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Consumers May Pay More for Goods, Services in 2015 – LCCI

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The Lagos Chamber of Commerce and Industry (LCCI) and Manufacturers Association of Nigeria (MAN) have expressed anxiety on the possibility of consumers paying more for goods and services in 2015.

Indeed, LCCI, in its economic review for 2014 and outlook for 2015 noted that the country’s inflation rate may cross the double-digit mark in the first half of 2015 as the combined austerity measures introduced by the government and tighter monetary policy of the Central Bank of Nigeria (CBN) will put additional pressure on consumer prices.

The LCCI said with the unfolding oil price slump and the consequent exchange rate depreciation, it was plausible to predict higher inflation conditions for next year.

Already, MAN, worried by the effect of the dwindling oil price on the nation’s earnings, especially at the foreign exchange market, warned its members against exposure to the forex market within the next few months.

Specifically, members of the association have begun to transfer the high production costs of locally made goods to consumers.

“There will be pressures on production and operating costs across sectors. High cost of imports will also be a major factor. As a result of the import-dependent character of the economy, the sharp declines in exchange rate will naturally push up the operating costs of enterprises in the economy. Many firms are already feeling the heat across all sectors,” the LCCI said.

The group noted that in the past few weeks, the naira exchange rate had depreciated by about 11 per cent in the interbank market and over 12 per cent in the parallel market, adding that the impact of the depreciation on operating costs would be very profound in 2015.

It said, “A natural outcome of the depreciating exchange rate in an import-dependent economy is inflation. Cost-push inflation will begin to manifest in the next few weeks of 2015. This will be driven by high cost of production and high cost of imported finished goods.

“The tight monetary policy may continue into the 2015 and this will keep the interest rate high in the economy.”

The Central Bank of Nigeria had decided to review upwards the Monetary Policy Rate and the Cash Reserve Ratio on private sector deposits from 12 per cent to 13 per cent; and from 15 per cent to 20 per cent, respectively at the last Monetary Policy Committee meeting.

In its review of 2014, the LCCI said the power situation in the country and activities of some government agencies, including the Federal Road Safety Corps, Nigerian Police and the agents of local governments took a heavy toll on businesses.

The chamber added that the power situation in the country continued to pose severe challenges to business operators.

The group noted, “There was an evident deterioration of public power supply in 2014. Electricity supply dropped by an average of 30 per cent in most industrial parts and households in the last six months of 2014.

“There were complaints across all sectors about high energy costs, especially high expenditure on diesel during the year. This continues to take its toll on the bottom line of investors in the economy.”

The chamber said there was a need for the Nigerian Electricity Regulatory Commission (NERC) to urgently address the growing concerns over outrageous bills being sent to consumers, adding that much of the bills were not consistent with the earlier advertised billing template.

“In 2014, most firms especially the SMEs expressed concern over increases in their electricity bill. Most SMEs spend as much as 10 per cent of their monthly turnover on payment for public power supply alone. Often, these firms never get the power supply they are compelled to pay for. Again, we reiterate our position that the policy of fixed charge by electricity firms should be reviewed as it is unfair to power consumers.”

According to the LCCI, the agencies/groups whose activities have become most burdensome to businesses, logistics and delivery of goods are the FRSC, Vehicle Inspection Office, the Police, agents of local government councils and the Lagos State Traffic Management Authority.

 


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NITDA, Benin’s Digital Agency Strengthen Ties on Digital Transformation

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The National Information Technology Development Agency (NITDA) and Agence des Systèmes d’Information et du Numérique (ASIN), the Information Systems and Digital Agency of the Republic of Benin, have moved to strengthen bilateral cooperation on digital transformation, digital public infrastructure, and innovation-driven governance.

The commitment was reaffirmed during a courtesy visit by the Beninese delegation to NITDA’s corporate headquarters in Abuja, where discussions centred on deepening bilateral cooperation, sharing best practices, and advancing digital development across the region.

Speaking during the engagement, the Director General of NITDA, Kashifu Inuwa, represented by the Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said regional collaboration remains critical to advancing Africa’s digital economy and building resilient digital ecosystems capable of supporting sustainable growth.

He noted that NITDA is committed to driving Nigeria’s digital transformation through the development of policies, standards, and strategic frameworks designed to modernise governance and improve service delivery across the public sector.

According to him, the agency has developed several foundational frameworks, including the Enterprise Governance Framework, Digital Transformation Framework, and Software Quality Assurance Framework, to guide Ministries, Departments, and Agencies (MDAs) in their digital transformation journeys.

“Our goal is to move government institutions beyond basic digitalisation to full digital transformation, and ultimately, to build an intelligent, data-driven government powered by emerging technologies such as artificial intelligence,” he said.

Inuwa also disclosed that since 2018, NITDA has reviewed over ₦1.5 trillion worth of government IT projects to ensure compliance, technical alignment, and value for money.

He said the intervention has helped the Federal Government save more than ₦300 billion by eliminating duplication, promoting shared services, and improving the success rate of digital projects across ministries, departments, and agencies.

On digital public infrastructure, he revealed that Nigeria has transitioned from fragmented agency-to-agency data exchanges to a more integrated and citizen-centred digital ecosystem through the Nigerian Data Exchange (NGDX) platform.

He explained that the platform provides a federated and centralised framework for seamless data exchange among government institutions while preserving the autonomy of individual information systems.

According to him, the proposed e-Government and Digital Economy Bill will provide the legal backing needed to strengthen the platform and institutionalise digital collaboration across government.

The DG further highlighted NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) 2024–2027, which aligns with the Federal Government’s Renewed Hope Agenda and focuses on critical areas such as digital literacy, research and development, cybersecurity, innovation, inclusive access, and strategic partnerships.

Earlier, the Head of International Partnerships at ASIN, Tildy Erlong, said the delegation’s visit followed a recent Smart Africa workshop in Abuja and was aimed at strengthening institutional ties and learning from Nigeria’s digital transformation experience.

She described ASIN as the operational agency under Benin Republic’s digital ministry, responsible for implementing strategic digital development projects across the country in collaboration with key institutions, including the national identity agency, ANIP, and the cybersecurity agency, CENIN.

Erlong highlighted Benin’s achievements in digital public infrastructure, noting that about 98 per cent of the country’s population—approximately 13.6 million citizens—has been enrolled on its digital identity platform.

She added that more than 60 government agencies and service institutions are connected through Benin’s XROAD interoperability platform, enabling the delivery of over 250 digital services to citizens.

According to her, Benin is also prioritising digital inclusion, open-source systems, and the deployment of artificial intelligence to improve service delivery in sectors such as healthcare, education, and justice.


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PalmPay Young Star Awardee Hopes to Become a Governor

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As part of its Children’s Day celebration, PalmPay, through its Young Stars initiative, has rewarded 60 outstanding students, inspiring young learners across public schools.

The initiative goes beyond rewarding high-performing students, it is also about building confidence, widening ambition, and reminding children that their future can be bigger than their present circumstances.

For Mohammed Jubril, one of the beneficiaries, the recognition has already changed how he thinks about what is possible.

Inspired by the support he has received, Mohammed shares a bold dream for the future: “I want to become a governor one day so I can help more children like me get access to education and opportunities.”

His words capture the deeper impact of the Young Stars programme. For many of the children recognised. The award is not just a reward for past performance. It is a signal that their efforts matter, their dreams are valid, and their future is worth investing in.

During the engagement sessions at the event, the pupils also excitedly shared their aspirations, speaking with enthusiasm about the careers they hope to pursue in the future. From doctors and teachers to engineers, pilots, and entrepreneurs, the children expressed big dreams and a strong sense of purpose, reflecting how early encouragement and recognition can help shape ambition and confidence.

For many students in public schools, access to educational support often determines not just academic outcomes, but how far they allow themselves to dream. Through the Young Stars Initiative, PalmPay is helping to change that narrative by affirming that excellence deserves recognition, and potential deserves investment.

For Mohammed’s family, the impact is both practical and deeply emotional. His father describes the recognition as a moment of renewed confidence for his son and a reminder that hard work can open doors to real opportunity.

As the initiative continues to reach more pupils across Lagos public schools, it leaves behind a powerful message; when children are supported, they don’t just perform better, they dream bigger.


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DisCos Generate N597.6bn Revenue in Q1 2026 Amid Ongoing Power Supply Challenges

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Electricity Distribution Companies (DisCos) in Nigeria generated a total of N597.55 billion in revenue during the first quarter of 2026 despite persistent power supply challenges and consumer complaints over service delivery.

DisCos Generate N597.6bn Revenue in Q1 2026 Amid Ongoing Power Supply Challenges

The figures are contained in the latest commercial performance factsheets released by the Nigerian Electricity Regulatory Commission (NERC).

According to the data, the 11 electricity distribution companies collectively recorded N204.74 billion in revenue in January, N196.68 billion in February and N196.13 billion in March, bringing total collections for the three-month period to N597.55 billion.

The report showed that the companies maintained an average monthly revenue collection of about N199.18 billion during the period.

NERC’s data revealed varying levels of commercial performance among the distribution companies, with differences in billing efficiency, collection efficiency and revenue recovery rates.

In January, the DisCos billed customers N268.20 billion and recovered N204.74 billion, leaving N63.46 billion in unpaid bills.

The sector recorded a billing efficiency of 79.72 per cent and a collection efficiency of 76.34 per cent during the month.

In February, total billings stood at N242.29 billion, while collections amounted to N196.68 billion, resulting in an outstanding balance of N45.61 billion.

Billing efficiency improved to 87.44 per cent, while collection efficiency rose to 81.17 per cent.

For March, total billings reached N246.43 billion, with revenue collections of N196.13 billion, leaving a shortfall of N50.30 billion.

Billing and collection efficiencies for the month were recorded at 83.89 per cent and 79.59 per cent respectively.

The report also highlighted significant volumes of unbilled energy across the quarter, indicating ongoing operational and commercial challenges within the electricity distribution segment.

Among the top-performing firms were Eko Electricity Distribution Company and Ikeja Electric, which consistently posted stronger revenue recovery rates.

Eko DisCo notably achieved a recovery efficiency of over 100 per cent in February, according to the report.

However, some operators continued to face collection challenges.

Kaduna Electricity Distribution Company recorded one of the lowest recovery efficiencies during the review period, posting 41.20 per cent in February.

The NERC commercial performance report tracks key indicators including energy received, energy billed, total billings, revenue collections and recovery efficiency to assess the operational and financial health of electricity distribution companies.

The revenue performance comes against the backdrop of continued complaints from electricity consumers over high tariffs, estimated billing, inadequate metering and frequent power outages.

Nigeria also experienced significant power supply disruptions during the first quarter, largely attributed to gas supply constraints affecting electricity generation.

Industry data indicated that electricity generation at some points declined from about 4,000 megawatts to below 2,000 megawatts due to shortages in gas supply to thermal power plants.

Operational data from the Nigerian Independent System Operator showed that thermal plants require about 1.63 billion standard cubic feet of gas daily to operate optimally.

However, actual gas supply as of Feb. 23, 2026, stood at approximately 692 million standard cubic feet per day, representing less than 43 per cent of required demand.

The shortfall forced several generating plants to reduce output or shut down operations, prompting the Transmission Company of Nigeria (TCN) to implement load-shedding measures across the national grid.

Industry stakeholders have continued to advocate improved metering, stronger measures against energy theft and enhanced customer service to improve sector efficiency and revenue collection.


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