In a strong show of support for women entrepreneurship and innovation, leading brands including Amstel Malta and MTN Nigeria have partnered with the Women in Business (WIB) Trade Fair, a major annual event dedicated to promoting women-owned enterprises and advancing gender inclusion in commerce.The 2025 edition of the WIB Trade Fair, themed “Empowering Women, Powering the Economy,” is set to bring together entrepreneurs, investors, and corporate organizations to explore opportunities in trade, technology, and finance. The fair is designed to provide a platform for female entrepreneurs to showcase their products, network with industry leaders, and access critical business support services.…
Author: Temitope N.
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to take urgent and decisive action to tackle the country’s rising energy costs, warning that failure to do so could undermine recent progress in moderating inflation. The Chamber emphasized that the sharp increase in fuel, electricity, and logistics costs continues to exert significant pressure on production, transportation, and household spending, threatening Nigeria’s fragile economic recovery. In a statement released by its Director-General, Dr. Chinyere Almona, the LCCI noted that although Nigeria’s inflation rate has shown signs of easing over recent months, the sustainability of that trend…
Despite a notable decline in global crude oil prices and recent gains recorded by the naira, petrol prices across Nigeria have remained stubbornly high, fueling public frustration and renewed debate over transparency in the downstream petroleum sector. Industry analysts say the persistence of high pump prices suggests deeper inefficiencies in the supply chain, weak domestic refining capacity, and structural market constraints. Over the past few weeks, Brent crude prices have dropped to around $72 per barrel from nearly $90 earlier in the quarter, while the naira has shown modest appreciation against the dollar, trading below ₦1,400/$ on the official market.…
German enterprise software giant SAP has unveiled its next-generation artificial intelligence (AI) innovations designed to transform business operations across industries, boost productivity, and enhance decision-making processes. The company said the new AI-driven solutions will redefine enterprise resource planning (ERP) systems by embedding intelligent automation and predictive analytics into every aspect of business management. During the official launch event at SAP’s global headquarters, CEO Christian Klein stated that the company’s latest AI advancements mark a major step in its vision to make “AI-powered business” the new standard. The new suite, which integrates generative AI capabilities across SAP’s core applications, is expected…
The International Monetary Fund (IMF) has called on Nigeria and other developing countries to expand the use of blended finance mechanisms as a means of driving sustainable economic growth, bridging infrastructure gaps, and tackling climate change challenges. The global financial institution said the approach could unlock vast private sector capital to complement limited public resources and concessional funding. In its latest policy paper, the IMF noted that many developing economies, including Nigeria, face rising debt pressures, limited fiscal space, and growing demands for infrastructure and social spending. It argued that blended finance — which strategically combines public, private, and philanthropic…
The Federal Government has unveiled an ambitious plan to attract up to $5 trillion in Foreign Direct Investment (FDI) from the upcoming World Investment Summit scheduled for 2026, as part of its broader strategy to position Nigeria as Africa’s premier investment destination. The move aligns with President Bola Tinubu’s administration’s economic diversification drive and ongoing efforts to create a globally competitive business environment. According to government sources, the 2026 World Investment Summit will serve as a global platform to showcase Nigeria’s economic potential, reforms, and opportunities across key sectors such as manufacturing, agriculture, infrastructure, digital technology, and renewable energy. The…
Eterna Plc has raised alarm over the growing return of many Nigerian households to firewood and charcoal for cooking, attributing the trend to the soaring cost of gas cylinders and refilling. The energy firm warned that the shift poses significant health and environmental risks if not urgently addressed through policy interventions and price reforms. Speaking during a recent stakeholders’ meeting in Lagos, the company’s Head of Retail Business, Mr. Peter Oranusi, said the high upfront cost of acquiring Liquefied Petroleum Gas (LPG) cylinders, coupled with rising refill prices, has discouraged millions of low- and middle-income families from using cooking gas.…
A fierce price battle has erupted in Nigeria’s downstream oil sector following the resumption of bulk fuel sales by the Dangote Petroleum Refinery at ₦877 per litre, a move that has placed intense pressure on independent depot owners struggling to stay competitive.The refinery’s decision to restart large-scale supply of Premium Motor Spirit (PMS) at a significantly reduced rate compared to current market prices has upended the fuel supply chain, sparking widespread reactions among marketers, investors, and industry regulators. According to multiple sources familiar with the development, Dangote Refinery — Africa’s largest single-train oil refinery — resumed fuel distribution this week…
The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has called for an investment-driven approach to border management, stressing that sustainable security and trade facilitation can only be achieved through strategic investments in technology, infrastructure, and human capital.Adeniyi made this known during a policy roundtable in Abuja, where government officials, security agencies, and trade stakeholders convened to discuss ways to modernise Nigeria’s border operations and enhance economic competitiveness. According to him, Nigeria’s borders are not just security flashpoints but also vital economic gateways that require innovative funding models and partnerships to ensure effective control and smooth trade activities. “We…
Sterling Bank Plc has reiterated its dedication to advancing food security and sustainable agricultural practices across Africa through innovative financing models, partnerships, and technology-driven solutions. The bank said its renewed focus aligns with the continent’s urgent need to boost productivity, reduce food imports, and promote resilience against climate change. Speaking at the 2025 Africa Agri-Finance Forum held in Abuja, the Chief Executive Officer of Sterling Bank, Abubakar Suleiman, reaffirmed the institution’s commitment to supporting smallholder farmers, agribusinesses, and value chain stakeholders with tailored financial products designed to promote inclusive growth in the sector. According to Suleiman, agriculture remains central to…
The International Monetary Fund (IMF) has warned Nigeria against its growing reliance on domestic borrowing to finance fiscal deficits, cautioning that the trend could crowd out private sector investment, drive up interest rates, and hinder long-term economic growth.In its latest country assessment report, the IMF observed that while domestic borrowing remains a viable short-term financing tool, Nigeria’s increasing dependence on local debt markets poses risks to macroeconomic stability and private sector competitiveness. The Fund advised the Federal Government to diversify its financing mix and strengthen revenue mobilisation through tax reforms and fiscal discipline. According to the IMF, the federal government’s…
The Federal Government has unveiled an ambitious plan to list at least 1,000 Small and Medium Enterprises (SMEs) on the Nigerian capital market in the coming years as part of efforts to deepen financial inclusion, stimulate job creation, and strengthen the nation’s economic resilience.This disclosure was made by the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, during a stakeholders’ meeting held in Abuja, where key players from the Nigerian Exchange (NGX), Securities and Exchange Commission (SEC), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) gathered to strategize on broadening access to capital for emerging businesses. According…
Renowned Nigerian entrepreneur and philanthropist, Tony Elumelu, has asserted that Africa has the potential to mobilise as much as $4 trillion to bridge its massive infrastructure deficit if it leverages its vast resources, domestic capital, and private sector innovation.Elumelu, who is the Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, made the statement during a high-level investment forum held in Marrakesh, Morocco, where global and African business leaders gathered to discuss strategies for financing sustainable development across the continent. According to him, Africa’s infrastructure gap, estimated by the African Development Bank (AfDB) to require over $170 billion…
Opay, one of Nigeria’s leading financial technology platforms, has announced the launch of new security features designed to enhance user protection and prevent fraudulent transactions across its mobile payment ecosystem. The company also celebrated the winners of its recently concluded “Opay Security Challenge,” rewarding each with ₦1 million for their innovative solutions and commitment to promoting digital safety. Speaking at the unveiling ceremony in Lagos, Opay’s Managing Director, Dauda Gotring, said the company remains committed to safeguarding its users’ funds while improving confidence in digital banking. He emphasized that the newly introduced security tools are part of a comprehensive framework…
Petroleum marketers across Nigeria have confirmed that the Dangote Petroleum Refinery has set a lifting target of about 600 million litres of petrol as part of its latest supply round, signaling a significant step in the company’s gradual integration into the nation’s downstream market.The confirmation comes amid growing anticipation for the full rollout of locally refined petrol from the 650,000-barrel-per-day facility, which has been described as a game-changer for Nigeria’s energy sector and a catalyst for stabilizing domestic fuel supply. According to reliable sources within the petroleum marketing sector, the refinery, located in Lekki Free Zone, Lagos, is currently coordinating…
The International Monetary Fund (IMF) has called on Nigeria and other emerging economies to adopt blended finance models as a strategic tool to drive sustainable development, strengthen climate resilience, and bridge the financing gap in critical sectors such as energy, infrastructure, and agriculture.In its latest policy briefing released this week, the IMF noted that many low- and middle-income countries continue to face difficulties in attracting adequate investment for long-term sustainability projects. The Fund emphasized that blended finance — which combines public, private, and concessional funding — offers a viable path to mobilize large-scale resources and reduce investment risks in developing…
The Dangote Group and the Manufacturers Association of Nigeria (MAN) have urged the Federal Government to fully implement and enforce the Public Procurement Act to strengthen local manufacturing, boost economic growth, and reduce the country’s dependence on imported goods.This call was made during the 2025 Nigeria Manufacturing and Industrial Summit in Lagos, which brought together government officials, industrialists, and economic experts to deliberate on strategies for revitalizing Nigeria’s manufacturing sector amid global economic shifts. Speaking at the summit, Aliko Dangote, President of the Dangote Group, stressed that strict adherence to the procurement law is essential for the growth of domestic…
The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦2.103 trillion to the federal, state, and local governments as revenue allocation for September 2025, marking one of the highest monthly disbursements in recent years. The surge in allocation reflects improved revenue generation from the oil and non-oil sectors, as well as enhanced remittances from key revenue-collecting agencies. According to a statement issued after the committee’s monthly meeting in Abuja, the total distributable revenue comprised allocations from statutory revenue, Value Added Tax (VAT), Exchange Difference, Electronic Money Transfer Levy (EMTL), and augmentation from the Excess Crude Account (ECA). The…
Wema Bank Plc has successfully completed its recapitalisation exercise, achieving a capital position that exceeds the Central Bank of Nigeria’s (CBN) minimum capital requirement by 32 percent. The milestone positions the bank among the first financial institutions in Nigeria to fully comply with the apex bank’s revised capital directive ahead of schedule. The bank’s management, in a statement, said the recapitalisation exercise reflects Wema’s strong financial resilience, investor confidence, and commitment to sustaining long-term growth and stability. The achievement also underscores the institution’s strategic vision of deepening its market presence and enhancing its role as a leading player in Nigeria’s…
The Manufacturers Association of Nigeria (MAN), in partnership with the United Nations Industrial Development Organisation (UNIDO), has launched a renewed campaign to promote the patronage of locally manufactured goods as part of efforts to strengthen Nigeria’s industrial base and drive economic sustainability. The initiative, unveiled in Lagos, aims to boost the visibility, competitiveness, and acceptability of Nigerian-made products both within the country and in international markets. The collaboration between MAN and UNIDO underscores a shared commitment to advancing Nigeria’s manufacturing sector through policy advocacy, industrial innovation, and public sensitization on the importance of consuming locally made goods. The campaign is…