Stanbic IBTC Holdings Plc has unveiled a comprehensive economic roadmap for 2026, aimed at equipping businesses, investors, and policymakers with strategic insights to navigate Nigeria’s evolving economic landscape. The initiative underscores the financial institution’s commitment to supporting national growth through informed decision-making, economic research, and stakeholder engagement. At an exclusive economic forum held in Lagos, the bank’s top executives and analysts presented detailed projections covering inflation trends, exchange rate movements, fiscal policies, and sectoral opportunities expected to shape the Nigerian economy over the next year. The session brought together leading figures from the public and private sectors, including entrepreneurs, corporate…
Author: Temitope N.
Nigeria’s crude oil output has taken a significant hit following the ongoing strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), with reports showing that production has fallen by 50,432 barrels per day (bpd) in less than a week. The industrial action, which began after failed negotiations between the union and government representatives, has disrupted operations at several key oilfields, heightening fears of economic strain and potential revenue shortfalls for Africa’s largest oil producer. Industry data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that the country’s oil production, which averaged about 1.51 million barrels…
The latest Big Brother Naija (BBN) task turned into a celebration of taste, creativity, and branding as Terra Seasoning Cubes, one of Nigeria’s leading food seasoning brands, stole the spotlight with its mouth-watering Terra Beef Roast recipe challenge. The event, which took place inside the BBN House earlier this week, saw housemates battle it out in a fun-filled cooking contest that showcased the brand’s signature flavour and innovation. The challenge, tagged the “Terra Taste Experience,” was designed to test the contestants’ culinary skills while promoting teamwork, originality, and flair in meal preparation. Each team of housemates was tasked with creating…
In a bold move to drive digital inclusion and foster innovation across Africa, Google has unveiled a groundbreaking initiative that grants university students in Nigeria and other African countries free access to its premium artificial intelligence (AI) tools for one year. The initiative, which officially began on October 7, 2025, aims to equip young Africans with the skills, technologies, and resources necessary to thrive in the rapidly evolving global digital economy. Under the offer, eligible students from Nigeria, Kenya, Ghana, Rwanda, South Africa, and Zimbabwe can now access the advanced Google AI Pro Suite, which includes tools such as Gemini…
Nigeria’s crude oil and condensate production dropped to 1.5 million barrels per day (mbpd) in September 2025, marking one of the lowest output levels in recent months, as industrial action by oil workers and operational disruptions hit production across key oilfields.According to data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country’s total oil output declined sharply from 1.67 mbpd in August, representing a shortfall of about 170,000 barrels per day. The drop has raised renewed concerns over Nigeria’s ability to meet its production targets under the Organization of Petroleum Exporting Countries (OPEC) quota and its broader revenue…
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has reiterated the Federal Government’s commitment to ensuring safety, security, and sustainable development within Nigeria’s maritime domain. Speaking during a stakeholders’ engagement session in Lagos on Thursday, Oyetola emphasized that a secure maritime environment is critical to the nation’s economic growth, trade facilitation, and blue economy expansion. According to the Minister, the maritime sector holds immense potential for diversifying Nigeria’s revenue base beyond crude oil. However, he noted that the benefits can only be fully realized through enhanced safety standards, stronger enforcement mechanisms, and the adoption of technology-driven security measures. “Safety…
The ongoing crisis in Nigeria’s cooking gas market has taken a new twist as retailers accuse major marketers of shifting blame over the recent price surge and supply shortages that have pushed the cost of Liquefied Petroleum Gas (LPG) beyond the reach of many households.In recent weeks, the price of a 12.5kg cylinder of cooking gas has soared above ₦17,000 in Lagos, Abuja, and Port Harcourt, marking one of the sharpest increases in years. Retailers under the umbrella of the Liquefied Petroleum Gas Retailers (LPGAR), a branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), have alleged…
The Nigeria Labour Congress (NLC) has urged the Federal Government to introduce a special tax on major technology companies operating in the country, with the proceeds directed toward retraining and upskilling Nigerian workers whose jobs are increasingly threatened by automation, artificial intelligence, and digital transformation. Speaking during a press briefing in Abuja on Thursday, NLC President, Joe Ajaero, said the rapid rise of digital technologies and artificial intelligence across multiple sectors—banking, manufacturing, media, and even public administration—has led to fears of mass job displacement. He emphasized that while innovation and technology drive efficiency, they also pose serious employment risks for…
The Nigerian Electricity Regulatory Commission (NERC) has disclosed that power generation and distribution companies operating under bilateral arrangements owe the Federal Government a total of $8.5 million in unpaid market invoices. The revelation underscores rising concerns about financial discipline in Nigeria’s electricity market and the challenges facing the transition to a more competitive energy sector. According to NERC’s latest report on the power industry performance for the third quarter of 2025, several bilateral power companies have defaulted on their financial obligations to the Nigerian Bulk Electricity Trading Plc (NBET) and the Market Operator (MO), both of which are key institutions…
Golden Penny, one of Nigeria’s most iconic food brands under Flour Mills of Nigeria Plc (FMN), has announced a massive ₦4 billion reward initiative to commemorate its 65th anniversary, reaffirming its commitment to customers, distributors, and partners who have contributed to its success over the decades. The company revealed that the initiative, tagged “Golden Moments of Joy”, would span across multiple states and reward loyal consumers, retailers, and distributors with exciting prizes, including cash gifts, household items, and branded products. The celebration, according to FMN, is designed to express gratitude for six and a half decades of consumer trust and…
The House of Representatives has intensified efforts to ensure that private companies across Nigeria comply with the nation’s health insurance regulations, in a move aimed at expanding universal health coverage and improving access to quality healthcare for workers. The resolution followed a motion moved during plenary, where lawmakers expressed concern over the widespread disregard for mandatory employee health insurance provisions by many private organisations. They noted that despite the establishment of the National Health Insurance Authority (NHIA) Act, which mandates all employers with more than five staff members to provide health coverage, compliance levels remain critically low. Speaking during the…
The Federal Government has reaffirmed its commitment to addressing Nigeria’s housing deficit through President Bola Ahmed Tinubu’s Renewed Hope Housing Project, announcing plans to deliver 38,400 bed spaces across the country. The initiative, designed to tackle accommodation challenges for students, civil servants, and low-income earners, marks one of the most ambitious housing interventions under the present administration. According to the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, the housing project will not only provide affordable accommodation but also generate thousands of jobs, stimulate local production of building materials, and support economic diversification. Dangiwa disclosed that the new…
Nigeria’s drive toward stronger corporate ethics and responsible governance received renewed momentum as the Financial Reporting Council (FRC) and the Securities and Exchange Commission (SEC) jointly championed the call for higher ethical standards in the private and public sectors. This took place during the 20th anniversary celebration of the Society for Corporate Governance Nigeria (SCGN) held in Lagos, which brought together leading regulators, corporate executives, and governance experts. At the event, which marked two decades of SCGN’s influence in promoting corporate responsibility, both FRC and SEC reiterated the urgent need for organizations to strengthen their governance frameworks, enhance accountability, and…
Telecommunications operators in Nigeria have reported more than 3,200 cases of equipment theft alongside nearly 20,000 instances of fibre cuts between January and August 2025, figures revealed by the Nigerian Communications Commission (NCC) show. These incidents are threatening the country’s broadband expansion goals and causing serious disruptions in telecom service delivery. Presenting the data during a telecom-industry roundtable in Abuja, the NCC’s Executive Vice Chairman emphasised that the high number of thefts and vandalism is rapidly turning into a national crisis. He noted that base stations, fibre optic cables, generators, and backup batteries are being routinely targeted by organised criminal…
A new study conducted by Moniepoint Inc., one of Nigeria’s leading financial technology firms, has revealed that 42 percent of small and medium-sized enterprises (SMEs) in the country would be unable to sustain their operations for more than a month without regular income inflows. The report highlights the fragile financial health of many small businesses and underscores the urgent need for better financial planning, access to credit, and long-term support systems for the sector. According to the findings, the majority of Nigerian SMEs operate with minimal cash reserves, making them highly vulnerable to economic shocks, fluctuating consumer demand, and disruptions…
The Ibadan Electricity Distribution Company (IBEDC) has reaffirmed its commitment to improving electricity supply and service delivery across its franchise areas, pledging renewed investments in network infrastructure, customer engagement, and metering expansion. This assurance comes amid growing public frustration over inconsistent power supply and challenges faced by distribution companies nationwide. Speaking at a recent media briefing, IBEDC’s Managing Director, Engineer Kingsley Achife, said the company was implementing a series of strategic initiatives aimed at stabilizing electricity distribution and enhancing operational efficiency. He noted that despite economic constraints and sector-wide liquidity issues, IBEDC remains dedicated to delivering improved electricity services to…
Nigeria’s total public debt has reached N152.4 trillion as of June 2025, according to data released by the Debt Management Office (DMO). The report confirms that the World Bank remains the country’s biggest external creditor, with a total of $18.04 billion in outstanding loans—about 38 percent of Nigeria’s total external debt.The figures show that Nigeria’s debt increased by N3.01 trillion between March and June 2025, marking a 2.01 percent rise from N149.39 trillion recorded in March. In dollar terms, the total debt stock climbed from $97.24 billion to $99.66 billion, reflecting the continuous pressure of exchange rate depreciation and new…
The Niger Delta Power Holding Company (NDPHC) has signed new Power Purchase Agreements (PPAs) amounting to approximately 500 megawatts, a move that the company says will strengthen its revenue base and enhance utilization of its generation assets. These agreements, currently awaiting regulatory approval, are part of the company’s broader strategy to turn around its operations and resolve lingering liquidity challenges. Jennifer Adighije, Managing Director and Chief Executive Officer of NDPHC, disclosed this development during an industry conference in Lagos, where she affirmed that the company’s leadership is now focusing on both transmission upgrades and strategic commercial partnerships. She noted that…
The Bank of Industry (BoI) has underscored the urgent need for Nigeria to build a more competitive industrial base, noting that strategic reforms, stronger partnerships, and enhanced support for local manufacturers are critical if the country is to sustain growth, reduce import dependence, and maximise gains from regional trade arrangements. Speaking recently at a national stakeholders’ meeting focused on industrial revival, the Managing Director of BoI, Dr. Olasupo Olusi, said that Nigeria has the capacity to transform its industrial landscape but that several systemic obstacles must be addressed. According to him, these include high cost of production, inconsistent power supply,…
The Nigeria Customs Service (NCS), Seme Area Command, has intercepted hard drugs, expired flour, and other contraband goods worth ₦1.9 billion at the Seme-Krake border in Lagos State, as part of renewed efforts to curb smuggling and safeguard public health.The Customs Area Controller, Comptroller Timi Bomodi, disclosed this on Friday while briefing journalists on the Command’s recent operations. He stated that the seizures were made between August and September following intensified patrols and intelligence-driven enforcement along the border corridors. According to Bomodi, the intercepted items included packages of hard drugs suspected to be cannabis sativa, tramadol, codeine syrup, and large…