In a significant move aimed at bolstering Nigeria’s energy security and economic development, Aliko Dangote, President and CEO of Dangote Group, recently met with Bashir Bayo Ojulari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC Ltd.), to reaffirm their commitment to a strategic partnership. The meeting, held at the NNPC Towers in Abuja, marks a pivotal step towards fostering collaboration between the private and public sectors in Nigeria’s oil and gas industry. Strengthening Energy Security During the visit, Dangote emphasized the importance of collaboration between Dangote Petroleum Refinery & Petrochemicals (DPRP) and NNPC Ltd. to ensure the nation’s…
Author: Temitope Nlewemchi
The Nigeria Customs Service (NCS) has set an ambitious goal to cut cargo clearance time at Tin-Can Island Port in Lagos to just two hours, a target that promises to revolutionize the speed and efficiency of customs operations. This initiative, which is part of the full implementation of the B’Odogwu system, is seen as a key step in modernizing Nigeria’s trade facilitation processes. The system, a locally developed digital platform, aims to streamline customs operations, reduce bottlenecks, and improve overall port efficiency. The B’Odogwu system is designed to ensure that customs processes are not only faster but also more transparent.…
In April 2025, the Organization of the Petroleum Exporting Countries (OPEC) experienced a slight reduction in oil production, averaging 26.60 million barrels per day (bpd), a decrease of 30,000 bpd from March. This decline occurred despite OPEC+’s planned output increase of 411,000 bpd for the second quarter of 2025. The discrepancy highlights ongoing challenges in aligning production targets with actual output. Contributing Factors to the Output Decline Venezuela’s Production Drop: A significant factor in the output reduction was Venezuela’s sharp decline in oil production. This downturn was attributed to renewed U.S. sanctions aimed at curbing the country’s oil exports, including…
Neimeth International Pharmaceuticals Plc has reported a 49% increase in profit after tax for the first quarter of 2025, reaching ₦115.76 million compared to ₦77.65 million in Q1 2024. This growth reflects the company’s ongoing strategic initiatives and operational improvements. Key Financial Highlights: Turnover: Increased by 86% to ₦1.21 billion from ₦648.26 million. Gross Profit: Rose by 27% to ₦639.72 million from ₦505.11 million. Operating Profit: More than doubled, rising by 114% to ₦449.87 million from ₦210.14 million. Earnings Per Share: Improved to 3.0 kobo from 2.0 kobo. The company’s total assets grew to ₦12.41 billion by March 31,…
In a bold move to address hunger and improve living standards, the Foundation has announced a comprehensive commitment to enhancing food security for households within vulnerable communities. Recognizing that consistent access to sufficient, safe, and nutritious food is fundamental for health and well-being, the Foundation’s initiative aims to tackle food insecurity through a multi-faceted approach. Key components of the Foundation’s commitment include supporting local farmers with sustainable agricultural practices, facilitating access to affordable food supplies, and investing in educational programs that promote nutrition awareness. By partnering with community organizations and government agencies, the Foundation plans to create resilient food…
Airtel Africa has reported a significant financial turnaround for the fiscal year ending March 31, 2025, posting a pre-tax profit of $661 million. This marks a remarkable recovery from a pre-tax loss of $63 million in the previous year, representing a 1,147.8% year-on-year improvement. Key Financial Highlights: Revenue: Total revenue for the period stood at $4.96 billion, reflecting a 21.1% increase in constant currency terms. However, due to currency devaluation, the reported revenue declined slightly by 0.5%. Profit After Tax: The company achieved a profit after tax of $328 million, a significant turnaround from a loss of $89 million in…
The Nigerian Ports Authority (NPA) has intensified its efforts to enhance trade facilitation by aligning with the Federal Government’s economic growth agenda. Under the leadership of Managing Director Dr. Abubakar Dantsoho, the NPA is implementing several initiatives aimed at modernizing port operations, reducing costs, and improving efficiency. Key Initiatives and Achievements: National Single Window (NSW) Implementation: The NPA is actively supporting the Federal Government’s plan to implement the NSW system, which is expected to reduce the cost of doing business at Nigerian ports by at least 25%. The NSW will streamline trade processes by integrating all stakeholders into a unified…
Nigeria’s Minister of Labour and Employment, alongside other key stakeholders, is set to headline the upcoming National Productivity Summit focused on driving workplace excellence and industrial growth. The high-profile event scheduled for October will bring together government officials, private sector leaders, and labour unions to address critical workforce challenges. Summit Highlights: – Theme: “Building a Competitive Workforce for Nigeria’s Industrial Revolution” – Focus areas: skills development, labour productivity, and workplace innovation – Expected attendance: 500+ delegates from across sectors The Labour Minister will deliver the keynote address on “Repositioning Nigeria’s Labour Market for Global Competitiveness,” outlining the government’s new productivity…
Nigeria’s micro, small, and medium-sized enterprises (MSMEs)—which constitute over 96% of businesses and provide approximately 84% of jobs in the country—are facing a critical threat. The potential exit of Meta Platforms Inc. (parent company of Facebook, Instagram, and WhatsApp) from Nigeria could severely disrupt the digital economy, particularly for businesses that rely heavily on these platforms for marketing, sales, and customer engagement. A recent analysis by Premium Times highlighted that 56% of Nigerian MSMEs depend exclusively on Facebook and Instagram for their sales. These platforms have become integral to business operations, offering cost-effective marketing tools and broad consumer reach. For…
On May 20, 2025, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, officially launched a redesigned website for the Securities and Exchange Commission (SEC) during the Capital Market Committee (CMC) meeting in Lagos. Represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, Edun emphasized that the new digital platform aims to enhance transparency, bolster investor confidence, and improve efficiency in Nigeria’s financial markets. The revamped SEC website features an improved user experience, enhanced security measures, and updated tools to assist investors, market operators, and issuers in accessing regulatory information and market data. This initiative…
The Association of Meter Manufacturers of Nigeria (AMMON) has strongly criticized the Transmission Company of Nigeria (TCN) for awarding electricity meter supply contracts worth over $100 million (approximately ₦160 billion) to two Chinese companies, sidelining local manufacturers. According to AMMON, the contracts, funded through a World Bank loan, involve the supply of 1.25 million meters. Despite the substantial investment, only 75,000 meters have been delivered so far, and these remain uninstalled, failing to address the country’s metering challenges. AMMON expressed concern that TCN plans to proceed with another World Bank-funded procurement of 1.55 million meters from foreign companies, further neglecting…
Airtel Nigeria has announced plans to more than double its capital expenditure in 2025, committing over ₦500 billion to accelerate the deployment of 5G services and expand network coverage, particularly in underserved rural areas. This significant investment marks a substantial increase from the ₦259 billion spent in the previous fiscal year. The expanded capital will fund critical infrastructure projects, including the installation of new base stations, extension of Airtel’s fibre-optic backbone, and enhancement of existing infrastructure with high-capacity radios. These upgrades aim to improve network performance, especially in high-traffic areas, and expand coverage into hard-to-reach rural regions. Airtel Nigeria’s CEO,…
Effective May 1, 2025, Nigerian banks have increased SMS transaction alert fees by 50%, raising the cost from ₦4 to ₦6 per message. This adjustment follows the Nigerian Communications Commission’s approval of a 50% hike in telecom tariffs, impacting services such as bulk SMS used by banks for customer notifications. In response to the increased charges, many bank customers are opting for email alerts, which remain free of charge. Banks like Guaranty Trust Bank and Ecobank have informed customers about the new SMS fees and provided options to switch to email notifications. Customers can update their alert preferences through the…
Nigeria is embarking on a major transformation of its telecommunications sector with a landmark investment of \$1 billion to overhaul network infrastructure. This ambitious initiative, announced by the Minister of Communications and Digital Economy, Dr. Bosun Tijani, represents one of the largest infrastructure upgrades in Nigeria’s telecom history and aims to significantly enhance the quality and reach of telecom services across the country. The \$1 billion investment will fund the acquisition and deployment of new network equipment, with deliveries scheduled to begin in July 2025. This upgrade is expected to improve service quality substantially by the third quarter of the…
Nigeria’s domestic refineries are operating at just 42% of their combined capacity due to severe crude oil supply shortages, industry data has revealed. The development comes despite recent government efforts to revive the country’s refining sector and reduce dependence on fuel imports. **Key Details:** – The nation’s three main refineries in Port Harcourt, Warri, and Kaduna have a combined capacity of 445,000 barrels per day (bpd) – Current production stands at approximately 187,000 bpd due to feedstock constraints – The Dangote Refinery, Africa’s largest, is also reportedly facing similar crude supply challenges **Root Causes:** 1. **Pipeline Vandalism**: Persistent attacks on…
Stakeholders in Nigeria’s trade and logistics sectors have lauded the Nigeria Customs Service (NCS) for implementing several initiatives aimed at boosting trade and enhancing the ease of doing business. The commendations were made during recent engagements between the NCS and various stakeholders, including importers, exporters, freight forwarders, and representatives from the maritime sector. These interactions highlighted the positive impact of the NCS’s efforts to streamline customs processes and facilitate smoother trade operations. Key initiatives by the NCS that received praise include the modernization of customs procedures, adoption of technology-driven solutions, and efforts to reduce bottlenecks in cargo clearance. Stakeholders noted…
A comprehensive new report has highlighted the transformative role of artificial intelligence (AI) in advancing healthcare across Africa. The study, titled Governance of Artificial Intelligence for Global Health in Africa, was released by the Science for Africa Foundation (SFA Foundation) in collaboration with various African institutions and research councils. It underscores the potential of AI and data science to revolutionize health systems on the continent. The report is the culmination of a year-long effort involving consultations across 43 African countries and insights from over 300 stakeholders. It provides a comprehensive examination of national-level perspectives on AI and data science for…
The Nasarawa State government has initiated high-level talks with the Dangote Group to attract significant industrial investments to the state. Governor Abdullahi Sule revealed this development during an economic forum in Lafia, positioning the state as the next frontier for industrial growth in Nigeria’s North-Central region. “We’re actively engaging with Aliko Dangote and his team to bring transformative projects to Nasarawa,” Governor Sule stated. “Given our mineral resources and strategic location, we’re ideal partners for their expansion plans.” The discussions reportedly focus on three key sectors: 1. **Solid Minerals Development**: Leveraging Nasarawa’s deposits of limestone, baryte, and lead-zinc ores for…
Lagos-based port operator ABC Terminals has recorded a remarkable 30% year-on-year increase in export volumes during the first half of 2024, according to newly released operational data. The surge comes as Nigeria’s non-oil export sector shows signs of robust growth following government interventions to diversify the economy. The terminal, which handles agricultural commodities, solid minerals, and manufactured goods at Apapa Port, processed 450,000 tonnes of exports between January and June 2024, up from 346,000 tonnes during the same period last year. The biggest growth came in three key sectors: 1. **Agricultural Products** (42% increase): Particularly cocoa, sesame seeds, and cashew…
Calls are mounting for the Federal Government to formally acknowledge the pivotal role played by former Petroleum Minister Dan Etete in advancing Nigeria’s oil and gas industry, particularly in fostering indigenous participation and local content development. Etete, who served as Minister of Petroleum Resources from 1995 to 1998, is credited with laying the groundwork for policies that opened up the sector to Nigerian companies. Notably, he prepared the policy instrument for the first marginal field bid round, conducted after his tenure in 2001, which allowed local firms to acquire and develop smaller oil fields previously held by international oil companies…