Business

Nigeria’s economy shows promise, inflation rate projected to decrease

Published

Saturday, 26 April 2025, 11:30 am

1731261879 Nigerias economy shows promise inflation rate projected to decrease

Nigeria’s economy shows promise, – TDF noted that despite…

TDF noted that despite current inflation rates, Nigeria’s economy was transitioning from a static model to a flourishing one, with implications for job and wealth creation.

The Democratic Front (TDF) has welcomed Fitch Ratings’ projection that Nigeria’s inflation rate would decrease from 33.7 per cent to 26.2 per cent by Q1 2025.

The group, in a statement signed on Sunday in Abuja, by Malam Danjuma Mohammed, its Chairman, and Chief Wale Adedayo, Secretary, said the projection aligned with their own research, which considered various emerging economic variables.

TDF lauded President Bola Tinubu’s economic reforms, citing the withdrawal of oil subsidies and the unification of foreign exchange rates as key factors in the economy’s growth.

They highlighted Nigeria’s GDP growth to a 3.19 per cent year-on-year increase in Q2 2024.

“Debt Service-to-Revenue Ratio decreased from 97 per cent to 68 per cent in Q2 2024.

“Non-oil export receipts of 2.7 billion dollars in the first half of 2024, a 6.26 per cent increase from 2023, driven by an increase in the global demand for made-in-Nigeria products.

“External reserves reached 39.07 billion dollars as of September 19.”

TDF noted that despite current inflation rates, Nigeria’s economy was transitioning from a static model to a flourishing one, with implications for job and wealth creation.

However, they acknowledged that insecurity and logistical constraints have crippled food supplies, triggering artificial inflation.

The group commended President Tinubu’s efforts to address insecurity, including a 500 million dollar loan to launch a military offensive.

They expressed optimism that Nigeria’s food supply process would be restored, leading to a significant decrease in inflation rates.

Overall, TDF sees Fitch Ratings’ report as an endorsement of President Tinubu’s economic reforms and a justification of the successes recorded so far.

They emphasised the need to stay the course for a speedy realisation of Nigeria’s economic prosperity goals.
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Business

Nigerian govt wins legal battle as tribunal upholds $220m fine against Meta

Published

2 hours ago

April 26, 2025

John

The Competition and Consumer Protection Tribunal has upheld a $220 million fine levied by Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) against Meta Platforms Inc., the parent company of Facebook and WhatsApp, marking a significant victory for consumer rights enforcement in the country.

In a ruling delivered by a three-member panel led by Thomas Okosun, the Tribunal dismissed Meta’s appeal, affirming that the FCCPC acted within its statutory and constitutional powers in sanctioning the tech giant for engaging in discriminatory and exploitative practices.

The case stems from a 38-month investigation jointly conducted by the FCCPC and the Nigeria Data Protection Commission (NDPC), which began in 2020.

The probe focused on Meta and WhatsApp’s consumer data policies, privacy practices, and overall conduct in Nigeria’s digital space.

“The Tribunal determined that the Commission complied with prevailing laws, discharged its mandate, and exercised its powers within the confines of the 1999 Constitution,” said Ondaje Ijagwu, FCCPC’s Director for Corporate Affairs.

READ ALSO: Is Nigeria’s $220m fine on Meta enough to end data privacy violations?

The Tribunal resolved seven key issues in the appeal, siding with the FCCPC on nearly all fronts. One pivotal matter — the claim that Meta was denied a fair hearing — was rejected, with the Tribunal concluding that the Commission afforded the companies ample opportunity to defend themselves.

“The FCCPC fully discharged its quasi-judicial responsibilities,” the Tribunal ruled, also affirming the Commission’s authority to oversee data protection and privacy under Section 104 of the Federal Competition and Consumer Protection Act (FCCPA).

Regarding the contentious issue of Meta’s privacy policy, the Tribunal upheld the Commission’s finding that the policy contravened Nigerian law.

However, the Tribunal did set aside one aspect of the FCCPC’s final order — Order 7 — citing insufficient legal foundation.

READ ALSO: Mark Zuckerberg’s Meta just got some bad news

Alongside upholding the $220 million penalty, the Tribunal also awarded the Commission $35,000 in investigation costs.

FCCPC Executive Vice Chairman and CEO, Mr. Tunji Bello, welcomed the ruling, praising the Commission’s legal team for its “exceptional diligence and forensic skills.”

He reaffirmed the FCCPC’s dedication to protecting consumer rights and fostering fair market practices, stating, “This judgment is a victory for all Nigerian consumers and a clear message that no company is above the law.”