The Nigeria Customs Service (NCS) has introduced a one-stop-shop initiative aimed at reducing demurrage charges and shortening cargo dwell time at the nation’s seaports, a move designed to improve efficiency in port operations and facilitate trade. The initiative seeks to streamline processes by consolidating multiple clearance procedures into a single point of contact, thereby addressing longstanding bottlenecks that have delayed cargo release and increased costs for importers and exporters. According to Customs officials, the one-stop-shop system integrates key port services, including customs inspection, documentation verification, payment of duties, and coordination with other regulatory agencies, within a unified framework. By centralising…
Author: Temitope N.
The Schneider Electric Foundation has donated state-of-the-art training equipment to students in Nigerian universities, reinforcing its commitment to advancing education and technical skills development in the country. The donation is aimed at equipping students with practical knowledge and hands-on experience in electrical engineering, energy management, and related technical fields, preparing them for careers in a rapidly evolving industrial and technological environment. Speaking during the presentation ceremony, a representative of the foundation emphasized that the initiative aligns with its global mission to foster energy access, sustainability, and workforce development. The foundation explained that providing students with modern equipment helps bridge the…
Lagos State government has earmarked N245 billion through bond issuance to finance key infrastructure projects aimed at enhancing transportation networks, improving urban development, and boosting the state’s economic capacity. The allocation forms part of the government’s broader strategy to leverage capital markets in funding high-impact projects that address the city’s growing population needs and support sustainable economic growth. According to state officials, the bond proceeds will be directed towards roads, bridges, drainage systems, public transportation, and other critical social and economic infrastructure. The government highlighted that prioritising such projects is crucial for easing traffic congestion, improving connectivity, and creating an…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged African nations to embrace bold, coordinated, and transformative economic reforms as a necessary pathway to unlocking sustainable growth across the continent. Speaking at a high-level continental forum focused on economic transformation, Edun stressed that Africa’s current pace of development is insufficient to meet the needs of its fast-growing population, and that governments must adopt policy measures capable of boosting productivity, improving revenue, and expanding investment opportunities. According to Edun, the continent stands at a defining moment where strategic policy choices will determine whether African economies can…
The Niger Delta Development Commission (NDDC) has extended relief materials and humanitarian support to victims of a recent fire outbreak in a Niger Delta community, reaffirming its commitment to assisting vulnerable residents affected by emergencies across the region. The intervention followed a devastating fire incident that destroyed homes, businesses, and properties worth millions of naira, leaving many families displaced and struggling to recover from the sudden loss. According to the Commission, the relief effort was initiated immediately after an assessment team visited the affected area to evaluate the scale of destruction and identify the immediate needs of the victims. The…
The Dangote Group has issued a strong warning to petroleum marketers over the growing use of leaking and poorly maintained tankers for the transportation of refined petroleum products across the country, describing the trend as dangerous and capable of triggering large-scale fire disasters, environmental contamination and loss of lives. The company said the increasing reports of product spillages from tankers belonging to some independent marketers have raised safety concerns, especially as more trucks now load products from the Dangote Refinery for nationwide distribution. According to the organisation, the warnings followed several incidents in which some marketers’ trucks were found to…
The Federal Inland Revenue Service (FIRS) has refuted claims circulating in parts of the public sphere suggesting that it granted monopoly rights to Xpress Payments in the nation’s revenue collection process. The agency described the reports as misleading, insisting that no single organisation has exclusive control or preferential access to government revenue channels under its supervision. It stressed that Nigeria’s tax administration framework is built on transparency, competition and accountability, making such a monopoly both illegal and impossible under current regulations. According to the Service, the misinformation appears to stem from a misunderstanding of the roles played by various payment…
The Central Bank of Nigeria (CBN) has stated that the Nigerian economy is beginning to show clearer signs of improvement, but it warned that significant work still lies ahead before the country can achieve full stability and sustainable growth. The apex bank noted that although key indicators are shifting in a more positive direction, the nation must maintain policy consistency, strengthen structural reforms and address long-standing weaknesses across multiple sectors to sustain the progress being recorded. According to the Bank, recent monetary tightening measures and stronger liquidity management have begun to ease inflationary pressure, even though inflation remains elevated. The…
United Bank for Africa (UBA) has urged Nigerians, financial institutions, and corporate organisations to strengthen vigilance and adopt more robust cybersecurity practices as digital fraud attempts continue to rise across the financial ecosystem. The bank said the increasing sophistication of cybercriminals requires a more coordinated response from both service providers and customers to safeguard accounts, digital platforms, and financial transactions. Speaking on the growing threat landscape, UBA officials stressed that cybertheft has evolved significantly in recent years, with fraudsters deploying advanced social engineering tactics, phishing schemes, identity theft, and malware to target unsuspecting users. They explained that cybercriminals now exploit…
The Central Bank of Nigeria (CBN) has stated that its recent monetary reforms are beginning to yield positive outcomes, citing early signs of easing inflationary pressures and improving stability in the foreign exchange market. According to the apex bank, the policy measures introduced over the past months—including tightened monetary conditions, improved liquidity management, enhanced market transparency, and coordinated fiscal-monetary actions—are gradually restoring confidence in Nigeria’s macroeconomic environment. CBN officials explained that the series of interest rate hikes, aimed at curbing excess liquidity and slowing the rapid rise in consumer prices, have contributed to moderating inflationary pressures across key segments of…
Nigeria is intensifying its campaign to secure a seat on the International Maritime Organisation (IMO) Council, leveraging its remarkable zero-piracy record and recent policy reforms aimed at expanding the country’s blue-economy potential. Government officials, maritime regulators and industry stakeholders say the country’s renewed push reflects its determination to take on a greater leadership role in shaping global maritime safety, security and sustainability policies. The bid comes at a time when Nigeria has recorded one of the most significant improvements in maritime security in its history, following years of persistent piracy and armed robbery along the Gulf of Guinea. For more…
The Dangote Group has reaffirmed its commitment to strengthening Nigeria’s small and medium-sized enterprises (SMEs) by deepening its support and participation in the 45th Kano International Trade Fair, a move that highlights the conglomerate’s longstanding role in stimulating commercial activities and empowering local businesses. The company’s presence at the event has drawn the attention of traders, manufacturers, distributors, and entrepreneurs from across the country, many of whom noted that Dangote’s engagement is helping to boost business confidence and strengthen economic interactions in the region. As one of the major sponsors and exhibitors at the fair, the conglomerate showcased its wide…
The Lagos State Government has intensified efforts to strengthen its tourism and cultural appeal as it collaborates with Inscribe Arts to transform public spaces with vibrant street art installations across the state. The initiative, which aligns with Lagos’ broader agenda to position itself as a leading creative and tourism destination in Africa, has already begun to draw attention from residents, visitors, and stakeholders within the creative ecosystem. The collaboration underscores the administration’s long-term strategy of using art and culture as drivers of urban renewal, youth engagement, and economic development. According to officials involved in the project, the street art campaign…
Female entrepreneurs across Nigeria are strengthening collaboration and expanding their footprint in the business landscape as First City Monument Bank (FCMB) intensifies efforts to promote inclusive growth, financial empowerment, and gender-balanced development. The bank’s latest initiatives have sparked renewed momentum among women-led enterprises, offering them access to capacity-building programmes, credit opportunities, mentorship, and market linkages designed to bolster long-term enterprise sustainability. In recent times, Nigerian women entrepreneurs have continued to demonstrate resilience, creativity, and strong leadership across sectors such as agriculture, fashion, technology, retail, manufacturing, and service industries. However, many still face structural barriers including limited access to finance, inadequate…
Nigeria’s capital market has recorded an extraordinary milestone as foreign participation on the Nigerian Exchange (NGX) surged to an unprecedented N2.03 trillion, marking one of the strongest inflows the local bourse has witnessed in more than a decade. The figure reflects a renewed appetite by global investors for Nigerian securities following recent macroeconomic reforms, improving market confidence, and widening opportunities within key sectors listed on the exchange. According to recently released trading data, the N2.03 trillion foreign transactions accumulated between January and the most recent trading month, signalling a dramatic rebound from previous years when foreign outflows overshadowed inflows due…
The Securities and Exchange Commission (SEC) has announced that its forthcoming summit will place strong emphasis on technology-driven compliance as Nigeria’s capital market continues to adjust to global shifts in digital regulation, risk management, and investor protection. According to the commission, the summit is expected to bring together regulators, fintech innovators, market operators, policy experts, and industry stakeholders to explore how technology can strengthen compliance frameworks, boost transparency, and curb market abuses. The SEC explained that the increasing digitisation of financial markets has made traditional compliance methods insufficient, particularly as new products, digital platforms, and automated trading systems dominate the…
The Lagos State Government, in collaboration with the Lagos Chamber of Commerce and Industry (LCCI), has renewed calls for increased investment in community-owned mini-grids as part of broader efforts to tackle electricity shortages and promote sustainable energy access across the state. The renewed advocacy comes amid persistent challenges in Nigeria’s national power supply, which has continued to fall short of demand, leaving many communities, small businesses, and industrial clusters dependent on costly self-generation options. Lagos authorities and the LCCI believe that community-driven mini-grid projects offer a practical and scalable solution capable of delivering reliable, affordable, and cleaner power to underserved…
Nigeria’s manufacturers have disclosed that they spent an estimated N676 billion on generators within the last six months as prolonged grid failures, poor electricity supply, and rising tariffs continue to cripple industrial productivity. The staggering expenditure reflects the worsening state of Nigeria’s power sector and the growing reliance of businesses on self-generated electricity to keep operations running. Manufacturers say the situation has not only increased their operational costs but also threatened competitiveness, job creation, and long-term growth across various industries. The latest figures, released by the Manufacturers Association of Nigeria (MAN), show that companies are now spending more on alternative…
MTN Nigeria has announced that its data subscriber base has reached 51.1 million users, reflecting a significant increase in internet adoption and digital connectivity across the country. The telecommunications giant said the growth underscores the rising demand for mobile data services, driven by increased smartphone penetration, digital services, and remote work and learning trends. According to the company, the surge in data users demonstrates the effectiveness of its investment in network expansion, infrastructure upgrades, and innovative service offerings. MTN highlighted that improvements in 4G coverage, enhanced network reliability, and affordable data packages have made its services more accessible to a…
The Central Bank of Nigeria (CBN) has officially declared Zuldal Microfinance Bank unlicensed to operate, warning the public to avoid engaging with the institution. In a statement released by the apex bank, it said that Zuldal Microfinance Bank has not met regulatory requirements and therefore lacks the legal authority to carry out banking activities in Nigeria. The CBN stressed that any deposits or financial transactions conducted with the bank would not be protected under existing banking regulations. According to the CBN, the decision follows routine monitoring and verification of banking institutions across the country. The apex bank noted that Zuldal…