Category: Business

LAGOS, Nigeria (NPA) — The Lagos State Butchers Association has decried the persistent surge in cow prices, which have climbed to as high as N2.5 million, surpassing the cost of some used cars. The association’s patron, Bamidele Kazeem, disclosed this in an interview in Lagos, attributing the spike to insecurity, rising transportation costs, and delays in local ranching initiatives.

“Cows that sold for about N1.7 million last year are now going for between N2.3 million and N2.4 million. At one point, a cow was priced at N2.5 million in the market,” he said.

Kazeem said the sharp increase had placed significant pressure on both butchers and consumers, with many traders struggling to stay afloat.

“The car I bought in 2020 for N2.1 million is now cheaper than the price of a cow. That shows how expensive cows have become,” he added.

He noted that cows previously sold for around N1 million had become increasingly scarce.

“If you find a cow for N1 million now, it’s surprising. What we complained about last year is nothing compared to the current situation,” he said.

Kazeem linked the trend partly to insecurity affecting livestock movement across parts of the country, as well as rising fuel prices.

“Supply has dropped due to insecurity, and the recent increase in fuel pump prices has pushed transportation costs through the roof,” he said.

He added that higher diesel and petrol costs had worsened logistics challenges, particularly for cattle transported from northern Nigeria, the primary source of livestock for Lagos markets.

Kazeem also said local producers had been unable to meet demand, as planned feedlot and ranching programmes in the state were yet to take off.

“We still rely heavily on suppliers from the northern states because local production cannot meet demand. The state’s feedlot and ranching programmes have not commenced,” he said.

He urged the government to fast-track implementation of the Eko Ranching Project, noting that it would boost local supply, reduce transport costs, and help stabilise meat prices.

“The benefits of the ranch are enormous. It will create jobs for our youths and likely bring down the cost of meat,” he said. (NAN)

ABUJA, Nigeria — 18 April 2026 (NPA) — The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed claims by telecommunications companies that government policy was responsible for the suspension of airtime and data credit advances to customers. The Commission described such assertions as misinformation spread by a desperate cartel opposed to regulatory oversight.

In a statement signed by Ondaje Ijagwu, Director of Corporate Affairs, FCCPC clarified that it has not banned airtime borrowing or data advance services. The Commission emphasised that no directive has been issued to prevent consumers from accessing lawful telecom value-added services.

The FCCPC explained that its intervention stemmed from widespread consumer complaints about opaque charges, unexplained deductions, aggressive recovery practices, poor disclosure standards, and inadequate accountability in the digital lending and advance-services market. To address these concerns, the Commission introduced the DEON Consumer Lending Regulations in July 2025.

These regulations were designed to curb abusive practices, restore consumer confidence, and promote transparency. Key provisions include mandatory registration of service providers, responsible lending conduct, clear disclosure of fees and terms, accessible complaint channels, data protection safeguards, accountability for third-party partners, and effective regulatory oversight.

Investigations revealed that some telecom operators engaged in exclusionary third-party technical arrangements, contravening the Federal Competition and Consumer Protection Act of 2018. The regulations sought to open the market to local participants alongside foreign partners, in line with free market principles.

The FCCPC noted that affected operators were granted a 90-day compliance period in July 2025, later extended until 5 January 2026. Despite these opportunities, several operators failed to regularise their services, continuing monopolistic practices that generated persistent consumer complaints.

The Commission stressed that any temporary suspension or operational changes introduced by service providers should be regarded as business or compliance decisions, not regulatory bans. It warned against attempts to misrepresent lawful consumer regulation as the cause of service disruptions.

Consumers are advised to disregard false narratives and remain assured of the FCCPC’s commitment to protecting consumer rights, promoting fair competition, encouraging responsible innovation, and ensuring transparent digital financial practices in collaboration with sector regulators and service providers.

ABUJA, Nigeria — 17 April 2026 (NPA) — The Minister of Aviation and Aerospace Development, Festus Keyamo, has appealed to airline operators in Nigeria to reconsider any planned suspension of flights or increase in ticket prices in response to the sharp rise in aviation fuel costs linked to the war in the Middle East.

In a letter addressed to the President of the Airline Operators of Nigeria (AON) late Thursday, Keyamo acknowledged the operational challenges posed by the sudden hike in Jet A1 fuel prices — from ₦900 per litre on February 28, 2026, to ₦3,300 per litre as of April 17, 2026, representing a 300 percent increase.

Commending the resilience and professionalism of airline operators, the minister stressed that the aviation sector remains a critical national asset under the Civil Aviation Act, 2022, essential to trade facilitation, national security, employment generation, and economic integration. He noted that the administration of President Bola Ahmed Tinubu has initiated reforms to support the growth and sustainability of local operators.

Keyamo urged airlines to exercise restraint regarding fare increases, warning that immediate upward adjustments would impose hardship on passengers, depress demand, and limit access to air travel. He also appealed against suspending flight operations, cautioning that such action would disrupt the economy, weaken logistics networks, erode public confidence, and undermine ongoing reforms.

He assured operators that their concerns have the full attention of the Federal Government and announced a high-level emergency stakeholders’ meeting scheduled for Wednesday, April 22, 2026, in Abuja, to seek a prompt and sustainable resolution. Details of the venue and time will be communicated subsequently.

ABUJA, Nigeria — 17 April 2026 (NPA) — The Federal Government has disclosed that Nigeria produces about 1.4 million metric tonnes of palm oil annually, far below the domestic demand of 2.5 million metric tonnes.

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made this known on Thursday at the National Stakeholders Meeting on the Joint Development of Nigeria’s Palm Oil Production Capacity in Abuja. Kyari, represented by his Senior Technical Assistant, Mr. Ibrahim Alkali, described the meeting as a strategic platform requiring clarity of purpose, alignment of interests, and decisive action to reposition the palm oil sector.

He recalled that Nigeria was once a global leader in palm oil production in the 1960s, accounting for more than 40 percent of global supply, with the commodity serving as a major export and driver of rural livelihoods and industrial growth. However, he noted that production has declined significantly over the years.

“Today, Nigeria produces approximately 1.4 million metric tonnes of palm oil annually, while domestic demand exceeds 2.5 million metric tonnes,” Kyari said, adding that the shortfall of over one million metric tonnes forces the country to spend between $500 million and $600 million annually on imports.

He stressed that Nigeria has more than three million hectares of land suitable for oil palm cultivation, much of which remains underutilised, even as global demand for palm oil continues to rise, with the market valued at over $70 billion annually across food, cosmetics, pharmaceuticals, and biofuels.

Kyari emphasised that Nigeria’s challenge is not lack of potential but the scale and coordination of its response. He said the Federal Government, under President Bola Tinubu, is prioritising agriculture as part of its economic diversification agenda through the Renewed Hope Agenda. He added that the ministry has validated the National Oil Palm Development Strategy to reposition the sector and called on stakeholders to collaborate in unlocking its full potential.

Earlier, the Permanent Secretary of the ministry, Dr. Marcus Ogunbiyi, represented by Mr. Abba Waziri, Director of Farm Input Support Services, described the meeting as timely and necessary to transform the palm oil industry. He said the presence of stakeholders reflected a shared commitment to sustainable growth, national prosperity, and global competitiveness.

In a presentation, Mr. Emmanuel Anyaralu, Managing Director of Mass Industrial Development and Logistics, outlined strategies for strengthening the sector through strategic partnerships. He said the development plan was designed to stimulate rural economies, create jobs, and enhance food security.

ABUJA, Nigeria — April 17, 2026 (Agency Report) — Nigeria has intensified efforts to bridge an infrastructure deficit estimated at $2.3 trillion between 2020 and 2043, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, said on Thursday.

Speaking on the sidelines of the Global Infrastructure Facility — a G20 initiative — during the Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington, Ewalefoh said Nigeria requires about $100 billion annually over 23 years to meet its infrastructure needs.

He noted that government budgetary allocations remain insufficient to address the funding shortfall, making private sector participation through Public-Private Partnerships (PPPs) essential to nationwide infrastructure development.

According to him, Nigeria’s Infrastructure Master Plan projects that 70% of funding will come from the private sector, underscoring the need to develop bankable project pipelines with support from institutions such as the Global Infrastructure Facility to attract international investors.

Discussions at the forum highlighted the importance of tailoring PPP models to local realities, including investment risks, political considerations and the limited appetite for long-term capital in developing economies, Ewalefoh said.

He added that Nigeria is positioning itself as an attractive investment destination, citing its population of about 250 million and ongoing government reforms aimed at improving the business climate and strengthening investor confidence.

Ewalefoh assured potential investors of robust legal frameworks to safeguard investments, emphasizing the government’s commitment to the rule of law, contract enforcement and policies designed to guarantee returns while mitigating perceived risks.

He identified the energy and transport sectors as priority areas, requiring an estimated $759 billion and $595 billion respectively. Other critical sectors in need of substantial investment include information and communications technology (ICT), agriculture, healthcare and education.

PPPs, he said, offer practical solutions to funding constraints by reducing reliance on limited public budgets and enabling sustainable infrastructure financing through long-term investment recovery mechanisms for private investors.

Ewalefoh expressed confidence that ongoing engagements with global investors and development partners would unlock capital flows, accelerate project delivery and help Nigeria achieve its infrastructure objectives.

He also commended President Bola Tinubu for initiating reforms aimed at creating an enabling environment for PPPs to thrive. (NAN).

LAGOS, Nigeria — April 17, 2026 (Agency Report) — Guinness Nigeria Plc reported a 144% increase in sales to N730.8 billion for an 18-month financial period ending December 2025, following a change in its financial year-end.

The company adjusted its reporting cycle from June to December, resulting in financial statements covering July 2024 through December 2025.

Chairman Prof. Fabian Ajogwu disclosed the results at the company’s 75th Annual General Meeting in Lagos.

Sales rose from N299.5 billion in the previous comparable period to N730.8 billion, driven by an optimized product mix, new product innovations and calibrated price adjustments aimed at mitigating inflationary and cost pressures, Ajogwu said.

All product categories recorded resilient performance during the period, with Ready-to-Drink beverages delivering particularly strong growth.

Gross profit increased by 152%, reflecting improved cost management and pricing strategies, while operating profit rose by 251%, supported by tighter cost controls and more efficient marketing investments.

The company posted a net profit of N41.16 billion for the 18-month period, reversing a loss of N54.77 billion recorded in the 12 months to June 2024.

Operating profit climbed to N89.27 billion from N25.41 billion a year earlier, while profit before tax stood at N68.39 billion, compared with a pre-tax loss of N73.68 billion in the previous period.

After accounting for an income tax expense of N27.23 billion, net profit totaled N41.16 billion. Total comprehensive income also improved to N41.16 billion, compared with a comprehensive loss of N54.77 billion in the prior year.

Shareholders at the meeting approved the appointment of Mayank Kabra as Executive Director, alongside Bola Adesola and Olusola Oworu as Non-Executive Directors.

In separate remarks, shareholder representatives commended the company’s governance structure and performance.

Adetutu Shiyanbola, chairperson of the Highly Favoured Shareholders Association of Nigeria, praised the company for maintaining gender balance on its board.

Sunny Nwosu, national coordinator of the Independent Shareholders Association of Nigeria, urged the company to strengthen support for elderly shareholders beyond dividend payments.

Capital market analyst Nornah Awoh advised the company to consider adopting both interim and final dividend payments to enhance shareholder value, while exploring export opportunities to diversify revenue streams.

LAGOS, Nigeria — 17 April 2026 (Agency Report) — The Commonwealth Business Women Africa (CBW Africa) has urged more women across the continent to take deliberate steps to leverage opportunities under the African Continental Free Trade Area (AfCFTA).

Mrs Ngozi Oyewole, Continental President of CBW Africa, said in a communiqué on Thursday that women must play a central role in driving the AfCFTA vision.

The News Agency of Nigeria (NAN) reports that AfCFTA, established in 2018, seeks to accelerate intra-African trade, creating the world’s largest free trade area by participation and strengthening Africa’s global trade position.

Oyewole described AfCFTA as a transformative platform for economic integration, noting that Africa had moved beyond preparation into the active implementation of a unified market.

She added that the initiative was designed to unlock intra-African trade, eliminate barriers, and create one of the largest single markets globally.

According to her, women must play a central role in driving this vision rather than remaining on the sidelines.

“This is a continental awakening, and Africa is no longer preparing for integration; we are already in it,” she said.

Oyewole noted that CBW Africa was actively contributing to this integration through its e-commerce platform, which connects women entrepreneurs across borders.

She said the platform enhances market access, promotes visibility, and facilitates trade transactions among women-led businesses across African countries.

“We are not just speaking about integration; we are living it.

“We are moving women from informality to structured enterprises, from local markets to continental value chains, and from potential to profitability,” she said.

She added that the organisation was focused on building bankable and investable businesses led by women, as well as fostering credible and well-governed networks.

Oyewole also emphasised the importance of physical networking, describing proximity as a critical factor in unlocking business opportunities under the AfCFTA framework.

She encouraged participants to engage actively, initiate partnerships, and develop clear action plans that translate into business growth and cross-border partnerships.

She called on African women to move beyond participation in AfCFTA to actively dominate trade and enterprise across the continent.

“No woman should be without a concrete plan — not just inspiration, but a clear strategy for execution and collaboration,” she said. (NAN).