Home Blog

Don’t congratulate me, NNPCL CEO, Kyari tells associates


The Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited, Malam Mele Kyari, expresses gratitude to stakeholders and Nigerians for their enthusiasm regarding his reappointment by the President of Nigeria, Bola Tinubu.

Viewing this reappointment as a renewed challenge, Kyari is committed to stabilising the oil industry and enhancing service delivery for increased revenue.  

The GCEO said he appeals to stakeholders in the oil sector and fellow Nigerians to support the company under his leadership to ensure the success of its mandate.

Consequently, the Kyari requested that all parties concerned should refrain from issuing congratulatory messages on his reappointment.

He emphasizes the necessity for all stakeholders’ commitment to drive revenue growth and fortify the resilience of the naira and the economy.

Telcos input in Nigeria’s GDP slumps by N219b in Q3


The hyper-inflation in the Nigerian economy that has impacted negatively on the purchasing power of consumers has shown its ugly face even in the most unlikely sector.

Since its inception in the nation’s economic system, the telecoms sector has always sustained wonderful growth and huge contribution to the GDP.

But that has also changed in the past one quarter of the year as citizens battle to fix more pressing needs with their little income its purchasing power has seriously diminshed.

However, even with the bad weather it faces, it still contributed a large chunk to the GDP at the time under review.

Its slowdown was essentially in the 2023 Q3. The contributions of the sector, in real terms, declined by N219.97 billion. This is a 8.38 percent quarter-on-quarter decline and coincides with the increasing foreign exchange loss recorded by telcos.

During the period, telecoms contributed N2.63tn to real GDP, a slight decrease from the N2.85tn it recorded in Q2, 2023.

Nigeria’s GDP grew by 2.54 percent (year-on-year) in real terms in Q3 2023, driven largely by the service sector (that includes telecoms), which recorded a growth of 3.99 percent and contributed 52.70 percent to the aggregate GDP.

Commenting on the growth of the Information and Communication sector, which constitutes telecoms, the National Bureau of Statistics said, “The sector in the third quarter of 2023 recorded a growth rate of 6.69 per cent in real terms, year-on-year.

“From the rate recorded in the corresponding period of 2022, there was a decrease of 3.84 per cent points. On a quarter-on-quarter, the sector exhibited a growth of -10.30 per cent in real terms.

“Of total real GDP, the sector contributed 15.97 per cent in the 2023 third quarter, higher than in the same quarter of the previous year in which it represented 15.35 per cent and lower than the preceding quarter in which it represented 19.54 per cent.”

The growth of the telecoms sector in recent years is evidenced by its sustained contributions to GDP. However, a challenging macroeconomic environment is now threatening this.

Record high inflation has reduced purchasing power and a currency reevaluation has cut margins.

In the first nine months of the year, MTN Nigeria and Airtel Africa (the only two telcos publicly traded) lost N479 billion to currency revaluation and recorded reduced profit margins.

On its part, Airtel recorded a loss of $13m. The firm said, “Loss after tax was $13m driven largely by a foreign exchange loss of $471m recorded in finance cost before tax and $317m after tax because of the devaluation of the Nigerian naira in June 2023. This impact has been classified as an exceptional item.”

Nigerian entertainment industry to earn $14.82b in revenue in 2025


A report recently released by the Nigerian Entertainment Conference (NECLive) has revealed that the Nigerian entertainment industry is projected to reach an estimated $14.82 billion in revenue in 2025, up from $4 billion revenue recorded in 2013.

The report, titled “Growth, Trends, and Opportunity in Nigerian Creative and Entertainment Industry”, was written by NECLive, an entertainment research organisation.

According to NECLive founder, Ayeni Adekunle, the projections are based on the Africa Entertainment and Media Outlook 2023-2027, by PriceWaterhouseCoopers (PwC), a global expert in accounting and business reengineering.

“In 2012, the industry encountered formidable challenges, causing frustration and disillusionment. However, that very frustration became the catalyst for a transformative spark, giving birth to the visionary concept of NECLive. This audacious initiative aimed to unite the nation’s finest creative and industry minds, facilitating dynamic brainstorming sessions, fostering invaluable networking opportunities, and showcasing exceptional talent.

“In 2013, the realisation of this dream became a remarkable reality,” Mr Adekunle said.

He said that for the many aspiring actors and actresses who have come into Nollywood and made it big, the growing numbers in revenue stand as a testament to the sweat and work of the last 10 years.

Mr Adekunle also said that the industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance.

According to him, this paradigm shift highlights that music is not merely an art but a substantial source of revenue and that the film and comedy sectors have become intricately linked, transitioning to online platforms to adapt to modern technologies, and fostering sectoral growth.


The report provided an in-depth analysis of the financial performance across various industry sectors over the past decade, spanning from the music industry to film, fashion, and comedy.

Projections indicate an impressive 16.5 per cent Compound Annual Growth Rate (CAGR) in revenue over the next five years. This growth is attributed to various factors, including the rising internet accessibility among mobile users, with an expected increase from 54 million to 78 million subscribers within the timeframe.

Additionally, the surge in streaming platforms and the integration of innovative technology like Generative AI are poised to drive double-digit revenue growth.

The report also delves into the growth, trends, and opportunities in the Nigerian creative and entertainment industry over the last decade and outlines its future expansion plans.

The film sector’s evolution from producing and distributing 1,800 films worth $5.1 billion in 2013 to 2,500 films valued at $6.4 billion currently has positioned Nigeria as the world’s second-largest film producer.


The entertainment industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance.

The era of cassette tapes and DVDs, the group further said, “had given way to a thriving scene marked by sold-out global concerts and tours, international and local awards such as the Grammys, Billboard, BET, MTV Europe Music Awards, and AMVCA, exclusive movie premieres and cinema viewings, topping charts and grossing billions through extensive streaming on digital platforms like IrokoTV, ShowMax, Netflix, and Amazon Prime Video. The entertainment industry boasts an impressive track record of milestones, projecting its superstars, projects, and creative works onto the global stage.

The report stated that “For the many aspiring actors and actresses who have come into Nollywood and made it big, the growing numbers in revenue stands as a testament to the sweat and work put in place within the last ten years and beyond. The sector has moved from the production and distribution of 1,800 films worth $5.1 billion in 2013 to 2,500 films worth $6.4 billion and counting. This makes Nigeria the 2nd largest film producer in the world.”

“Amid progress, it’s essential to acknowledge the challenges that once plagued the entertainment industry, such as high cases of piracy, which crippled profitability, and limited funding that hampered creativity as well as lack of international exposure.

Premium Times

Inflation: Food prices have almost doubled since last year, says NBS data


The National Bureau of Statistics has published the food prices inflation as of the end of last month compared to what they were at the same month last year.

The document we obtained from nigerianstat.gov.ng which sampled four major staples indicated that while the four rose at an average of 46.7% which is just some 3% away from double of the price last year, rice was the worst affected with a sharp rise of 68.10% within the period in focus.

“Selected Food Price Watch for October 2023 shows that the average price of 1kg of Tomato rose by 48.73% on a year-on-year basis from N454.46 in October 2022 to N675.91 in October 2023. On a month-on-month basis, it increased by 19.48% from N565.69 in September 2023.

Similarly, the average price of 1kg Rice local sold loose rose by 68.10% on a year-on-year basis from N487.47 in October 2022 to N819.42 in October 2023, while on a month-on-month basis, there was an increase of 8.24%.

The average price of 1kg of Beans brown (sold loose) rose by 39.90% on a year-on-year basis from N564.69 in October 2022 to N790.01 in October 2023.

On a month-on-month basis, it increased by 10.19% from N716.97 in September 2023.

Likewise, the average price of 1kg beef boneless stood at N2,948.03 in October 2023. This indicated that on a year-on-year basis, the price rose by 30.08% from the value recorded in October 2022 (N 2,266.24), and 4.65% on a month-on-month basis from N2,816.91 in September 2023.”

Nigeria’s inflation rate worsens at 6.24% decline Y-o-Y

TBILISI, GEORGIA - JUL 18: Sale of agricultural products on central food market, Jul 18, 2011 in Tbilisi, Georgia. Suitable for farming areas account only for 16% of total territory of the country.

In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%.

This was made known by the National Bureau of Statistics (NBS) on its website nigerianstat.gov.ng

Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61% points when compared to the September 2023 headline inflation rate.

Furthermore, on a year-on-year basis, the headline inflation rate was 6.24% points higher compared to the rate recorded in October 2022, which was (21.09%).

This shows that the headline inflation rate (year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022).