Special Reports

Wednesday, 30 October 2024 05:22

NewsScroll analysis: Corporate exodus from Nigeria (2020-2024) - trends and pattern

Executive Summary Nigeria has experienced a significant exodus of both multinational and local companies between 2020 and 2024. This analysis examines the pattern of corporate departures and their underlying causes, highlighting the challenges facing Nigeria's business environment. Timeline of Major Exits 2020: Initial Wave Scale: 10+ companies departed Key Exits: - Standard Biscuits Nigeria Ltd - NASCO Fiber Product Ltd - Union Trading Company Nigeria PLC - Deli Foods Nigeria Ltd Context: The year marked the beginning of a concerning trend, coinciding with global Covid-19 disruptions 2021: Acceleration Scale: 20+ companies departed Notable Exits: - Tower Aluminium Nigeria PLC -…

Monday, 28 October 2024 04:50

Nigeria’s healthcare system in crisis: Half of private hospitals close amid economic turmoil

The Nigerian private healthcare sector is experiencing an unprecedented crisis, with approximately 50% of private hospitals shutting down due to unsustainable operating costs. According to Raymond Kuti, President of the Guild of Medical Directors (GMD), an average of three out of six private hospitals are closing monthly, highlighting a dangerous deterioration of the country's healthcare infrastructure. Key Impacts: - 500% increase in medical consumables costs - Severe workforce shortages due to medical professionals emigrating - Declining patient visits due to economic hardship - Increasing operational costs, especially electricity - Rising dependence on self-medication among citizens Analysis: 1. Systemic Healthcare Crisis:…

Sunday, 27 October 2024 04:42

Power outages cost Nigeria $48bn annually in losses - Standard Bank

Standard Bank says Nigeria is losing an estimated $26 billion annually due to electricity shortages in the country. In its latest Africa Trade Barometer report, Standard Bank identified electricity supply as a critical barrier to business operations in Nigeria and across other African markets. The report also said businesses in the country spend around $22 billion yearly on off-grid fuel to offset the impact of unreliable electricity, further driving up operational costs. “In Nigeria, surveyed businesses must contend with a national grid that frequently collapses as it fails to meet a daily peak demand which is nearly four times its…

Thursday, 24 October 2024 04:49

58% of Nigerian households connected to national grid, while 68% use firewood for cooking - NBS

The National Bureau of Statistics (NBS) says only 58 percent of households in Nigeria are connected to the national grid. In its ‘Nigeria Residential Energy Demand Side Survey (NREDSS) 2024,’ on Wednesday, unveiled in Abuja, NBS said nine states; Akwa Ibom, Bauchi, Ekiti, Oyo, Enugu, Kwara, Plateau, Kano, and Sokoto, were selected across the six geo-political zones of the country for the survey. According to the bureau, households from each state were interviewed, making a total of 8,100 households across urban and rural areas. NBS said 86.6 percent of households connected to the grid had electricity supply, 85.2 percent of…

Monday, 21 October 2024 04:47

Hardship: High costs of toothpaste push Nigerians back to chewing sticks

No thanks to the excruciating economic conditions Nigerians are facing, Nigerians are going back to the old ways of brushing their teeth. Gone are the days when Nigerians chose from a large array of brands and qualities of toothpaste. Even the least of the toothpastes cost an arm these days, and only the super-rich can afford them. But for an average family, who depends on God’s mercies for a moderate one or two meals, out of the three required in a day, spending N5,000 on toothpaste that may not last two weeks for an average family of seven, is a…

Wednesday, 16 October 2024 05:15

99% of Nigeria’s wealthiest citizens evade taxes - Oxfam

Oxfam Nigeria, a non-profit organization, has revealed that 99% of Nigeria’s wealthiest individuals either evade or avoid paying taxes, exacerbating the country’s economic inequality while millions of Nigerians struggle to survive. The findings were presented in two reports titled “Income and Wealth Inequality in Nigeria: Trends and Drivers” and “Taxing the Rich: Fair Tax Monitor,” released on Tuesday. These reports, produced in collaboration with Tax Justice Network Africa and the Civil Society Legislative Advocacy Centre (CISLAC), cover a decade of data. Despite being Africa’s fourth-largest economy, Nigeria’s economic growth has disproportionately benefited a small elite, leaving millions in poverty. The…

Monday, 07 October 2024 04:41

NewsScroll analysis: Four quick steps out of Nigeria’s current economic logjam

All through the 5 working days of last week, NewsScroll did a series of analyses on why the Naira won’t likely perform better than it’s now (https://dsh.re/b8043), why petrol prices aren’t likely to reduce (https://dsh.re/6d09cd), why inflation won’t abate significantly (https://dsh.re/37054d), why poverty and hunger will likely worsen (https://dsh.re/353df9) and why insecurity might actually get worse (https://dsh.re/3e620). Today, we present the final in the series, which is about the immediate and medium term solutions to these serious economic challenges. The proposed solutions for tackling these problems are crucial, addressing systemic issues like oil theft, mismanagement of fuel resources, porous borders,…

Friday, 04 October 2024 04:47

NewsScroll analysis: 13,346 Nigerians have been killed, 9,207 abducted since Tinubu took over. Here’s why insecurity is unlikely to abate anytime soon

Since President Bola Tinubu assumed office on May 29, 2023, Nigeria - according to Nigeria Security Report by Beacon Consulting, a firm that specialises in security risk management - has experienced a dramatic surge in violence. In just over a year, 13,346 people have been killed and 9,207 abducted across 667 local government areas, with deaths resulting from terrorism, banditry, farmer-herder clashes, and other forms of violence. This sharp rise in fatalities and kidnappings underscores the country’s deteriorating security situation and provides a grim context for understanding the entrenched socioeconomic and political crises that fuel this unrest. The worsening insecurity…

Thursday, 03 October 2024 04:34

NewsScroll analysis: 133m Nigerians were poor before Tinubu took over. With hunger added to the mix, the poverty outlook is dire. Here’s why

The Nigerian economy has entered a period of severe hardship, marked by rapidly increasing poverty and hunger. This is driven by a complex combination of domestic economic challenges, policy choices, and external factors. The country's transition into deeper multidimensional poverty—where 133 million Nigerians were classified as such by the National Bureau of Statistics (NBS) in 2022—has been further compounded by the Bola Tinubu administration's policies, which have exacerbated inflationary pressures and eroded purchasing power. A combination of economic mismanagement, external shocks, and poor governance has resulted in significant devaluation of the Naira, skyrocketing fuel prices, and surging inflation, all of…

Wednesday, 02 October 2024 04:52

NewsScroll analysis: From 22.4% when Tinubu took over, inflation rose to 32.15% in August 2024. Here’s why prices of goods and services are likely to continue to rise

The sustained rise in the prices of goods and services in Nigeria is driven by a complex interplay of domestic economic challenges, monetary policy decisions, and external factors. The trends identified by manufacturers, agricultural experts, and economic analysts reveal that inflationary pressures are likely to persist, affecting both the productive and service sectors. This analysis will explore the various underlying causes and how they are expected to shape price trends in Nigeria. 1. Monetary Policy and Rising Interest Rates The continuous increase in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), now at 27.25%, has had…

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Tuesday, 01 October 2024 04:50

NewsScroll analysis: From N187/litre when Tinubu took over, it’s now N1,000/litre. Here’s why petrol prices aren’t likely to come down anytime soon

The surge in petrol prices in Nigeria, rising from N187 per litre when President Bola Tinubu took office last year to N1,000 per litre, reflects a complex blend of both domestic and international economic factors. The reasons why petrol prices are unlikely to decline soon, as outlined in the analysis below, offer a significant understanding of the issue. Key Reasons Why Petrol Prices Will Remain High: 1. Dollar Denominated Crude Sales and Depreciating Naira The sale of crude oil, the primary feedstock for refineries, is priced in U.S. dollars. While the federal government has proposed selling crude to local refineries…

Monday, 30 September 2024 04:34

NewsScroll analysis: From N465/$ when Tinubu took over, it’s now N1,700/$. Here’s why the Naira isn’t likely to appreciate anytime soon

Since President Bola Tinubu's inauguration on May 29, 2023, the Nigerian Naira has experienced a sharp and persistent decline in value. At the time of Tinubu's assumption of office, the official exchange rate stood around N465/$. However, after the decision to float the Naira and unify Nigeria’s multiple exchange rates, the currency has depreciated dramatically, losing over 70% of its value. As of recent, the Naira traded at about N1,700/$ in the parallel market, marking a massive devaluation that has exacerbated Nigeria's inflationary pressures and living costs. Several factors have contributed to this devaluation, with the following issues making it…

Tuesday, 24 September 2024 04:53

Between Dangote and NNPCL, who do Nigerians believe?

Charles Adewole Though NNPCL is not a saint, the conflict between the national oil company and Dangote Refinery is a typical Aliko Dangote strategy for muscling out competition Aliko Dangote, Africa’s richest man until August 2024, and Nigerian National Petroleum Corporation Limited, NNPCL, Nigeria’s state oil company, have many things in common. Both are business partners; both are avid monopolists; both leverage on government patronage to muscle out competition and both are passionately Nigerian, among other shared characteristics. Dangote is Nigeria’s top business icon. From an initial seed money of N500,000 loan from his uncle, he started business with in…

Saturday, 14 September 2024 04:43

‘Businesses and citizens under massive pressure from rising costs, inflation, and a struggling economy’ - NESG

The Nigerian Economic Summit Group (NESG) has said the economic situation in Nigeria presently is scary. The private sector-led think tank group said the country needs to take bold and decisive steps to address the challenges. Chairman of the NESG, Niyi Yusuf, at a pre-summit news conference in Abuja on Friday, noted that one of Nigeria’s pressing concerns now is translating economic growth into improved lives and livelihoods for all its citizens. Recalling the numbers from the country’s second-quarter 2024 gross domestic product (GDP), Yusuf, who was represented by Ufot Udeme, said that in Q2-2024 Nigeria’s economy recorded a fast…

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