Former President Olusegun Obasanjo has sparked fresh debate over Nigeria’s downstream petroleum sector after stating that the country’s state-owned refineries under the Nigerian National Petroleum Company Limited (NNPC Ltd) may never function effectively again. Obasanjo made the remarks while reflecting on Nigeria’s long-standing struggle to revive its refining capacity, despite decades of investment and repeated turnaround maintenance efforts. His comments add to ongoing national conversations about energy security, fuel import dependence, and the future of Nigeria’s oil infrastructure. Nigeria currently operates several state-owned refineries located in Port Harcourt, Warri, and Kaduna. However, these facilities have suffered from years of underperformance,…
Author: Temitope Nlewemchi
Ground handling companies operating within Nigeria’s aviation sector have threatened to suspend services over an estimated ₦9 billion debt allegedly owed by airlines, raising concerns about potential disruptions to airport operations and passenger travel across the country. Industry stakeholders warn that continued non-payment could affect critical aviation support services and further strain an already challenged sector. Ground handling operators provide essential airport services that enable aircraft operations before departure and after landing. These services include baggage handling, cargo movement, aircraft cleaning, passenger check-in support, towing, refueling coordination, and ramp operations. Without these services, airlines cannot efficiently operate scheduled flights. Representatives…
Engineering professionals and industry stakeholders have credited African billionaire Aliko Dangote with playing a significant role in driving what many describe as Africa’s industrial revolution through large-scale investments in manufacturing, infrastructure, and energy development. The recognition reflects the growing influence of industrial projects associated with the Dangote Group across multiple sectors of the African economy. The commendation came during discussions among engineering and industrial stakeholders who highlighted the impact of major projects spearheaded by the business magnate, particularly in cement production, oil refining, petrochemicals, agriculture, and logistics. According to participants, these investments have contributed to industrial expansion, job creation, and…
Alumni associations across Nigeria are strengthening collaborative relationships with Ecobank Nigeria as part of broader efforts to expand networking opportunities, improve financial access, and support community development initiatives. The growing partnership between alumni groups and the financial institution reflects the increasing role of organized associations in driving economic engagement, entrepreneurship, and social impact. Industry observers note that alumni bodies have evolved beyond social networks into influential platforms capable of mobilizing resources, supporting business ventures, and promoting professional development. Financial institutions are therefore increasingly partnering with such groups to provide tailored banking solutions, investment opportunities, and financial literacy programs. According to…
The Nigerian Economic Summit Group (NESG) has stressed that ongoing economic reforms in Nigeria must ultimately translate into measurable growth, improved productivity, and better living conditions for citizens if they are to achieve their intended objectives. The group emphasized that while policy reforms are necessary for long-term economic stability, their success should be evaluated based on tangible outcomes rather than announcements alone. Speaking on the state of the economy and recent policy changes, the NESG noted that Nigeria is currently undergoing one of its most significant reform periods in decades. Measures such as fuel subsidy removal, exchange rate unification, and…
The Gbagada-Yaba axis of Lagos has recorded 231 active short-let apartments, highlighting the rapid growth of the short-term rental market within one of the city’s most commercially vibrant and technology-driven corridors. Industry stakeholders say the increase reflects changing housing preferences, rising demand for flexible accommodation, and the growing influence of digital booking platforms in Nigeria’s real estate sector. The Gbagada-Yaba corridor has emerged as a strategic residential and commercial hub in Lagos, attracting professionals, students, entrepreneurs, and visitors due to its proximity to major business districts, educational institutions, and transport networks. Areas within the axis are increasingly being viewed as…
The planned expansion of the Dangote Refinery to a projected refining capacity of 1.4 million barrels per day (mbpd) is expected to generate approximately 95,000 jobs across various sectors of the Nigerian economy, according to industry stakeholders. The proposed expansion underscores the growing scale of the refinery project and its potential impact on employment, industrialization, and economic growth. Located in Lagos, the Dangote Refinery is already regarded as one of the largest single-train refineries in the world. The facility was initially designed with a refining capacity of about 650,000 barrels per day, aimed at reducing Nigeria’s dependence on imported petroleum…
Aviation stakeholders have called on the Federal Government to urgently intervene in the wake of rising aviation fuel prices, warning that the escalating cost of operations could significantly affect preparations for the 2026 Hajj pilgrimage. Industry operators say without immediate support measures, airlines and travel operators may struggle to transport thousands of Nigerian pilgrims to Saudi Arabia at affordable rates. The concern comes amid continued increases in the price of Jet A1 aviation fuel, one of the most critical operational costs for airlines. Aviation fuel accounts for a substantial portion of airline expenditure, and fluctuations in its price directly impact…
The Federal Government is seeking to raise approximately ₦700 billion through bond issuances in April as part of its broader strategy to finance budgetary obligations, support infrastructure development, and manage public debt. The planned borrowing will be conducted through the domestic bond market under the supervision of the Debt Management Office (DMO), which is responsible for coordinating Nigeria’s public debt activities. Government bonds are one of the primary tools used by the Federal Government to raise long-term funds from investors. These instruments are typically purchased by institutional investors such as pension funds, banks, insurance companies, and asset managers, as well…
A major consumer-focused event has been launched as part of a strategic brand relaunch initiative aimed at strengthening market presence, boosting customer engagement, and repositioning the company within an increasingly competitive business environment. The event, which attracted customers, industry stakeholders, influencers, and business partners, served as a platform for unveiling the company’s refreshed identity and long-term growth strategy. According to company representatives, the relaunch reflects a renewed commitment to innovation, customer satisfaction, and market expansion. The firm stated that evolving consumer preferences, technological advancement, and changing market dynamics influenced the decision to refresh its brand identity and reconnect with customers…
Nigeria’s digital finance landscape continues to expand as Moniepoint Inc has reaffirmed its commitment to deepening financial inclusion across underserved communities. The fintech firm says its strategy is focused on expanding access to banking services, improving digital payment infrastructure, and supporting small businesses that remain outside the formal financial system. Financial inclusion remains a major challenge in Nigeria, where millions of adults are still either unbanked or underbanked. Despite the growth of digital banking and mobile money services, gaps persist in rural areas and informal sectors where access to traditional banking infrastructure is limited. Industry stakeholders argue that closing this…
Foreign investment inflows into Nigeria’s equities market surged to ₦288 billion in March, signaling renewed interest from offshore investors and reflecting improved sentiment around the country’s financial markets. The development marks one of the strongest monthly performances in recent times for the Nigerian Exchange Limited (NGX), as foreign participation continues to rebound following recent economic reforms. Data associated with the market performance indicates a significant increase in capital inflows compared to previous months, suggesting that international investors are gradually regaining confidence in Nigeria’s investment landscape. The rise in inflows is largely attributed to policy adjustments, currency reforms, and improved transparency…
Nigeria has stepped up its global investment drive by hosting a high-level trade mission with stakeholders from the United Kingdom, positioning its ongoing economic reforms as a foundation for attracting foreign capital. The engagement forms part of a broader strategy by the administration of President Bola Ahmed Tinubu to strengthen investor confidence and reposition the country as a competitive destination for business and long-term investment. The trade mission, held in London, brought together government officials, policymakers, and business leaders from both countries. Discussions centered on key sectors such as energy, infrastructure, agriculture, technology, and financial services—areas considered critical to Nigeria’s…
Nigeria’s engineering community has conferred one of its highest honours on billionaire industrialist Aliko Dangote, inducting him as an honorary fellow in recognition of his contributions to industrial development and engineering-driven enterprise. The honour was bestowed by the Nigerian Academy of Engineering during a formal ceremony attended by industry leaders, academics, and policymakers. The induction highlights Dangote’s role in advancing large-scale industrial projects that rely heavily on engineering expertise, particularly in sectors such as cement production, oil refining, petrochemicals, and manufacturing. His business conglomerate has been involved in the development of infrastructure and industrial facilities that have significantly impacted Nigeria’s…
Nigeria accounts for approximately 25 percent of cargo traffic within its regional maritime corridor, according to industry stakeholders, underscoring the country’s strategic position as a logistics and trade hub in West Africa. The figure highlights the scale of activity across Nigerian ports and reinforces the country’s importance in facilitating the movement of goods across the subregion. The claim reflects Nigeria’s role as one of the largest economies in Africa, with significant import and export volumes driven by its population size, industrial demand, and commercial activity. Ports in cities such as Lagos serve as major gateways for cargo entering and leaving…
Nigeria’s power sector is set for a boost as plans emerge for the deployment of 40 new mini-grid projects expected to generate a combined 288 megawatts (MW) of electricity. The initiative is part of ongoing efforts to expand energy access, particularly in underserved and off-grid communities, while supporting the country’s transition toward more sustainable and decentralized power solutions. Mini-grids—localized electricity systems that can operate independently or in conjunction with the national grid—have increasingly become a key strategy for addressing Nigeria’s persistent power supply challenges. With millions of Nigerians lacking reliable access to electricity, stakeholders view mini-grids as a practical solution…
In a move aimed at expanding access to consumer technology, Credit Direct Limited has partnered with vivo to introduce a new smartphone financing scheme in Nigeria. The initiative is designed to enable individuals to acquire mobile devices through flexible payment plans, reducing the financial burden associated with upfront purchases. The collaboration reflects a growing trend in Nigeria’s consumer market, where financing solutions are increasingly being used to bridge affordability gaps. With smartphones becoming essential tools for communication, business, education, and digital services, access to these devices is now seen as a key component of economic participation. Under the new arrangement,…
Nigeria’s Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.04 trillion among the three tiers of government for the month of March, reflecting a notable increase in revenue generation. The latest allocation represents a rise of approximately ₦150 billion compared to previous disbursements, signaling improved inflows into the federation account. The FAAC, which comprises representatives from the federal, state, and local governments, is responsible for sharing revenues accrued by the Federal Government. These revenues are derived primarily from oil sales, taxes, customs duties, and other government earnings. The increase in distributable revenue has been attributed to improved collections…
Nigeria has intensified efforts to attract foreign investment as government officials engaged United Kingdom stakeholders during a high-level trade mission, highlighting ongoing economic reforms and emerging opportunities across key sectors. The outreach forms part of a broader strategy by the administration of President Bola Ahmed Tinubu to reposition the country as a competitive and investor-friendly destination. During the engagement, Nigerian representatives presented a range of policy reforms aimed at improving the business environment, enhancing transparency, and driving sustainable economic growth. The delegation emphasised that recent changes in fiscal and monetary policy are designed to address long-standing structural challenges while creating…
Nigerians still remain without a formal identity, raising concerns about financial inclusion, national planning, and access to essential services. This was the position of industry experts who argue that while progress has been made, significant gaps persist in Nigeria’s identity management system. The BVN system, introduced by the Central Bank of Nigeria (CBN), was designed to provide a unique identifier for individuals within the banking system. It has played a critical role in strengthening financial security, reducing fraud, and improving the integrity of banking operations. However, experts note that BVN coverage does not equate to universal identity coverage, as it…