of increasing gas and crude oil production, boost revenue, and meet domestic crude oil and gas supply obligations.

    “This enables service companies, manufacturers, oil and gas trainers, and job seekers to invest in facilities and capabilities that will domicile most of the activities in the country”.

    NOGOF 2025 has the theme: “Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development.”

    Speaking at the event, the Chairman, Petroleum Technology Association of Nigeria, PETAN, Mr. Wole Ogunsanya praised the role NCDMB has played in growing the oil and gas value chain in the country.

    Ogunsanya noted that local content in the sector is set to grow even more with the recent acquisition of oil and gas assets by Nigerian companies from International Oil Companies, IOCs.

    “What it means is that in the ExxonMobil deal, the 40% of the oil that used to go to ExxonMobil and they take it outside Nigeria, will now reside in Nigeria. For the SPDC deal, the 45% of it, the profit of it, will now be with Renaissance, which is an indigenous company. That is what local content is all about”, he stressed.