The Nasarawa State Government has intensified efforts to attract expanded industrial investments from Africa’s foremost industrialist Aliko Dangote, as part of a broader strategy to boost manufacturing, create jobs, and accelerate economic development within the state. Officials in the state say they are engaging with the Dangote Group to explore opportunities for expanding existing investments and establishing new industrial ventures, particularly in sectors such as agriculture, solid minerals, cement production, and logistics. The initiative forms part of Nasarawa’s long-term plan to position itself as a competitive industrial hub in North-Central Nigeria. The state government believes that deeper collaboration with large-scale…
Author: Temitope Nlewemchi
Nigeria’s subnational governments have collectively received about ₦1.18 trillion in Value Added Tax (VAT) allocations following adjustments to the revenue-sharing structure, reflecting shifts in fiscal distribution under the country’s evolving tax framework. The development highlights how recent reforms in revenue allocation are reshaping public finance at the state level. The VAT proceeds are distributed monthly through the Federation Account, managed by the Federation Accounts Allocation Committee (FAAC), which includes federal, state, and local government representatives. The updated sharing arrangement is part of broader fiscal reforms aimed at improving equity, transparency, and efficiency in public revenue distribution. The increase in VAT…
The African Export-Import Bank, commonly known as African Export-Import Bank, has reportedly committed funding support for three new refinery projects in Nigeria, in a move aimed at strengthening the country’s downstream petroleum capacity and reducing reliance on imported refined products. The financing initiative is expected to support ongoing efforts to expand Nigeria’s refining infrastructure, improve energy security, and enhance value addition within the oil and gas sector. Stakeholders say the development could mark a significant step toward repositioning Nigeria as a regional refining hub. Nigeria has long struggled with inadequate domestic refining capacity despite being one of Africa’s largest crude…
United Capital Plc has reported a strong financial performance, posting a profit of ₦28 billion alongside improved returns to shareholders, underscoring resilient earnings growth and continued expansion across its investment banking and asset management businesses. The company’s latest results reflect steady revenue generation from its diversified financial services portfolio, which includes investment banking, asset management, trusteeship, wealth management, and financial advisory services. The performance has been described by market analysts as a sign of operational strength in Nigeria’s financial services sector despite broader macroeconomic pressures. Shareholders are expected to benefit from enhanced dividend payouts and stronger value creation, as the…
Access to structured financing has received a boost in Nigeria’s pharmaceutical manufacturing sector as First City Monument Bank (FCMB) and the Bank of Industry (BOI) have reportedly supported the expansion of a local pharmaceutical plant through targeted loan facilities aimed at strengthening domestic drug production capacity. The financing arrangement is part of a broader push to reduce Nigeria’s dependence on imported pharmaceuticals, improve healthcare supply chains, and support industrial self-sufficiency in critical sectors. Stakeholders say the funding will enable the beneficiary company to scale production, upgrade equipment, and expand its manufacturing infrastructure. Nigeria’s pharmaceutical industry has long faced structural challenges,…
Shareholders of Transcorp Power Plc have received a significant boost as the company declared a total dividend payout of ₦41.2 billion, rewarding investors for a strong financial performance and improved operational efficiency in the latest fiscal period. The dividend declaration reflects what the company describes as a period of sustained revenue growth, improved plant availability, and stronger capacity utilization across its power generation assets. The announcement has been widely welcomed by investors in the Nigerian capital market, particularly those with exposure to the utilities and energy sector. Transcorp Power Plc is a key subsidiary of Transnational Corporation Plc, operating in…
Global oil prices climbed while equity markets fluctuated as uncertainty around international peace negotiations unsettled investor sentiment, reflecting renewed volatility across energy and financial markets. Crude oil markets reacted to shifting geopolitical expectations, with traders closely monitoring developments linked to ongoing diplomatic discussions in key conflict regions. Hopes of a breakthrough in peace talks initially eased market tensions, but wavering signals from negotiations quickly reversed sentiment, leading to renewed buying pressure in oil futures. Brent crude and other global benchmarks experienced upward movement as investors priced in the possibility of continued supply risks. Analysts say oil markets are highly sensitive…
Former President Olusegun Obasanjo has sparked fresh debate over Nigeria’s downstream petroleum sector after stating that the country’s state-owned refineries under the Nigerian National Petroleum Company Limited (NNPC Ltd) may never function effectively again. Obasanjo made the remarks while reflecting on Nigeria’s long-standing struggle to revive its refining capacity, despite decades of investment and repeated turnaround maintenance efforts. His comments add to ongoing national conversations about energy security, fuel import dependence, and the future of Nigeria’s oil infrastructure. Nigeria currently operates several state-owned refineries located in Port Harcourt, Warri, and Kaduna. However, these facilities have suffered from years of underperformance,…
Ground handling companies operating within Nigeria’s aviation sector have threatened to suspend services over an estimated ₦9 billion debt allegedly owed by airlines, raising concerns about potential disruptions to airport operations and passenger travel across the country. Industry stakeholders warn that continued non-payment could affect critical aviation support services and further strain an already challenged sector. Ground handling operators provide essential airport services that enable aircraft operations before departure and after landing. These services include baggage handling, cargo movement, aircraft cleaning, passenger check-in support, towing, refueling coordination, and ramp operations. Without these services, airlines cannot efficiently operate scheduled flights. Representatives…
Engineering professionals and industry stakeholders have credited African billionaire Aliko Dangote with playing a significant role in driving what many describe as Africa’s industrial revolution through large-scale investments in manufacturing, infrastructure, and energy development. The recognition reflects the growing influence of industrial projects associated with the Dangote Group across multiple sectors of the African economy. The commendation came during discussions among engineering and industrial stakeholders who highlighted the impact of major projects spearheaded by the business magnate, particularly in cement production, oil refining, petrochemicals, agriculture, and logistics. According to participants, these investments have contributed to industrial expansion, job creation, and…
Alumni associations across Nigeria are strengthening collaborative relationships with Ecobank Nigeria as part of broader efforts to expand networking opportunities, improve financial access, and support community development initiatives. The growing partnership between alumni groups and the financial institution reflects the increasing role of organized associations in driving economic engagement, entrepreneurship, and social impact. Industry observers note that alumni bodies have evolved beyond social networks into influential platforms capable of mobilizing resources, supporting business ventures, and promoting professional development. Financial institutions are therefore increasingly partnering with such groups to provide tailored banking solutions, investment opportunities, and financial literacy programs. According to…
The Nigerian Economic Summit Group (NESG) has stressed that ongoing economic reforms in Nigeria must ultimately translate into measurable growth, improved productivity, and better living conditions for citizens if they are to achieve their intended objectives. The group emphasized that while policy reforms are necessary for long-term economic stability, their success should be evaluated based on tangible outcomes rather than announcements alone. Speaking on the state of the economy and recent policy changes, the NESG noted that Nigeria is currently undergoing one of its most significant reform periods in decades. Measures such as fuel subsidy removal, exchange rate unification, and…
The Gbagada-Yaba axis of Lagos has recorded 231 active short-let apartments, highlighting the rapid growth of the short-term rental market within one of the city’s most commercially vibrant and technology-driven corridors. Industry stakeholders say the increase reflects changing housing preferences, rising demand for flexible accommodation, and the growing influence of digital booking platforms in Nigeria’s real estate sector. The Gbagada-Yaba corridor has emerged as a strategic residential and commercial hub in Lagos, attracting professionals, students, entrepreneurs, and visitors due to its proximity to major business districts, educational institutions, and transport networks. Areas within the axis are increasingly being viewed as…
The planned expansion of the Dangote Refinery to a projected refining capacity of 1.4 million barrels per day (mbpd) is expected to generate approximately 95,000 jobs across various sectors of the Nigerian economy, according to industry stakeholders. The proposed expansion underscores the growing scale of the refinery project and its potential impact on employment, industrialization, and economic growth. Located in Lagos, the Dangote Refinery is already regarded as one of the largest single-train refineries in the world. The facility was initially designed with a refining capacity of about 650,000 barrels per day, aimed at reducing Nigeria’s dependence on imported petroleum…
Aviation stakeholders have called on the Federal Government to urgently intervene in the wake of rising aviation fuel prices, warning that the escalating cost of operations could significantly affect preparations for the 2026 Hajj pilgrimage. Industry operators say without immediate support measures, airlines and travel operators may struggle to transport thousands of Nigerian pilgrims to Saudi Arabia at affordable rates. The concern comes amid continued increases in the price of Jet A1 aviation fuel, one of the most critical operational costs for airlines. Aviation fuel accounts for a substantial portion of airline expenditure, and fluctuations in its price directly impact…
The Federal Government is seeking to raise approximately ₦700 billion through bond issuances in April as part of its broader strategy to finance budgetary obligations, support infrastructure development, and manage public debt. The planned borrowing will be conducted through the domestic bond market under the supervision of the Debt Management Office (DMO), which is responsible for coordinating Nigeria’s public debt activities. Government bonds are one of the primary tools used by the Federal Government to raise long-term funds from investors. These instruments are typically purchased by institutional investors such as pension funds, banks, insurance companies, and asset managers, as well…
A major consumer-focused event has been launched as part of a strategic brand relaunch initiative aimed at strengthening market presence, boosting customer engagement, and repositioning the company within an increasingly competitive business environment. The event, which attracted customers, industry stakeholders, influencers, and business partners, served as a platform for unveiling the company’s refreshed identity and long-term growth strategy. According to company representatives, the relaunch reflects a renewed commitment to innovation, customer satisfaction, and market expansion. The firm stated that evolving consumer preferences, technological advancement, and changing market dynamics influenced the decision to refresh its brand identity and reconnect with customers…
Nigeria’s digital finance landscape continues to expand as Moniepoint Inc has reaffirmed its commitment to deepening financial inclusion across underserved communities. The fintech firm says its strategy is focused on expanding access to banking services, improving digital payment infrastructure, and supporting small businesses that remain outside the formal financial system. Financial inclusion remains a major challenge in Nigeria, where millions of adults are still either unbanked or underbanked. Despite the growth of digital banking and mobile money services, gaps persist in rural areas and informal sectors where access to traditional banking infrastructure is limited. Industry stakeholders argue that closing this…
Foreign investment inflows into Nigeria’s equities market surged to ₦288 billion in March, signaling renewed interest from offshore investors and reflecting improved sentiment around the country’s financial markets. The development marks one of the strongest monthly performances in recent times for the Nigerian Exchange Limited (NGX), as foreign participation continues to rebound following recent economic reforms. Data associated with the market performance indicates a significant increase in capital inflows compared to previous months, suggesting that international investors are gradually regaining confidence in Nigeria’s investment landscape. The rise in inflows is largely attributed to policy adjustments, currency reforms, and improved transparency…
Nigeria has stepped up its global investment drive by hosting a high-level trade mission with stakeholders from the United Kingdom, positioning its ongoing economic reforms as a foundation for attracting foreign capital. The engagement forms part of a broader strategy by the administration of President Bola Ahmed Tinubu to strengthen investor confidence and reposition the country as a competitive destination for business and long-term investment. The trade mission, held in London, brought together government officials, policymakers, and business leaders from both countries. Discussions centered on key sectors such as energy, infrastructure, agriculture, technology, and financial services—areas considered critical to Nigeria’s…