The 51st Conference and General Assembly of the African Insurance Organisation (AIO) kicked off in Addis Ababa, Ethiopia, with a bold focus on a pressing continental concern—Africa’s growing debt burden and its impact on the insurance industry. Under the theme “Balancing the Books: Africa’s Debt Problem – Why Does Country Debt Impact Insurers?”, the five-day event brings together over 1,800 delegates from across the continent and beyond. It is the largest turnout in the AIO’s history and a clear indicator of the importance of the discussions taking place. Central to the event is the concern that sovereign debt levels across…
Author: Temitope Nlewemchi
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed deep concern over the persistent delays in the rehabilitation of the Port Harcourt Refinery, urging the Nigerian National Petroleum Company Limited (NNPC) to provide a definitive timeline for the project’s completion. Despite multiple assurances from NNPC, the 210,000 barrels-per-day capacity refinery in Alesa-Eleme has missed several deadlines, exacerbating Nigeria’s reliance on imported petroleum products and contributing to fuel price volatility. While the smaller 60,000 barrels-per-day section of the refinery has resumed operations, the larger facility remains non-operational without a clear commissioning date. PETROAN’s National President, Dr. Billy Gillis-Harry,…
Independent oil marketers have imported approximately 496.17 million litres of Premium Motor Spirit (PMS), valued at ₦436.37 billion, within a nine-day period, intensifying tensions with the Dangote Petroleum Refinery. This surge in imports is attributed to ongoing disputes over pricing models and operational terms between marketers and the refinery. Industry sources indicate that many marketers are opting to import petrol rather than purchase from the Dangote Refinery, citing more competitive international pricing and unfavorable business conditions at the refinery. These conditions include concerns over gantry loading procedures and other logistical challenges. Aliko Dangote, President of the Dangote Group, has expressed…
As the Central Bank of Nigeria’s Monetary Policy Committee (MPC) convenes for its 300th meeting on May 19 and 20, 2025, the Organised Private Sector (OPS) is urging the committee to consider reducing the current benchmark interest rate of 27.50%. The OPS argues that a rate cut would alleviate the financial burden on businesses and stimulate economic growth. The OPS contends that the prevailing high interest rates have escalated borrowing costs, thereby hindering production, investment, and job creation. They warn that maintaining or increasing the current rate could exacerbate economic challenges, particularly for small and medium-sized enterprises. While the OPS…
Aliko Dangote has attributed the recent reduction in petrol prices to the Federal Government’s naira-for-crude policy. This initiative allows local refineries, including the Dangote Petroleum Refinery, to purchase crude oil using the Nigerian naira instead of foreign currency. This shift has significantly lowered operational costs and reduced reliance on foreign exchange, enabling the refinery to offer more affordable fuel to Nigerians . In a statement released on Monday, Dangote expressed gratitude to President Bola Tinubu for implementing the policy, highlighting its role in stabilizing and reducing petrol prices despite global crude oil market fluctuations. He emphasized that local refining at…
The Central Bank of Nigeria (CBN) has once again held the benchmark interest rate steady at 27.50%, signaling its continued effort to tackle the country’s high inflation and stabilize the naira. This decision was announced at the conclusion of the Monetary Policy Committee (MPC) meeting held on Monday. The CBN had previously raised the Monetary Policy Rate (MPR) by a total of 600 basis points in the first quarter of the year, a sharp policy stance aimed at curbing inflation, which has remained stubbornly high. The decision to retain the rate comes amid mounting pressure on consumer prices, a volatile…
FoodHutz, a rising star in the global food technology sector, has officially launched its operations in Nigeria, marking a significant milestone in its ambition to expand across the African continent. Headquartered in London, FoodHutz is a food delivery and culinary discovery platform that aims to revolutionize how consumers access food services by combining innovative technology with a user-friendly experience. With Nigeria’s rapidly growing urban population and increasing demand for convenient food options, FoodHutz sees the country as a key market to drive its next phase of growth. The company’s entry into Nigeria, starting with Lagos—the nation’s commercial and cultural…
Nigerian energy company Aiteo Eastern Exploration and Production Company has signed a strategic partnership with Mozambique’s state-owned petroleum firm, PETROMOC, to develop a 200,000 barrels-per-day oil refinery. The project marks a major step in regional energy cooperation and is poised to become the first refinery of its kind in Mozambique. The proposed refinery is expected to process crude oil into a range of refined products including petrol, diesel, naphtha, and aviation fuel. It will play a key role in reducing Mozambique’s reliance on imported refined products and is also designed to serve regional export markets in Southern Africa. The announcement…
Enugu State has launched a bold initiative aimed at transforming its economy from $4.4 billion to an ambitious $30 billion target. This step came with the inauguration of the Enugu State Ease-of-Doing-Business Council, a 25-member body tasked with creating a more investor-friendly environment and accelerating economic growth across the state. Governor Peter Mbah, who led the inauguration on May 22, 2025, at the Government House in Enugu, emphasized the council’s critical role in fostering private sector investment. He underlined the administration’s commitment to repositioning Enugu as a prime destination for business, tourism, and living. According to him, investors naturally gravitate…
The Central Bank of Nigeria has reported a significant drop in interest earnings from the Federal Government’s Ways and Means advances, collecting just N3.1 billion in 2024 compared to over N1.6 trillion the previous year. This marks a dramatic decline in revenue generated from lending to the federal government, reflecting recent changes in fiscal and monetary policy direction. The sharp reduction follows the securitization of outstanding Ways and Means advances worth N22.7 trillion in 2023. These funds, previously extended as overdrafts to help the government manage its budget shortfalls, were converted into long-term debt instruments. The new arrangement spread repayments…
Nigeria is pushing for stronger international collaboration as the world races toward a cleaner energy future, with the country’s Minister of Solid Minerals Development, Dele Alake, making a compelling case for inclusive partnerships at the 2024 Future Minerals Forum held in Riyadh, Saudi Arabia. In his address, Alake underscored the urgency of forging strategic alliances that not only advance the energy transition agenda but also ensure that resource-rich nations, particularly in Africa, are not sidelined in the global shift. He argued that the path to a sustainable energy future must be inclusive, fair, and beneficial to all stakeholders, especially those…
In a concerted effort to bolster the skills and leadership capacities of artisans and technicians, the Kano State Government has collaborated with Global Sight Nigeria to conduct a comprehensive training program. This initiative aims to enhance the operational efficiency and business acumen of artisan and technician associations across the state. Overview of the Training Program The one-day workshop, held recently in Kano, brought together leaders from 165 artisan and technician associations. The training focused on equipping these leaders with essential skills in leadership, communication, and business development. Participants were also educated on the importance of effective communication and the role…
Nigeria’s public debt has surged by ₦57.3 trillion over the past 18 months, escalating from ₦87.38 trillion in June 2023 to ₦144.67 trillion by December 2024. This represents a 65.6% increase, as reported by the Debt Management Office (DMO). Breakdown of Debt Accumulation Federal Government Debt: Domestic Debt: The Federal Government’s domestic debt rose from ₦48.31 trillion in June 2023 to ₦70.41 trillion by December 2024, marking a 45.7% increase. This growth was significantly influenced by the securitization of ₦22.7 trillion in Ways and Means Advances from the Central Bank of Nigeria. External Debt: External debt increased from ₦29.9 trillion…
Toyota is doubling down on its commitment to electrification with the upcoming launch of several hybrid and electric vehicles (EVs), including models set to debut in Nigeria. As the automotive industry shifts toward more sustainable mobility solutions, Toyota is positioning itself as a leader in both hybrid and fully electric vehicle technology, catering to a global demand for cleaner, more efficient transportation. The company’s latest move includes a mix of all-new and updated models across various vehicle segments. These introductions are part of Toyota’s broader strategy to offer a comprehensive range of electrified options—including hybrid electric vehicles (HEVs), plug-in hybrids…
The Dangote Petroleum Refinery has firmly responded to recent criticisms from oil marketers, asserting its capability to meet Nigeria’s domestic fuel demands. This rebuttal comes in the wake of claims by industry stakeholders suggesting that the refinery lacks the capacity to satisfy the nation’s fuel requirements, thereby necessitating continued fuel imports. Marketers’ Concerns Oil marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), have expressed reservations about the federal government’s proposed fuel import ban. They argue that the current domestic refining capacity is insufficient, and an…
The recently concluded Winnipeg Trade Fair in Canada recorded a strong turnout of over 2,000 attendees, with Nigeria’s delegation making a significant impact through its vibrant pavilion showcasing “Made-in-Nigeria” products. Key Highlights from Nigerian Participation: – 32 Nigerian exhibitors across agriculture, manufacturing and tech sectors – $3.8 million in immediate deals signed during the 3-day event – 120 serious business leads for Nigerian exporters – Special focus on Nigerian cocoa, sesame and leather products **Notable Achievements:** 1. **Agricultural Breakthrough**: Two Canadian distributors committed to importing $1.2 million worth of Nigerian organic spices annually 2. **Tech Interest**: Three Nigerian fintech…
Nigeria’s Ambassador to the United Kingdom, Sarafa Isola, has declared that the country’s ongoing economic reforms are successfully transforming it into a continental investment powerhouse. This assessment comes as recent policy changes begin yielding measurable results in foreign direct investment (FDI) inflows. Transformative Reforms Driving Change: 1. Foreign Exchange Management – Unified exchange rate system – Increased forex market liquidity – Special windows for investors 2. Tax Regime Improvements – Revised fiscal incentives for pioneer industries – Streamlined tax compliance processes – Double taxation agreements with key partners 3. Sector-Specific Breakthroughs – Petroleum Industry Act implementation – Electricity Act 2023…
In a significant stride towards promoting sustainable energy and youth empowerment, 500 polytechnic students from across Nigeria’s South-West region have begun a one-month Compressed Natural Gas (CNG) conversion training program. The initiative, launched on May 21, 2025, at the Yaba College of Technology (YABATECH) in Lagos, is a collaborative effort between the Lagos State Government, the Mojisola Olayinka Fatungase Edema (MOFE) Foundation, and the South-West Zone of the National Association of Polytechnic Students (NAPS). The program, themed “The Future of CNG in Nigeria: Empowering a Sustainable Tomorrow,” aims to equip students with practical knowledge and skills on CNG technology, focusing…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has brought to public attention the continuing issue of unpaid bridging claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The association has asked the Department of State Services (DSS) to step in and help resolve this financial dispute that is severely impacting petroleum marketers across the country. Bridging claims refer to reimbursements owed to petroleum marketers for the transportation costs they incur in distributing fuel across Nigeria. These claims are critical to ensuring the smooth and uniform delivery of petroleum products nationwide. However, the NMDPRA, the regulatory body overseeing…
Femi Otedola, Chairman of First Bank Holding Company (FirstHoldCo), has attributed the group’s return to profitability to the bold economic reforms initiated by President Bola Ahmed Tinubu and the monetary policies of Central Bank Governor Yemi Cardoso. Speaking at the 13th Annual General Meeting of FirstHoldCo in Lagos, Otedola praised the renewed investor confidence these reforms have inspired and revealed that his investment in the group is set to exceed ₦320 billion. Otedola began building his stake in FirstHoldCo in 2021 following his exit from Forte Oil, and his entry was seen by many as a strategic bid to stabilize…