The Lagos State Emergency Management Agency said fire has gutted the underbridge market at Ebute Ero area of the state.

The agency’s Permanent Secretary, Dr Olufemi Oke-Osanyintolu, confirmed this in a statement on Saturday in Lagos.

Mr Oke-Osanyintolu said LASEMA received a distress call at about 22.20hrs.

He said, “Following distress calls via the 767 and 112 toll-free emergency lines at 2220hrs, LASEMA activated its emergency response teams from Lekki, Cappa and the Command and Control Centre, Alausa, Ikeja. On arrival at the incident scene by 22.55hrs, it was discovered that multiple buildings used as shops for sales of car spare parts were found engulfed by fire. The immediate or remote causes of the fire incident were yet to be ascertained.’’

He added that no casualties or injuries were recorded at the incident scene.

“Property and goods worth hundreds of millions of naira were destroyed by the inferno,” he said.

He added that the agency alongside some responders such as the Lagos State Fire and Rescue Service, and the Federal Fire Service were at the scene to prevent the fire from escalating to adjoining buildings.

He noted, “The law enforcement agencies present at the incident scene also activated crowd measures to ensure all-round safety at the incident scene. Frantic efforts are ongoing to completely extinguish the fire. Dampening down has commenced to stamp out the remaining pockets of fire. Salvaging of valuable property in the recovered shops is ongoing and recovery operation still ongoing.’’

The federal government of Nigeria has entered into a €300 million development partnership with France to advance key sectors of the economy, including healthcare, transportation, renewable energy, and sustainable agriculture.

The agreement, signed by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and France’s Minister of Economy, Finance, and Industry, Mr. Antoine Armand, alongside the French Development Agency (AFD), shows a shared vision for economic growth and sustainable development.

The partnership, sealed in France, includes two critical agreements aimed at driving President Bola Ahmed Tinubu’s Renewed Hope Agenda. Speaking at the signing ceremony, Mr. Edun noted the broader significance of the collaboration.

“This partnership goes beyond financial support. It is about building robust, sustainable systems that foster development and empower Nigerians. It reflects the confidence of international partners in the progress of Nigeria’s economic reforms,” he stated.

The agreements include a Letter of Intent co-signed by Edun and Armand, and a dedicated AFD commitment to fund initiatives that address Nigeria’s critical development needs.

The agreements prioritize investments in the following sectors: Urban Infrastructure and Transportation Networks designed to enhance connectivity and mobility across Nigeria

Others are Healthcare Systems to strengthen service delivery to improve access and outcomes; Renewable Energy to support Nigeria’s energy transition and expanding access to sustainable energy solutions.

There is also Sustainable Agriculture and Food Security initiative to boost agricultural value chains and ensuring food security and education, with a STEM Focus to promote science, technology, engineering, and mathematics to drive innovation and human capital development.

AFD’s CEO, Rémi Rioux, gave the assurance of the agency’s long-term commitment to Nigeria’s development, aligning with the government’s Renewed Hope Agenda. AFD pledged to support projects in energy access, agro-logistics hubs, MSME financing, and sustainable urban infrastructure. These initiatives are expected to foster job creation, improve livelihoods, and stimulate economic growth.

The agency also noted the importance of efficient project implementation to maximize the impact of these investments.

The partnership reflects the growing strength of Nigeria-France relations, emphasizing mutual commitment to sustainable development. The agreements guarantee AFD’s continued support for Nigeria’s transformative projects, fostering shared prosperity.

The United States Consulate in Lagos has celebrated the growing impact of the American Business Council on Nigeria-US bilateral trade, revealing an increase in trade volumes from $10bn to $11.3bn over the past year.

US Consul-General, Will Stevens, during a Thanksgiving event hosted in partnership with the ABC in Lagos, said, “We’ve done so much to build and grow our relationship from increases in bilateral trade, which I mentioned, from a little bit over $10bn of bilateral trade to $11.3bn in the last year.”

Stevens lauded the contributions of US companies and the mission’s initiatives in Nigeria, stating “Tonight, we’re celebrating Thanksgiving with the American Business Council and so many of our partners across Nigeria. It’s a time to come together and acknowledge the incredible work by US companies, the mission, and local communities to strengthen Nigeria.”

Stevens highlighted initiatives such as EducationUSA, which invests in the next generation of Nigerian students pursuing education in the US, and a network of 27 American Spaces that foster cultural and educational exchange.

He said, “We have things like EducationUSA, how the U.S. mission invests in the next generation of students in the United States. We have our network of 27 American spaces represented here.

“We have companies from across Nigeria and wherever you see US companies invested, you see them investing not just in business and trade, but investing in the people that they work with and the people that work for them, but also the communities where they work.”

Stevens hailed US companies for their commitment to Nigeria, emphasising their efforts to uplift local communities, noting “Wherever you see US companies invested, you see them investing not just in business and trade, but in the people and communities where they work.”

Stevens, who announced the end of his tenure in Nigeria, reflected on his career, remarking “It has been the honour of my life to spend the last two and a half years living in Nigeria and working with the amazing people here. Our bilateral relationship has seen remarkable growth, from increased trade to high-level engagements like the Binational Commission meeting in April.”

He expressed pride in being part of this progress and reaffirmed his commitment to advancing Nigeria-US relations, declaring “I’m looking forward to going to Washington and coming back, working on Nigeria issues from Washington.”

The CEO and Executive Secretary of the ABC, Margaret Olele, emphasised the Council’s role as the voice of American businesses in Nigeria and its efforts to foster trade and investment between the two countries.

“We represent over 91 US companies in Nigeria and work closely with the US mission to strengthen various sectors of the country,” Olele said.

She pointed to the Council’s focus on social impact as a cornerstone of its operations, noting “US companies are not here for a sprint but for a long race. You’ll see us in various sectors building capacity and providing value.”

Olele highlighted a recent collaboration with the United States Agency for International Development and a Silicon Valley-based start-up university to train Nigerian youths in digital solutions through cybersecurity hackathons.

Actress and filmmaker Funke Akindele has officially launched her real estate development, marking a major milestone in her career.

Sharing a video on Instagram, Akindele showcased the stunning project, which features a beautifully designed garden inspired by her popular series. She expressed her pride and excitement in realizing her dream of creating a world-class development.

The project is equipped with top-tier infrastructure, including meticulously landscaped homes with flowers and pools, offering a luxurious living experience.

“I’m excited to share a transformative chapter of my life! After years of hard work, I’ve turned my dream of owning a real estate development with world class infrastructure into reality. From the drainage system, the tarred roads, top notch security and uninterrupted power supply, beautified by flowers and pools in every home. I proudly present Jenifa Gardens, a place where dreams come true. This real estate venture embodies the belief that everyone deserves a home that reflects their style and personality..”, she wrote.

On Monday, the naira depreciated at the official market, trading at N1,690.37 against the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the naira lost N38.12.

This represents a 2.3 per cent loss compared to the November 15 trading date when it exchanged at N1,652.25 a dollar.

Also, the daily turnover was reduced to $173.14 million on Monday, down from $296.63 million recorded on Friday.

At the Investor’s and Exporter’s (I&E) window, the naira traded between N1,699.00 and N1,633.52 against the dollar.

On Friday, the naira slightly depreciated at the official market, trading at N1,652.25 against the dollar. Data from the official trading platform of the FMDQ Exchange revealed that the naira lost N2.05.

This represents a 0.12 per cent loss compared to Thursday’s trading, when it exchanged at N1,650.20 to a dollar. However, the daily turnover increased to $296.63 million on Friday, up from the $214.73 million recorded on Thursday.

At the Investor’s and Exporter’s (I&E) window, the naira traded between N1,699.00 and N1,620.00 against the dollar.

The World Bank has uncovered $32 million in unaccounted funds in Nigeria’s water project.

This was disclosed in the banks’ recently released FY2024 Sanctions System Annual Report.

The report showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the project’s integrity.

“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds.”

In a move to recover the fund, the World Bank engaged with the project team, including Nigeria’s task team leader, operations manager, and financial management specialist.

As a recommendation, the Central Bank of Nigeria has asked to reimburse $22 million, while $6 million remains in the project account to cover anticipated operational expenses.

There are indications of a looming debt crisis as Nigeria’s external debt may rise to $45.1 billion by the end of 2024, with the Federal Government planning to secure additional external funding.

This follows a report from the Debt Management Office (DMO), which revealed that the country’s external debt stock increased by $780 million in the second quarter of 2024, growing from $42.12 billion in March to $42.9 billion by June 2024.

Last Thursday, the Federal Executive Council (FEC) approved a $2.2 billion external borrowing plan as part of the Federal Government’s 2024 Appropriation Act financing programme.

Speaking on the fresh borrowing plan, the Minister of Finance, Wale Edun, during a briefing after the FEC meeting, stated that it comprises Eurobond and Sukuk offerings, valued at $1.7 billion and $500 million, respectively.

He added that Nigeria’s ability to access the international capital market indicates acceptance and support for President Bola Ahmed Tinubu’s economic reforms.

With the additional borrowing plan of $2.2 billion, the country’s external debt is projected to reach $45.1 billion by the end of 2024.

However, the borrowing plans come at a time when Nigeria spent $3.58 billion servicing its foreign debt in the first nine months of 2024, a 39.77 percent increase from the $2.56 billion spent during the same period in 2023, according to data from the Central Bank of Nigeria.

Recall that the DMO reported in October 2024 that Nigeria’s total debt stock had risen to N134.3 trillion by the end of June 2024.

Reacting to the rising debt profile, the Director of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, criticized the increasing debt burden, citing insufficient revenue capacity and ongoing infrastructural deficits as major concerns.

The Nigeria Labour Congress has accused Dangote Group and oil marketers of ganging up to rip Nigerians off in the Premium Motor Spirit (Petrol) pricing.

NLC disclosed this in a communiqué on Sunday after its National Executive Council Meeting held on Friday.

The Union noted that the current price of petrol, which stood between N1060 and N1,200 per litre, is higher than the market value.

According to the NLC, the high petrol price in Nigeria is an indication of the prevalence of cost padding and abnormal margins in the country’s oil and gas sector at the detriment of Nigerians.

The Union called on the Nigerian government to immediately activate the Port Harcourt refinery takeoff and other government-owned refineries.

“The NEC-in-session noted with increasing dismay the shenanigans around the appropriate pricing of petrol (PMS) in Nigeria.

“It was observed that there may be a gang-up against Nigerians by fat cats in the industry as the current price of the product
is significantly higher than the real market price.

“Padding of costs and abnormal margins seems to be the order of the day considering the revelations from the
ongoing controversy between Marketers and Dangote Group.

“It is entirely possible that Nigerian workers and masses are being ripped off by those who control the levers of economic power in Nigeria, which explains why the domestic public refineries may not immediately be allowed to come on stream.

“NLC demands appropriate pricing of petrol and calls for the public domestic refineries in PH, Warri, and Kaduna to quickly come back on stream to break up the monopolistic stranglehold the big players have on the industry,” NLC stated.

Recall that in the past days, Petroleum marketers and Dangote Refinery have been enmeshed in controversy over petrol pricing.

Dangote Group had announced that its petrol was sold at N960 and N990 per litre.

However, Petroleum Marketers had insisted that imported petrol is cheaper than Dangote Petrol.

But Dangote Refinery accused petrol marketers of importing cheap and substandard fuel, which was denied.

Recent data from the Major Energies Marketers Association showed that the landing cost of imported petrol stood at N971 per liter.

Japan stepped into the foreign exchange market on July 11 and 12 this year, spending a total of ¥5.53 trillion (about $36 billion) to prop up the yen.

This is after it had weakened to around a 38-year low against the U.S. dollar, the Finance Ministry said on Friday.

According to the ministry’s quarterly data, Japanese authorities spent ¥3.17 trillion on July 11 and 2.37 trillion on July 12 in the dollar-selling and yen-buying operation.

This is bringing the total spent on currency interventions this year to ¥15.32 trillion.

The Finance Ministry had previously revealed it spent the amount during the period from June 27 through July 29 without releasing daily breakdowns.

The data confirmed the belief that Japanese authorities had intervened in the currency market.

Over those two days in July, the yen rebounded to as high as 157.30 against the U.S. dollar from as low as 161.76.

On April 29, when the U.S. currency briefly climbed to ¥160.24, its highest level in 34 years, the Japanese government and the Bank of Japan spent some ¥9.8 trillion at the end of April.

Early May slowed the yen’s rapid fall, official data showed. ($1 dollar equals ¥152.96 Japanese).

The Naira recorded its first appreciation against the dollar at the foreign exchange market since Friday last week as FX supply increased.

FMDQ data showed that the Naira strengthened to N1,601.20 per dollar on Thursday from N1,654.09 exchanged on Wednesday.

This represents a significant N52.89 gain against the dollar compared to the N1,654.09 exchange rate the previous day.

Meanwhile, at the black market, the Naira dropped to N1,735 per dollar on Thursday from N1,730 traded on Wednesday.

The development comes as FX transaction turnover increased to $230.99 million on Thursday from $136.68 million the previous day.

Since Monday this week, the Naira had dropped at least N52 per dollar at the official market.

The Nigerian Naira is among the worst-performing currencies in sub-Sahara Africa at the end of August 2024.

The World Bank disclosed this in its latest edition of Africa’s Pulse report.

Report showed that the Naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region.

The report blamed the continued increase in the demand for dollars and limited dollar inflow for Naira depreciation in the last months.

According to the report, the Naira lost about 43 percent as of August.

“By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region.

“The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 percent as of end-August.

“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira,” it said.

The Naira weakened significantly on Tuesday to N1658.97 per dollar from N1552.92 exchanged on Monday.

In the past months, the Naira has continued to fluctuate against the dollar in the foreign exchange market despite interventions by the Central Bank of Nigeria.

Nigeria’s inflation rose to 32.70 percent in September from 32.15 percent recorded in August 2024.

Despite this, the World Bank’s Economic growth in Nigeria is projected at 3.3 percent in 2024 and 3.6 percent in 2025–26.

The Naira at the close of workday Monday, October 14 appreciated to N1,680 per dollar in the parallel market compared to N1,690 per dollar over the weekend.

Following the same vein, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM as data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from N1,641.27 per dollar last weekend, indicating a massive N88.35 appreciation for the naira.

This happened even as the volume of dollars traded (turnover) in the official market declined by 44 percent to $343.71 million from $616.73 million traded last week Friday.

The price of Liquefied Petroleum Gas, also known as cooking gas, has increased to N1,500/kg.

According to the Managing Director/Chief Executive Officer of NIPCO Plc, Suresh Kumar,
over 60 per cent of cooking gas consumed in Nigeria is being imported therefore the emergence of
Dangote refinery and other domestic refineries would bring down the price of cooking gas .

However, on Sunday, October 14, the prices of cooking gas peaked at N1,500/kg in retail outlets in Ogun and Lagos States while in Abuja, the average price for refilling a 12.5kg cylinder of cooking gas has increased by 41.6 per cent to N17,000 in different areas.

This sharp price rise has implications for consumers, many of whom rely on LPG for their daily cooking needs.

Speaking at the just-concluded National Conference of the Nigerian Association of Liquefied Petroleum Gas Marketers 2024, held in Lagos, Kumar, revealed that local production of LPG remains inadequate, urging the Federal Government to encourage Chevron to convert more of its propane output into butane.

“Currently, less than 40 per cent of the 1.5 million metric tonnes consumed domestically is produced locally. This is why the government must encourage companies like Chevron to convert more of their propane output into butane, which is more suitable for domestic use,” he explained.

“With the Dangote refinery and other refineries now sourcing crude oil in local currency, the volume of LPG produced locally is expected to increase, which will, in turn, drive down the price of the commodity,” the MD explained.

He added, “There is hope that the reliance on imported LPG will decrease, which will positively influence the prices at which the product is sold domestically. Greater local production will make LPG more affordable since it reduces exposure to foreign exchange fluctuations and international pricing dynamics.”

The President of the Nigeria Labour Congress, Joe Ajaero, has queried the decision of the Nigerian National Petroleum Company Limited, NNPCL, to decide the fuel pricing for Dangote Refinery.

Ajaero remarked while condemning NNPCL for increasing the pump price of fuel.

NNPCL had increased the retail price of petrol to N1,030 from N897 per litre in the Federal Capital Territory, FCT.

Speaking in Abuja on Wednesday, Ajaero said: “As we are sitting down here, they have gone to increase the pump price of petroleum again. Now what do you do in such instances?

“They expect us to buy it. Even, things we have been asking for; CNG as an alternative; for more than one year, we have been asking for the commencement of work at the Port Harcourt refinery; we had an agreement to that effect—NLC, TUC, and the federal government.

“We have heard that Dangote Refinery is producing locally and prices are going up. All the indices they gave to us about the need to deregulate have proven negative. You are fixing prices as a private company.

“As far as I’m concerned, except something has happened to CAC, NNPCL is now a private company. Can that same NNPCL dictate the price for Dangote and other private companies? Those are issues, those are questions begging for answers.”

The Nigerian National Petroleum Company Limited, NNPCL, has again jerked up the pump price of the Premium Motor Spirit, PMS, also known as petrol to N1,030 per litre.

The development was observed by our correspondent at some NNPCL outlets in Abuja on Wednesday.

The recent development came after the NNPCL decided to terminate its exclusive purchase agreement with Dangote Refinery.

This means the NNPCL will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.

In the Federal Capital Territory, FCT, the product was previously sold for N897 per liter.

Our correspondent further gathered that in Lagos, fuel which previously sold for N885 per litre, is now being sold at N998 amid long queues.

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has defended the bank’s decision to raise the Monetary Policy Rate to 27.25 per cent, describing it as a necessary move to control inflation and curb excess money in circulation.

This is according to a press statement from the apex bank on Sunday.

Speaking during an address at the Harvard Club of Nigeria over the weekend, Cardoso emphasised that the rate hike, while tough on borrowers, is crucial for the country’s economic stability.

“Our decision to raise the Monetary Policy Rate to 27.25 per cent was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these,” Cardoso said.

He noted that the CBN’s focus on core objectives, such as containing inflation, restoring credibility, and building public trust in the financial system, is critical to any meaningful recovery.

Cardoso’s remarks came as he reflected on his tenure as the head of the CBN, marking one year in office. He pointed out that trust is at the core of central banking, and without it, the effectiveness of the bank’s policies would diminish.

The CBN governor also said the introduction of the Electronic Foreign Exchange Matching System is a key initiative to enhance transparency and restore market confidence.

“Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes. Our decision to implement the Electronic Foreign Exchange Matching System is rooted in this understanding.

“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets,” he said.

Cardoso also revisited the bank’s controversial decision to float the naira, a move that was met with public criticism.

He explained that the decision was necessary to bring the official exchange rate closer to market reality and reduce speculative trading.

He asserted that the move had started stabilising the currency markets and reducing speculative trading.

While the CBN has yet to fully achieve its inflation targets, Cardoso expressed optimism, citing recent reports from the National Bureau of Statistics (NBS), which showed inflation had begun to decline in July and August 2024.

He acknowledged that the bank’s policies are gradually steering the economy in the right direction, though challenges remain.

The Minister of Power, Adebayo Adelabu, has asserted that electricity prices in Nigeria are the lowest compared to other African countries. Adelabu made this statement on Thursday, October 3, during a meeting with the Secretary of the Lottery Trust Fund, Tosin Adeyanju, at his office in Abuja.

In his remarks, Adelabu emphasized that Nigeria, along with the rest of the world, are currently facing two critical challenges: food security and energy security. He stated, “All over the world today, we are faced with two basic issues and these are food and energy securities.”

Highlighting the price of electricity in Nigeria, he remarked, “It is worth noting that the price of electricity is still the cheapest in Nigeria compared to even other African nations.”

Adelabu urged Nigerians to be patient, assuring them that the government is committed to their welfare. “If Nigerians are patient, they will realize that the government means well for them,” he added.

The Nigerian government through the Bank of Industry, BoI, said it disbursed loans amounting to N77.65 billion to businesses especially medium, small and micro-enterprises, MSMEs, in the last nine months of 2024.

The Managing Director of BoI, Olasupo Olusi, disclosed this at an event held on Wednesday in Abuja.

He revealed that the loans were given to MSMEs across the country.

He stressed that MSMEs remained the bedrock of Nigeria’s economy.

According to him: “MSMEs which represent 90 per cent of all businesses, contribute 80 per cent to employment and 50 per cent to Nigeria’s Gross Domestic Product.

“So far this year, the bank has supported MSMEs across the country through the disbursement of loans totaling about N77.65bn. These loans were given to almost 1,000 MSMEs across the country to enable them to boost their operations. Those who have benefitted through several of our financing facilities range from the local palm kernel oil processor in the east to the woman with a printing press in the north and a local furniture maker in the south, amongst others.”

This comes as the majority of Nigerians grapple with economic hardship occasioned by high inflation which stood at 32.15 per cent in August 2024.

The import of Automotive Gas Oil (Diesel) into Nigeria increased by 22.66 percent to 4.94 billion liters in 2023 from 4 billion liters in 2022.

The National Bureau of Statistics disclosed this in its latest Petroleum Products Distribution Data released recently.

The data also showed that 109.39 million liters of Diesel were locally produced in 2023, compared to 102.47 million liters reported in 2022.

This represents a 6.76 percent growth rate in locally produced diesel in Nigeria.

Comparatively, Nigeria heavily depends on the import of diesel to meet its consumption demand based on the NBS data for 2023.

On the other hand, the Data also showed that the import of Premium Motor Spirit (petrol) dropped 13.77 percent to 20.30 billion liters in 2023 compared to 23.54 billion liters in 2022.

Recall that in April 2024, Dangote Refinery commenced the domestic sale of diesel in Nigeria.