General
COVID-19: Consumer Goods Sector Hardest Hit—FBNQuest Survey
By Modupe Gbadeyanka
**Says Income Levels Down 30%
The income levels of consumers in Nigeria are down by an average of 30 percent since March 2020, while job opportunities are fast disappearing, a survey has revealed.
The study conducted by REACH Technologies, a Nigeria-based fintech, on behalf of FBNQuest, corroborates findings from the National Bureau of Statistics (NBS) COVID impact survey that consumers have fallen on harder times.
Another sticking point is that consumption of non-essentials has been cut drastically, with respondents stating that they have reduced spending on higher value category items by about 22 percent since about three months ago.
Although, overall consumption has reduced since the pandemic started, the least spending cuts were made on food and health, which respondents viewed as most essential.
It is now becoming clear that the consumer goods sector is among the hardest hit by the economic crisis brought about by the COVID-19 pandemic.
The fragility of household wallets has been laid bare, with statistics now pointing to even weaker consumer sentiments.
The knock-on effect of fading demand and weaker oil prices are also stifling earnings of consumer goods companies.
The market has responded sharply to these challenges by marking these companies down. Year-to-date, the consumer goods index is down -28% – the worst performing index, behind the broad market index’s -7 percent.
The consumer companies have also entered an exceptionally tough phase. Following the crude price collapse in March, accessing foreign exchange at higher interbank rates made obtaining raw materials more challenging.
The companies are only able to obtain dollars at rates of around N360-390/$ relative to N330-360/$ pre-oil collapse.
That aside, given that consumer wallets are under pressure, passing on price increases to combat heightened competition comes at a great cost.
Among the publicly-listed companies, Q2 results – most of which will have been published by late July) – will reflect more of the COVID-related challenges, given that the lockdown took effect in late March.
The other pressure point expected to be seen comes from FX losses booked by the listed companies in their financial statements as a result of the currency depreciation.
Essentially, information provided by REACH confirms that consumer sentiments have turned sourer, with only 3 percent of respondents claiming that they are benefiting from the pandemic.
More recently, the VAT increase in February and an impending hike in electricity tariffs potentially tightens the squeeze on disposable incomes further.
An acute downturn in spending is therefore increasingly likely this year. The IMF projects a GDP contraction 3.4 percent in 2020, while the labour ministry expects unemployment to rise to levels above 33.5 percent from 23 percent in Q3 2018 (last publication). Indeed, recent media reports are already pointing to job losses in key sectors.
A few sectors have gained considerable ground on the back of the pandemic. In this regard, the telecoms sector comes to mind considering that increases in remote communications and internet entertainment drove demand for data.
The consumer goods sector in marked contrast finds itself in the unenviable position of being hit hard. That said, investors need to ensure that their consumer goods exposures are tilted in favour of companies like Nestle Nigeria, which has a proven track record of handling this level of pressure based on historical precedent.
General
Navy Launches Operation Delta Sentinel to Achieve 2.5mb/d Oil Output
By Adedapo Adesanya
The Nigerian Navy has launched Operation Delta Sentinel, a new maritime security initiative designed to curb crude oil theft, secure critical oil assets and support the federal government’s ambition to ramp up crude production to 2.5 million barrels per day by 2027.
The operation, which replaces Operation Delta Sanity II, was formally unveiled at the Nigerian Navy Ship (NNS) Pathfinder Jetty in Port Harcourt, marking a renewed push to stabilise the Niger Delta and protect Nigeria’s oil-dependent economy.
Speaking at the launch, Commander Task Group 26.1, Operation Delta Sentinel, Rear Admiral Suleiman Ibrahim, said the initiative was aligned with the Federal Government’s drive to boost oil exploration and production under the Project 1 Million Barrels Per Day initiative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“The transformation from Operation Delta Sanity II to Operation Delta Sentinel is necessitated, among other considerations, by the Federal Government drive to increase oil exploration and production,” he said, adding that, “It is further anticipated that oil production would be about 2.5 million barrels per day by 2027.”
Rear Admiral Ibrahim, who is also the Flag Officer Commanding, Central Naval Command, said Operation Delta Sentinel would run for an initial one-year period, subject to 90-day renewable mandates, and would focus on denying criminal networks access to Nigeria’s maritime and oil infrastructure.
“Our objective is clear and unambiguous: to deny criminal elements freedom of action, protect critical national oil assets, support legitimate economic activities and contribute to enduring peace and stability in the Niger Delta,” he stated.
He explained that the operation would rely heavily on intelligence-driven missions, enhanced inter-agency collaboration and advanced surveillance tools, including Maritime Domain Awareness infrastructure, new maritime platforms, and manned and unmanned air assets.
“Our approach will be deliberate, innovative and technology-enabled. These capabilities will enable us to optimise asset utilisation, improve situational awareness and maintain a proactive operational posture,” he added.
The Navy said early indicators already show progress, noting that crude oil losses have dropped by about 90 per cent, from 102,900 barrels per day in 2021 to 9,600 barrels per day as of September 25.
Earlier, Flag Officer Commanding, Eastern Naval Command, Rear Admiral Chiedozie Okehie, highlighted the achievements of Operation Delta Sanity II, which was launched on December 30, 2024, to combat crude oil theft, illegal bunkering and pipeline vandalism.
“Operation Delta Sanity II lived up to expectations and made measurable contributions to national security and economic stability,” the Naval commander said.
According to him, between January 1 and December 31, 2025, the operation led to the arrest of 203 suspects, the deactivation of 324 illegal refining sites, and the seizure of stolen petroleum products valued at over N3.65 billion.
“An estimated 3.78 million litres of stolen crude oil, over 1.09 million litres of illegally refined AGO, 86,210 litres of PMS and 74,300 litres of kerosene were seized and appropriately handled,” he disclosed.
Rear Admiral Okehie added that the Navy’s operations, supported by collaboration with regulators, security agencies, oil industry stakeholders and host communities, contributed to a significant decline in crude oil losses, with NUPRC reporting the lowest loss levels since 2009 in September 2025.
With Operation Delta Sentinel now in force, the Navy said it is positioning itself as a key enabler of Nigeria’s oil production growth, investor confidence and long-term stability in the Niger Delta.
General
NUPRC, NRS Seal Oil Revenue Alliance Under New Tax Laws
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS) have moved to formalise a closer working relationship under the country’s new tax regime to ensure that upstream oil and gas revenues get tighter oversight and improved collection.
The renewed revenue alliance was activated when the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, paid a strategic visit to the chairman of NRS, Mr Zacch Adedeji, at the tax agency’s corporate headquarters in Abuja.
The engagement comes less than two weeks after new tax laws took effect on January 1, 2026, mandating deeper collaboration between sector regulators and revenue authorities in the collection of oil and gas proceeds accruing to the Federation.
Speaking during the meeting, Mrs Eyesan said the engagement was part of her post-assumption consultations aimed at aligning the upstream regulator with critical national revenue institutions.
“With the new tax laws now in force, it is important that NUPRC and NRS work in close coordination to ensure that oil and gas revenues due to the Federation are fully captured,” Mrs Eyesan said.
“Our mandate goes beyond regulation. It includes ensuring transparency, efficiency and accountability in revenue flows from upstream petroleum operations.”
She stressed that effective collaboration between both agencies would strengthen compliance, reduce leakages and support government revenue targets at a time of heightened fiscal pressure.
On his part, Mr Adedeji said the tax authority was committed to working with sector regulators to maximise revenue mobilisation under the evolving legal framework.
“The oil and gas sector remains critical to Nigeria’s revenue base, and collaboration with NUPRC is essential to meeting government revenue targets,” Mr Adedeji said.
“With clearer laws and better data-sharing between our institutions, we can significantly improve collection efficiency and enforcement.”
Both agencies agreed to deepen cooperation through information sharing and coordinated operational strategies, in line with the provisions of the new tax laws governing petroleum operations.
The meeting concluded with a shared resolve by NUPRC and NRS to prioritise national interest, tighten revenue assurance mechanisms and ensure that Nigeria derives maximum value from its upstream petroleum resources.
General
Applications for Second Cohort of Moniepoint’s DreamDevs Initiative Open
By Modupe Gbadeyanka
To double down on Africa’s tech talent pipeline, the continent’s leading digital financial services provider, Moniepoint Incorporated, has opened applications for the second cohort of its flagship transformative programme, DreamDevs initiative.
A statement from the organisation disclosed that entries are expected to close on Tuesday, January 20, 2026, and should be submitted via dreamdevs.moniepoint.com.
Selection will be based on technical aptitude, learning potential, and alignment with Moniepoint’s values of innovation and excellence.
DreamDevs was created to bridge the tech talent gap in Africa by equipping recent graduates with industry-ready skills and real-world experience.
Each year, just 20 high-potential candidates are selected into an intensive bootcamp, with the strongest performers progressing into internship and full-time roles at Moniepoint.
Last year’s cohort delivered four hires – three interns and one full-time engineer – validating the programme’s role as a high-impact talent pipeline.
Targeting graduates from technology, computer science, engineering, and related fields with foundational programming knowledge in HTML, CSS, and JavaScript, DreamDevs offers a rigorous nine-week boot camp that immerses participants via hands-on training from leading software engineers. Standout performers will secure six-month internship placements at Moniepoint, with potential progression to full-time employment based on performance.
“The results from our first cohort validated our belief that with the right training and support, Africa’s young tech talent can compete globally.
“This year, we’re doubling down on our commitment by aiming to convert half of our participants into full-time employees. For us, DreamDevs is all about creating sustainable career pathways that drive Africa’s digital economy forward,” the co-founder and Chief Technology Officer at Moniepont, Mr Felix Ike, said.
“We’re proud to support the government’s vision of building three million technical talents while also creating direct employment opportunities through initiatives like DreamDevs. This multi-faceted approach ensures we’re contributing to national goals while simultaneously addressing our industry’s immediate talent needs.
“By investing in young people and providing them with practical experience, startup incubation support, and product development opportunities, we are not only creating high-impact jobs and driving sustainable economic growth across the continent,” he added.
Sharing his experience, a member of the first cohort and now a Backend Engineer at Moniepoint, Mr Victor Adepoju, said, “The organisation of the programme was top-notch. The training covered a wide range of topics and provided a solid foundation I could continue to build on.
“I learned a great deal about cloud technologies, particularly Google Cloud Platform. The program also emphasised valuable soft skills, including planning, organisation, and prioritisation, which have been very useful in my day-to-day work.”
DreamDevs aligns with Moniepoint’s broader vision of using technology to power the dreams of millions and engineer financial happiness across Africa. It complements the company’s existing talent development programs, including HatchDev – a collaboration with NITHub Unilag that produces 500 specialised developers annually across software engineering, intelligent systems, and IoT/embedded systems as well as its hugely popular, Women-in-Tech which is now in its fifth year. The initiative is also in tandem with the federal government’s 3 Million Technical Talent (3MTT) programme, for which Moniepoint serves as a key sponsor. While the 3MTT programme focuses on mass technical skills training across Nigeria, DreamDevs provides a specialised pathway that takes graduates from foundational training through to employment, creating a complete talent development ecosystem.
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