Business
2024 The Year of Tensed Business Environment
Foreign Direct Investment, the most critical investment that shows long-term investor confidence dropped to $103.82 million in Q3 2024, or 8.29 per cent.”

That’s how Chinyere Almona, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), summed up the outgoing 2024 and urged Nigerian companies to prepare for “more stress in 2025.”
Almona said: ” It was a year of higher inflation, interest rates, and exchange rates, making the country less attractive to investors.
“The persistent rise in the inflation rate, reaching a 28-year record high of 34.60 in November, continues to fuel a tense business environment as elevated prices constrain various business operations,” Almona said.
The LCCI is particularly concerned because, with the persistent and unabated rise in inflation, businesses should prepare for more stress from the burden of higher interest rates as we enter the new year.
“A disappointing negative record of our capital importation at $1.25 billion during the third quarter of 2024 compared with $2.60 billion recorded in the preceding second quarter of the year points to an unattractive environment for investors.
“Foreign Direct Investment, the most critical investment that shows long-term investor confidence dropped to $103.82 million in Q3 2024, or 8.29 per cent.”
The LCCI boss said the rising costs of food, energy, housing, transportation, and services are driving inflation, worsening economic conditions, and reducing both purchasing power and business profitability.
Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria (MAN), noted that the government must take decisive action to reverse the trends in 2025.
Ajayi-Kadir said that the harsh himfect of hostile economic policies has largely constrained the country’s goal of rapid industrialisation and has left the economy struggling for survival.
He said that for a positive outlook in the coming year, especially for the manufacturing sector, MAN recommends the following:
1. Create special windows for providing single-digit interest rates to productive sectors and relax stringent conditions for SMEs to access funding
.2. Retain the current excise duty of N10 per litre on non-alcoholic beverages to avoid shutting down the industry.
3. Recapitalize the Bank of Industry (BOI) to meet the growing credit demand of industries.
4. Implement the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee.
5. Review import duty rates for production inputs, particularly those not locally available, and consider pegging the rate at N800.
6. Direct the Central Bank of Nigeria to clear $2.4 billion outstanding dollar obligations on FX forward contracts to support manufacturers.
Business
UPDATE: NUPENG Skips Meeting to Resolve Dispute with Dangote in Abuja

The leadership of the National Union of Petroleum and Natural Gas Workers (NUPENG) failed to attend a crucial Federal Government meeting aimed at resolving its dispute with the Dangote Group, as tensions escalate over a planned nationwide strike by oil workers.
The meeting, called by the Minister of Labour and Employment, Muhammad Dingyadi, was set for 10:00 a.m. on Monday at the ministry’s headquarters in Abuja. However, by 2:30 p.m., the meeting had yet to start due to the absence of NUPENG representatives.
On Sunday, the Federal Government appealed to NUPENG to postpone the industrial action, assuring that it had intervened in the dispute. It also urged the Nigeria Labour Congress (NLC) to withdraw its “red alert” issued to affiliate unions preparing for a solidarity strike.
An insider noted that even if NUPENG plans to attend the meeting, it won’t be immediate. “They can’t be expected to fly into Abuja and rush into talks the same day. Consultations with NLC leadership and others need to happen first,” the source explained.
The core of the conflict centers on the Dangote Group’s alleged anti-union policy, which NUPENG claims violates workers’ rights. The union insists that no oil worker will be allowed to work at Dangote without union membership, accusing the company of an “anti-worker and anti-union” stance aimed at exploiting refinery employees.
NUPENG officials were still in Lagos on Monday afternoon, coordinating the strike effort. “You don’t wait until a strike is declared before calling for talks,” one union source said, criticizing the government’s delayed response. “The union gave sufficient notice, but the ministry only acted after tensions rose.”
Meanwhile, while journalists awaited the start of the NUPENG meeting, Minister Dingyadi held a separate closed-door session with representatives of the Nigerian Medical Association (NMA).
The government has yet to announce a new meeting date or confirm if NUPENG will participate at a later time.
Business
UPDATE: NUPENG Accuses Dangote Refinery of Fuel Sector Monopoly, Warns of Massive Job Losses

The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), representing Petroleum and Tanker Drivers (PTD), has condemned Dangote Refinery’s decision to deploy 10,000 Compressed Natural Gas (CNG) tankers for petroleum product distribution, calling it a monopoly that threatens the livelihood of thousands of workers in the sector.
NUPENG described the move as anti-labour and harmful to PTD members, highlighting that drivers recruited by Dangote for these operations are reportedly barred from joining any trade union. The union warned this action violates both the 1999 Nigerian Constitution and international labour laws.
Speaking anonymously, some tanker drivers expressed concerns to journalists that unless the Nigerian Midstream and Downstream Petroleum Regulatory Authority intervenes swiftly, the situation could escalate and seriously damage the Nigerian economy, affecting millions of livelihoods.
The tanker drivers outlined several looming risks including:
- Loss of income for tanker owners and their families
- Unemployment for drivers, motor boys, and support staff
- Job losses for truck mechanics, painters, welders, and fabricators
- Decline in business for spare parts dealers, tyre and battery sellers
- Negative impact on depot representatives, artisans, and food vendors
- Financial ruin for transporters who have invested heavily in the sector
They warned that the move could result in millions of job losses, sparking social insecurity, increased poverty, and a surge in unemployment nationwide.
Business
Africa Climate Summit begins in Ethiopia today
The first edition of the summit was held in Nairobi, Kenya, in 2023, where African leaders adopted the Nairobi Declaration — a roadmap for the continent’s green growth and financing agenda.

The second edition of the Africa Climate Summit (ACS2) commenced today in Addis Ababa, Ethiopia
Themed ‘Accelerating Global Climate Solutions: Financing for Africa’s Resilient and Green Development’, the summit is billed for September 8-10, is being attended by world leaders, private Sector delegates, and top United Nations officials; policymakers, climate experts, and civil society.
Inputs from the deliberations will be used to forge a common African position ahead of the COP30 negotiations scheduled for Brazil next year.
Discussions will centre on how Africa can tap its vast renewable energy potential, showcase homegrown technology, attract climate finance, and strike a balance between development priorities and urgent climate action.
The first edition of the summit was held in Nairobi, Kenya, in 2023, where African leaders adopted the Nairobi Declaration — a roadmap for the continent’s green growth and financing agenda.
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