The Nigerian Civil Aviation Authority (NCAA) has issued a stern warning to Qatar Airways and other international carriers over alleged violations of passenger rights in the country. The regulator stressed that it would not hesitate to impose sanctions on any airline that continues to flout Nigeria’s aviation regulations and undermine consumer protection laws. According to the NCAA, the number of complaints lodged by Nigerian passengers against international airlines has grown significantly in recent months. These grievances cover a wide range of issues, including flight delays, cancellations without proper notification or compensation, refusal to process refunds, poor handling of passengers during…
Author: Temitope Nlewemchi
Schneider Electric has projected that the rapid growth of artificial intelligence (AI) worldwide will significantly increase demand for smarter, more efficient power solutions. The global energy management and automation company noted that as industries adopt AI technologies at an unprecedented pace, the strain on existing power systems is becoming more evident, creating a strong need for advanced infrastructure capable of handling higher energy loads while maintaining reliability and sustainability. Speaking on the development, Schneider Electric explained that the rise of AI-driven innovations, particularly in data centers, cloud computing, and industrial automation, is accelerating electricity consumption globally. Data centers, for instance,…
PenCom has announced a renewed focus on the informal sector as it moves to expand pension coverage and boost financial inclusion through a redesigned micro pension plan. The initiative is aimed at addressing one of the most critical gaps in Nigeria’s retirement savings structure—the exclusion of millions of workers in the informal economy from any form of social security. According to the National Pension Commission, the redesigned scheme is structured to be flexible, technology-driven, and accessible to artisans, traders, transport workers, and other self-employed Nigerians who make up the bulk of the country’s workforce but remain outside formal retirement schemes.…
Kenyon Energy, a fast-rising indigenous oil and gas company, has unveiled plans to channel significant investments into Nigeria’s brownfield development projects, marking a strategic shift aimed at revitalizing aging oilfields and boosting national crude output. The move underscores the growing role of local players in the energy sector, particularly at a time when Nigeria is under pressure to increase production and meet revenue targets. Brownfield development refers to the rehabilitation and optimization of existing oil and gas fields that still hold untapped reserves but require technical intervention and capital to maximize output. Unlike greenfield exploration, which involves developing new fields…
The Nigerian Exchange (NGX) experienced a notable decline in trading activity in August 2025, as combined foreign and domestic investors’ transactions dropped to ₦908 billion. This marks a slowdown in capital market activity compared to July, reflecting cautious investor sentiment amid macroeconomic pressures, global uncertainties, and profit-taking strategies. According to market data, both foreign portfolio investors and local institutional and retail investors reduced their trading volumes, underscoring the prevailing volatility in the equities market. Analysts link this to a combination of factors, including currency fluctuations, high interest rates, and inflationary concerns that have continued to shape investment decisions. The NGX…
Union Bank of Nigeria has successfully redeemed its ₦6.3 billion Series 2 bond, including both principal and coupon payments, marking a significant milestone in its ongoing commitment to investor confidence and financial discipline. The redemption, which took place on September 3, 2025, underscores the bank’s capacity to meet its debt obligations despite the challenging macroeconomic environment. The bond, issued under the bank’s ₦100 billion Debt Issuance Programme, carried a coupon rate of 15.75%. Fully subscribed at the time of issuance, the instrument represented an important financing tool for Union Bank, providing liquidity to support its strategic operations. By redeeming the…
Nigeria’s crude oil production reached a major milestone in August 2025, as the country achieved 96 percent of its Organization of Petroleum Exporting Countries (OPEC) production quota. This marks one of the strongest outputs in recent months and highlights the government’s ongoing efforts to stabilize production, curb theft, and restore confidence in the oil sector. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that daily crude oil production averaged around 1.5 million barrels per day (bpd) in August, bringing the country close to its OPEC allocation of 1.55 million bpd. This improvement comes after years of underperformance, largely…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to Nigerians over the abuse of the naira, cautioning that practices such as spraying notes at parties, hawking mint notes at events, and mutilating the national currency will no longer be tolerated. The apex bank, he said, will strengthen enforcement of existing laws to ensure that offenders face appropriate penalties. Speaking during a sensitisation programme on currency management, Cardoso described the naira as a symbol of sovereignty that must be respected by all citizens. He lamented that the frequency of abuse has reached troubling…
Sterling Bank Plc has announced the first set of beneficiaries under its ₦2 billion scholarship scheme, a landmark initiative aimed at supporting students across Nigeria in their pursuit of quality education. The programme, which was launched earlier this year, is part of the bank’s broader commitment to advancing human capital development and addressing the financial barriers faced by many young Nigerians. According to the bank, the first batch of beneficiaries was selected following a rigorous screening and evaluation process that prioritized merit, need, and regional representation. Thousands of applicants from across the country submitted entries, reflecting the high demand for…
The Dangote Petroleum Refinery has announced that it will no longer sell refined petroleum products to unregistered and unlicensed marketers, reinforcing its compliance with regulatory standards and commitment to transparency in the downstream sector. The move, which was confirmed by the management of the $18 billion facility, comes amid ongoing debates over product pricing, distribution challenges, and clashes with oil marketing associations. According to the company, only marketers who have been duly accredited by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and meet the industry’s regulatory requirements will continue to have access to the refinery’s supplies. The development…
The World Bank has unveiled a $510 million investment package designed to stimulate economic growth, support private sector development, and strengthen Nigeria’s investment climate. The new deal comes at a critical time as Africa’s largest economy pushes forward with reforms to attract foreign capital, diversify revenue sources, and stabilize its macroeconomic environment. According to officials familiar with the development, the $510 million financing will be deployed across key sectors, with a strong focus on infrastructure, access to finance for small and medium-sized enterprises (SMEs), and policy reforms that promote transparency and accountability. The move underscores the World Bank’s renewed commitment…
Retail Supermarkets Nigeria Limited (RSNL), the local operator of ShopRite, has restated its commitment to serving Nigerian consumers better following recent disruptions in store operations and customer satisfaction. The retailer’s renewed assurance comes as it works to restore consistency across product availability, pricing, and store operations in response to rising concerns of empty shelves, outlet closures, and service gaps. In recent weeks, shoppers in cities including Lagos, Abuja, Ibadan, and Ilorin have reported seeing scant inventory in major ShopRite stores—and in some cases, shuttered locations. In response, RSNL has explained that these issues stem from a broader restructuring of its…
The United Nations has advised African nations to strengthen their climate action strategies, stressing that the continent’s future economic stability and social resilience depend heavily on how effectively it addresses the climate crisis. This call comes at a critical time when Africa, despite contributing the least to global greenhouse gas emissions, continues to suffer some of the most severe consequences of climate change, including rising temperatures, desertification, flooding, food insecurity, and displacement. During a recent high-level forum on climate resilience, UN officials underscored the urgency for African governments to translate commitments into actionable, well-funded plans that align with the…
Nigeria’s economy may be on the brink of a monetary policy shift as the country records another decline in inflation, sparking optimism among businesses, investors, and households that the Central Bank of Nigeria (CBN) could ease its tight monetary stance in the coming months. The latest figures from the National Bureau of Statistics (NBS) show that headline inflation dropped for the fifth consecutive month, a development that economists believe could create the conditions for a reduction in interest rates, which currently stand at record highs. The inflation slowdown comes after months of relentless pressure on the economy caused by a…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigeria Customs Service (NCS) to fully comply with the Federal Government’s suspension of the controversial 4% Free on Board (FOB) import levy. The business group made the appeal following reports that despite the government’s announcement, some importers continue to face bottlenecks and demands linked to the levy at various entry points. The FOB levy, introduced earlier this year, was widely criticised by the Organised Private Sector (OPS) as an additional burden on businesses already grappling with rising operational costs, foreign exchange volatility, and multiple taxes. Following intense pressure…
Nigeria’s foreign exchange reserves have surged to $42 billion, marking their highest level in six years, a development that analysts and policymakers describe as a turning point in the country’s economic trajectory. The rise, which reflects a combination of improved crude oil earnings, increased foreign exchange inflows, and strategic reforms by the Central Bank of Nigeria (CBN), is seen as a major boost to the nation’s financial stability and its ability to defend the naira against volatility. The new reserve figure is significant, considering that just over a year ago, Nigeria’s reserves had dipped below $34 billion amid global oil…
The Economic Community of West African States (ECOWAS) has taken a major step toward addressing poverty and inequality across the region with the launch of its new Social Protection Framework and an accompanying operational plan. The initiative, which comes at a time when West Africa is grappling with multiple socio-economic challenges, aims to strengthen social safety nets, expand coverage for vulnerable populations, and improve the resilience of households in the face of economic shocks. Announced at a high-level gathering of policymakers, development partners, and civil society actors, the framework underscores ECOWAS’ commitment to inclusive growth and human capital development. For…
Nigeria’s aviation sector has once again come under the spotlight as industry stakeholders strongly voiced their opposition to the revival of a government-owned national airline, insisting instead on the adoption of a flag carrier model. Their arguments, grounded in both past experiences and global trends, point to the risks of repeating mistakes that have historically burdened taxpayers while failing to deliver sustainable gains for the aviation industry. At a recent industry forum, aviation experts, union leaders, and representatives of airline operators criticized the federal government’s lingering inclination toward re-establishing a state-owned carrier, recalling the troubled history of Nigeria Airways, which…
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to ease its current monetary stance by lowering policy rates in order to boost access to credit for small and medium-sized enterprises (SMEs). The call comes amid concerns that Nigeria’s tight monetary policies, though aimed at stabilizing the naira and curbing inflation, are inadvertently stifling private sector growth and making it increasingly difficult for businesses to thrive. Speaking against the backdrop of recent economic data, CPPE argued that while the monetary tightening measures adopted by the apex bank may have yielded some positive…
Nigeria’s e-commerce market is on track to exceed $16 billion by 2030, according to new projections by the Lagos Business School (LBS). The forecast underscores the rapid growth of the digital economy in Africa’s largest market, buoyed by increased internet penetration, mobile adoption, a youthful population, and rising confidence in online transactions. The report highlighted that the surge in e-commerce is being driven by structural changes in consumer behavior, as more Nigerians embrace online shopping for convenience, affordability, and variety. With over 220 million people and an expanding middle class, Nigeria is regarded as one of the most attractive e-commerce…