Contributing nearly 7.2 percent of GDP in 2023, Nigeria’s real estate sector now ranks as the country’s third-largest industry after crop production and trade. The surge in property investments is driven by high returns and a growing housing deficit.
Tuesday, February 11, 2025
Video - Nigeria’s real estate sector overtakes oil to become third-largest contributor to GDP
Contributing nearly 7.2 percent of GDP in 2023, Nigeria’s real estate sector now ranks as the country’s third-largest industry after crop production and trade. The surge in property investments is driven by high returns and a growing housing deficit.
Video - Health experts concerned as Lassa fever cases surge in Nigeria
Nigeria's Centre for Disease Control, NCDC reported nearly 300 cases of Lassa fever in the country since the beginning of the year. Health experts are calling for urgent measures to control rats, as part of efforts to curb the spread of the disease.
MTN hikes data prices, Nigerians outraged amid rising living costs
Nigeria’s leading telecommunications provider, MTN, has implemented a price hike on internet plans following the Nigerian Communications Commission's (NCC) approval of a 50% tariff increase in January.
Addressing user concerns, MTN wrote: “Y'ello! Thanks for stopping by, We apologise for any inconvenience and delayed Response. A price increase has been implemented to enhance our services and serve you better, which is why you are seeing the updated amount."
Under the revised pricing, the 1.8GB monthly plan now costs ₦1,500, replacing the previous 1.5GB plan that was priced at ₦1,000. The 20GB plan has increased to ₦7,500 from ₦5,500, while the 15GB plan now costs ₦6,500, up from ₦4,500.
Larger data bundles have seen even steeper increases. The 90-day 1.5TB plan has jumped from ₦150,000 to ₦240,000, while the 600GB 90-day plan has risen from ₦75,000 to ₦120,000.
Addressing user concerns, MTN wrote: “Y'ello! Thanks for stopping by, We apologise for any inconvenience and delayed Response. A price increase has been implemented to enhance our services and serve you better, which is why you are seeing the updated amount."
Under the revised pricing, the 1.8GB monthly plan now costs ₦1,500, replacing the previous 1.5GB plan that was priced at ₦1,000. The 20GB plan has increased to ₦7,500 from ₦5,500, while the 15GB plan now costs ₦6,500, up from ₦4,500.
Larger data bundles have seen even steeper increases. The 90-day 1.5TB plan has jumped from ₦150,000 to ₦240,000, while the 600GB 90-day plan has risen from ₦75,000 to ₦120,000.
Telecom operators push for tariff hike
Major telecom providers in Nigeria, including MTN, Airtel, and 9Mobile, have long advocated for price adjustments to align with economic realities. Despite mounting operational costs driven by inflation, telecom operators have been unable to increase prices for over a decade.
Following last month’s announcement of a looming telecom tariff hike, MTN Nigeria’s share price surged, reflecting renewed investor confidence in the company’s profitability after two years of sustained losses.
MTN Nigeria has been working to accelerate its earnings and recover from these losses. The approved tariff increase is expected to help mitigate the effects of macroeconomic challenges and support the company’s financial stability.
Major telecom providers in Nigeria, including MTN, Airtel, and 9Mobile, have long advocated for price adjustments to align with economic realities. Despite mounting operational costs driven by inflation, telecom operators have been unable to increase prices for over a decade.
Following last month’s announcement of a looming telecom tariff hike, MTN Nigeria’s share price surged, reflecting renewed investor confidence in the company’s profitability after two years of sustained losses.
MTN Nigeria has been working to accelerate its earnings and recover from these losses. The approved tariff increase is expected to help mitigate the effects of macroeconomic challenges and support the company’s financial stability.
Data tariff hike sparks outrage
The price hike has sparked concerns and outrage among customers, who argue that prior notice about the implementation date should have been communicated.
The price hike has sparked concerns and outrage among customers, who argue that prior notice about the implementation date should have been communicated.
By Adekunle Agbetiloye, Business Insider Africa
Dangote unveils new Nigerian-made Peugeot vehicle, boosts domestic auto industry
Equipped with a high-performance 1.6-liter turbo engine, the Peugeot 3008 GT expands DPAN’s existing lineup from its state-of-the-art assembly plant in Kaduna.
This marks a significant step in Dangote’s commitment to boosting local vehicle production and enhancing Nigeria’s auto industry.
Peugeot's first assembly of the 3008 model in Africa took place in Ghana in 2022.
This marked a significant milestone in the brand’s expansion into the continent, specifically the production of its globally acclaimed Peugeot 3008 SUV.
The assembly was carried out at the Silver Star Auto-owned Tema Assembly Plant, a result of a partnership between Citroën, Peugeot, and Silver Star Auto that began in 2019.
DPAN products
Dangote Peugeot Automobiles Nigeria Limited (DPAN) began production with the re-launch of the Peugeot brand in Nigeria, starting with the local assembly of the Peugeot 301 at its Kaduna plant.
The company has since expanded its lineup to include the Landtrek pickup, 3008, 5008, and the latest 508 models.
Dangote entered Nigeria’s automobile industry in 2016 when his group, alongside the Kaduna State Government and the Bank of Industry, acquired a majority stake in Peugeot Automobile.
By 2017, he secured a license for a Peugeot assembly plant, and in 2022, Dangote Peugeot Automobiles Nigeria Limited (DPAN) began operations.
DPAN, a joint venture with Stellantis Group, the Kano and Kaduna state governments, and Dangote Industries, operates from the Greenfield Ultima Assembly Plant in Kaduna, with a daily capacity of 120 vehicles.
Expanding into commercial vehicles, Dangote launched the Dangote Sinotruk West Africa Ltd (DSWAL) CKD plant in Lagos.
The plant assembles heavy-duty, medium, and light trucks, producing up to 10,000 units annually and creating 3,000 jobs.
Nigeria’s auto manufacturing market
Nigeria is making strides in boosting local vehicle production to reduce reliance on imports and drive industrial growth.
Key players like Innoson Vehicle Manufacturing (IVM), Stallion Group, Nord, and Dangote Group have boosted the local vehicle assembly market, increasing domestic production capacity.
The Nigerian Automotive Industry Development Programme (NAIDP) 2024-2034 aims to promote local manufacturing of vehicle spare parts and reduce imports, which cost around $1 billion annually.
Developing local components like batteries, tyres, and exhaust systems is crucial for strengthening the industry.
By boosting local manufacturing, Nigeria can reduce its dependence on imports and achieve broader national goals for economic development.
Nigeria is making strides in boosting local vehicle production to reduce reliance on imports and drive industrial growth.
Key players like Innoson Vehicle Manufacturing (IVM), Stallion Group, Nord, and Dangote Group have boosted the local vehicle assembly market, increasing domestic production capacity.
The Nigerian Automotive Industry Development Programme (NAIDP) 2024-2034 aims to promote local manufacturing of vehicle spare parts and reduce imports, which cost around $1 billion annually.
Developing local components like batteries, tyres, and exhaust systems is crucial for strengthening the industry.
By boosting local manufacturing, Nigeria can reduce its dependence on imports and achieve broader national goals for economic development.
By Solomon Ekanem, Business Insider Africa
Global investors eye Nigeria’s lithium reserves
International investors are showing increasing interest in Nigeria’s lithium reserves, according to Segun Tomori, special assistant on media to Dele Alake, the minister of solid minerals development.
During an XSpace session hosted by TheCable on Monday, Tomori described lithium as the most sought-after mineral globally, citing its critical role in producing electric vehicles, solar panels, and other green energy technologies.
According to him, “Lithium is a major dragnet, it is what attracts a lot of investors across the world.”
“Lithium is topping the list, gold is also in contention, nickel, cobalt too. Lithium is topping the charts in terms of interest, and we have seen the springing up of lithium factories in Nigeria already,”
Video - The children powering a lithium boom in Nigeria
During an XSpace session hosted by TheCable on Monday, Tomori described lithium as the most sought-after mineral globally, citing its critical role in producing electric vehicles, solar panels, and other green energy technologies.
According to him, “Lithium is a major dragnet, it is what attracts a lot of investors across the world.”
“Lithium is topping the list, gold is also in contention, nickel, cobalt too. Lithium is topping the charts in terms of interest, and we have seen the springing up of lithium factories in Nigeria already,”
Africa’s lithium race
Zimbabwe currently holds the largest share of lithium deposits in Africa, with significant Chinese investments. But Nigeria is also eager to claim a piece of the global market. By 2030, Africa is projected to supply 20% of the world’s lithium.
In 2023, China’s Ming Xin Mineral Separation Nig Ltd. was chosen by Kaduna State to build Nigeria’s first lithium-processing plant, with plans to manufacture batteries for electric vehicles (EVs).
In 2022, the Nigerian government claimed it had rejected a proposal from Tesla to purchase raw lithium from the country.
Ayodeji Adeyemi, special assistant to the minister of mines and steel development, told Rest of World that the proposal was turned down because it did not align with Nigeria’s new mining policies.
“Our new mining policy demands that you add some value to raw mineral ores, including lithium before you export to create jobs and build industries,” Adeyemi said. “They don’t have to turn ores into finished goods. We are only asking them to add some value before exporting.”
Recently, President Ramaphosa of South Africa also expressed his interest in collaborating with Nigeria to harness critical minerals, particularly lithium, to drive the green energy transition and support the development of EV batteries.
Tomori revealed that a lithium factory was inaugurated in 2024, bringing the total number of commissioned factories to two, with a third currently under construction.
As Nigeria ramps up its lithium processing capabilities, the country is positioning itself as a key player in the global clean energy transition.
Zimbabwe currently holds the largest share of lithium deposits in Africa, with significant Chinese investments. But Nigeria is also eager to claim a piece of the global market. By 2030, Africa is projected to supply 20% of the world’s lithium.
In 2023, China’s Ming Xin Mineral Separation Nig Ltd. was chosen by Kaduna State to build Nigeria’s first lithium-processing plant, with plans to manufacture batteries for electric vehicles (EVs).
In 2022, the Nigerian government claimed it had rejected a proposal from Tesla to purchase raw lithium from the country.
Ayodeji Adeyemi, special assistant to the minister of mines and steel development, told Rest of World that the proposal was turned down because it did not align with Nigeria’s new mining policies.
“Our new mining policy demands that you add some value to raw mineral ores, including lithium before you export to create jobs and build industries,” Adeyemi said. “They don’t have to turn ores into finished goods. We are only asking them to add some value before exporting.”
Recently, President Ramaphosa of South Africa also expressed his interest in collaborating with Nigeria to harness critical minerals, particularly lithium, to drive the green energy transition and support the development of EV batteries.
Tomori revealed that a lithium factory was inaugurated in 2024, bringing the total number of commissioned factories to two, with a third currently under construction.
As Nigeria ramps up its lithium processing capabilities, the country is positioning itself as a key player in the global clean energy transition.
By Adekunle Agbetiloye, Business Insider Africa
Related stories: Nigeria's lithium mining Eldorado sparks concerns
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