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
Nigeria’s inflation drops massively to 24.48% after CPI rebase

Nigeria’s inflation rate dropped massively to 24.48 percent in January 2024 from 34.80 percent in December last year after the rebased Consumer Price Index.
The Statistician General, Prince Adeyemi Adeniran, disclosed this on Tuesday in Abuja at the launch of the rebased CPI report.
Nigeria’s inflation rose to 34.80 percent in January 2025 compared to 34.80 percent recorded in December last year.
The National Bureau of Statistics disclosed its rebased Consumer Price Index for January released on Monday.
He said the Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48 per cent year on year in January.
Adeniran explained that urban inflation stood at 26.09 percent while rural inflation came to 22.15 percent.
Accordingly, the report, food inflation declined to 26.08 percent in January, from 39.84 percent in December 2024.
In a statement on the X account, NBS said, “The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and a weight reference period of 2023.
“Nigeria’s inflation rate for January 2024 stood at 24.48 percent year on year.
“The food inflation rate stood at 26.08 percent; the core inflation rate stood at 22.59 percent; the urban inflation rate stood at 26.09 percent; and the rural inflation rate stood at 22.15 percent “.
This comes as the Central Bank of Nigeria Monetary Policy Committee would hold its first meeting in 2025 on February 19 and 20, 2025.
In November 2024, MPC raised interest to 27.50 percent to bring down inflation.
Business
Johnvents Secures $40.5mn from BII to expand
Benson Adenuga, head of British International Investment’s (BII) office in Nigeria, said the institution was providing long-term funding for the firm’s plant in Ondo state.

Johnvents, a Nigerian agribusiness and manufacturing firm, has gained $40.5 million from the UK’s development finance institution to more than double its cocoa processing capacity to 30,000 metric tons annually.
Cocoa is among the biggest non-oil exports in Nigeria and largely grown by small-scale farmers in the south of the country.
Benson Adenuga, head of British International Investment’s (BII) office in Nigeria, said the institution was providing long-term funding for the firm’s plant in Ondo state.
” We’re actually providing funding for them to acquire machines and refurbish and expand their factory,” Adenuga told Reuters. Johnvents exports processed cocoa butter and powder, including to Europe.
Adenuga said BII would also help the firm to have 90% of its cocoa certified under the Rainforest Alliance sustainability and traceability programme by 2027.
Business
CBN Shores up foreign reserves to $40bn., why it’s Important
He made the disclosure on the sideline of the just-concluded inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh.

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says that the country’s foreign reserves had exceeded $40 billion .
Foreign reserves play a vital role in maintaining economic stability, supporting monetary policy, and ensuring a country’s ability to participate in international trade and finance.
Governor Cardoso attributes the growth in the foreign reserves to the adoption of an electronic matching system to improve transparency in the market and the introduction of a foreign exchange code of ethics, which all Nigerian banks signed to ensure adherence to market rules.
He made the disclosure on the sideline of the just-concluded inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh.
Cardoso acknowledged that Nigeria had faced significant economic challenges, including capital flow exits, multiple exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions, which led to a loss of confidence in the country’s currency.
The CBN Governor cited reforms in the financial markets that addressed distortions in the Nigerian foreign exchange market, which had previously experienced a gap of up to 60% between the official and parallel market exchange rates.
He noted that due to consistent policy direction, improved market confidence, and enhanced transparency in forex trading, the gap has significantly narrowed to approximately 4-5%.
Importance of Foreign Reserves
Foreign reserves, also known as foreign exchange reserves, are a crucial component of a country’s economic stability and financial security.
Here are the key importance of foreign reserves:
1. Maintains Exchange Rate StabilityForeign reserves help maintain a stable exchange rate by providing a buffer against fluctuations in the foreign exchange market.
2. Ensures Import PaymentsForeign reserves enable a country to pay for imports, ensuring a steady supply of essential goods and services.
3. Supports Monetary PolicyCentral banks use foreign reserves to implement monetary policy, such as managing interest rates and regulating money supply.
4. Enhances CreditworthinessAdequate foreign reserves can improve a country’s creditworthiness, making it easier to borrow from international lenders.
5. Provides LiquidityForeign reserves serve as a liquidity buffer, allowing a country to meet its short-term foreign exchange obligations.
6. Supports Economic GrowthForeign reserves can be used to support economic growth by providing financing for development projects and investments.
7. Reduces Vulnerability to External ShocksAdequate foreign reserves can reduce a country’s vulnerability to external shocks, such as global economic downturns or trade wars.
8. Facilitates International TradeForeign reserves enable countries to participate in international trade by providing the necessary foreign exchange to settle trade transactions.
9. Supports National SecurityIn some cases, foreign reserves can be used to support national security by providing financing for defense-related expenditures.
10. Enhances Investor ConfidenceAdequate foreign reserves can enhance investor confidence, attracting foreign investment and promoting economic growth.
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