Nigerias Archives - Zxcoachoutlet

Nigeria’s Insurance Market Offers Significant Potential Despite Headwinds

October 5, 2020

Nigeria’s substantial oil and gas reserves, its young and growing population and its position as Africa’s largest economy continue to point to significant development potential for its insurance sector. However, Nigeria has failed to deliver on that potential historically due in part to the volatility of growth in the country’s real gross domestic product (GDP), coupled with the sporadic enforcement of mandatory retail insurance lines.

In a new Best’s Market Segment Report, “Nigeria’s Insurance Market Offers Significant Potential Despite Headwinds”, AM Best notes that, due to the COVID-19-driven economic slowdown, the insurance market regulator (National Insurance Commission [NAICOM]) has agreed to further delay its revised plans to strengthen market capitalisation and limit the volume of premium flowing out of the country.

NAICOM has now opted for a staggered approach that requires partial recapitalisation by December 2020, with market participants obliged to meet the full requirements by September 2021. AM

Nigeria’s pioneering gas flaring plan risks going down in flames

September 30, 2020

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By Libby George

UGHELLI, Delta State, Nigeria (Reuters) – Jonah Gbemre often has no electricity, but he says his home is permanently lit at night by the flames of waste gas being “flared” near his home town in Nigeria’s Delta State.

Like Gbemre, nearly half of Nigerians have no stable power supply, yet government attempts to harness gas belching from its oil fields to generate urgently-needed electricity or revenue have stalled.

And experts say that without progress towards its 2030 target of virtually eliminating flaring, which releases carbon dioxide along with polluting methane and soot, Nigeria cannot meet its pledge to cut greenhouse gas emissions by 20%.

Graphic – Gas Flaring and Nigeria’s CO2 Emissions: https://graphics.reuters.com/NIGERIA-OIL/GASFLARING/xklvyqmljvg/chart.png

“This flare site makes the nights like days,” said 42-year-old Gbemre, his eyes both bloodshot and milky, something he said his doctor attributes to the burning of the waste gas.

Reuters could not establish

Nigeria’s main unions suspend planned strike after government talks

September 28, 2020

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By Angela Ukomadu

LAGOS, Sept 28 (Reuters) – Nigerian labour unions agreed with the government on Monday to suspend a planned strike over fuel and power price rises hours before businesses were due to grind to a halt, the labour minister and trade unions said.

The Nigerian Labour Congress (NLC), which represents millions of workers across most sectors of Africa’s biggest economy, including parts of the oil industry, last week announced its plans to embark on a general strike.

Nigeria cut costly subsidies in September to allow the petrol price to be determined by the market and increased the power tariff. President Muhammadu Buhari had said Nigeria could no longer afford the subsidies but the unions said a reversal of price hikes was needed to avert the strike.

The strike was due to begin on Monday but Labour and Employment Minister Festus Keyamo said in a statement, posted on

Nigeria’s main unions to strike over petrol, power price hikes

September 27, 2020

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ABUJA, Sept 22 (Reuters) – Nigeria’s main labour unions will begin an indefinite strike from Monday to protest an increase in power and petrol prices, the leader of the body said, after a meeting with the government two weeks ago ended in a deadlock.

The Nigerian Labour Congress, which represents millions of workers across most sectors of Africa’s biggest economy, including parts of the oil industry, plans to embark on a general strike starting next week, leader Ayuba Wabba said.

A reversal of the petrol and power price hikes would avert the strike, Wabba said in a statement.

The government has not yet responded to the strike plans.

Nigeria cut costly subsidies this month to allow the petrol price to move with the market and hiked the power tariff. President Muhammadu Buhari has said the increases were crucial because the country could no longer afford the subsidies.

The country has

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