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“Tough Business Climate: Six Nigerian Firms Forced To Shut Down Operations In 2023”

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In the midst of Nigeria’s challenging economic landscape, six indigenous companies have halted operations within the span of ten months, concluding in December 2023….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

Persisting issues such as foreign exchange scarcity, insufficient power supply, port congestion, multiple taxation, insecurity, and inadequate infrastructure have inflicted significant damage on businesses, particularly within the manufacturing sector.

Even as local companies face closure, numerous foreign entities declared their intentions to withdraw from Africa’s largest economies last year, including GlaxoSmithKline Consumer Nigeria, Equinor, Sanofi, Bolt Food, and Procter & Gamble.

Indigenous companies have not been immune to the harsh business environment, emphasizing the crucial need for government support.

In a statement released on Thursday, BusinessDay identified at least six domestic firms that ceased operations in the past ten months. The list is as follows:

  1. Mayor Biscuits Company Limited (MABISCO):
    • Shutdown occurred in March.
    • Established in 2016, with a manufacturing capacity of 3.5 tonnes per hour and over 300 distributors nationwide.
  2. 54Gene:
    • A genomics startup that closed in September.
    • Operated for four years, raising $45 million in three funding rounds.
  3. Lazarpay:
    • A web3 and crypto payment company that ceased operations in April after two years due to a lack of funds.
  4. Jubilee Syringe Manufacturing Company:
    • Inaugurated in 2017, it halted operations in December, citing unforeseen circumstances affecting business operations.
  5. DropX:
    • A delivery-oriented startup founded in 2021, closed its operations in December amid challenging economic conditions for startups.
  6. Okadabooks:
    • A pioneer in digital publishing and bookselling, shut down in November after 10 years, citing insurmountable challenges in the rough macroeconomic conditions.

As Nigeria grapples with economic challenges, the closure of these companies raises concerns about the broader impact on local businesses and underscores the necessity for measures to bolster their resilience and growth.

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QUESTIONS OF TRANSPARENCY: Over ₦950 Billion Budgeted For SUVs And Vague Empowerment Schemes Sparks Fury!.

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The Federal Government has allocated ₦962.83 billion in the 2026 budget for Sport Utility Vehicles (SUVs) and empowerment projects, a figure that surpasses the combined allocations of seven major federal ministries. An analysis by Tracka revealed that this total includes ₦15.13 billion for 39 SUVs and ₦947.70 billion distributed across 2,579 empowerment projects. This spending outstrips the combined ₦960.27 billion allocated to ministries such as Industry, Trade and Investment; Housing and Urban Development; Women Affairs; Justice; Livestock Development; Aviation and Aerospace Development; and Petroleum Resources.....KINDLY READ THE FULL STORY HERE▶

  • Lack of Transparency: Tracka highlighted that only 70 of the 2,579 empowerment projects have clearly identified locations, making tracking and oversight difficult for citizens and institutions.

  • Unconventional Implementing Agencies: Projects were assigned to 184 agencies, including institutions outside their traditional mandates, such as the Federal Cooperative College, Oji River, and the National Agricultural Development Fund.

  • Heavy Borrowing & Fiscal Deficit: The 2026 budget projects a fiscal deficit of about 46 percent, leading experts to warn against heavy reliance on borrowing for opaque allocations.

  • Economists’ Warnings: Experts like Dr. Muda Yusuf and Prof. Sheriffdeen Tella cautioned that excessive debt and spending borrowed funds on imported empowerment items rather than supporting local industries could threaten macroeconomic stability.

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“BUY GUNS ILLEGALLY!” Defiant Zamfara Lawmaker Urges Citizens To Take Self-Defense Into Their Own Hands!.

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  • The Controversial Advice: Hon. Abdulmalik Zubairu, representing the Maru/Bungudu Federal Constituency in Zamfara State, urged his constituents to use their savings to purchase firearms like AK-47s or AK-49s to defend themselves against bandits.....KINDLY READ THE FULL STORY HERE▶

    • Catalyst for the Remarks: The lawmaker’s comments followed the tragic killing of four security personnel and the abduction of Nura Abdullahi, the Chairman of Bungudu Local Government Area.

    • Constitutional Stance: Acknowledging that arming residents is illegal, Zubairu defended his position by arguing that choosing an unconstitutional path to save innocent lives from ongoing killings is justifiable when faced with two difficult choices.

    • Government Efforts & Citizen Defense: While maintaining that President Bola Tinubu and Governor Dauda Lawal are trying their best to curb insecurity, he stressed that citizens must still take personal responsibility for safeguarding their communities.

    • Weapons and Registration: Arguing that bandits only have the upper hand due to superior firepower rather than numbers, the lawmaker suggested that communities could potentially register their acquired weapons with security authorities for self-defense purposes.

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BLOCKBUSTER MOVE: Real Madrid Demand Mega £137 Million As Arsenal Go All-In For Superstar Vinicius!.

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Real Madrid have reportedly slapped a £137 million price tag on Vinicius Junior as Arsenal weigh up a stunning swoop for the Brazilian star.....KINDLY READ THE FULL STORY HERE▶

    • The Valuation: According to SPORT via Yahoo Sports, Real Madrid president Florentino Perez is holding firm on the £137 million asking price, even though the winger has entered the final year of his contract and talks have stalled.

    • Record Wages: talkSPORT reports that the Gunners are prepared to make Vinicius the highest-paid player in club history. The 26-year-old is seeking around £470,000 per week—nearly double his current Real Madrid salary—which would easily surpass Bukayo Saka’s £300,000-plus weekly earnings.

    • The Pitch: Securing the forward would shatter Arsenal’s transfer record. Vinicius brings an elite pedigree to the Emirates, having tallied 128 goals and 100 assists in 375 matches for Los Blancos, alongside a strong four-goal showing in five games at the summer FIFA World Cup.

    • Squad Plans: While Arsenal recently added Christos Tzolis and continue searching for attacking reinforcements before the window shuts, a deal for Vinicius would easily represent one of the largest financial commitments in the club’s history.

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