Author: Temitope N.

The Manufacturers Association of Nigeria (MAN) has called for robust investment in the blue economy and artificial intelligence (AI) as key strategies to accelerate industrialisation, economic diversification, and job creation in the country. The association said that tapping into Nigeria’s maritime resources and embracing advanced technologies could significantly enhance manufacturing output, expand export opportunities, and position the nation competitively on the global economic map. Speaking at the annual MAN industrial summit, the association’s leadership emphasised that the blue economy—covering sectors such as maritime transport, fisheries, aquaculture, shipbuilding, and ocean-based energy—represents a largely untapped reservoir of industrial potential. They noted that…

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has attributed the recent surge in Nigeria’s fish production to a wave of strategic investments in aquaculture, capacity building, and financial support for small-scale fishermen. He said that these investments have strengthened the sector, moving the country closer to self-sufficiency in fish production and reducing reliance on imported fish. Speaking during a roundtable discussion on national fish production in Lagos, Oyetola explained that the government has prioritised scaling up domestic fish supply by supporting fish farming clusters, improving artisanal fishing practices, and empowering key actors across the value chain. He noted…

The Nigerian Maritime Administration and Safety Agency (NIMASA) has stated that its newly introduced Maritime Labour e-platform has been assessed to operate at a level that meets global standards for maritime labour administration, worker documentation, and regulatory oversight. The agency said the platform represents a major step in its efforts to digitalise critical processes, strengthen maritime governance, and enhance the welfare of Nigerian seafarers and dockworkers in line with international conventions governing maritime labour activities. NIMASA explained that the development of the e-platform was driven by the need to eliminate delays and inefficiencies that have long characterised the manual handling…

TotalEnergies and Conoil have entered into a major asset swap agreement involving key offshore oil blocks in Nigeria, marking one of the most significant restructuring moves in the country’s upstream petroleum sector in recent years. The deal, which industry stakeholders describe as a strategic exchange that aligns with both companies’ long-term operational goals, is expected to reshape their asset portfolios, boost production prospects and strengthen Nigeria’s offshore investment landscape. Under the terms of the agreement, TotalEnergies will transfer ownership of specific interests in selected offshore blocks to Conoil, while Conoil will in return relinquish certain assets that complement TotalEnergies’ expanding…

Nigeria’s equities market continued its downward trajectory as investors recorded a fresh loss of N216 billion, deepening concerns about sustained sell pressure and weak sentiment across major sectors. The decline, which dragged the overall market capitalisation lower, reflects growing caution among investors reacting to macroeconomic uncertainties, mixed corporate performance and a tightening monetary environment that has made fixed-income assets more attractive. Trading opened the week on a negative note, with several blue-chip stocks posting declines that wiped out previous gains and pulled key indices further into negative territory. Market analysts noted that the selloffs were driven largely by profit-taking, cautious…

The Federation Account Allocation Committee has released a total of N2.09 trillion to the federal government, the 36 states and the 774 local government councils as revenue for October, marking another significant injection into the Nigerian economy amid ongoing fiscal pressures. The disbursement reflects the continued rise in gross federally collected revenue, although officials confirmed that the amount shared in October was slightly lower than the figure recorded in September due to fluctuations in non-oil income and statutory deductions. According to the breakdown presented at the FAAC meeting in Abuja, the total distributable revenue for the month was built from…

PalmPay has issued a renewed call urging Nigerians to take stronger precautions in protecting their digital accounts, as the rate of online fraud and identity theft continues to rise across the country’s financial technology ecosystem. The mobile payment company said the safety of customers’ digital wallets remains a shared responsibility between users and service providers, especially as more transactions move online and fraudsters adopt increasingly sophisticated methods. According to the company, many of the fraud cases reported in the digital payment space could have been prevented if users avoided disclosing sensitive information such as passwords, PINs and one-time passwords. PalmPay…

The Nigerian House of Representatives has intensified its commitment to safeguarding the nation’s oil revenue, vowing to block leakages and strengthen oversight of the oil and gas sector. Lawmakers emphasized that unchecked revenue losses from crude oil production and export undermine national development and weaken fiscal stability, making decisive interventions necessary. In recent sessions, the House highlighted persistent challenges in revenue collection, citing discrepancies in oil export documentation, underreporting of production, and inefficiencies in monitoring by relevant agencies. Lawmakers stressed that these gaps contribute to substantial revenue losses, estimated to run into billions of naira annually, depriving the government of…

The Nigerian Civil Aviation Authority (NCAA) has imposed a ₦5 million fine on Qatar Airways for violating passenger rights, reinforcing the regulator’s commitment to upholding consumer protection and safety standards in the aviation sector. The sanction comes after an investigation revealed that the airline failed to comply with established regulations concerning passenger treatment and service delivery. According to the NCAA, the penalty was prompted by complaints lodged by passengers who experienced undue delays, misinformation regarding flight schedules, and inadequate handling of grievances. The regulatory authority emphasized that airlines operating in Nigeria must adhere strictly to aviation laws that safeguard passengers’…

Seplat Petroleum Development Company has taken a decisive step toward strengthening media engagement and capacity building by holding a comprehensive media workshop in Imo State, benefiting 25 journalists from various local and national media outlets. The initiative is part of Seplat’s broader corporate social responsibility and stakeholder engagement strategy aimed at fostering transparency, responsible reporting, and enhanced understanding of the oil and gas sector. The workshop, conducted over two days, provided participants with in-depth insights into Nigeria’s upstream and midstream operations, gas-to-power projects, and community development programs. Seplat officials explained the technical aspects of oil and gas operations, the company’s…

Nigeria has recorded a significant milestone in its oil industry, achieving a production level of 1.7 million barrels per day (bpd) on several occasions, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This development underscores the resilience and recovery of the country’s upstream oil sector, even amid global market uncertainties and domestic challenges. The NUPRC noted that the consistent production levels are a result of improved operational efficiency by major oil companies, ongoing maintenance of critical infrastructure, and increased output from both onshore and offshore fields. Officials highlighted that multiple operators have exceeded their contractual production targets, demonstrating the…

Nigeria’s telecommunications sector recorded a massive jump in operating expenses (OPEX), as industry operating costs surged to ₦5.85 trillion in 2024 — the highest on record. This represents an 85 percent increase compared with the ₦3.16 trillion reported in 2023. Analysis by the Nigerian Communications Commission (NCC) shows that several key cost drivers contributed to the steep rise in OPEX. Most notably, exorbitant Right‑of‑Way (RoW) fees paid by telecom operators to state governments for laying fibre-optic cables across roads emerged as a major burden. Additional pressures came from persistent inflation, foreign exchange volatility, and sharply rising energy costs, all of…

Nigeria’s Coordinating Minister of the Economy, Wale Edun, has officially commenced the user acceptance testing (UAT) of the National Single Window (NSW) platform, a key component of the country’s trade reform agenda. The move underscores the government’s commitment to modernising cross-border trade, boosting export competitiveness, and reducing bureaucratic bottlenecks for importers and exporters. The launch event, held in Abuja, brought together representatives from the Federal Ministry of Finance, the Nigerian Customs Service, private trade associations, and logistics firms. Edun described the UAT phase as a critical milestone, signalling that Nigeria is ready to operationalise its vision for a more efficient,…

Nigeria is witnessing a surge in foreign exchange inflows as renewed investor confidence strengthens the country’s financial markets. The inflows, driven by improved monetary policies, enhanced transparency in the FX market, and stronger engagement with global financial institutions, signal a positive shift in sentiment after months of volatility and uncertainty. According to market analysts, the recent boost is one of the strongest waves of FX liquidity Nigeria has recorded in years, helping to stabilise the naira and energise cross-border investment activity. The Central Bank of Nigeria (CBN) has played a pivotal role in restoring confidence through a series of policy…

The Nigerian equities market resumed bearish trading on Monday, wiping off a fresh N1.17tn from investors’ portfolios as sell pressure intensified across key sectors. The downturn, which marks a continuation of the volatile trend witnessed in recent weeks, saw major blue-chip stocks dragged into negative territory amid renewed profit-taking, cautious sentiment, and persistent macroeconomic uncertainties. According to market data from the Nigerian Exchange (NGX), the market capitalisation dipped significantly as institutional and retail investors offloaded holdings in banking, industrial goods, consumer goods and energy stocks. The All-Share Index (ASI) also recorded a notable decline, reflecting the extent of the sell-offs…

Nigeria’s foreign exchange reserves have climbed to $46.7bn, the highest level recorded in seven years, signalling renewed confidence in the country’s external position and the success of recent economic and monetary reforms. The sharp rise in reserves has been attributed to improved foreign inflows, stronger oil receipts, enhanced remittances from the diaspora, and policy measures introduced by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market. According to financial analysts, the latest figures reflect a significant recovery from the volatility experienced in previous years when dwindling oil production, currency pressures, and weakening investor confidence kept reserves under…

Global oil companies are preparing to participate actively in Nigeria’s upcoming 2025 oil licensing round, signaling renewed investor confidence in the country’s upstream sector. The interest from multinational oil firms comes as the Federal Government and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) intensify efforts to boost exploration, attract fresh capital, and reverse declining crude production. The 2025 licensing round is expected to offer a mix of frontier basins, deepwater fields, and mature onshore assets, making it one of the most anticipated bidding rounds in Africa. International oil companies (IOCs) such as ExxonMobil, Chevron, Shell, and TotalEnergies, alongside leading independents,…

Tony Elumelu, Chairman of United Bank for Africa (UBA), has embarked on a strategic tour across key African markets, strengthening the bank’s pan-African partnerships and reinforcing its position as a leading financial institution on the continent. The tour, aimed at deepening collaborations with governments, corporates, and financial institutions, underscores UBA’s commitment to fostering economic growth, trade facilitation, and regional integration. During the tour, Elumelu engaged with top business leaders, regulators, and policymakers across several African countries, discussing opportunities for expanding banking services, supporting cross-border trade, and enhancing financial inclusion. The visits also focused on identifying collaborative initiatives that would enable…

Stanbic IBTC Holdings Plc has successfully hosted the 11th edition of the Together4ALimb Walk, reinforcing its commitment to social responsibility and community engagement. The annual event, which attracts participants from across Nigeria, aims to raise awareness about limb loss, promote disability inclusion, and support charitable initiatives that provide prosthetic limbs and rehabilitation services to affected individuals. The event saw a diverse turnout, including corporate executives, employees, community leaders, and members of the public, all united in support of the cause. Participants engaged in a series of walking activities designed to symbolize solidarity with persons living with limb disabilities and highlight…

The Nigerian Stock Exchange (NGX) staged a recovery yesterday after experiencing a steep sell-off that saw billions of naira wiped off market capitalization earlier in the week. Market analysts attribute the rebound to renewed investor confidence, bargain hunting, and improved sentiment in key sectors, signaling a potential stabilization after days of volatility. According to reports, the NGX All-Share Index regained lost ground, buoyed by gains in banking, consumer goods, and oil and gas stocks. Market capitalization rose as investors took advantage of lower share prices to increase their holdings, reflecting optimism about medium-term corporate earnings and economic performance. The rebound…