The Nigeria Customs Service (NCS) has issued a directive mandating all companies currently operating under the Fast Track Scheme to fully migrate to the Authorised Economic Operator (AEO) programme on or before December 31, 2025. The announcement is part of the Service’s broader plan to enhance trade facilitation, tighten cargo security, and align with global customs best practices. According to the directive, companies that fail to transition by the deadline will no longer enjoy the privileges associated with the Fast Track Scheme, which was initially introduced to expedite clearance for compliant, large-scale importers and manufacturers. The Fast Track Scheme allowed…
Author: Temitope N.
Banks’ deposits with the Central Bank of Nigeria (CBN) have skyrocketed by 783 percent year-on-year, rising to a record ₦79.8 trillion as of June 2025, compared to ₦9.04 trillion in the same period of 2024. This sharp increase signals a growing trend in liquidity management and reserve placement among commercial banks, especially amidst recent monetary policy tightening by the apex bank. The spike, which has drawn attention from analysts and stakeholders across the financial sector, is largely attributed to the CBN’s aggressive mop-up strategy, including frequent issuance of Open Market Operation (OMO) bills, increased Cash Reserve Ratio (CRR) debits, and…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed deep dissatisfaction with the Nigerian National Petroleum Company Limited (NNPCL) over its decision to retain full ownership and control of the Port Harcourt Refinery, despite years of underperformance and massive government spending on its rehabilitation. In a statement issued on Monday, PETROAN President, Dr. Billy Gillis-Harry, argued that the failure to privatise the refinery or involve more private sector operators has continued to undermine Nigeria’s quest for self-sufficiency in petroleum refining. He described the current ownership structure as inefficient, opaque, and unsustainable in the face of mounting fuel…
A new report has shed light on the deepening housing affordability crisis in Nigeria, revealing that rent consumes up to 70% of household income in major urban centres. The report, compiled by the Nigerian Economic Summit Group (NESG) in collaboration with the Centre for Housing and Urban Development, paints a grim picture of the financial pressure many families face in securing basic shelter. According to the findings, rent has become the single most significant non-food expense for most urban households, particularly in Lagos, Abuja, Port Harcourt, and other fast-growing cities. The report attributes the trend to a combination of stagnant…
In a bold move to position Nigeria as a leading trading power on the African continent, the Federal Government has successfully trained over three million exporters on the rules and protocols of the African Continental Free Trade Area (AfCFTA). This massive initiative, spearheaded by the Nigerian Export Promotion Council (NEPC) in collaboration with relevant government agencies, aims to equip local exporters with the technical know-how and compliance skills required to take advantage of the $3.4 trillion AfCFTA market. The Executive Director of NEPC, Nonye Ayeni, disclosed this during a trade and export sensitisation workshop held in Abuja. According to her,…
In the wake of several deadly boat accidents across Nigeria’s waterways, the Minister of Marine and Blue Economy, Adegboyega Oyetola, has vowed to implement sweeping reforms aimed at improving maritime safety and preventing further tragedies. Speaking during a high-level stakeholder meeting in Abuja, the minister expressed deep concern over the increasing number of boat mishaps, describing the situation as both preventable and unacceptable. According to the minister, the government is prioritizing the development of a comprehensive national maritime safety framework that will involve a review of existing regulations, stricter enforcement of safety standards, and an overhaul of monitoring mechanisms for…
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has called for increased collaboration between the government and private sector to address Nigeria’s worsening housing deficit. He made the call during a recent forum focused on national infrastructure and urban development, emphasizing that public-private partnerships (PPPs) offer a viable model for delivering affordable and sustainable housing solutions across the country. Speaking at the event, Dangote stated that the country’s housing needs have outpaced supply for decades, leaving millions of Nigerians without adequate shelter. He stressed that the government alone cannot shoulder the responsibility of mass housing development, given…
KPMG Nigeria has called on financial institutions across the country to accelerate their readiness for open banking, warning that the shift towards data-driven financial services is no longer optional but an imminent and transformative development. In a statement released on Monday, the global consulting firm emphasized that the successful implementation of open banking will redefine the competitive landscape of the banking industry and reshape how financial services are delivered in Nigeria. Open banking, which enables customers to securely share their financial data with third-party providers via Application Programming Interfaces (APIs), is being embraced globally to foster innovation, improve customer experience,…
Tensions have escalated in Nigeria’s aviation industry as workers’ unions threaten to ground operations nationwide over unresolved salary disputes with government agencies and private operators. The unions, comprising aviation workers under various affiliations, including the National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), and others, have issued a warning that industrial action may commence if their longstanding wage concerns are not urgently addressed. According to union representatives, staff across the Federal Airports Authority of Nigeria (FAAN), Nigerian Civil Aviation Authority (NCAA), and Nigerian Airspace Management Agency (NAMA) are aggrieved over salary stagnation,…
The Ondo State Government has approved a comprehensive flood mapping initiative across the state and a N3.5 billion counterpart fund to support rural road development in partnership with federal agencies and international donors. The decisions were reached during the recent State Executive Council meeting as part of a broader effort to boost infrastructure and disaster preparedness. The flood mapping project aims to identify vulnerable flood-prone areas in the state, particularly in communities along riverbanks and low-lying terrains. The initiative is expected to enable better planning and targeted interventions during the rainy season, which often leaves many communities cut off or…
Fuel marketers in Nigeria have expressed deep concerns over the potential market disruptions that could arise from Dangote Refinery’s reported plan to bypass the traditional distribution structure and supply fuel directly to select retailers and end users. The move, they warn, could destabilize existing distribution chains, create unfair market advantages, and put thousands of independent operators at risk. The Dangote Refinery, which began operations earlier this year, has quickly become a major player in the country’s downstream petroleum sector. Its capacity to refine up to 650,000 barrels per day positions it as a pivotal supplier capable of transforming Nigeria’s fuel…
The Nigerian naira ended the month of July 2025 on a slightly weaker note, closing at ₦1,533.55 per dollar at the official market, reflecting a 0.25% decline from the previous month. The marginal depreciation underscores persistent pressures on Nigeria’s foreign exchange market despite various monetary interventions by the Central Bank of Nigeria (CBN). According to data from the FMDQ Securities Exchange, the naira opened July at ₦1,529.78/$ and recorded slight fluctuations throughout the month, primarily driven by limited dollar liquidity, strong demand from importers, and external sector imbalances. The closing rate represents a ₦3.77 loss month-on-month and signals a continued…
The Nigerian Exchange Limited (NGX) wrapped up July on a bullish note, recording a remarkable gain of ₦12.62 trillion in market capitalization, as investors showed renewed confidence in the equity market amid policy reforms and strong corporate earnings. The surge in value marked one of the most robust performances by the Exchange in recent months, driven by sustained interest in blue-chip stocks and increasing participation from both domestic and foreign investors. At the close of trading on the final day of July, the NGX’s market capitalization climbed to ₦59.24 trillion from ₦46.62 trillion recorded at the beginning of the month.…
Caverton Offshore Support Group Plc has posted a ₦2.09 billion profit before tax for the first half of 2025, marking a solid rebound in performance after periods of sectoral volatility. The result reflects improving operational demand, cost discipline, and strategic diversification across aviation and logistics services. During a presentation in Lagos, Caverton’s management team highlighted strong momentum across its service lines, particularly in helicopter operations, aviation training, and offshore logistics support. Rising oil and gas sector activities, particularly in offshore energy hubs, drove demand for reliable aerial transport, boosting revenue from charter flights, crew transfers, and platform logistics. The firm…
The Nigerian Aviation Handling Company (NAHCO) has announced a remarkable financial performance in the first half of 2025, recording a net profit of ₦8.88 billion, up significantly from its performance in the same period last year. This impressive result reflects robust demand for ground-handling services across airports and underscores the firm’s improving operational efficiency in Nigeria’s aviation sector. At a management briefing in Lagos, NAHCO’s Chief Executive Officer highlighted the company’s strategic response to growing passenger and cargo volumes, stating that improved revenue from airport operations, cargo logistics, and training services contributed to the strong bottom‑line result. Despite persistent headwinds…
Nigeria celebrated a historic milestone as egusi seeds were officially launched into space, becoming the nation’s first indigenous agricultural product to be carried beyond Earth, in a high-altitude scientific mission aimed at advancing food research under microgravity conditions. The mission, conducted by a Nigerian university in partnership with an international space research institute, included a small payload capsule laden with carefully sealed egusi seeds. Lifted aboard a suborbital rocket, the seeds traveled to the edge of space, exposing them to microgravity, cosmic radiation, and other extreme conditions before being retrieved and returned to Nigeria for analysis. Scientists and stakeholders hailed…
Industry leaders, shipping agents, and importers are urging the Federal Government to significantly expand port automation as a means to dramatically reduce cargo delays and boost overall logistics efficiency. The current delays remain a major bottleneck, hindering trade competitiveness, driving up costs, and limiting port throughput capacity. At a high-level roundtable held in Lagos, representatives from various sectors—including freight forwarding firms, shipping lines, and trade associations—highlighted inefficiencies in manual processing, extended clearance times, and inconsistent handling procedures as key drivers of port congestion. They called for comprehensive automation across documentation, terminal operations, and customs workflows to streamline cargo movement. Stakeholders…
The Ogun State chapter of the Manufacturers Association of Nigeria (MAN) has called on local manufacturers to actively seek alternative means of financing to sustain their operations in the face of escalating production costs, tight liquidity, and dwindling consumer demand. Speaking at the association’s Annual General Meeting in Abeokuta, the Chairman of MAN in Ogun, George Onafowokan, said that manufacturers in the state are under immense pressure due to a mix of macroeconomic headwinds, including forex scarcity, inflation, and high interest rates from commercial lenders. He emphasized that the current economic situation demands a shift in how industrialists approach financing,…
Corporate and content stakeholders have been called upon to forge strategic partnerships in order to tap into a burgeoning $250 billion market ecosystem, driven by the convergence of creative talent, commercial branding, and Nigeria’s creative economy. During a high-profile industry dialogue in Lagos, government officials, business leaders, and creative industry advocates emphasized that brands and content creators must work in concert to unlock the immense consumer, cultural, and economic potential. This call to action follows recent national assessments indicating that Nigeria’s creative economy—encompassing film, music, fashion, digital content, gaming, and other cultural industries—has the potential to generate over $250 billion in…
Nigeria’s lagoon systems, especially those around Lagos, are increasingly gaining notoriety for being among the most polluted water bodies globally, as unmanaged waste disposal and environmental neglect take their toll. In coastal cities like Lagos, lagoons once used for fishing, transport, and recreation are now overflowing with solid waste, plastic debris, oil spills, and industrial effluents. These water bodies are no longer safe for human activity or aquatic life, say environmentalists and local community leaders who have called attention to the rapid decline in water quality over the years. Open dumping of municipal waste has become a chronic problem. Refuse…