Business
NCC approves 50% tariff hike for telecoms
The Nigerian Communications Commission has approved requests from network operators for tariff adjustments in response to rising operational costs, marking the first change in rates since 2013.
The decision, announced in a statement signed by the Director of Public Affairs, Reuben Muoka, on Monday, allows for a maximum adjustment of 50% to current tariffs, significantly less than the over 100% proposed by some operators.
The NCC said it is exercising its authority under Section 108 of the Nigerian Communications Act, 2003 and emphasised that the new tariffs would remain within the limits outlined in its 2013 Cost Study.
According to the commission, the adjustments will also adhere to its 2024 Guidance on Tariff Simplification, ensuring transparency and fairness in implementation.
“The adjustment, capped at a maximum of 50 per cent of current tariffs, though lower than the over 100 per cent requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability.
“These adjustments will remain within the tariff bands stipulated in the 2013 NCC Cost Study, and requests will be reviewed on a case-by-case basis as is the commission’s standard practice for tariff reviews.
It will be implemented in strict adherence to the recently issued NCC Guidance on Tariff Simplification, 2024.
“Tariff rates have remained static since 2013, despite the increasing costs of operation faced by telecom operators.
The approved adjustment is aimed at addressing the significant gap between operational costs and current tariffs while ensuring that the delivery of services to consumers is not compromised,” the statement said.
The NCC noted that the adjustment was necessary to sustain investment in infrastructure and innovation, benefiting consumers through improved services, better network quality, and wider coverage.
“This decision was made after extensive consultations with key stakeholders across the public and private sectors,” Muoka stated, adding that the commission prioritised balancing consumer protection with industry sustainability.
While recognising the financial pressures faced by Nigerian households and businesses, the NCC mandated operators to implement the new rates transparently and educate consumers on the changes.
Operators are also required to demonstrate measurable improvements in service delivery as part of the adjustments.
“Recognising the concerns of the public, this decision was made after extensive consultations with key stakeholders across the public and private sectors.
“The NCC has prioritised striking a balance between protecting telecom consumers and ensuring the sustainability of the industry, including the thousands of indigenous vendors and suppliers who form a critical part of the telecommunications ecosystem.
“The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments.
To this end, the commission has mandated that operators implement these adjustments transparently and in a manner that is fair to consumers. Operators are also required to educate and inform the public about the new rates while demonstrating measurable improvements in service delivery,” it added.
The commission underscored its commitment to fostering a resilient and inclusive telecommunications sector.
“Beyond protecting consumers, the commission’s actions are designed to ensure the long-term sustainability of the industry, support indigenous vendors and suppliers, and promote the overall growth of Nigeria’s digital economy,” the statement added.
The NCC assured Nigerians of continued engagement with stakeholders to maintain a telecommunications environment that protects consumers while enabling the ecosystem that drives connectivity across the nation.
Business
BOI Secures $200m fresh Loan from AfDB
Dr. Olasupo Olusi, MD/CEO Bank of Industry, said: “BOI is pleased to deepen its long-standing partnership with the African Development Bank through this landmark facility, building on the successful collaboration under the bank’s previous $100 million line to BOI, which was fully repaid in 2025.
The Bank of Industry (BOI) has secured a $200 million sovereign-guaranteed thematic financing facility from the African Development Bank Group for onward lending to enterprises in the industrial sector of the economy including infrastructure and transport, agro-food processing and health.
The facility will also support climate-resilient and low-carbon investments, including renewable energy, energy-efficient industrial processes, climate-smart agriculture, and sustainable infrastructure solutions.
These investments are expected to improve productivity, promote local manufacturing, strengthen healthcare and pharmaceutical value chains, and reduce dependence on imports.
The package is strengthened by a $650,000 technical assistance grant from the Fund for African Private Sector Assistance (FAPA) to boost SME capacity, improve environmental, social, and governance (ESG) practices, support climate-smart initiatives, and enhance BOI’s impact measurement systems.
Dr. Abdul Kamara, Director General of the African Development Bank Group Nigeria Country Department, said the approval demonstrates the Bank’s continued commitment to supporting Nigeria’s private sector and industrial growth ambitions.
Reacting, Dr. Olasupo Olusi, Managing Director/Chief Executive Officer of the Bank of Industry, said: “BOI is pleased to deepen its long-standing partnership with the African Development Bank through this landmark facility, building on the successful collaboration under the bank’s previous $100 million line to BOI, which was fully repaid in 2025.
This new facility will further strengthen our capacity to provide long-term financing to enterprises operating in sectors critical to Nigeria’s economic transformation.
Business
Dangote expands Investment in Ethiopia to $4bn
The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.
•Aliko Dangote
President of Dangote Group, Alhaji Aliko Dangote has announced a significant increase in the Group’s investment in Ethiopia, rising from $2.5 billion to over $4 billion.
“This makes Ethiopia the second-largest recipient of our investments in Africa, accounting for nearly nine percent of our continental outlay between now and 2030,” said Dangote, describing Ethiopia as a key strategic destination for Dangote Group’s long-term investments.
The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.
Dangote stated this while addressing journalists in Gode, Ethiopia’s Somali region, during a high-profile visit hosted by Prime Minister Abiy Ahmed, a statement by Dangote Group said.
According to the statement, the prime minister personally received Dangote and accompanied him to inspect the site of the proposed fertiliser plant, where construction activities are already underway.
Speaking on the strategic importance of fertiliser in agricultural productivity, Dangote noted that Africa’s food insecurity challenges were largely due to limited access to key inputs.
“Africa holds immense agricultural potential, yet continues to grapple with food insecurity due to limited access to fertiliser.
Through our investments, we are committed to reversing this trend by boosting productivity, empowering farmers, and advancing a sustainable path to food self-sufficiency”, he said.
Business
PenCom bracing up to invest in Dangote Refinery’s IPO, urges PFAs
The decision effectively grants PFAs access to part of Nigeria’s N29.5 trillion pension assets for investment in the refinery, marking it one of the most significant regulatory adjustments in the pension industry in recent years.
The National Pension Commission (PenCom) has approved the investment of pension assets in the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, opening the door for pension fund administrators (PFAs) to participate in one of Africa’s biggest industrial projects.
The decision effectively grants PFAs access to part of Nigeria’s N29.5 trillion pension assets for investment in the refinery, marking it one of the most significant regulatory adjustments in the pension industry in recent years.
PenCom, in a circular displayed on its website, described the approval as a “specific and singular exception” to existing investment regulations because of the refinery’s strategic importance to the Nigerian economy.
Under current pension investment guidelines, PFAs are generally prohibited from investing contributors’ funds in companies without a proven history of profitability and dividend payments.
However, the commission said the refinery’s scale, financial structure and expected economic impact justified the waiver.
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