Video - Nigeria’s electronic transfer levy sparks concern for sector growth

While the government aims to increase revenue, many fear the new levy that comes with added cost could slow progress in the fintech sector and push customers back to cash transactions. 

CGTN

Video - Nigerian farmers working to prevent the extinction of Indigenous varieties

In local vegetable markets across the country, many traditional vegetables are gradually disappearing. However, one farmer, Emmanuel Thomas is on a mission to collect and cultivate rare species of traditional Nigerian and African vegetables.

CGTN

Video - Nigeria rolls out rice subsidy as economic woes deepen

With inflation hitting a near three-decade high of 33.4 percent in July, millions of Nigerians have struggled to keep up with rising food costs. This subsidy comes as a lifeline for many families teetering on the edge. However, the rice sale is limited to public servants and those with a National Identification Number (or NIN), leaving many out of the program.

CGTN

Nigeria to decriminalize attempted suicide

Coordinating Minister of Health and Social Welfare, Prof. Mohammad Pate, assures that Nigeria will soon join countries that have decriminalized attempted suicide.

Speaking at the 2024 World Suicide Prevention Day event in Abuja, Prof. Pate revealed that his ministry is working with the Office of the Attorney General to address the law criminalizing attempted suicide.

Nigeria has launched a National Suicide Strategic Framework (2023-2030) to identify risk factors, strategic objectives, and interventions for suicide prevention.

Prof. Pate emphasized that suicide prevention is a collective responsibility, urging a society that values mental health and provides care for all.

Africa’s suicide rate is 11.2 per 100,000, higher than the global average. In Nigeria, it’s 12.9 per 100,000, with young people (15-29 years) most affected.

This year’s event theme, “Changing the Narrative on Suicide,” aims to raise awareness about reducing stigma and encouraging open conversations to prevent suicides.

The ministry has taken significant steps to address mental health needs through treatment, prevention, and promotion.

For more information on Nigeria’s efforts to decriminalize attempted suicide and mental health initiatives, consider searching online for the latest updates.

By Joseph Erunke, Vanguard

Coca-Cola plans to invest $1 billion in Nigeria operations

Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country's presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.

Tinubu met John Murphy, president and chief financial officer of Coca‑Cola , Zoran Bogdanovic, CEO of Coca-Cola HBC - one of Coca-Cola's many bottlers worldwide - and several other company officials as he seeks to attract investment into the economy.

Bogdanovic told Tinubu that Coca-Cola had since 2013 invested $1.5 billion in Nigeria to expand its production capacity, improve its supply chain and on training and development, the Nigerian presidency said in a statement.

"I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years," Bogdanovic was quoted as saying.

The investment announcement comes after Tinubu's government saw several multinationals like Procter & Gamble,and Bayer AG leave the country or appoint third parties to distribute their products due to foreign exchange shortages.

Tinubu, in office since May last year, said his government wanted to create an environment open to businesses.

"We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that," he said.

Nigeria, with a population of more than 200 million is seen as a potential market for many global brands, but forex woes, red tape and policy inconsistency discourages some investors.

Bottler Coca-Cola HBC in April said its operating profit would rise this year, supported by strong demand for its coffee, energy and sparkling drinks even as prices were hiked to keep up with high costs and currency devaluation in countries like Egypt and Nigeria. 

By Felix Onuah, Reuters