The Federal Government of Nigeria has launched a new intra-African air cargo corridor aimed at boosting trade and export opportunities across the continent. The initiative, unveiled in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines, offers Nigerian exporters a significant 50% discount on air freight charges to key East and Southern African markets. This move is expected to lower logistics costs substantially, making Nigerian goods more competitive in regional markets while advancing Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA). The air cargo corridor facilitates easier and more affordable transportation of goods from Nigeria to…
Author: Temitope Nlewemchi
An industrialist has lauded the Dangote Refinery for its recent impact on petrol availability in Nigeria, noting that the facility has significantly eased the chronic fuel shortages that have plagued the country for years. While praising the refinery’s contribution to stabilising petrol supply, the industrialist also urged authorities and marketers to consider reducing diesel prices, highlighting the economic importance of affordable fuel for manufacturing and logistics. According to the industrialist, the Dangote Refinery, which began operations recently, has enabled over 1,000 trucks to load petrol daily, dramatically improving access and distribution across the nation. This has reportedly led to a…
Nigeria is currently facing a serious food security challenge that threatens the well-being of millions across the country. Rising inflation, climate change, insecurity, and structural weaknesses in agriculture have combined to create one of the most pressing crises in recent memory. In response, the Federal Government has stepped up efforts to address these challenges with a series of ambitious programs and reforms aimed at boosting food production, stabilizing prices, and safeguarding the nation’s food supply. Food insecurity in Nigeria has deepened significantly in recent years. According to recent reports, over 100 million Nigerians are classified as food insecure, with nearly…
President Bola Ahmed Tinubu has departed Lagos for Europe ahead of his participation in the Abu Dhabi Sustainability Summit, a high-level global forum focused on sustainable development, climate action, and economic transformation. The President left Lagos on Tuesday following the conclusion of official engagements in the state. According to a statement from the Presidency, Tinubu will first make a brief stop in Europe before proceeding to the United Arab Emirates for the summit, which brings together world leaders, policymakers, investors, and development experts. The Abu Dhabi Sustainability Summit is held annually as part of the Abu Dhabi Sustainability Week and…
Dangote Industries has unveiled plans to significantly boost its fertilizer production capacity with the construction of a $2.5 billion plant in Ethiopia, a move set to triple output and expand the company’s footprint in Africa’s agricultural sector. The announcement underscores Dangote’s commitment to addressing food security challenges, supporting agricultural development, and contributing to the continent’s industrial growth agenda. The plant is expected to become a major hub for fertilizer manufacturing, supplying both domestic and regional markets. According to Dangote executives, the new facility is strategically located in Ethiopia to leverage the country’s favorable logistics, access to raw materials, and growing…
Dangote Cement Plc, Africa’s largest cement producer, has announced an impressive profit of N743.3 billion for the nine-month period ending September 2025, representing one of its strongest financial performances in recent years. The company’s sustained revenue growth, operational efficiency, and strategic expansion across key African markets have positioned it as a dominant force in the continent’s construction and building materials sector. According to the firm’s unaudited financial statements released on the Nigerian Exchange (NGX), Dangote Cement’s profit after tax rose significantly compared to N553.4 billion recorded in the corresponding period of 2024, showing a 34% year-on-year growth. This remarkable improvement…
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that Nigeria’s ongoing tax reforms are designed to eliminate multiple levies and create a more efficient, transparent, and business-friendly tax system. He explained that the reforms aim to streamline the country’s complex tax structure, boost revenue generation, and reduce the burden on citizens and businesses. Speaking in Abuja at a policy dialogue on the state of Nigeria’s fiscal framework, Oyedele emphasised that the government’s priority is to simplify tax compliance and eliminate overlapping taxes that have stifled economic growth and discouraged investment for years. According…
The Federal Government of Nigeria has announced that it raked in a substantial N393 billion in tax revenue from Dangote Group and nine other major companies, underscoring the critical role of large corporations in sustaining government revenue streams amid mounting fiscal pressures. The disclosure comes at a time when Nigeria is intensifying efforts to diversify its revenue base, reduce dependence on crude oil earnings, and address rising fiscal deficits. According to official figures, the Dangote Group emerged as one of the largest contributors to tax revenue in the country, alongside other blue-chip companies spanning the banking, telecommunications, cement, and consumer…
The New Partnership for Africa’s Development (NEPAD) Nigeria has called on Nigerians, particularly entrepreneurs, business leaders, and policymakers, to strengthen their capacity to fully participate in the African Continental Free Trade Area (AfCFTA) agreement. The organisation said this is crucial for Nigeria to maximise the vast opportunities presented by the continent’s single market, which aims to enhance intra-African trade, industrialisation, and sustainable economic growth. Speaking at a national sensitisation forum held in Abuja, the Chief Executive Officer of NEPAD Nigeria, Princess Gloria Akobundu, said the AfCFTA is a game-changer for Africa’s economic development but requires strategic readiness and capacity building…
Traditional insurance companies that fail to embrace digital transformation, data-driven decision-making and changing customer expectations risk becoming irrelevant in an increasingly competitive financial services landscape, the Managing Director of Consolidated Hallmark Insurance Plc, Eddie Efekoha, has warned. Efekoha, who also serves as Chairman of the Chartered Insurance Institute of Nigeria (CIIN), made the remarks while speaking on the future of the insurance industry and the urgent need for operators to adapt to rapid technological and market changes. He cautioned that insurers relying solely on conventional business models may face serious challenges as innovation reshapes customer behaviour and industry dynamics. (punchng.com)…
The House of Representatives Public Accounts Committee (PAC) has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of an ongoing investigation into revenue leakages associated with transactions processed through the Remita payment platform. The recovery marks a significant development in the National Assembly’s efforts to strengthen accountability in public finance management and ensure that all revenues due to the Federal Government are properly remitted. The committee disclosed that the recovered amount represented VAT deductions on fees earned from Remita transactions between November 2018 and April 2024 that were not remitted…
Nigeria’s oil and gas regulators have intensified efforts to reduce compliance costs across the petroleum industry as part of broader reforms aimed at improving operational efficiency, attracting investment and enhancing the competitiveness of the country’s energy sector. The move was highlighted during a recent stakeholder engagement involving key regulatory agencies, industry operators and investors, where officials reaffirmed their commitment to simplifying regulatory processes and eliminating bottlenecks that increase the cost of doing business. The initiative aligns with the Federal Government’s wider objective of creating a more investor-friendly environment capable of supporting growth across the upstream, midstream and downstream segments of…
The Lagos State Electricity Regulatory Commission (LASERC) has disclosed that 38 companies operating electricity generation facilities across Lagos State, including MTN Nigeria, Flour Mills Nigeria and several other major industrial operators, have yet to obtain the required licences or complete regulatory regularisation under the state’s electricity framework despite repeated directives from the commission. The affected firms collectively account for nearly 600 megawatts of electricity generation capacity within the state. According to LASERC, the companies were originally issued various permits and licences under the federal regulatory regime administered by the Nigerian Electricity Regulatory Commission (NERC). However, following the transfer of electricity…
The International Air Transport Association (IATA) has warned that soaring fuel prices are placing significant pressure on airline profitability, with carriers worldwide expected to face shrinking margins despite continued growth in passenger demand and industry revenues. According to IATA’s latest financial outlook, global airline profits are projected to decline sharply in 2026 as rising jet fuel costs, geopolitical tensions and operational disruptions increase expenses across the aviation industry. The association forecasts that airlines will generate a combined net profit of $23 billion this year, nearly half the estimated $45 billion recorded in 2025 and well below earlier expectations. The industry…
Nigeria and Israel have moved to strengthen bilateral cooperation in artificial intelligence (AI), innovation and entrepreneurship, with both countries expressing a commitment to expanding knowledge-sharing initiatives aimed at boosting job creation, technological advancement and economic growth. The renewed collaboration was highlighted at the Entrepreneurship and Innovation Bootcamp 2026 held in Abuja, where government representatives, innovators, startup founders, researchers and business leaders gathered to explore the role of artificial intelligence in shaping the future of enterprise development. The programme, organised by Innov8 Hub under the theme, “From Ideas to Impact: Building AI-Enabled Ventures for the Future,” focused on equipping participants with…
The Federal Government has certified 131 Nigerian companies under the African Quality Mark (AQM) scheme, a continental certification programme designed to strengthen the competitiveness of locally manufactured products and expand market access across Africa under the African Continental Free Trade Area (AfCFTA). The certification, which covers 220 Made-in-Nigeria products, was presented during an award ceremony in Abuja organised by the Standards Organisation of Nigeria (SON) in collaboration with the African Organisation for Standardisation (ARSO). The initiative is aimed at promoting compliance with harmonised African standards while enhancing the credibility and acceptance of Nigerian products in regional markets. Speaking at the…
MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have intensified efforts to support the growth of micro, small and medium enterprises (MSMEs) through the expansion of the mySMEville digital platform, with an ambitious target of reaching five million businesses across the country. The initiative is designed to address critical challenges facing small businesses, including limited access to finance, infrastructure, market opportunities and business development support. The platform represents a strategic public-private partnership aimed at strengthening Nigeria’s entrepreneurial ecosystem and accelerating economic growth through technology-enabled solutions. Stakeholders say the initiative is expected to play a significant…
Nigeria’s stock market may face renewed pressure in the second half of 2026 as investors begin to factor in political uncertainties ahead of the 2027 general elections, according to a new report by GTI Research. The investment research firm warned that historical trading patterns observed during previous pre-election cycles suggest that the Nigerian equities market could experience weaker performance in the months leading up to the elections, despite the strong gains recorded earlier in the year. In its latest seasonality study, GTI Research examined the performance of the Nigerian Exchange’s All-Share Index during the country’s last three pre-election years—2014, 2018,…
Cascador, a leading accelerator dedicated to empowering African entrepreneurs, has announced a major expansion of its support for startups through the launch of a new $5 million funding initiative aimed at helping high-potential businesses scale their operations and increase their impact across the continent. The initiative marks a significant milestone in Cascador’s mission to strengthen Africa’s entrepreneurial ecosystem by providing promising founders with access to capital, mentorship, leadership training, and strategic business support. The fund is expected to target startups operating in sectors critical to economic development, including technology, agriculture, healthcare, education, financial services, and renewable energy. Speaking on the…
Labour unions have formally escalated allegations of workers’ rights violations against the government to the International Labour Organization (ILO), citing concerns over poor labour conditions, alleged breaches of collective bargaining agreements, and what they describe as a pattern of disregard for internationally recognized labour standards. The move marks a significant step in the long-running tensions between organised labour and public sector authorities over wage disputes, workplace conditions, and compliance with labour laws. According to labour representatives, the decision to involve the ILO became necessary after repeated attempts to resolve the issues domestically failed to yield satisfactory outcomes. The complaints reportedly…