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NACCIMA raises concerns over hike in petrol prices

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed concern over the increase in petrol pump prices in Lagos and Abuja.

Mr Dele Oye, National President, NACCIMA, made this known in a statement on Wednesday in Lagos.

Oye said that the prices, which had reached N998 and N1,030 per litre respectively, were placing a strain on businesses and households across the country.

He spoke on the potential economic consequences of the price hike, warning that the increase could lead to higher transportation costs, exacerbate inflation and severely impact small and medium-sized businesses.

He said that the decision, influenced by several underlying factors, warranted careful examination of its potential repercussions on the economy, particularly in the realms of pricing for goods, services and transportation.

“With transportation costs directly tied to fuel prices, this increase will serve as a catalyst for higher freight charges.

“Given that fuel is a primary driver of inflation, the rise in petrol prices will exacerbate the already high inflation rate in Nigeria.

“Households will find themselves paying more not only for fuel, but also for everyday goods and services, prompting a vicious cycle of rising costs and economic hardship.

“The recent fuel price increase will have a profound impact on micro and nano businesses, many of which rely heavily on petrol generators to power their operations,” he noted.

According to him, the overall economic landscape for SMEs can shift from potential growth to survival.

He explained that this would not only impact individual enterprises, but also limit job creation and economic development in communities across Nigeria. explained.

The NACCIMA president called on the Nigerian National Petroleum Corporation Ltd. (NNPCL) to demonstrate the necessary goodwill to support Dangote refinery operations.

This, he said, would ideally stabilise local petrol prices, reduce Nigeria’s dependence on imported petrol and contribute to national self-sufficiency.

Oye also called on the Central Bank of Nigeria to be more effective in implementing monetary policies that stabilise or strengthen the Naira

He noted that as importation costs rise due to currency depreciation, domestic fuel prices would likely continue on an upward trajectory.

“It is imperative that we advocate for robust strategies that not only stabilise fuel prices but also bolster domestic production capabilities, ensuring that the Nigerian economy can navigate these turbulent times more effectively.

“As stakeholders, NACCIMA will continue to engage with government entities to encourage a more conducive climate for growth and sustainability,” he said.

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Business

MTN under attack as hackers breach network

MTN Nigeria on Friday, April 25, confirmed that it was recently targeted in a cyber attack but has moved to calm concerns, assuring customers, partners, and stakeholders that its key systems and customer data were not compromised.

The telecoms giant in a statement released on Thursday, April 24, revealed that it had detected unauthorized activity within its network, and had acted swiftly to isolate and neutralize the threat.

The Chief Executive Officer of MTN Nigeria, Karl Toriola disclosed that the attackers had sough to disrupt operation, but their attempts were unsuccessful.

He emphasized that the incident did not affect Nigeria specifically, and critical infrastructure, including customer information and core business functions, remained secure.

“We take cybersecurity very seriously and have robust systems in place to detect, isolate, and neutralize threats. Although this attack attempted to breach our defenses, our security protocols worked as intended, and our core infrastructure remains secure,” Toriola stated.

The telecom giants did not however reveal the nature or origin of the cyberattack on its systems, cybersecurity analysts warn that telecom companies across Africa are becoming prime targets for cybercriminals. This growing threat is linked to the sector’s vast subscriber base and the continent’s rapidly expanding digital economy.

An internal source within MTN confirmed that the breach did not affect operations in Nigeria, reinforcing the company’s earlier statement that local infrastructure and services remain intact.

The attack comes at a time when Nigeria is accelerating its digital transformation agenda, an ambitious effort that places increased responsibility on service providers to strengthen their cybersecurity protocols.

MTN has pledged to work closely with cybersecurity experts and government authorities to conduct a thorough investigation of the incident. The company also affirmed its commitment to bolstering its systems and defenses to prevent future breaches and safeguard customer trust.

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Air Peace to resume flight operations nationwide

Lagos to Abuja now costs N100,000 as operators list challenges

Air Peace has said that it will resume flight operations on Friday following suspension of strike by the Nigerian Meteorological Agency (NiMET) workers.

The airline’s Head of Corporate Communications, Dr Ejike Ndiulo, made the disclosure in a statement on Thursday night in Lagos.

According to Ndiulo, Air Peace is grateful to its customers and the general public for patience, understanding and support throughout the period of the strike.

”Your resilience and trust in our brand mean the world to us

“We commend the active and decisive intervention of the Minister of Aviation and Aerospace Development, Mr Festus Keyamo (SAN), whose leadership and commitment were pivotal in resolving the impasse and restoring normalcy within the aviation industry,” Ndiulo said.

He noted the minister’s swift engagement with aviation stakeholders, his transparent approach and his dedication to the stability and progress of the aviation sector.

According to him, Keyamo’s efforts not only facilitated timely resolution of the industrial dispute but also underscored his broader vision for a safer, more efficient and investor-friendly Nigerian aviation industry.

Ndiulo reaffirmed Air Peace’s commitment to providing safe, reliable and world-class services.

NAN reports that NIMET workers on Thursday shelved the strike which began on April 22 following Keyamo’s intervention.

The workers downed tools in protest of alleged poor working conditions, including non-implementation of the 2019 Consequential Adjustment to the National Minimum Wage (affecting at least 30 staff).

They are also demanding a 25/35 per cent salary increase, 40 per cent hardship/peculiar allowance, and annual staff trainings.

Keyamo had promised to find lasting solutions to the problems.

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BREAKING: Air Peace suspends flight operations nationwide

Lagos to Abuja now costs N100,000 as operators list challenges

Air Peace Ltd. has announced the suspension of all flight operations nationwide due to the ongoing strike embarked upon by the Nigerian Meteorological Agency (NiMET).

This is contained in a statement signed by the Head of Corporate Communications, Air Peace, Dr Ejike Ndiulo, on Wednesday in Lagos.

According to Ndiulo, the decision is necessary because NiMet is the agency responsible for issuing CNH (Current Nowcast of Hazardous Weather) reports, critical for safe landings, especially during this season of heavy rainfall and thunderstorms.

He said without these reports from the control tower, flight safety could not be guaranteed.

“As a safety-first airline, we have chosen to act responsibly by suspending operations until NiMet resumes full service.

“We understand this may cause inconvenience, and we sincerely apologise. Passengers will be contacted with updates and options for rescheduling,” he said.

The staff of NiMET on Tuesday commenced an indefinite strike over the condition of service and other demands.

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