Nigeria’s manufacturing sector is facing intense pressure as rising energy costs and tightening credit conditions combine to squeeze profitability and threaten growth. While government reforms aim to stabilize the economy and improve market efficiencies, the immediate effect has been an increased operational burden on manufacturers, many of whom are struggling to stay afloat amid soaring expenses. Energy costs remain one of the biggest challenges for manufacturers. The country’s unreliable power supply forces most companies to rely heavily on alternative energy sources such as generators, which are expensive to run. In 2024, spending on alternative energy surged by about 75%, reaching…
Author: Temitope Nlewemchi
Nigeria is currently facing a serious food security challenge that threatens the well-being of millions across the country. Rising inflation, climate change, insecurity, and structural weaknesses in agriculture have combined to create one of the most pressing crises in recent memory. In response, the Federal Government has stepped up efforts to address these challenges with a series of ambitious programs and reforms aimed at boosting food production, stabilizing prices, and safeguarding the nation’s food supply. Food insecurity in Nigeria has deepened significantly in recent years. According to recent reports, over 100 million Nigerians are classified as food insecure, with nearly…
Nigeria’s recent liberalisation of its foreign exchange (forex) market has been hailed as a turning point in the country’s quest to restore investor confidence, attract foreign capital, and strengthen its macroeconomic position. The wide-ranging reforms, spearheaded by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, aim to reduce market distortions, improve transparency, and create a stable environment conducive to long-term investments. The forex market liberalisation involved the unification of multiple exchange rate windows into a single market-driven rate. Previously, the existence of disparate exchange rates—ranging from the official rate to the widely-used parallel market—led to arbitrage, discouraged foreign…
In a major policy move aimed at reforming revenue collection in Nigeria’s electricity sector, the Nigerian Electricity Regulatory Commission (NERC) has introduced new guidelines for the registration and engagement of third-party collection service providers. The directive, which took effect on May 27, 2025, was signed by NERC Chairman Sanusi Garba and is part of efforts to standardize and digitize electricity bill payment processes across the country. The framework is anchored on Section 226 of the Electricity Act, 2023, and is designed to eliminate cash-based collections, streamline revenue channels, reduce losses due to untracked payments, and improve accountability. It also aligns…
South Africa has officially overtaken Nigeria as Africa’s largest importer of refined petroleum products, marking a significant shift in the continent’s energy dynamics. This change, detailed in a new report by energy consultancy CITAC, reflects contrasting developments in both countries’ fuel supply strategies and refining capabilities. According to CITAC, South Africa imported approximately 4.2 million tonnes of refined petroleum products in the first quarter of 2025, a notable increase that puts the country ahead of Nigeria, which imported 3.1 million tonnes over the same period. Projections for the rest of the year suggest that South Africa may import up to…
The collection of empty containers at the Apapa Port has been suspended indefinitely by APM Terminals, one of the key terminal operators in Lagos. This move, which took effect earlier this week, has already started causing concern among importers, truck operators, and other port users. According to industry sources, the suspension is due to congestion at the terminal, with a high volume of empty containers reportedly overwhelming available space. APM Terminals has not released an official statement detailing the exact reasons for the suspension or how long it is expected to last, but stakeholders say the backlog has become increasingly…
In recent months, domestic investors have continued to assert their dominance on the Nigerian Exchange Limited (NGX), significantly outweighing foreign participation in the capital market. According to the latest data for April 2025, local investors accounted for approximately 87% of total transactions, underscoring their pivotal role in shaping the market’s direction. This trend reflects a broader shift in Nigeria’s investment landscape, where domestic confidence and participation have steadily grown despite challenges that have tempered foreign investment. The surge in domestic activity is illustrated by the volume and value of transactions. In April alone, domestic investors transacted approximately ₦1.8 trillion, compared…
Abbey Mortgage Bank has unveiled plans to raise ₦100 billion in fresh capital as part of its strategic transformation from a primary mortgage bank to a regional commercial bank. This move comes in response to the Central Bank of Nigeria’s (CBN) revised regulatory framework, which sets higher capital requirements for banks wishing to expand their scope and operations. Specifically, the CBN now mandates a minimum capital base of ₦50 billion for regional commercial banks, a threshold that Abbey Mortgage Bank intends to exceed in order to position itself strongly within Nigeria’s evolving banking landscape. The proposed capital raise is…
A firm has recently completed the construction of a new terminal designed to significantly cut the costs associated with the evacuation of crude oil. This development marks an important milestone in the oil and gas sector, as it promises to optimize the logistics of crude oil transportation, improve efficiency, and reduce operational expenses for producers and exporters. Crude oil evacuation—the process of moving crude oil from production sites to export terminals or refineries—often involves complex logistics and considerable expenses. These costs include transportation fees, storage charges, delays at ports, and fees related to loading and unloading vessels. The new terminal…
Fidelity Bank Plc celebrated this year’s Children’s Day with an inspiring event focused on promoting literacy, creativity, and educational empowerment among Nigerian youth. Held at the bank’s Fidelity Grounds in Oniru, Lagos, the event brought together hundreds of students, parents, educators, and bank officials in a joyful and engaging atmosphere themed “The Fidelity Fantasyland 3.0.” Central to the celebration was the launch of the Read2Lead Anthology, a collection of essays by young Nigerians, alongside the awarding of scholarships to outstanding pupils. These initiatives underline Fidelity Bank’s sustained commitment to nurturing the next generation through education and creative expression. The Read2Lead…
The Port Harcourt Refining Company (PHRC), one of Nigeria’s key state-owned oil refineries, has recently become the focus of controversy following conflicting reports about its operational status. While the Nigerian National Petroleum Corporation Limited (NNPCL) announced a planned 30-day maintenance shutdown aimed at improving the refinery’s performance, several local fuel marketers have disputed these claims, insisting that no maintenance work is currently taking place. This disagreement has raised broader questions about the management, transparency, and functionality of the refinery, with significant implications for Nigeria’s fuel supply and downstream petroleum sector. The NNPCL, the parent company overseeing PHRC operations, officially…
The Federal Government of Nigeria has officially begun the rollout of Compressed Natural Gas (CNG) buses to federal universities across the country, marking a significant step toward improving transportation within academic institutions while promoting cleaner and more affordable energy solutions. This initiative aligns with the government’s broader objectives of energy transition, environmental sustainability, and economic empowerment, particularly in the transport sector. The launch event took place at the University of Abuja, where the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, commissioned the first batch of CNG buses and tricycles for use on campus. This pilot phase includes the…
Marketing experts have emphasized the critical role of data in driving business growth, urging Nigerian marketers to shift from intuition-based strategies to data-driven decision-making. This call came during a recent marketing and innovation forum held in Lagos, where industry leaders gathered to discuss trends shaping the future of the profession. Speakers at the event stressed that with the increasing complexity of consumer behavior and market dynamics, marketers who fail to integrate data into their strategies risk falling behind. The consensus was clear: data is no longer optional—it is a foundational tool for effective marketing in the digital age. According to…
Seplat Energy Plc, one of Nigeria’s leading indigenous energy companies, has announced a bold move to invest significantly in the country’s power sector. The initiative is part of the company’s broader strategic shift to diversify its operations and contribute to bridging the huge energy access gap in Nigeria, particularly in off-grid communities. According to the company’s CEO, Roger Brown, Seplat’s investment in the power sector is aimed at complementing its role as a major gas supplier in the country while also addressing the systemic electricity shortages that continue to hinder economic growth and development. Nigeria, despite being Africa’s most populous…
Lasaco Assurance Plc has reaffirmed its dedication to youth empowerment in Nigeria, pledging to expand initiatives that support skill development, entrepreneurship, and economic self-reliance among young people. The company made this renewed commitment during a recent corporate social responsibility event held in Lagos. Speaking at the event, Managing Director and CEO of Lasaco Assurance, Mr. Segun Balogun, emphasized the importance of investing in youth as a strategic move to secure Nigeria’s future. He stated that the company recognizes the challenges facing many young Nigerians, including unemployment and limited access to opportunities, and is determined to be part of the solution.…
South Africa has overtaken Nigeria as the largest importer of refined petroleum products in Africa, marking a significant shift in the continent’s energy landscape. This change reflects contrasting developments in the two countries’ refining sectors, with Nigeria’s Dangote Refinery ramping up production while South Africa grapples with refinery shutdowns and increasing dependency on imports. According to a recent report by energy consultancy CITAC, Nigeria imported approximately 3.1 million tonnes of refined petroleum products during the first quarter of 2025. In contrast, South Africa imported about 4.2 million tonnes in the same period, positioning it as Africa’s biggest fuel importer. The…
French energy giant TotalEnergies has agreed to sell its 12.5 percent non-operated interest in Nigeria’s Bonga deepwater oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) for \$510 million. The deal, announced on May 29, 2025, marks another significant shift in the ownership and operational dynamics of one of Nigeria’s most important offshore oil assets. Pending customary regulatory approvals, the transaction is expected to close before the end of the year. The Bonga field, located approximately 120 kilometers offshore from the Niger Delta, has been a cornerstone of Nigeria’s deepwater oil production since it began operating in 2005. It…
APM Terminals Apapa, one of Nigeria’s largest and busiest container terminals, has announced a temporary suspension of empty container reception at its Apapa facility. The decision, according to the terminal operator, was taken in response to a sharp increase in import volumes which has created significant congestion at the port’s yard. The company’s Terminal Manager, Steen Knudsen, explained that the overwhelming inflow of import-laden containers in recent weeks has left little room for the storage and processing of empty containers. Shipping lines, he noted, have prioritized the unloading of imports, leading to a growing backlog of empties and a…
Governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been named Central Bank Governor of the Year at the 2025 African Banker Awards, held in Abidjan, Côte d’Ivoire. The award recognizes Cardoso’s outstanding leadership and reform-driven approach in steering Nigeria’s monetary policy and financial sector stability during a critical period. Cardoso, who assumed office as CBN Governor in September 2023, has overseen a string of key policy interventions designed to tackle long-standing macroeconomic challenges. These include bold steps to stabilize the naira, improve transparency in the foreign exchange market, combat inflation, and rebuild investor and public confidence…
The Nigerian stock market took a breather on Thursday, May 29, 2025, as investors witnessed a loss of ₦54 billion, effectively halting a four-day bullish streak that had previously driven strong gains across the board. The downturn signaled a wave of profit-taking by investors eager to cash in on recent growth, leading to a modest dip in the overall market value. At the close of trading, the All-Share Index (ASI) dropped by 84.53 points or 0.08%, closing at 111,818.08 points compared to the previous day’s 111,902.61. This brought the total market capitalization down from ₦70.564 trillion to ₦70.510 trillion.…