Nigeria is currently facing a serious food security challenge that threatens the well-being of millions across the country. Rising inflation, climate change, insecurity, and structural weaknesses in agriculture have combined to create one of the most pressing crises in recent memory. In response, the Federal Government has stepped up efforts to address these challenges with a series of ambitious programs and reforms aimed at boosting food production, stabilizing prices, and safeguarding the nation’s food supply. Food insecurity in Nigeria has deepened significantly in recent years. According to recent reports, over 100 million Nigerians are classified as food insecure, with nearly…
Author: Temitope N.
Nigeria’s recent liberalisation of its foreign exchange (forex) market has been hailed as a turning point in the country’s quest to restore investor confidence, attract foreign capital, and strengthen its macroeconomic position. The wide-ranging reforms, spearheaded by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, aim to reduce market distortions, improve transparency, and create a stable environment conducive to long-term investments. The forex market liberalisation involved the unification of multiple exchange rate windows into a single market-driven rate. Previously, the existence of disparate exchange rates—ranging from the official rate to the widely-used parallel market—led to arbitrage, discouraged foreign…
In a major policy move aimed at reforming revenue collection in Nigeria’s electricity sector, the Nigerian Electricity Regulatory Commission (NERC) has introduced new guidelines for the registration and engagement of third-party collection service providers. The directive, which took effect on May 27, 2025, was signed by NERC Chairman Sanusi Garba and is part of efforts to standardize and digitize electricity bill payment processes across the country. The framework is anchored on Section 226 of the Electricity Act, 2023, and is designed to eliminate cash-based collections, streamline revenue channels, reduce losses due to untracked payments, and improve accountability. It also aligns…
South Africa has officially overtaken Nigeria as Africa’s largest importer of refined petroleum products, marking a significant shift in the continent’s energy dynamics. This change, detailed in a new report by energy consultancy CITAC, reflects contrasting developments in both countries’ fuel supply strategies and refining capabilities. According to CITAC, South Africa imported approximately 4.2 million tonnes of refined petroleum products in the first quarter of 2025, a notable increase that puts the country ahead of Nigeria, which imported 3.1 million tonnes over the same period. Projections for the rest of the year suggest that South Africa may import up to…
The collection of empty containers at the Apapa Port has been suspended indefinitely by APM Terminals, one of the key terminal operators in Lagos. This move, which took effect earlier this week, has already started causing concern among importers, truck operators, and other port users. According to industry sources, the suspension is due to congestion at the terminal, with a high volume of empty containers reportedly overwhelming available space. APM Terminals has not released an official statement detailing the exact reasons for the suspension or how long it is expected to last, but stakeholders say the backlog has become increasingly…
The Federal Government of Nigeria has launched a new intra-African air cargo corridor aimed at boosting trade and export opportunities across the continent. The initiative, unveiled in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines, offers Nigerian exporters a significant 50% discount on air freight charges to key East and Southern African markets. This move is expected to lower logistics costs substantially, making Nigerian goods more competitive in regional markets while advancing Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA). The air cargo corridor facilitates easier and more affordable transportation of goods from Nigeria to…
Nigeria’s foreign trade payments through Letters of Credit (LCs) rose to $267.96 million in the first four months of 2025, according to recent data from the Central Bank of Nigeria (CBN). This represents a 3.68 percent increase compared to the same period in 2024 and signals a gradual recovery in the country’s international trade financing activities amid a complex economic environment marked by foreign exchange volatility and broader structural challenges. Understanding Letters of Credit and Their Role in Trade Letters of Credit are critical financial instruments in international trade transactions, serving as guarantees from banks that payment will be made…
The Nigerian National Assembly is set to pass a suite of harmonised tax reform bills on Tuesday, May 28, 2025, marking a major milestone in the federal government’s ongoing efforts to overhaul the country’s outdated and fragmented tax structure. The bills—consolidated through the efforts of a joint conference committee of both chambers—are designed to unify tax administration across all tiers of government and improve Nigeria’s revenue generation capacity. The reforms represent a strategic part of the fiscal policy agenda under President Bola Tinubu’s administration, which is working to reduce the country’s reliance on oil revenue and expand the non-oil tax…
Lasaco Assurance Plc has announced a robust financial performance for the first quarter ended March 31, 2025, with its profit before tax rising by 24% year-on-year to ₦1.62 billion. The company had posted a profit before tax of ₦1.31 billion in the corresponding quarter of 2024, signalling a strong start to the 2025 financial year and further consolidating its position in Nigeria’s competitive insurance landscape. The positive momentum was driven by a 59% surge in insurance revenue, which jumped to ₦10.44 billion in Q1 2025 from ₦6.57 billion in Q1 2024. This remarkable increase reflects the company’s improved underwriting performance…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has renewed its call for the adoption of ground rent as a key strategy for revenue generation and housing affordability in Nigeria. Speaking during the 2025 Estate Surveyors’ Week held in Lagos, the Lagos State Chapter Chairman, Gbenga Ismail, emphasized that the implementation of a well-structured ground rent system could significantly boost government income while simultaneously promoting access to affordable housing for ordinary Nigerians. Ground rent refers to the periodic payment made by leaseholders to landowners—usually government—in exchange for the right to occupy and develop a parcel of land. Ismail highlighted…
The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…
The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…
The West African Insurance Companies Association (WAICA) has unveiled its lineup of distinguished speakers for the 2025 Education Conference, set to take place from October 12 to 15 at Eko Hotels and Suites in Lagos, Nigeria. The event is expected to bring together around 150 insurance professionals, regulators, and stakeholders from across West Africa and beyond, fostering dialogue and collaboration within the region’s insurance sector. Themed around innovation, education, and regional development, the conference aims to explore new frontiers in insurance education and knowledge-sharing across member countries. Delegates from Nigeria, Ghana, Gambia, Sierra Leone, Liberia, and other parts of West…
The 51st Conference and General Assembly of the African Insurance Organisation (AIO) kicked off in Addis Ababa, Ethiopia, with a bold focus on a pressing continental concern—Africa’s growing debt burden and its impact on the insurance industry. Under the theme “Balancing the Books: Africa’s Debt Problem – Why Does Country Debt Impact Insurers?”, the five-day event brings together over 1,800 delegates from across the continent and beyond. It is the largest turnout in the AIO’s history and a clear indicator of the importance of the discussions taking place. Central to the event is the concern that sovereign debt levels across…
The National Pension Commission (PenCom) has issued a directive mandating that all Licensed Pension Fund Operators (LPFOs) must conduct business only with vendors and service providers who possess a valid Pension Clearance Certificate (PCC). The move is part of PenCom’s ongoing efforts to ensure full compliance with the Contributory Pension Scheme (CPS) as outlined in the Pension Reform Act 2014. Under the new guideline, Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), and other stakeholders operating within the pension sector are now obligated to verify that any third-party service provider they engage—whether for investment transactions, procurement, or service delivery—has obtained…
Nigeria is embarking on a major transformation of its telecommunications sector with a landmark investment of \$1 billion to overhaul network infrastructure. This ambitious initiative, announced by the Minister of Communications and Digital Economy, Dr. Bosun Tijani, represents one of the largest infrastructure upgrades in Nigeria’s telecom history and aims to significantly enhance the quality and reach of telecom services across the country. The \$1 billion investment will fund the acquisition and deployment of new network equipment, with deliveries scheduled to begin in July 2025. This upgrade is expected to improve service quality substantially by the third quarter of the…
In a significant stride towards promoting sustainable energy and youth empowerment, 500 polytechnic students from across Nigeria’s South-West region have begun a one-month Compressed Natural Gas (CNG) conversion training program. The initiative, launched on May 21, 2025, at the Yaba College of Technology (YABATECH) in Lagos, is a collaborative effort between the Lagos State Government, the Mojisola Olayinka Fatungase Edema (MOFE) Foundation, and the South-West Zone of the National Association of Polytechnic Students (NAPS). The program, themed “The Future of CNG in Nigeria: Empowering a Sustainable Tomorrow,” aims to equip students with practical knowledge and skills on CNG technology, focusing…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has been named the new Chairman of the Council of Ministers of the Banjul Accord Group (BAG), a significant regional body focused on civil aviation in West Africa. The appointment was announced on May 22, 2025, during the group’s fourth ministerial meeting held in Abuja. Keyamo takes over the leadership from Sierra Leone’s Minister of Transport and Aviation, Alhaji Fandey Turay. The Banjul Accord Group is an alliance of seven West African nations: Nigeria, Cabo Verde, The Gambia, Ghana, Guinea, Liberia, and Sierra Leone. Since its establishment in 2004, BAG has…
Enugu State has launched a bold initiative aimed at transforming its economy from $4.4 billion to an ambitious $30 billion target. This step came with the inauguration of the Enugu State Ease-of-Doing-Business Council, a 25-member body tasked with creating a more investor-friendly environment and accelerating economic growth across the state. Governor Peter Mbah, who led the inauguration on May 22, 2025, at the Government House in Enugu, emphasized the council’s critical role in fostering private sector investment. He underlined the administration’s commitment to repositioning Enugu as a prime destination for business, tourism, and living. According to him, investors naturally gravitate…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has brought to public attention the continuing issue of unpaid bridging claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The association has asked the Department of State Services (DSS) to step in and help resolve this financial dispute that is severely impacting petroleum marketers across the country. Bridging claims refer to reimbursements owed to petroleum marketers for the transportation costs they incur in distributing fuel across Nigeria. These claims are critical to ensuring the smooth and uniform delivery of petroleum products nationwide. However, the NMDPRA, the regulatory body overseeing…