Lagos is gearing up to host a major continental event celebrating excellence in quality, innovation, and standards—Africa’s foremost Quality Awards and Exhibition—bringing together organisations across industries to showcase achievements and exchange best practices. Announced by the Lagos State Quality Management Agency (LAQMA), the event is scheduled to take place in the city’s premier conference district later this year. It will feature a high-profile awards ceremony and an expansive exhibition designed to highlight businesses, government agencies, and individual champions driving quality-driven transformation in Africa. The awards segment will honour organisations that have demonstrated exceptional performance in areas like operational efficiency, customer…
Author: Temitope N.
Art in Heart Gallery, a Lagos‑based non‑profit arts organization, has launched a pioneering skills empowerment initiative for internally displaced persons (IDPs) in Nigeria, offering a creative pathway to economic independence. The gallery’s programme, unveiled earlier this month, brings displaced women and youth together in community art workshops designed to cultivate marketable talents while fostering mental wellness and social inclusion. Participants in the scheme receive training in a variety of artistic disciplines, including painting, textile design, beadwork, printmaking, and digital illustration. Under the tutelage of professional artists and certified facilitators, trainees learn techniques spanning traditional crafts to contemporary digital art tools.…
The Federal Government of Nigeria has announced its intention to create two million jobs through a national social housing programme, a core element of its post-pandemic economic recovery plan. This initiative is aimed at addressing the dual challenges of unemployment and Nigeria’s housing deficit, which is estimated at over 20 million units. The programme, according to government officials, will be executed through public-private partnerships and is expected to stimulate activity across the construction, manufacturing, and real estate sectors. Speaking in Abuja during a stakeholder engagement session, the Minister of Works and Housing, Mrs. Aisha Abubakar, emphasized that the housing scheme…
Nigeria’s rebasing of its Gross Domestic Product (GDP) to ₦372.8 trillion has been hailed as a landmark achievement in economic statistics, positioning the country as Africa’s largest economy. But despite the recalculated economic size, experts are flagging serious concerns over underlying productivity levels, warning that headline growth may mask structural inefficiencies threatening long-term development and inclusive prosperity. The rebased GDP, which reflects updated price benchmarks and expanded sector coverage—including digital services, creative industries, and informal value chains—moved Nigeria past South Africa and Egypt in size and scope. Introduced in mid‑2025, the updated data integrates a broader set of economic activities,…
Nigeria’s total outstanding debt from promissory notes dropped significantly in the first quarter of 2025, declining by 15.6 percent from ₦1.542 trillion in December 2024 to ₦1.301 trillion by March 2025. The Debt Management Office (DMO) attributed this decline to the government’s commitment to settle verified obligations owed to contractors, exporters, and other entities for previously executed and approved projects. The promissory notes are used by the government to clear arrears without immediately depleting cash resources. While this reduction might suggest improved fiscal discipline and debt management, several stakeholders have raised questions about the transparency surrounding the figures and the…
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the Nigeria Deposit Insurance Corporation (NDIC) to uphold its statutory responsibilities to safeguard depositors and reinforce confidence in the banking system. Addressing management at NDIC headquarters in Lagos, Edun emphasized the strategic importance of diligent performance and proactive risk management in the wake of recent financial sector shocks. Edun praised the NDIC for recent initiatives—such as prompt reimbursement of insured depositors of the defunct Heritage Bank—but stressed that the agency must not rest on its laurels. “Our economic framework relies on trust in the banking system.…
The House of Representatives has launched an unprecedented investigation into 25 insurance companies operating in Nigeria, amid allegations that they have collectively failed to remit billions of naira in statutory revenue due to the federal government. The probe, conducted by the House’s Sub‑Committee on Capital Markets and Other Institutions, has sent shockwaves through the insurance sector and raised pressing governance issues. According to the committee chairman, Hon. Kwamoti Laori, the investigation stems from petitions and preliminary findings revealing serious infractions, including under‑remittance of compulsory insurance contributions and premium levies. Allegedly, several firms failed to forward proceeds from mandatory insurance schemes—such…
Rex Insurance Limited has unveiled new digital platforms designed to make the purchase and renewal of traditional third‑party motor insurance faster, more transparent, and more convenient for motorists across Nigeria. These digital tools reinforce the company’s longstanding emphasis on customer-centric innovation and regulatory compliance, aligning with its broader transition into a digitally enabled insurance provider. Under the new setup, motorists can now apply for third‑party motor insurance entirely online through Rex’s revamped website or dedicated mobile application. The platforms include real-time policy issuance, instant payment processing, and integration with national verification systems—ensuring that a valid policy can be confirmed and…
Nigeria’s real estate sector has witnessed a remarkable upturn, surging to a market value of ₦41.3 trillion in the first quarter of 2025, according to recent data from the National Bureau of Statistics (NBS). This expansion not only underscores the sector’s resilience amid economic headwinds but also highlights its increasingly pivotal role in national economic recovery and growth. The sector’s performance, which represents a significant jump compared to previous quarters, is being lauded by industry experts and economic analysts alike, especially as it comes at a time when other major non-oil sectors such as trade and manufacturing have posted mixed…
In a startling operation, the National Drug Law Enforcement Agency (NDLEA) has arrested a Chinese national and an 80‑year‑old grandmother following the seizure of unusual parcels of colos—a potent ammunition-like commodity—concealed within commercially packaged moi‑moi sachets. The incident, which has triggered fresh concerns over creative smuggling tactics, occurred recently at a major border checkpoint in Nigeria’s south-south region. NDLEA sources explain that the corps uncovered a complex smuggling method involving food packaging. The colos—small, widely misused cannons typically used in celebratory shots or sometimes in illicit circulating weapons—were reportedly wrapped in plastics and sealed into legitimate looking moi‑moi packets. The…
The European Union has pledged €500,000 in humanitarian assistance to support internally displaced persons (IDPs) in Benue State, marking a significant boost to relief efforts amid escalating displacement and insecurity in the region. The announcement comes amid worsening clashes between herders and farmers in parts of central Nigeria, driven largely by changing land use patterns, resource competition, and sporadic political unrest. Tens of thousands of residents have fled their homes in rural communities, often under extreme hardship. The EU’s funding is aimed at alleviating the most pressing needs in hard-hit areas, including shelter, healthcare, and food security. The €500,000 package…
The Nigerian passport has climbed to the 88th position in the 2025 Henley Passport Index rankings — its most favourable global standing in over a decade. The recent improvement reflects modest but steady gains in visa-free access enjoyed by Nigerian passport holders, offering more international mobility than at any point since 2014. According to the index, Nigerian passport holders now have visa-free or visa-on-arrival access to approximately 70 countries, a milestone attributed partly to enhanced diplomatic relations, strengthened passport security features, and concerted international lobbying. Analysts say this represents a modest expanded value compared to just 55 accessible destinations as…
Shareholders of The Tourist Company of Nigeria (TCN) Plc have given their nod to a new board of directors at the company’s recent Annual General Meeting, while issuing strong calls for immediate and far-reaching reforms to reposition the firm for better performance and profitability. At the meeting, which attracted a cross-section of stakeholders, shareholders ratified the appointment of Mrs. Erejuwa Gbadebo as the new chairperson of the board. Also confirmed were Ms. Anita Athena Ibru, Mr. Kofi Joseph Duncan, and Mr. Andy Akporugo as non-executive directors. The re-election of Mr. Toke Alex Ibru as a non-executive director was also approved…
Nigeria’s logistics industry is facing a significant productivity crisis, with low asset utilisation emerging as a key bottleneck hindering growth and efficiency. According to the Chief Executive Officer of Haul247, Nigeria’s leading digital logistics platform, the idle time of trucks and other transport assets is driving up operational costs, limiting service delivery, and eroding competitiveness across the value chain. At a recent industry roundtable, Haul247’s CEO highlighted how the current mismatch between demand and capacity has left a large portion of the nation’s fleet underutilised. In many cases, transport vehicles sit idle for days—or even weeks—awaiting cargo assignments or clearance…
Nigeria’s real estate sector is experiencing a slowdown in demand as spiraling inflation and rising interest rates continue to erode the purchasing power of potential homebuyers and investors. Real estate developers, agents, and analysts have expressed growing concern over the declining activity in property transactions, warning that if economic conditions persist, the sector may face deeper challenges in the months ahead. Speaking with journalists and at recent industry forums, operators noted that the steep cost of living — driven by inflation now at multi-decade highs — has significantly affected disposable incomes, reducing the ability of Nigerians to invest in homes,…
Nigeria, a country blessed with over 200 trillion cubic feet of proven natural gas reserves, continues to grapple with inadequate electricity supply, plunging millions of its citizens into prolonged darkness. This paradox of energy poverty amid resource abundance has drawn renewed criticism from stakeholders, most notably former Minister of Power and founder of Geometric Power, Professor Barth Nnaji. At a recent energy conference in Abuja, Nnaji voiced his frustration over the country’s perennial power crisis. He stated that it was both baffling and unfortunate that a nation with such immense gas potential still finds it difficult to provide stable electricity…
The Nigerians in Diaspora Commission (NiDCOM) has entered into a strategic partnership with FirstBank of Nigeria to provide accessible and reliable housing solutions for Nigerians living abroad. The initiative is aimed at addressing the growing concerns of diaspora citizens over fraudulent property transactions and the difficulty of owning homes back in Nigeria. The agreement, recently formalized in Abuja, brings together NiDCOM’s policy direction and diaspora engagement expertise with FirstBank’s financial infrastructure and mortgage capabilities. Under the new arrangement, Nigerians living outside the country will have access to verified real estate developers, mortgage financing options, and digital platforms that ensure safe…
Universal Insurance Plc is preparing to launch an upgraded version of its third‑party motor insurance product, a move intended to strengthen consumer protection and enhance value for motorists across Nigeria. Scheduled for introduction later this quarter, the enhanced offering aligns with the company’s broader strategy to innovate its insurance portfolio and support safer, more secure road travel. The new third‑party motor cover promises expanded liability limits and more comprehensive protection for victims of road traffic accidents. Among the improvements are increased compensation caps for death and bodily injury claims as well as higher provisions for property damage—notably more generous than…
Veteran entertainer Charles Oputa, popularly known as Charly Boy, has taken aim at a Lagos State local government for its decision to rename a public bus stop after the celebrated musician Olamide Adedeji. The outspoken activist criticized what he described as misplaced priorities, arguing that public infrastructure should not be leveraged for celebrity homage amid glaring civic needs. Charly Boy expressed his dismay on social media and during interviews, insisting that the renaming was insensitive to the pressing challenges faced by everyday commuters in Nigeria’s largest city. He questioned why a bus stop—typically a functional body of urban infrastructure—was being…
Nigeria’s scrap and waste recycling industry is targeting an ambitious creation of an additional 5 million jobs by the end of 2025, in a bold move to deepen its economic impact and capitalise on the growing green economy. Building on recent gains—where waste management already contributed over 1.6 million jobs annually and around 3.2 percent to GDP—the sector plans a major scale-up across the recycling value chain. Officials and industry experts say the target builds on Nigeria’s estimated 32 million tonnes of solid waste generated each year, of which only a small fraction—less than 20 percent—enters formal recycling streams. By expanding collection,…