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Petrol Price Hike: Job Losses Top Private Sector’s Worry

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The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Lagos Chamber of Commerce and Industry, LCCI, and Nigerian Employers Consultative Association, NECA, among others, yesterday expressed concern over the impact of the latest petrol price increase on jobs and the economy.
Reacting to the latest price hike, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, and the Organized Private Sector, OPS, expressed concerns over it, decrying its potential impact on businesses and consumers across the country.

In a statement, the National President of NACCIMA, Dele Kelvin Oye, called on the Federal Government to engage in constructive dialogue with relevant stakeholders, including the organized private sector and labour unions to address the concerns raised about the price increase and its potential effects on the economy.

The statement reads: “The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, expresses its concerns over the recent increase in the pump price of petrol to over N800 per litre at NNPC filling stations across the country.

“While we understand the complex factors that can influence fuel prices, such as global oil market dynamics and exchange rate fluctuations, we are troubled by the lack of prior notice and clear explanations provided by the government and the Nigerian National Petroleum Company Limited, NNPC, regarding this development.

“The timing of this price hike is particularly concerning as it has the potential to further exacerbate the impact on businesses and consumers, especially the vulnerable segments of the population and those on fixed incomes, who are still adjusting to the recent increase in the national minimum wage.”

According to Oye, “NACCIMA calls on government and NNPC to engage in constructive dialogue with relevant stakeholders, including the organized private sector and labour unions, to address concerns raised about this price increase and its potential effects on the economy.

“We are particularly interested in understanding the reported conditions that may have been agreed upon during the minimum wage negotiations, and how the current development aligns with those understandings. Maintaining trust and credibility in the government’s economic policies is crucial for fostering a conducive business environment and promoting inclusive growth.

The Director -General of LCCI, Dr Chinyere Almona, said: “The impact on businesses will be severe, with fuel prices affecting supply and logistics, power generation, transportation, and factory operations.

The cost of doing business will skyrocket, prices of goods will rise, and some firms may shut down due to low demand in the face of weakening consumer purchasing power. Of course, this will be followed by job losses.
LCCI advocates for a more sustainable approach. Supporting the development of additional local refineries to process our crude for local consumption and potential export across Africa is the way forward. This long-term strategy is crucial for the stability and growth of our economy.”

On its part, the Nigeria Employers Consultative Association, NECA, faulted the new price, saying it will inflict more pain on Nigerians and contribute to the increase in the cost of doing business.

The Director-General of NECA, Wale-Smatt Oyerinde, also reacted and pleaded with the government to rethink and do all that is necessary to address the continuous impoverishment of Nigerians and incapacitation of organized businesses.

He said “The new pump price of petrol is not only worrisome but also unfair. We had expected that the Government would leverage the momentum created by the completion of the Dangote refinery and the planned commencement of operation of the Port-Harcourt refinery to clear the obvious self-inflicted pain on Nigerians and progressively reduce the pump price of petrol. This seems not to be the case.

“This new pump price could be seen as making Nigerians pay for the crass inefficiency in the NNPC. Rather than address the fundamentals that have made Nigeria a net importer of petrol, even when we have four refineries, the Government continues to inflict pain on Nigerians and inadvertently, contributing to the increase in the cost of doing business.

“We urge that Government should have a rethink and do all that is necessary to address the continuous impoverishment of Nigerians and incapacitation of organized businesses.”

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MTN Group says it’s under US investigation

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South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.

Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.

In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.

MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.

“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.

Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.

The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.

“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .

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UBA Secures N5bn BoI MSME fund for disbursement to key sectors

The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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•GMD/CEO UBA), Oliver Alawuba.

United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.

The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.

He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.

It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”

Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.

”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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CPPE Proposes Policy Action to Reduce Food Prices

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

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The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.

CPPE suggested in reaction to the July 2025 inflation reported by the NBS

The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.

These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.

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