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
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 380 Sell ₦2, 460
Central African CFA Buy ₦2, 220 Sell 2,300
Australian Dollar Buy ₦800 Sell ₦900
Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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