GSK’s Exit From Nigeria Sends The Country Into Disarray | 5 Things That Should Matter Today

  • Kerosene price rises above 1,300/litre
  • Tinubu shares his goals after the presidency
  • Wike brags about saving 110 billion in the FCT within three months 
  • GSK’s exit from Nigeria sends the country into disarray
  • Minister of Works reveals Nigeria needs $35 billion to fix concrete roads 

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Kerosene price rises above ₦1,300/litre

In an economy where the increasing inflation in the country is stifling people with low incomes, the price of kerosene has risen above ₦1,300 per litre.

According to the National Bureau of Statistics (NBS), the price of the Household Kerosene (HHK) rose by 25.18% within a year.

Although the price fluctuates depending on each state within Nigeria, the highest sale of kerosene per litre was ₦1,676.19 in Adamawa State, while the lowest price was ₦1,034.29 in Kwara State.

Tinubu shares his goals after his presidency


President Bola Tinubu got candid with his audience at the 10th German-Nigerian Business Forum, revealing to them one of his lifelong dreams, which was to be included in the Guinness World Record.

The president made this statement when he passed himself for the job he performed as governor of Lagos State. He claimed he was able to reform the economy of the state. Therefore, he should have been awarded a title in the Guinness World Record for playing such a role.

He affirmed that he would strive to get his name in the Guinness Book even if his achievements are overlooked.

“To me, if you didn’t mention me in the Guinness Book of Records, I’d strive to find a way to insert myself because I did it without expectation. My inaugural speech discloses what I would do.”

Wike brags about saving ₦110 billion in the FCT within three months 

Nyesom Wike, the minister of the Federal Capital Territory (FCT), revealed that since his assumption in office as minister, he has been able to save up to ₦110 billion in the FCT.

He complained about how illegal Certificate of Occupancy (C of O) is shared through the land processes. He called out the money-hungry workers within the FCTA who go beyond the law by charging as high as 5 million to issue a ‘C of O’.

This meeting with the estate developers was held in Abuja, where he showed his displeasure at the extortion of funds from people seeking to claim a certificate of occupancy within the agency.

GSK’s exit from Nigeria sends the country into disarray

One of Nigeria’s leading pharmaceutical companies, GlaxoSmithKline (GSK), exited the country, and Nigerians have begun to feel the weight of their absence as drugs are no longer as easily accessible as they once were, making them expensive to purchase due to the lack of production in the market.

Since the exit, there has been an unnatural spike in prices of the products made by GSK as the retail stores hoard the drugs.

The Nigerian market has exploited the scarcity of these products and chosen to inflate the prices by over 100% compared to the rates once sold.

Minister of Works reveals Nigeria needs $35 billion to fix concrete roads 

David Umahi, Minister of Works, revealed that the federal government would require $35 billion to construct concrete roads in Nigeria.

He explained how this would be effective by saying that Ajaokuta Steel Company would receive 16% of the steel needed to construct the country’s concrete roads.

The Minister of Works met with the Minister of Steel and Development, Shuaib Audu and together, they concluded how to generate funds to create concrete roads across the country.

“We need about $35 billion to start. If we start waiting for FG, it might become difficult. We analysed the Return on Investment and the profit we could have made; part of it will go to bank interest. We are looking at a partnership with a commercial bank, but the Federal Executive Council has to endorse it.” David Umahi said.

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