MTN increases price of N2k data to N6k – Newstrends
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MTN increases price of N2k data to N6k

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2 months ago

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MTN increases price of N2k data to N6k

Nigerians have expressed outrage as telecoms giant, MTN increased price of data, calls and other services.

On Tuesday morning, February 11, 2025, many subscribers in Nigeria took to social media to criticise the increase, calling it exploitative and unfair, especially amid rising economic hardships.

Apparently, the weekly data package of 15GB which initially cost N2,000 only days ago unexpectedly surged to a whooping N6,000

An user, @gbolahan2211 said: “Imagine MTN @MTNNG increasing their tariff 15gb overnight without prior notice to customers. This is no way to do things man. I even sent them a message and they told me cause they wanna serve me better. Damn!!”

Another user @GIFTy6286 wrote: “If they like they should increase it to 1m,we will survive”

@AfrokonnectNG reacted: “This sudden price increase from ₦2,000 to ₦6,000 for 15GB is wild! How are people supposed to cope with such an outrageous hike? Internet access is essential for work, education, and staying connected, yet it’s being priced like a luxury.

“At this rate, users may be forced to look for alternatives or reduce their data consumption drastically. MTN really needs to reconsider this move because it’s not sustainable for the average Nigerian. What do you think about this development?”

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@Gorilla23mp asked: “But this is almost 200% increment, I thought they said it won’t be up to 100%?”

@TheSilvapr lamented; “Nigeria is a very difficult place to live in honestly. MTN waking up one day to increase their weekly 15gb data from 2k to 6k without prior warning is textbook insanity.

“That’s 24k in a month, almost the minimum wage of the country on data, bruh, this is hell.”

While the telecom giant has yet to comment on the situation, observations suggest it may have begun implementing the 50% tariff hike approved by the Nigerian Communications Commission (NCC).

Recall that on January 20, the NCC in a statement by its Director of Public Affairs, Reuben Muoka, said implentation of the 50% tariff hike will begin in February, adding that the adjustment, though lower than the over 100 per cent requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability.

“These adjustments will remain within the tariff bands stipulated in the 2013 NCC Cost Study, and requests will be reviewed on a case-by-case basis as is the Commission’s standard practice for tariff reviews. It will be implemented in strict adherence to the recently issued NCC Guidance on Tariff Simplification, 2024.

“Tariff rates have remained static since 2013, despite the increasing costs of operation faced by telecom operators. The approved adjustment is aimed at addressing the significant gap between operational costs and current tariffs while ensuring that the delivery of services to consumers is not compromised”, the NCC said.

However, the NLC rejected the tariff hike and demanded a reduction to five per cent, threatening a nationwide protest if its demands were not met.

It condemned the hike as insensitive and unjustifiable, arguing that it would impose an extra burden on Nigerian consumers.

The union’s president, Joe Ajaero, reiterated its demand for a significant reduction after the National Administrative Council meeting of the NLC.

The NLC scheduled a protest for Tuesday but suspended the action after discussions with representatives of the Federal Government.

Following extensive deliberations, both the NLC and the government agreed to set up a 10-member committee—comprising five representatives from each side—to review the issue and submit a report within two weeks.

Meanwhile, the Trade Union Congress, TUC, has threatened to down tools if the Federal Government does not rescind its approval of the 50 per cent tariff increase.

TUC condemned the proposed hike, calling it ill-timed and a deliberate act of economic oppression against Nigerians.

MTN increases price of N2k data to N6k

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CBN posts $23bn net FX reserve, strongest in three years

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17 hours ago

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April 2, 2025

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CBN Governor, Olayemi Cardoso

CBN posts $23bn net FX reserve, strongest in three years

The Central Bank of Nigeria (CBN) has achieved its strongest foreign exchange reserve position in over three years, posting an impressive $23.11 billion in net reserves at the end of 2024.

The development signals a robust recovery and enhanced financial stability for the country’s economy. It also reflects a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.

According to the CBN, NFER (Net foreign exchange reserve) stood at $23.11 billion, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021. NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.

Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.

The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations. The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.

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The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks. The expansion occurred even as the CBN continued to reduce short-term liabilities, thereby improving the overall quality of the reserve position.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Governor of the Central Bank of Nigeria, Olayemi Cardoso, commented. “We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.”

Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.

Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows.

The CBN remains committed to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.

 

CBN posts $23bn net FX reserve, strongest in three years

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Petrol: Dangote refinery resumes loading trucks after payment

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2 days ago

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April 1, 2025

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Petrol: Dangote refinery resumes loading trucks after payment

Dangote Petroleum Refinery has resumed loading of the Premium Motor Spirit, PMS, also known as petrol on trucks for oil marketers.

With the suspension of Naira for crude programme, rising price of crude oil and foreign exchange issues, the 650,000 barrels per day, bpd refinery stopped loading of trucks, based on Naira.

While loading by ships on dollar basis continued, the $20 billion refinery requested oil marketers, having an arrangements with it to “top up” payment so they can be supplied petrol.

However, checks by Vanguard indicated that many companies, including MRS Oil & Gas, which complied, were being loaded at N880 per litre, yesterday.

A reliable industry source, who confirmed the development, said: “Loading by trucks has commenced for oil marketing companies, which have added more monies.”

Meanwhile, petrol prices have risen across the country, with new pump and depot prices reaching up to N960 per litre and N900 per litre, according to the latest price list, obtained from MRS Oil and Gas.

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The adjustments, which became effective from March 28, 2025, indicated higher prices across major cities, with Lagos having the lowest rates and northern states recording the highest.

In Lagos, petrol will sell for N930 per litre, while states in the South West, including Ogun, Oyo, Osun, Ekiti, Kwara, and Ondo, will pay N940 per litre.

Also, in the South South and South East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the product would be sold at N960 per litre.

In Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay N960 per litre.
The naira-for-crude arrangement was originally designed to enhance domestic fuel supply, curb import costs, and stabilise pump prices.

Under the scheme, Dangote Refinery has received 48 million barrels of crude oil in naira since October 2024, with an overall supply of 84 million barrels since it began operations in 2023.

Meanwhile, in a report obtained from its website, the Dangote Petroleum Refinery stated that “The Refinery will meet 100% of the Nigerian requirement of all refined products and also have a surplus of each of these products for export.

“Dangote Petroleum Refinery is a multi-billion-dollar project that will create a market for $21 Billion per annum of Nigerian Crude. It is designed to process Nigerian crude with the ability to also process other crudes.”

 

Petrol: Dangote refinery resumes loading trucks after payment

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CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria

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2 days ago

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March 31, 2025

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Left to Right: Pierre Touloute, CFAO Group BYD brand Manager; Gbenga Oyebode, Chairman, CFAO Nigeria; Folasade Ambrose, Commissioner for Trade, Commerce and Investment, Lagos State; Mehdi Slimani, Managing Director, LOXEA Nigeria and Ramy Yao, BYD Sales Director, Africa and Middle East during the launch of BYD Electric vehicles in Lagos, by CFAO Mobility Nigeria held in Ikoyi, Lagos... Friday, March 28, 2025

CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria

A subsidiary of CFAO Mobility, LOXEA Nigeria, has introduced the BYD brand of electric vehicles to the Nigerian market.

LOXEA has thus become the pioneer in bringing the renowned electric vehicles (EVs) manufactured by BYD (Build Your Dreams) into the country.

BYD is a high-tech multinational company and the world leader in electric and plug-in hybrid vehicles.

“As a Fortune Global 500 enterprise, BYD relentlessly innovates to create a sustainable future,” said the automaker.

“In November 2024, BYD becomes the first company in the world to achieve the milestone with the roll-off of its 10-millionth NEV.

“BYD achieves 4.27 million new energy vehicle sales in 2024, claiming the global sales champion in the third consecutive year.”

Managing Director of LOXEA Nigeria, Mr. Mehdi Slimani, stated, “We are proud to distribute this type of electric vehicle and all its associated services.

“Our upcoming showroom in Victoria Island, Lagos will be a place dedicated to the discovery of BYD vehicles, combining modernity, comfort, and economy of use. “It is very important for CFAO Mobility in Nigeria to participate in this way in the country’s energy transition and support our customers who wish to make the switch to electric.”

Chief Executive Officer of CFAO Mobility, Marc Hirschfeld, spoke on the importance of this launch for both the company and the country, saying, “BYD is one of the world’s leading manufacturers of electric vehicles, with a level of innovation know-how that now matches the expectations of our markets in Africa.

“A whole new ecosystem has to be designed around mobility in African cities.

“This applies not only to individual and corporate customers, but also to stakeholders including urban public transport networks and government agencies.

LOXEA specialises in providing innovative mobility solutions across Africa.

With a commitment to sustainability and excellence, it delivers high-quality mobility services, from electric vehicle leasing to fleet management and infrastructure support.

LOXEA is a leading player in innovative mobility solutions in Africa, offering clients a range of 100% electric vehicles from BYD.

As a pioneer in the deployment of electric vehicle solutions across the continent, LOXEA is bringing to Nigeria a comprehensive suite of services associated with electric vehicles.

This includes the installation of electric charging stations, vehicle maintenance, repair services, and the provision of spare parts.

In addition to providing an inaugural charging station at the upcoming LOXEA Victoria Island showroom, the company is also offering an adaptable solution that allows customers to charge their EVs conveniently at home.

The company says more information on this can be obtained from its website: https://www.byd-nigeria.com/ .

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