The Centre for the Promotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ease its current monetary stance by lowering policy rates in order to boost access to credit for small and medium-sized enterprises (SMEs). The call comes amid concerns that Nigeria’s tight monetary policies, though aimed at stabilizing the naira and curbing inflation, are inadvertently stifling private sector growth and making it increasingly difficult for businesses to thrive. Speaking against the backdrop of recent economic data, CPPE argued that while the monetary tightening measures adopted by the apex bank may have yielded some positive…
Author: Temitope Nlewemchi
Nigeria’s aviation sector has once again come under the spotlight as industry stakeholders strongly voiced their opposition to the revival of a government-owned national airline, insisting instead on the adoption of a flag carrier model. Their arguments, grounded in both past experiences and global trends, point to the risks of repeating mistakes that have historically burdened taxpayers while failing to deliver sustainable gains for the aviation industry. At a recent industry forum, aviation experts, union leaders, and representatives of airline operators criticized the federal government’s lingering inclination toward re-establishing a state-owned carrier, recalling the troubled history of Nigeria Airways, which…
Nigeria’s e-commerce market is on track to exceed $16 billion by 2030, according to new projections by the Lagos Business School (LBS). The forecast underscores the rapid growth of the digital economy in Africa’s largest market, buoyed by increased internet penetration, mobile adoption, a youthful population, and rising confidence in online transactions. The report highlighted that the surge in e-commerce is being driven by structural changes in consumer behavior, as more Nigerians embrace online shopping for convenience, affordability, and variety. With over 220 million people and an expanding middle class, Nigeria is regarded as one of the most attractive e-commerce…
Nigeria’s economy may be on the brink of a monetary policy shift as the country records another decline in inflation, sparking optimism among businesses, investors, and households that the Central Bank of Nigeria (CBN) could ease its tight monetary stance in the coming months. The latest figures from the National Bureau of Statistics (NBS) show that headline inflation dropped for the fifth consecutive month, a development that economists believe could create the conditions for a reduction in interest rates, which currently stand at record highs. The inflation slowdown comes after months of relentless pressure on the economy caused by a…
The management of Dangote Refinery has attributed recent increases in fuel prices across parts of Nigeria to charges imposed by transport unions on truck drivers. The company explained that these extra costs, which are outside the refinery’s control, have created distortions in the petroleum distribution chain, making petrol more expensive by the time it reaches filling stations and consumers. According to the refinery, the practice of unions imposing compulsory charges on truck operators has not only raised logistics costs but also undermined efforts to stabilize the supply of refined products in the local market. This revelation comes just weeks after…
Billionaire businessman Femi Otedola has described the Dangote Refinery as a transformative development for Nigeria’s oil sector and overall economy, declaring that the project has ushered in a new era of change. Speaking in response to the controversy between the refinery and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Otedola stressed that the 650,000 barrels-per-day facility is already altering the dynamics of petroleum supply, reducing Nigeria’s reliance on imports, and boosting confidence in the country’s energy self-sufficiency. Otedola, who has long been a key player in Nigeria’s energy and finance sectors, said the refinery should be seen…
Stanbic IBTC Bank has joined forces with the Chinese General Chamber of Commerce-Nigeria to organize a major badminton competition, bringing together sports enthusiasts, business leaders, and the Chinese community in Nigeria. The collaboration is designed not only to promote physical fitness and cultural exchange but also to strengthen bilateral relations between Nigeria and China through the unifying power of sports. The tournament, which is scheduled to hold in Lagos, has already generated significant attention from stakeholders in both the sporting and business communities. According to the organizers, the event aims to foster friendship, mutual respect, and collaboration while encouraging healthy…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigeria Customs Service (NCS) to fully comply with the Federal Government’s suspension of the controversial 4% Free on Board (FOB) import levy. The business group made the appeal following reports that despite the government’s announcement, some importers continue to face bottlenecks and demands linked to the levy at various entry points. The FOB levy, introduced earlier this year, was widely criticised by the Organised Private Sector (OPS) as an additional burden on businesses already grappling with rising operational costs, foreign exchange volatility, and multiple taxes. Following intense pressure…
Nigeria’s foreign exchange reserves have surged to $42 billion, marking their highest level in six years, a development that analysts and policymakers describe as a turning point in the country’s economic trajectory. The rise, which reflects a combination of improved crude oil earnings, increased foreign exchange inflows, and strategic reforms by the Central Bank of Nigeria (CBN), is seen as a major boost to the nation’s financial stability and its ability to defend the naira against volatility. The new reserve figure is significant, considering that just over a year ago, Nigeria’s reserves had dipped below $34 billion amid global oil…
The United Nations has advised African nations to strengthen their climate action strategies, stressing that the continent’s future economic stability and social resilience depend heavily on how effectively it addresses the climate crisis. This call comes at a critical time when Africa, despite contributing the least to global greenhouse gas emissions, continues to suffer some of the most severe consequences of climate change, including rising temperatures, desertification, flooding, food insecurity, and displacement. During a recent high-level forum on climate resilience, UN officials underscored the urgency for African governments to translate commitments into actionable, well-funded plans that align with the…
The World Bank has unveiled a $510 million investment package designed to stimulate economic growth, support private sector development, and strengthen Nigeria’s investment climate. The new deal comes at a critical time as Africa’s largest economy pushes forward with reforms to attract foreign capital, diversify revenue sources, and stabilize its macroeconomic environment. According to officials familiar with the development, the $510 million financing will be deployed across key sectors, with a strong focus on infrastructure, access to finance for small and medium-sized enterprises (SMEs), and policy reforms that promote transparency and accountability. The move underscores the World Bank’s renewed commitment…
Nigeria’s Minister of Power, Chief Adebayo Adelabu, has expressed deep concern over the lack of qualified local technicians to install about 400,000 imported electricity meters currently lying idle across the country. The minister said the situation reflects a major bottleneck in the implementation of the federal government’s National Mass Metering Programme (NMMP), which aims to bridge the nation’s huge metering gap and reduce estimated billing for electricity consumers. Adelabu, who disclosed this during a recent power sector stakeholders’ meeting in Abuja, lamented that despite the government’s effort to import and distribute prepaid meters to electricity consumers, progress has been hindered…
Nigeria’s manufacturing sector has continued to face mounting challenges as credit to manufacturers dropped sharply by N7.72 trillion between January and September 2025, resulting in fragile growth across key industrial segments. Despite government efforts to stimulate local production and ease credit conditions, rising interest rates, exchange rate volatility, and persistent inflation have combined to strain the financial health of manufacturers nationwide. According to data obtained from the Central Bank of Nigeria (CBN) and insights from the Manufacturers Association of Nigeria (MAN), credit to the manufacturing sector fell from N14.62 trillion in December 2024 to N6.9 trillion by the third quarter…
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have announced a new strategic collaboration aimed at improving compliance and enforcement of third-party motor insurance across Nigeria. The partnership, which was formally unveiled in Abuja, seeks to curb the rising cases of uninsured vehicles on Nigerian roads, enhance road safety, and promote financial protection for motorists and accident victims. Speaking during the official launch of the initiative, the Commissioner for Insurance, Mr. Olusegun Omosehin, said the move marks a significant milestone in the country’s effort to integrate technology and regulatory enforcement in the motor insurance ecosystem. He…
Nigeria’s equities market ended last week on a positive trajectory, with investors recording a combined gain of about ₦822 billion. The impressive rally reflected renewed optimism in the financial markets, buoyed by improving macroeconomic conditions, stabilising foreign exchange rates, and stronger-than-expected corporate earnings across major sectors. The development highlights a resurgence of confidence in Nigeria’s capital market, which had witnessed mixed sentiments in previous weeks due to inflationary concerns and global market uncertainties. Figures released by the Nigerian Exchange (NGX) show that the market capitalization rose from ₦55.20 trillion at the start of the week to ₦56.02 trillion, marking a…
Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria and other subsidiaries across Africa, has reported a significant 43% year-on-year surge in profit, hitting N702.4 billion for the financial year ended September 2025. The impressive performance underscores the bank’s robust operational efficiency, effective cost management, and steady revenue growth across its diversified markets. According to the group’s unaudited financial results released to the Nigerian Exchange (NGX), Ecobank’s profit before tax rose sharply from N491.1 billion in the corresponding period of 2024, reflecting the group’s resilience amid a volatile macroeconomic environment and fluctuating foreign exchange conditions across African markets. The…
Vice President Kashim Shettima on Wednesday departed Abuja for New York to represent Nigeria at the 80th session of the United Nations General Assembly (UNGA). His trip underscores Nigeria’s active engagement in global diplomacy, at a time when the country faces pressing domestic challenges while seeking to strengthen its voice in international affairs. The UNGA, which convenes world leaders annually, is one of the most important platforms for discussing global issues, including security, climate change, development financing, energy transition, and international cooperation. This year’s edition comes at a critical moment for both Nigeria and Africa, as countries across the continent…
The Crude Oil Refiners Association of Nigeria (CORAN) has warned that the recent wave of protests targeting refinery operations across the country could derail Nigeria’s fragile economic progress and undermine investor confidence in the oil and gas sector. According to the association, the disruptions risk reversing gains already made in expanding local refining capacity and could aggravate inflationary pressures, increase import dependence, and threaten energy security. CORAN explained that refineries, both government-owned and privately operated, are strategic national assets whose stability directly affects the nation’s economy. With the emergence of large-scale projects such as the 650,000-barrel-per-day Dangote Refinery and ongoing…
The Nigerian Civil Aviation Authority (NCAA) has issued a stern warning to Qatar Airways and other international carriers over alleged violations of passenger rights in the country. The regulator stressed that it would not hesitate to impose sanctions on any airline that continues to flout Nigeria’s aviation regulations and undermine consumer protection laws. According to the NCAA, the number of complaints lodged by Nigerian passengers against international airlines has grown significantly in recent months. These grievances cover a wide range of issues, including flight delays, cancellations without proper notification or compensation, refusal to process refunds, poor handling of passengers during…
Schneider Electric has projected that the rapid growth of artificial intelligence (AI) worldwide will significantly increase demand for smarter, more efficient power solutions. The global energy management and automation company noted that as industries adopt AI technologies at an unprecedented pace, the strain on existing power systems is becoming more evident, creating a strong need for advanced infrastructure capable of handling higher energy loads while maintaining reliability and sustainability. Speaking on the development, Schneider Electric explained that the rise of AI-driven innovations, particularly in data centers, cloud computing, and industrial automation, is accelerating electricity consumption globally. Data centers, for instance,…