Business
Possible Tariff Hike for Nigerian Electricity Customers
Electricity customers on Band A feeders in Nigeria may face a potential tariff increase due to a significant rise in the electricity subsidy. As of September, the subsidy has grown to ₦181.63 billion, up from ₦102.30 billion in May.
The Nigerian Electricity Regulatory Commission (NERC) had previously removed the subsidy for Band A customers, who receive at least 20 hours of electricity daily, raising their tariff to ₦225 per kilowatt-hour. However, the subsidy increase has raised concerns that tariffs could rise again in October unless power generation costs decrease.
Despite these rising costs, the federal government has not yet approved another tariff hike, possibly due to the current economic challenges in the country. The ongoing foreign exchange crisis and inflation rates are also impacting electricity production costs, prompting calls for a reevaluation of tariffs across all customer bands to ensure financial viability for power companies.
Business
OPay Introduces New Security Features for Customers
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
Business
Nigeria’s Agricultural Sector Cannot Thrive Without Investment – FG
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
Business
Dangote Refinery Increases Petrol and Diesel Prices
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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