TodayPrice

Category: Economy

  • NBGN repositions to drive economic devt

    NBGN repositions to drive economic devt

    In response to evolving challenges and opportunities,  the New Partnership for Africa, NEPAD, Business Group Nigeria, NBGN has commenced a rebranding programme with renewed focus on economic development.

    In a statement made available to Vanguard, Chairman, NBGN,  Bashorun Randle, said NEPAD has been a driving force in advancing economic growth, regional integration, and sustainable development in Africa.

    Additionally, he said over the years, the NBGN has played a critical role in aligning with these objectives, fostering public-private partnerships, and contributing to Nigeria’s economic revitalization.

    Randle said that the group is determined to reposition NBGN as a formidable platform that influences economic policies, fosters business growth, and contributes meaningfully to Nigeria’s sustainable development.

    He stated “We call on all stakeholders—government institutions, private sector leaders, development partners, and the media—to join us in this renewed vision. Together, we can build a stronger, more prosperous Nigeria and a thriving African economy.

    Giving key highlights of the rebranding, Randle said that the revitalized strategy would emphasize key sectors that drive economic growth, including trade, investment, and industrial development, adding that the group would work closely with government agencies, private sector, and international partners to create an enabling environment for businesses to thrive.

    He said that the re-launch is important as it would aid direct engagement with key policymakers, including the Central Bank of Nigeria and the Ministry of Finance with a view to presenting structured policy recommendations that align with Nigeria’s broader economic agenda.

  • Tariff increase will push available power generation to 7,000MW — Minister

    Tariff increase will push available power generation to 7,000MW — Minister

    Following a record peak electricity generation of 5,801.84 Megawatts achieved last week, the Minister of Power, Chief Adebayo Adelabu, has said that the proposed tariff increase will push available generation capacity to about 7,000MW.

    Adelabu, in a statement by his Special Adviser on Strategic Communication, Bolaji Tunji, explained that the regularization of tariffs will play a critical role in unlocking the sector’s full potential and driving further improvements in power generation and distribution.

    He stated: “To sustain these improvements the Government would have to pay down on the tariff shortfalls of N1.94 trillion for 2024 and legacy debts of N2 trillion to the GENCOs. It would be important to continue the tariff reforms to ensure consumers start to pay for the energy consumed.

    “By the time the tariffs are fully regularized, we will be moving closer to 7,000 MW of available generation capacity. This will mark another significant milestone in our journey towards a stable, reliable, and efficient power sector that meets the needs of all Nigerians”.

    The Minister had last week disclosed that the government intends to raise electricity tariff for customers in Bands B, C and D as part of efforts to boost the sector’s liquidity and reduce the government’s subsidy obligation to the industry. He said the planned increase will reduce the tariff gap between Band A customers and customers in other bands.

    According to the statement available power generation has risen to 6,003MW and added that it was the highest in the nation’s history.

    He said this was followed by another landmark within the period, when the country recorded a peak generation evacuation of 5,801.84 MW and a daily maximum energy output of 128,370.75 megawatt-hours (MWh).

    He stated: “We are thrilled to announce these historic milestones in Nigeria’s power sector. The record available generation of 6,003 MW, the peak evacuation of 5,801.84 MW, and the daily maximum energy output of 128,370.75 MWh are testaments to the hard work, dedication, and strategic reforms being implemented under the leadership of the Minister of Power, Adebayo Adelabu.”

    He pointed out that “these achievements are not just numbers; they represent a brighter future for Nigeria, where businesses can thrive, households can enjoy uninterrupted power supply, and the economy can grow sustainably. We pray for the sustainability of these landmark records and look forward to further improvements on all parameters in the coming days.”

    Quoting the Minister, Tunji said the recent milestones are the result of concerted efforts by the Federal Ministry of Power, in collaboration with key stakeholders in the sector, to address longstanding challenges and optimize the nation’s power infrastructure.

    “These efforts include the rehabilitation and upgrading of transmission and distribution networks, the implementation of innovative technologies, and the introduction of policy reforms aimed at enhancing efficiency and accountability”.

    In celebrating these achievements, the Minister also called for continued support and collaboration from all stakeholders, including state governments, private sector players, and the general public, and emphasized the importance of collective efforts in sustaining the momentum and ensuring that the gains made in the sector are not only maintained but also built upon.

  • Nigeria’s Power Generation Hits 5713.6MW Per Day

    Nigeria’s Power Generation Hits 5713.6MW Per Day

    The Transmission Company of Nigeria (TCN) has announced a new milestone in the country’s power sector, achieving a peak generation of 5,713.6 megawatts (MW) on March 2, 2025. This marks an increase of 170MW compared to the previous peak of 5,543.20MW recorded on February 14, 2025. However, it remains 88MW short of Nigeria’s all-time high of 5,801.60MW, set on March 1, 2021.

    In a statement released on Tuesday, TCN management confirmed that the new peak was recorded at 21:30 hours on March 2, 2025. Additionally, the electricity sector achieved its highest-ever daily energy transmission of 125,542.06 megawatt-hours (MWh) on the same day, surpassing the previous record of 125,159.48MWh set on February 14, 2025, by 382.58MWh.

    This development highlights progress in Nigeria’s power generation and transmission capabilities, signaling potential improvements in the stability of electricity supply across the country. However, analysts emphasize the need for the government and stakeholders to address existing bottlenecks to ensure that increased generation translates into better access to electricity for households and businesses.

    Earlier in February 2025, TCN had announced a peak generation of 5,543.20MW, exceeding the previous record of 5,478.73MW. The General Manager of TCN, Ndidi Mbah, noted that the maximum daily energy of 125,159.48MWh achieved at that time was the highest ever recorded in Nigeria’s electricity industry, surpassing the previous record of 121,674.88MWh set on February 7, 2025, by 3,484.60MWh.

    Mbah also confirmed that TCN successfully transmitted the new peak generation and maximum daily energy to distribution companies’ load centers nationwide for onward delivery to consumers. She highlighted that TCN has a transmission potential of 8,100MW, indicating room for further growth in the sector.

    This achievement builds on earlier milestones, such as the peak transmission of 5,552.80MW recorded on January 8, 2021, which surpassed the previous record of 5,520.40MW set on October 30, 2020. These developments underscore ongoing efforts to enhance Nigeria’s power infrastructure and improve electricity access for its citizens.

  • Naira depreciates to N1,515/$ in parallel market

    Naira depreciates to N1,515/$ in parallel market

    The Naira yesterday depreciated to N1,515 per dollar in the parallel market from N1,510 per dollar on Monday.

    Similarly, the Naira depreciated to N1,502 per dollar in the Nigerian Foreign Exchange Market (NFEM).

    Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,502 per dollar from N1,499 per dollar on Monday, indicating N3 depreciation for the naira.

    Consequently, the margin between the parallel market and NFEM rate widened to N13 per dollar from N11 per dollar on Monday.

  • Oil price decline to $73.5 per barrel threatens budget 2025 revenue target

    Oil price decline to $73.5 per barrel threatens budget 2025 revenue target

    THE price of Nigeria’s Bonny Light crude oil fell by   10.6 per cent   to $73.53   per barrel from $84.02   per barrel on January 15th, fuelling fears over achievement of   Federal Government’s budget 2025 revenue target. .

    The Budget 2025 is based on crude oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, bpd   and revenue target of N36.35 trillion with 56 per cent coming from oil sales.

    The fall in crude oil price represents a 6.6 per cent potential decline in FG’s oil revenue target, which is worsened by the oil output well below the   budget benchmark of 2.06 million barrels per day.

    According to data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, crude oil output stood at    1.737 million bpd in January 2025, up from 1.667 million bpd recorded in the preceding month of December 2024.

    Reacting to the development, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said,   “If energy prices fall, of course, that has implications for our own revenue. So it’s likely to negatively impact on our oil price, on our oil revenue but it may be positive for businesses because a reduction in crude oil price or commodity or global oil price typically reduces the cost of petroleum products, including the Premium Motor Spirit, PMS, also known as petrol, diesel and jet fuel.

    On his part, the National President of Oil and Gas Services Providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, said: “Besides impacting negatively on the execution of Nigeria’s 2025 budget, it should be noted that low crude oil price would culminated in low petroleum products prices. This would be possible as refiners’ costs of refining are expected to drop.”

  • Where did the dollar sign come from?

    Where did the dollar sign come from?

    If you’re wondering where the dollar sign ($) came from, you’re in good company. No one really knows for sure, and several theories have emerged over the years. The most widely accepted explanation, according to the Bureau of Engraving and Printing, goes back to the Spanish peso, which was accepted as the basic unit of value in colonial America during the late 1700s.

    Handwritten manuscripts dating to that time show that the peso—formally “peso de ocho reales” or “piece of eight” in America—was abbreviated PS. It’s believed that as time went on, the abbreviation was often written so that the S was on top of the P, producing an approximation of the $ symbol. The $ first appeared in print after 1800 and was widely used by the time the first U.S. paper dollar was issued in 1875.

    Though the PS theory is now widely accepted, various alternate explanations have been proposed over the years for how this ubiquitous symbol came into existence. One of the most popular came from libertarian philosopher and author Ayn Rand, who in her 1957 novel “Atlas Shrugged” included a chapter on the dollar sign, which she claimed was a symbol not only of American currency but of the nation’s economic freedom.

    According to Rand, the dollar sign (written with two downward slashes instead of one) came from the initials of the United States: A capital U superimposed over a capital S, minus the lower part of the U. No documentary evidence exists to support this theory, however, and it seems clear the dollar sign was already in use by the time the United States was formed.

  • 60% manufacturers forced off-grid due to unreliable power supply — Minister

    60% manufacturers forced off-grid due to unreliable power supply — Minister

    The Minister of Power, Adebayo Adelabu, has alerted that more than 60 percent of manufacturing companies in Nigeria have been forced to exit the national grid due to unreliable power supply, and have resulted in self-generation of power which have driven production costs and made Nigerian goods uncompetitive.

    Adelabu disclosed during the release of a National Integrated Electricity Policy (NIEP) and the public presentation of the Integrated Resource Plan (IRP) was also made public, in collaboration with the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF).

    He said that the launching of the new policy will help to drive the transformation of Nigeria’s power industry and ensure the return of the manufacturing firms which had exited the national grid. According to him, the new policy document had been submitted for the approval of the Federal Executive Council (FEC).

    The minister emphasized that bringing back the manufacturing companies that left the national grid on board is the only way the government can drive the expected economic growth and national development.

    He stated: “Today, more than 60 percent of our manufacturing industry is completely off-grid. They engage in self-generation, not because they are in rural areas or they are in semi-urban areas, they are in locations where there is access to electricity.

    “But how reliable is this access? We all know that there are a lot of sensitive manufacturing processes that cannot tolerate a one-minute dip in the electricity supply. Instead of taking such a risk by connecting to a grid that is not reliable, these industries would rather go for self-generation which is very expensive.

    “Therefore, our products or commodities being turned out from these factories can never be competitive. The only way we can allow this to contribute to economic growth, industrialization, and national development is to ensure that there is reliability in grid supply, so that all these companies that are currently off-grid can go back to the grid, and this will reduce their cost of production, it will reduce inflation, and our locally manufactured goods can now compete with imported goods.”

    Adelabu estimated that an investment of $32.8 billion is needed in the power sector between now and 2030 to enable the country to achieve universal electricity access, adding that out of the amount, $17 billion is expected from the public sector while about $15.8 billion will be contributed by the private sector.

    Nigeria’s inability to supply and distribute sufficient electricity has left many businesses at the mercy of generators powered by diesel and petrol, whose prices have surged in recent months. This has added to the production costs for manufacturers significantly and rendered their products uncompetitive against imported products.

    Recall that the Manufacturers Association of Nigeria (MAN) had raised the alarm that manufacturers in the country spend about 40 percent of their total production costs on generating energy for their businesses.

    MAN put the annual economic loss caused by the inadequate power supply at N10 trillion, accounting for almost two percent of the country’s Gross Domestic Product.

    President of MAN, Francis Meshioye, noted that manufacturers were hit hard last year with “a drastic rise in electricity tariffs, with rates increasing by over 250 percent”.

    According to him, the surge in energy costs “became one of the highest operating expenses for businesses in the sector in 2024”.

    He lamented that this has forced many manufacturers to seek alternative energy sources, further straining their financial resources and complicating their ability to remain competitive.

  • MANISH MUNDRA: Feeding manufacturing companies

    MANISH MUNDRA: Feeding manufacturing companies

    Mr. Manish Mundra is the Managing Director, Indorama Eleme Petrochemicas Limited, IEPL. Under his watch, the company has become a major player in Nigeria’s economy. It provides raw materials for over 300 plastics manufacturers, generating employment for a teeming population and improving the lives of host communities

    The firm provides world-class products at competitive prices and customized grades to suit our customers’ specific requirements. IEPL has proved that the desire to achieve and the feeling of ownership can be the best strategies to broaden the vision for attaining business leadership. With a broad shareholding involving Indorama, the Federal Government, Rivers State Government, Employees and Communities, IEPL is today an excellent model of Public Private Partnership (PPP) in Nigeria.

    IEPL’s multiplier effect on Nigerian economy is evidenced by the conferment of the prestigious Presidential Export Award given to the Company by the Federal Government of Nigeria through Nigerian Export Promotion Council (NEPC). IEPL has become an iconic brand in Nigeria and has set its eyes to be the largest Petrochemicals Company in Sub-Saharan Africa. IEPL is today popularly known for its WIN (World Class Indorama Nigeria) philosophy.

    His passion is to build a truly world-class organization. This reflects in the WIN culture. Mundara leads a team of over 1500 employees. He is a believer in teamwork and attributes the success of the company to teamwork. Mundra is a Management Graduate (MBA) in Finance and Marketing from University of Jodhpur, Rajasthan, India. He has over 20 years of International Management and M&A experience in a wide range of Manufacturing Industries.

    Mr. Mundra joined Indorama in 2002 in a Corporate Strategy, reporting to the Chairman, Mr. S P Lohia. As a result of his resourcefulness, he was later transferred to Indorama Nigeria in 2005 as a Project Manager for the acquisition of Eleme Petrochemicals Company Limited. Post Acquisition, he continued to play important roles in various departments and initiatives, especially marketing, government relations and community engagement.

  • FG approves N500m to boost leather industry

    FG approves N500m to boost leather industry

    The Federal Government, on Monday,  approved an N500m pilot initiative to boost the hides and skin industry, focusing on empowering women entrepreneurs in the leather and footwear manufacturing sector.

    The initiative, approved by the Federal Executive Council, will be implemented through the Ministry of Innovation, Science, and Technology, with a special emphasis on supporting women’s participation in the industry.

    The Minister of Women Affairs, Iman Suleiman-Ibrahim, praised the approval, noting that women play a key role in the leather and footwear sector.

    Speaking to State House Correspondents in Abuja on Monday, the minister emphasized that the initiative would provide starter packs for manufacturers, enabling them to scale production, improve economic output, and contribute to the country’s GDP.

    To ensure gender inclusivity, she advocated for at least 50 percent of the intervention to be allocated to women, stating that it would create more opportunities for female entrepreneurs in the sector.

    She stated, “As we’re all aware, just like gold, skin and hide is another untapped area that we should major in. Hence, there is a need for us to applaud the Ministry of Innovation, Science and Tech for this initiative.

    “It’s a pilot initiative, so it will cost about half a billion, and it will be piloted in Ogun State.

    “Our ask is for women to be given a portion of it. And we’re going, in collaboration with the Ministry of Innovation, Science and Tech, to implement so that we can report accordingly.”

    Suleiman-Ibrahim argued that Louis Vuitton, owned by Bernard Arnault, the wealthiest man in France, sources a significant portion of its leather from Nigeria, highlighting the sector’s global economic relevance.

    She urged Nigerians to leverage this opportunity and invest in the leather industry, which has the potential to generate revenue and create jobs.

  • Monarch plans N200m grant for SMEs, students

    Monarch plans N200m grant for SMEs, students

    The Oba Saheed Elegushi Foundation has announced an allocation of N200m to support small and medium-sized enterprises and students in the Eti-Osa area of Lagos State.

    This initiative coincides with the 15th anniversary of the Elegushi of the Ikate kingdom, Oba Saheed Ademola Elegushi (Kusenla III), who has dedicated his reign to fostering growth and prosperity within his community.

    In a press statement signed by the traditional ruler’s spokesperson, Temitope Oyefeso, obtained on Monday, the monarch said the foundation’s initiative aimed to provide financial assistance and resources to local entrepreneurs and students, helping to stimulate economic growth and enhance educational opportunities.

    The statement noted that the funding would be distributed through various programs designed to support innovation, entrepreneurship, and academic excellence.

    “As I celebrate 15 years on the throne, I am continuing in the tradition of giving back to society that has supported me. This initiative is a testament to my belief in the potential of our youth and the resilience of our entrepreneurs. Together, we can build a brighter future for our communities,” he stated.

    Oyefeso added that a planning committee, headed by Dr Muiz Banire (SAN), is already working round the clock to ensure a successful celebration for the traditional ruler.

    Oba Saheed Elegushi was installed as the 21st Elegushi of the Ikate kingdom on  April 27, 2010.