The Lagos Chamber of Commerce and Industry (LCCI) has stated that Nigeria’s economic recovery and long-term growth will depend largely on the government’s ability to take bold and decisive policy actions that address inflation, stabilise the foreign exchange market, and promote sustainable industrial development. In its latest economic review released on Friday, the Chamber warned that although recent government reforms have created a foundation for potential recovery, their positive effects will remain limited if not backed by strong policy implementation and strategic economic management. The LCCI said the country must act swiftly to confront rising inflation, declining purchasing power, insecurity,…
Author: Temitope N.
The World Bank has revealed that about 139 million Nigerians—representing nearly 61 percent of the population—are still living in poverty despite the economic reforms introduced by the Federal Government to stabilise the economy. This was disclosed in its latest Nigeria Development Update (NDU) report titled “From Policy to People: Bringing the Reform Gains Home.” According to the report, while Nigeria has made significant progress in implementing bold fiscal and monetary reforms, these policies have yet to translate into improved living conditions for most citizens. The World Bank stated that the number of Nigerians living below the poverty line increased from…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Dangote Refinery now contributes an average of 20 million litres of refined fuel into the domestic market each day. The regulator hailed the development as a sign that Nigeria’s petroleum sector is gradually shifting toward greater self-sufficiency. During his address at the Association of Energy Correspondents of Nigeria annual conference in Lagos, NMDPRA’s Chief Executive, Farouk Ahmed, disclosed that the 650,000 barrels-per-day refinery is altering supply dynamics in the country. He said the 20 million litres figure reflects production currently available for the local market under “normal…
Nigeria’s equities market recorded a strong performance this week, as renewed demand for blue-chip stocks pushed the Nigerian Exchange (NGX) upward by N308 billion in market capitalization. The rebound, driven by impressive earnings reports and investors’ renewed confidence in the economy, saw key stocks in the banking, energy, and industrial sectors leading the rally. At the close of trading on Thursday, the NGX All-Share Index (ASI) rose by 0.54% to settle at 101,846.29 points, up from 101,302.45 points recorded the previous day. The market capitalization increased from N57.21 trillion to N57.52 trillion, adding N308 billion in value. The rally marks…
The World Bank has advised the Nigerian government to sustain its ongoing economic reforms and adopt stricter fiscal discipline to ensure long-term stability, enhance investor confidence, and reduce macroeconomic vulnerabilities. The global financial institution emphasized that Nigeria’s economy, while showing signs of gradual recovery, remains fragile due to persistent inflation, a weak fiscal framework, and heavy dependence on oil revenues. According to the latest assessment from the World Bank’s Nigeria Development Update (NDU) report, the government’s reform agenda—particularly the removal of fuel subsidies, foreign exchange unification, and efforts to boost non-oil revenue—has laid the groundwork for more sustainable growth. However,…
Airtel Nigeria has reaffirmed its dedication to youth empowerment and digital inclusion with the launch of a new technology scholarship scheme targeting 100 Nigerian undergraduates. The initiative aims to equip young people with essential digital skills, academic support, and industry exposure necessary to thrive in today’s rapidly evolving technological landscape. The scholarship scheme is designed to provide tuition support, mentorship, and hands-on training for students pursuing degrees in computer science, information technology, software engineering, and other science, technology, engineering, and mathematics (STEM) disciplines. Airtel’s move reflects its commitment to bridging Nigeria’s digital divide and fostering the next generation of innovators…
The Federal Government and the Manufacturers Association of Nigeria (MAN) have agreed to reinstate and reform the Export Expansion Grant (EEG) as part of broader efforts to revitalise the country’s non-oil export sector. This strategic partnership is expected to strengthen Nigeria’s export competitiveness, diversify revenue streams, and reduce the economy’s overdependence on crude oil earnings. At a stakeholders’ engagement meeting held in Abuja, the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, announced that the EEG, which has been a key instrument for promoting non-oil exports, would be revamped to address implementation challenges that had hindered its effectiveness in…
First City Monument Bank (FCMB) has reaffirmed its dedication to innovation and personalised financial services as it participated in the 2025 Customer Service Week (CSW), themed “Driving Service Excellence through Innovation.” The bank used the occasion to celebrate its customers, employees, and partners, emphasizing its continued drive to deliver cutting-edge solutions tailored to individual and business needs in today’s evolving digital landscape. In a statement, FCMB’s Managing Director, Yemisi Edun, highlighted that customer satisfaction remains at the heart of the bank’s operations. She noted that the 2025 CSW celebration provided a unique opportunity to recognize the loyalty of customers while…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to attract and drive a projected $4.9 billion capital expenditure (capex) in non-associated gas (NAG) developments, as part of the federal government’s strategy to expand domestic gas production, enhance energy security, and position Nigeria as a key global gas supplier. The move comes amid renewed efforts to diversify the nation’s hydrocarbon portfolio and strengthen its transition to cleaner energy sources. Non-associated gas, which refers to natural gas found in reservoirs that are not in contact with crude oil, has become increasingly vital to Nigeria’s quest for energy sustainability and economic…
Telecommunications giant MTN Nigeria has called on accountants across the country to embrace digital transformation and continuous innovation or risk becoming obsolete in an era dominated by emerging technologies and automation. The company made this appeal during a recent professional development event organized by the Institute of Chartered Accountants of Nigeria (ICAN), where it emphasized the need for finance professionals to adapt to the rapidly changing business landscape. Speaking at the event, MTN Nigeria’s Chief Financial Officer, Modupe Kadri, underscored the evolving nature of accounting practice and how digital tools, data analytics, and artificial intelligence are redefining traditional accounting roles.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a decisive measure to stop crude oil producers from exporting crude without first offering it to local refineries, in a move designed to strengthen Nigeria’s domestic refining capacity and ensure energy self-sufficiency. This policy marks a significant shift in Nigeria’s upstream oil management and aligns with the federal government’s broader push to prioritize in-country value addition and reduce dependence on imported refined petroleum products. The NUPRC’s directive is expected to compel international oil companies (IOCs) and indigenous producers to comply strictly with the provisions of the Petroleum Industry Act (PIA) regarding…
Nigeria’s equities market resumed its bullish momentum on Friday as gains in the banking and oil & gas sectors lifted the Nigerian Exchange Limited (NGX) market capitalization by ₦459 billion, underscoring renewed investor confidence in key sectors of the economy. The market rally was largely driven by price appreciation in leading banking and energy stocks such as Access Holdings, Guaranty Trust Holding Company (GTCO), Zenith Bank, and Seplat Energy. The strong performance of these blue-chip equities helped offset losses in other sectors and boosted overall market sentiment. According to trading data from the NGX, the All-Share Index (ASI) advanced by…
Telecommunications giant, Globacom Limited, has reaffirmed its commitment to supporting the Nigerian Communications Commission (NCC) in strengthening the protection and sustainability of the country’s broadband infrastructure. The company’s pledge aligns with the federal government’s efforts to enhance digital connectivity, promote data security, and safeguard vital telecommunication assets across the nation. In a statement issued in Lagos, Globacom emphasized that broadband infrastructure forms the backbone of Nigeria’s digital economy, and protecting it is essential for achieving national development goals. The company expressed full support for the NCC’s initiatives aimed at curbing vandalism, improving network resilience, and ensuring uninterrupted internet access for…
First Bank of Nigeria Limited has reiterated its commitment to driving financial inclusion and bridging the economic divide through advanced digital banking solutions tailored to meet the needs of individuals, small businesses, and underserved communities. The bank’s renewed focus underscores its determination to ensure that every Nigerian, regardless of location or income level, has access to convenient, secure, and affordable financial services. In a statement released in Lagos, FirstBank’s Managing Director and Chief Executive Officer, Dr. Adesola Adeduntan, emphasized that technology remains the cornerstone of the bank’s growth strategy as it transitions into a fully digital financial institution. He stated…
UAC Foods Limited, one of Nigeria’s foremost fast-moving consumer goods companies, has expanded its product portfolio with the introduction of Zuri Seasoning, a new line of culinary products designed to cater to the diverse tastes of Nigerian households. The launch marks another strategic milestone in UAC’s commitment to product innovation and strengthening its leadership in the local food manufacturing sector. The unveiling of Zuri Seasoning, held in Lagos, brought together key stakeholders, distributors, retailers, and culinary experts who commended UAC for responding to changing consumer demands with a product that reflects both quality and affordability. The new seasoning line, developed…
President Bola Ahmed Tinubu has reiterated his administration’s commitment to achieving lasting peace and sustainable development in the Ogoni region of Rivers State, as part of broader efforts to strengthen Nigeria’s oil production capacity and environmental stability. The reaffirmation comes at a time when global oil demand has surged past $540 billion, intensifying pressure on oil-producing nations like Nigeria to balance energy output with social and environmental responsibility. Speaking through the Minister of State for Petroleum (Oil), Heineken Lokpobiri, during a stakeholders’ engagement in Port Harcourt, the President emphasized that peace in Ogoniland is central to Nigeria’s economic recovery and…
A wave of tension is reportedly building within the Dangote Petroleum Refinery as a section of engineers and technical staff have expressed strong opposition to a recent redeployment exercise ordered by the refinery’s management. The redeployment, which reportedly affects several key departments, has sparked discontent among employees, with some alleging that the move was abrupt, poorly communicated, and could disrupt ongoing operations at the multi-billion-dollar facility. According to sources close to the refinery, the management recently initiated an internal restructuring plan aimed at improving efficiency, streamlining operations, and aligning workforce deployment with the refinery’s evolving operational needs. However, several engineers…
PalmPay, one of Nigeria’s fastest-growing fintech platforms, has been recognized as the Consumer-Friendly Brand of the Year at a recent financial technology and consumer excellence event, further cementing its reputation as a leading player in Nigeria’s digital payment ecosystem. The award highlights PalmPay’s unwavering commitment to user satisfaction, innovative service delivery, and financial inclusion for millions of Nigerians. The recognition came during the 2025 Nigerian Business and Consumer Value Awards (NBCVA), held in Lagos, where industry leaders and stakeholders gathered to celebrate organizations that have demonstrated exceptional dedication to consumer satisfaction and value-driven services. PalmPay’s outstanding performance in digital payments,…
The management of Eko Electricity Distribution Company (EKEDC) has debunked circulating reports suggesting that the company has been sold to new investors, describing the claims as entirely false and misleading. The company made this clarification following speculations in some quarters that ownership of Eko DisCo had changed hands as part of the ongoing reforms and recapitalisation in Nigeria’s power sector. In an official statement issued in Lagos, the company’s Head of Corporate Communications, Mr. Babatunde Lasaki, affirmed that Eko DisCo remains fully operational under its existing management and ownership structure. He stressed that no sale, transfer, or takeover process had…
Nigeria’s pension industry achieved a major milestone in August 2025 as total pension assets under management surged to ₦26 trillion, reflecting growing investor confidence and consistent remittance by both private and public sector employers. This significant rise marks a sustained period of growth for the Contributory Pension Scheme (CPS) despite macroeconomic challenges, inflationary pressures, and exchange rate volatility. According to data compiled by the National Pension Commission (PenCom), the pension assets grew from ₦25.6 trillion recorded in July 2025 to ₦26 trillion in August, representing a month-on-month increase of approximately ₦400 billion. The increase was largely driven by improved compliance…