Nigeria’s Cybersecurity Levy: What It Means for Small Market Women and Their Businesses

The Nigeria cybersecurity levy of CBN to banks is a 0.5% levy on all electronic transactions, as mandated by the 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act ¹ ² ³ ⁴ ⁵. The key points of this levy are as follows: In summary, the Nigeria cybersecurity levy of CBN to banks is a 0.5% levy on all electronic transactions to be deducted and remitted to the National Cybersecurity Fund (NCF). The levy aims to ensure dedicated and adequate funding to address the growing threats of cyber-attacks. However, there are exemptions and penalties for non-compliance. The implications of the Nigeria cybersecurity levy on small market women are: To mitigate these implications, it’s essential to consider the potential impacts on small market women and explore strategies to support their inclusion in the digital economy, such as: The implications of the Nigeria cybersecurity levy on small market women are: To mitigate these implications, it’s essential to consider the potential impacts on small market women and explore strategies to support their inclusion in the digital economy, such as:

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Fintech Companies Must Reduce Data Costs to Strengthen Nigeria’s Economy, Says Paga CEO

The founder and CEO of Paga, Tayo Oviosu, has stated that telecommunications operators in Nigeria will need to bring the price of internet data to boost economic activities in Nigeria reported NairaMetrics. Oviosu, who said this in Lagos whilst talking to reporters on the necessity to improve business in rural Nigeria, he stated that the unreachable cost of data is stopping many Nigerians from participating in the financial system. In line with what he said, he stated that it is fact that data cost in Nigeria compared to a country like India is very high. He stated this impacts how many citizens use fintech services. Fintechs in rural areasExplaining why most fintech services are not accessible in rural areas, Oviosu said the cost of data is a major hindrance. “For fintech services to get to the rural areas who predominantly practice agriculture some of these steps has to be taken. First of all, the biggest thing that actually has to happen is that the cost of data needs to come down. Data is so expensive here. It’s no longer the issues of not having smartphones, now most Nigerians have smartphones. In India today, the value of a gigabyte of data is less than 0.07 USD. So cheap. You will consume so much content. That’s why you’ve got a lot of online content creators in India who is using it o make money, so, I suppose that’s a massive thing,” he said. The call by telecom operators in Nigeria for higher …

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Investors incurred a N784 billion loss on Stock Exchange

This past week, the Nigerian Exchange Ltd. (NGX) experienced a significant decline, with the total market capitalization dropping by N784 billion to N55.512 trillion, a 1.39% decrease from the opening figure of N56.296 trillion. The NGX All-Share Index also fell by 1.39% or 1,387 points, ending the week at 98,152.91 compared to 99,539.75 the previous week reported The Guardian NG Most sector indices closed lower except for NGX Insurance, NGX MERI Growth, NGX MERI Value, and NGX Industrial Goods, which saw marginal gains of 0.02%, 1.13%, 0.09%, and 0.38%, respectively. The NGX ASeM and NGX Sovereign Bond indices remained unchanged. The market downturn was primarily driven by profit-taking in major stocks such as MTN Nigeria, Zenith Bank, and FBN Holdings. However, there was some buying interest in stocks like Guaranty Trust Holding (GTCO), United Bank of Africa (UBA), and Fidelity Bank, but this was not sufficient to reverse the overall negative trend. This week, 27 equities appreciated in value, an improvement over the 13 equities from the previous week. Conversely, the number of declining equities dropped to 43 from 62, while 84 stocks remained stable, slightly higher than last week’s 79. In terms of individual stock performance, Sunu Assurances was the top gainer, rising by 25k to close at N1.25. It was followed by CAP Plc, which increased by N4.85 to close at N28.85, and Livestock Feeds Plc, which rose by 21k to N1.66 per share. Japaul Gold and Ventures Plc and Unilever Nigeria also saw notable gains. On the …

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2024: World Bank predicts that Nigeria’s inflation rate will decrease to 24.8 percent

The improvement comes after the National Bureau of Statistics (NBS) pegged the present day price at 31.7 in step with cent in February from 29.9 recorded in January. “Inflation is coming down in Sub-Saharan African economies however it stays high. The median inflation is place is at 7.1% in 2023 to 5.1% in 2024 and 5% in 2025 / 2026. The normalization of global supply chains, steady decline of commodity prices, and impacts of monetary tightening and fiscal consolidation are contributing to a lower rate of inflation in the region. “Although inflation is winding down the most part of the world in 2024, it is still bad compared to pre-pandemic levels: however, inflation is expected to be lower in 80% of African countries Moreover, 14 African countries will experience high level of inflation of 2 or more digits this year—with an average inflation price that has dropped modestly from 25.9 % in 2023 to 24.85 in 2024,” The published data estimated a 3.3% growth in countries economy in 2024, and decreased for 2025 to 2026 0.1% 3.6% and its January projection of 3.7% “Growth in Nigeria economy is estimated at 3.3%in 2024 and 3.6% in 2025–26 as macroeconomic and monetary reforms begin to yield results “A solid macroeconomic environment, dilute the economic issues, however. will cause sustained but sluggish increase of the non-oil sector. “The oil economy is anticipated to stabilize with restoration in manufacturing and barely decrease prices. Structural reforms could be had to work with for better growth. …

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Sweet Peep in Dangote Refinery project in Nigeria

Dangote Refinery is a remarkable project under construction near Lagos, Nigeria. Here are some key details: The Dangote Refinery is poised to have a significant impact on Nigeria’s economy. Here are some ways it will contribute: 4. Completion Timeline: Dangote Refinery represents a major milestone in Nigeria’s energy sector, and its successful completion will have far-reaching implications for the region and beyond.

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The Implications of Naira Crashing Against the Dollar in All FX Markets

The recent depreciation of the Nigerian Naira against the US Dollar is a source of concern to all Nigerians, the foreign exchange (FX) markets is disparities between the official rates and the black market rates are showing signs of convergence, inching closer to each other. The implications of this currency crisis and the impact on various sectors of the economy is significant. How much is 1 dollar to naira in the black market? As of the latest reports today, the black market rates have surged, with the buy rate pegged at 1555 Naira to 1 US Dollar and the sell rate at 1560 Naira to 1 US Dollar. This substantial difference from the official rate raises concerns about the stability of the currency and its effects on businesses and individuals operating in the country. For those seeking to exchange US Dollars for Naira, the current rate in the black market stands at 1565 Naira for 1 US Dollar. This sharp increase in the exchange rate could pose challenges for international trade, making imports more expensive and impacting the cost of living for the average citizen. How much is $100 dollars in Naira today? Converting $100 US Dollars to Naira at the black market rate would yield 156,500 Naira. This difference compared to the official rate will lead to increased prices of goods and services in the domestic market in Nigeria. How much is 1 dollar in GTBank? GTBank exchange rate equivalent to official rate which is currently equivalent to 1,516.50 …

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Lagos Free Trade Triumph: Million-Dollar Gas Project

In a stunning turn of events that has sent ripples of excitement through the economic landscape, the Lagos Free Trade Zone has clinched a monumental victory with the announcement of a million-dollar gas distribution project. The revelation comes as a surprise, marking a significant milestone for the region and opening up new horizons for economic development in Nigeria. Transitioning into Success: Lagos Free Trade Zone’s Remarkable Achievement Transitioning from routine updates to a revelation of economic significance, the blog post encapsulates the collective surprise that greeted the announcement of the million-dollar gas distribution project at the Lagos Free Trade Zone. As the news broke, it became evident that this triumph holds the potential to reshape the economic trajectory of Lagos and, by extension, Nigeria. Lagos Free Trade Zone: A Hub of Economic Activity Delving into the heart of the matter, the blog post explores the status and role of the Lagos Free Trade Zone in recent times. Transitioning from a description of the zone to the revelation of a dollar gas distribution project, readers are guided through the significance of this hub of economic activity and its pivotal role in attracting foreign investments. Dollar Gas Distribution Project: Unveiling a Game-Changer The crux of the story lies in the unveiling of the million-dollar gas distribution project. Transitioning from the anticipation of routine developments to the game-changing announcement, the post details the key aspects of the project, shedding light on its scope, potential impact, and the collaborative efforts that have brought this …

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Naira’s Challenge: Crosses N1,000/$ on Official Market

In a staggering development that has sent shockwaves through the economic landscape, the Naira has encountered an unprecedented challenge, crossing the N1,000/$ mark on the official market. This unexpected turn of events has sparked concerns and conversations about the state of Nigeria’s currency, prompting a closer look at the intricate factors contributing to this significant milestone. Join us as we navigate through the surprising journey of the Naira’s challenge, analyzing the latest exchange rate news, providing updates on the N1,000 to Dollar scenario, and delving into the far-reaching implications of this currency crisis. Transitioning into the Currency Crisis The narrative unfolds against the backdrop of a nation grappling with economic challenges. Transitioning from routine financial updates to a startling revelation, the blog post captures the collective surprise that reverberated through the financial corridors as the Naira crossed the formidable N1,000/$ mark on the official market. How did the currency, once a symbol of stability, find itself facing such a formidable challenge? Naira Exchange Rate News: A Sudden Shift The crux of the story lies in the Naira exchange rate news—a sudden shift that has left economists, analysts, and the public at large in a state of bewilderment. Transitioning from predictable currency movements to a remarkable milestone, the blog post dissects the latest updates on the Naira’s exchange rate, providing context for the unexpected surge beyond the N1,000/$ threshold. The surprise deepens as readers grapple with the implications of this unforeseen turn. N1,000 to Dollar Update: Uncharted Territory As the Naira’s …

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Dangote Faces Forex Investigation: EFCC Visit

In a startling turn of events, the Dangote Group finds itself at the epicenter of a financial storm as the Economic and Financial Crimes Commission (EFCC) pays an unexpected visit to its offices. The surprise element lies in the revelation that the visit is part of an extensive investigation into the alleged misuse of forex allocation, unraveling a complex web of corporate forex mismanagement that has sent shockwaves through the nation. Transitioning into the Unforeseen Visit The unforeseen visit by the EFCC to the Dangote Group’s offices marks a significant turning point in the corporate landscape. The surprise is palpable as news of the investigation breaks, catching both the business community and the public off guard. How did one of Nigeria’s most prominent conglomerates become entangled in a forex probe, and what implications does this hold for the nation’s financial stability? EFCC Investigation Dangote Group: Probing the Giants As the EFCC delves into the intricate workings of the Dangote Group, the magnitude of the investigation becomes evident. Transitioning from routine corporate scrutiny to a high-stakes inquiry, the surprise lies not only in the target but in the potential repercussions for one of the nation’s economic giants. The investigation unfolds against the backdrop of Nigeria’s financial scandal landscape, with implications reaching far beyond the confines of corporate boardrooms. Forex Allocation Misuse Probe: Unraveling the Allegations The heart of the matter lies in the allegations of forex allocation misuse. The surprise factor intensifies as details emerge about how one of the most …

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Surprise Boost: NNPC’s 4th Crude Oil Shipment Energizes Dangote Refinery

In a startling turn of events that has sent shockwaves through the energy sector, the Nigerian National Petroleum Corporation (NNPC) has delivered an unexpected energy boost to the Dangote Refinery with its 4th crude oil shipment. This surprising development marks a significant milestone in the collaboration between the NNPC and Dangote Refinery, bringing a new wave of excitement and anticipation in the Nigeria energy industry. Transitioning into the Unexpected Boost Just when the industry seemed to be settling into its routine, the announcement of the 4th crude oil shipment from NNPC to Dangote Refinery caught everyone by surprise. This unexpected boost has injected a renewed sense of vigor and curiosity into the ongoing developments within the oil and gas sector. Dangote Refinery News: A Buzz of Activity The Dangote Refinery, a key player in Nigeria’s energy landscape, is once again in the headlines with this latest turn of events. Dangote Refinery news has been abuzz with updates on its operations, expansions, and strategic partnerships. The arrival of the 4th crude oil shipment adds another layer to the narrative, creating an air of anticipation and excitement within the industry. NNPC’s Crude Oil Deliveries: Unveiling a Pattern of Success The consistency of NNPC’s crude oil deliveries to Dangote Refinery reveals a pattern of success in their partnership. This unexpected synergy between two major entities in the Nigeria energy industry speaks volumes about the efficiency of their collaboration and the positive impact it has on the nation’s energy landscape. Nigeria Energy Industry: A …

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