FirstBank has launched a specialized dollar fund aimed at supporting its female employees, reinforcing its commitment to financial empowerment and workplace inclusivity. The initiative is designed to provide female staff with access to foreign currency savings and investment opportunities, helping them build financial stability and long-term wealth. With the rising volatility of the naira and increasing demand for foreign exchange, the dollar fund offers a secure way for female employees to preserve their earnings against currency depreciation. The bank has structured the fund to allow participants to save and invest in dollars, providing them with a hedge against inflation and…
Author: Temitope Nlewemchi
The importation of cars into Nigeria has declined significantly as rising inflation, foreign exchange volatility, and high import duties continue to put pressure on vehicle prices. The combination of economic challenges has made it increasingly difficult for individuals and businesses to afford imported automobiles, leading to a sharp drop in demand. Car dealers and importers report that the high cost of forex, particularly the dollar, has made it more expensive to bring vehicles into the country. With the naira’s depreciation in both the official and parallel markets, importers are forced to pay more for foreign exchange, driving up the cost…
A rift has emerged between the federal government and tanker drivers over the enforcement of a ban on 60,000 unfit trucks operating across the country. The government’s decision to take unsafe petroleum tankers off the roads has sparked resistance from the drivers’ union, which argues that the move could lead to job losses, fuel distribution disruptions, and economic hardship for thousands of workers. The federal government, through regulatory agencies, has insisted that the ban is necessary to improve road safety, reduce accidents, and prevent environmental hazards caused by faulty petroleum tankers. Officials have cited numerous incidents of fuel tanker crashes,…
The naira has lost ground against the dollar, reversing its recent gains in both the official and parallel markets. The local currency, which had shown signs of stability in previous weeks, depreciated amid renewed pressure from forex demand, liquidity concerns, and economic uncertainties. At the official foreign exchange market, the naira weakened as traders and investors reacted to fluctuations in dollar supply and policy adjustments by the Central Bank of Nigeria (CBN). Despite recent interventions aimed at stabilizing the currency, the increasing demand for foreign exchange—particularly for imports, travel, and business transactions—has contributed to its depreciation. The shortage of forex…
Wema Bank has reaffirmed its commitment to promoting financial inclusion for women through targeted initiatives aimed at increasing access to banking, credit facilities, and financial literacy programs. The bank’s efforts align with broader national and global goals of empowering women economically, ensuring they have the resources and support needed to build sustainable financial futures. Recognizing that women often face barriers in accessing formal financial services, Wema Bank has introduced specialized banking products designed to meet their unique needs. These include tailored savings and loan packages, digital banking solutions, and advisory services that help women manage their finances effectively. By leveraging…
The Regional Off-Grid Electricity Access Project (ROGEAP) has partnered with Ecobank to provide training for small and medium-sized enterprises (SMEs) in the renewable energy sector. The initiative aims to equip entrepreneurs with the knowledge, skills, and financial support needed to scale their businesses and contribute to the growth of sustainable energy solutions across West Africa. With the increasing demand for clean and affordable energy, SMEs play a critical role in driving innovation and expanding access to renewable power sources. However, many small businesses in the sector face challenges such as limited funding, lack of technical expertise, and regulatory hurdles. The…
A women-focused investment platform has reached a major milestone, recording N1 billion in savings as part of its efforts to promote financial independence and wealth creation among women. The achievement, announced in celebration of International Women’s Day (IWD), highlights the growing participation of women in investment and financial planning. The platform, designed to provide women with access to savings, investment opportunities, and financial literacy programs, has seen significant growth in recent years. With more women actively engaging in structured savings and investment plans, the initiative is helping to bridge the financial gap and encourage long-term wealth building. The N1 billion…
Champion Breweries has reported a profit of N817 million, marking a strong financial performance amid Nigeria’s challenging economic environment. The company’s latest financial results reflect growth in revenue, improved operational efficiency, and strategic cost management, which contributed to its profitability. The brewery industry has faced rising production costs due to inflation, foreign exchange volatility, and supply chain disruptions. Despite these challenges, Champion Breweries managed to sustain positive earnings, driven by increased product demand and effective market expansion strategies. The company’s ability to navigate economic headwinds and maintain profitability underscores its resilience in a highly competitive sector. According to the company’s…
The Nigerian Exchange (NGX) has recorded its first gain in March, closing with a profit of N216 billion as investor confidence showed signs of recovery. After a period of volatility, the stock market rebounded, driven by renewed interest in key sectors, particularly banking, consumer goods, and telecommunications. Market analysts attribute the positive performance to improved investor sentiment following recent economic policy adjustments and corporate earnings reports. The uptick in stock prices was fueled by bargain-hunting activities, as investors sought to capitalize on undervalued stocks that had experienced declines in previous sessions. Blue-chip stocks, including those in the banking and industrial…
President Bola Ahmed Tinubu has announced an ambitious plan to empower 10 million women across Nigeria by 2027, focusing on economic inclusion, entrepreneurship, and financial independence. The initiative aims to provide women with the resources, training, and support needed to thrive in various sectors, from agriculture and technology to small-scale businesses and manufacturing. The program is expected to address long-standing challenges faced by Nigerian women, including limited access to funding, job opportunities, and business support. By working with financial institutions, development agencies, and private sector stakeholders, the government plans to facilitate low-interest loans, grants, and capacity-building programs tailored to women…
Oil marketers have raised concerns over the rising cost of fuel imports, which have reached N6 trillion in just five months. The increasing expenditure on petroleum product imports has sparked fears about the long-term sustainability of Nigeria’s fuel supply chain and the impact on the economy. Industry experts warn that the heavy reliance on imports, coupled with fluctuating global crude prices, is placing immense pressure on foreign exchange reserves. With the naira struggling against the dollar, the cost of importing refined petroleum products has surged, making it more difficult for marketers to maintain stable supply and pricing. Many fear that…
The President of the Petroleum Contractors Association of Nigeria (PECAN) has received prestigious recognition for outstanding contributions to the oil and gas industry. The honor comes as a testament to the president’s leadership in advancing local content development, promoting industry best practices, and fostering growth within the sector. The recognition, awarded by industry stakeholders and government officials, highlights PECAN’s role in advocating for indigenous contractors and ensuring their active participation in Nigeria’s petroleum industry. Under the president’s leadership, PECAN has pushed for policies that enhance the competitiveness of local firms, improve regulatory compliance, and create job opportunities for Nigerians. Speaking…
Retirees of the Nigerian Aviation Handling Company (NAHCO) have called on the federal government and pension administrators to grant them special consideration in the disbursement of the N758 billion pension fund. The retirees argue that they have been sidelined in previous allocations and are facing financial hardships due to delays in accessing their entitlements. Speaking on behalf of the retirees, a spokesperson highlighted the challenges many former NAHCO employees face, including rising healthcare costs, inflation, and the inability to sustain their livelihoods. They emphasized that after years of dedicated service to the aviation industry, they deserve fair access to pension…
The National Insurance Commission (NAICOM) has announced strict enforcement of the compulsory insurance policy for all public buildings across Nigeria, as stipulated in Section 65 of the Insurance Act 2003. This move aims to enhance public safety and boost insurance penetration in the country. Key Details of the Directive: – Applies to all buildings accessible to the public (schools, hospitals, hotels, offices, etc.) – Requires minimum third-party liability coverage – Building owners must display valid insurance certificates visibly – Compliance verification to begin October 2024 Penalties for Non-Compliance: – ₦500,000 fine for individual building owners – ₦1 million fine for…
TomTom, the iconic menthol candy brand known for its bold taste and deep roots in Nigerian culture, has successfully concluded its 2025 BTI Verse Challenge, an initiative aimed at discovering and promoting young musical talent. Held in Yaba, Lagos, the event brought together over 30 talented contestants from across the region, culminating in a vibrant finale that crowned Lam Young as the winner. The BTI Verse Challenge is part of TomTom’s wider “Breathe for It” campaign—a youth-focused movement designed to empower creativity and offer young Nigerians a platform to express themselves through music and spoken word. This latest edition of…
The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in April 2020 to mitigate the economic impact of the COVID-19 pandemic. The repayment was completed as of April 30, 2025, according to Christian Ebeke, the IMF’s resident representative in Nigeria. Background of the Loan In April 2020, amidst the global economic downturn caused by the COVID-19 pandemic, Nigeria secured a $3.4 billion loan from the IMF under the Rapid Financing Instrument (RFI). This facility was designed to provide rapid financial assistance to member countries facing urgent balance of payments needs.…
The Nigerian government has lauded the progress of its Naira-for-Crude initiative, a strategic policy aimed at enhancing the value of the naira, bolstering local refining capacities, and reducing the nation’s reliance on foreign exchange for petroleum transactions. Policy Overview Launched on October 1, 2024, the Naira-for-Crude deal permits local refineries, notably the Dangote Petroleum Refinery, to purchase crude oil from the Nigerian National Petroleum Company Limited (NNPC) using the naira instead of foreign currencies. This approach is designed to alleviate pressure on Nigeria’s foreign exchange reserves and promote domestic economic stability. Government’s Position At a recent meeting of the Technical…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has been named the new Chairman of the Council of Ministers of the Banjul Accord Group (BAG), a significant regional body focused on civil aviation in West Africa. The appointment was announced on May 22, 2025, during the group’s fourth ministerial meeting held in Abuja. Keyamo takes over the leadership from Sierra Leone’s Minister of Transport and Aviation, Alhaji Fandey Turay. The Banjul Accord Group is an alliance of seven West African nations: Nigeria, Cabo Verde, The Gambia, Ghana, Guinea, Liberia, and Sierra Leone. Since its establishment in 2004, BAG has…
The World Bank has disbursed an additional $215 million to Nigeria under the $800 million National Social Safety Net Programme-Scale Up, increasing the total amount released to $530 million. This funding is part of the government’s efforts to provide conditional cash transfers to the nation’s most vulnerable citizens, aiming to alleviate the impact of recent economic reforms, including the removal of the petrol subsidy. Initially, the programme was structured to deliver N5,000 monthly to targeted households. However, following policy changes introduced by President Bola Tinubu’s administration, the payment was revised to N25,000 monthly for three months, aiming to reach 15…
Guinness Nigeria marked its 75th anniversary by hosting a three-day, two-city Premier League Trophy Tour, bringing the iconic English Premier League (EPL) trophy to fans in Enugu and Lagos. The event celebrated the brand’s longstanding relationship with Nigerian football and its commitment to community engagement. Enugu: The Spiritual Home of Nigerian Football The tour commenced in Enugu, chosen for its rich football heritage and as the home of Rangers International FC. Governor Peter Mbah welcomed the trophy, highlighting the state’s commitment to sports development, including plans to host the 2026 National Sports Festival. The event featured interactive fan experiences, live…