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…
Author: Temitope Nlewemchi
Nigeria’s domestic refineries are operating at just 42% of their combined capacity due to severe crude oil supply shortages, industry data has revealed. The development comes despite recent government efforts to revive the country’s refining sector and reduce dependence on fuel imports. **Key Details:** – The nation’s three main refineries in Port Harcourt, Warri, and Kaduna have a combined capacity of 445,000 barrels per day (bpd) – Current production stands at approximately 187,000 bpd due to feedstock constraints – The Dangote Refinery, Africa’s largest, is also reportedly facing similar crude supply challenges **Root Causes:** 1. **Pipeline Vandalism**: Persistent attacks on…
Stakeholders in Nigeria’s trade and logistics sectors have lauded the Nigeria Customs Service (NCS) for implementing several initiatives aimed at boosting trade and enhancing the ease of doing business. The commendations were made during recent engagements between the NCS and various stakeholders, including importers, exporters, freight forwarders, and representatives from the maritime sector. These interactions highlighted the positive impact of the NCS’s efforts to streamline customs processes and facilitate smoother trade operations. Key initiatives by the NCS that received praise include the modernization of customs procedures, adoption of technology-driven solutions, and efforts to reduce bottlenecks in cargo clearance. Stakeholders noted…
A comprehensive new report has highlighted the transformative role of artificial intelligence (AI) in advancing healthcare across Africa. The study, titled Governance of Artificial Intelligence for Global Health in Africa, was released by the Science for Africa Foundation (SFA Foundation) in collaboration with various African institutions and research councils. It underscores the potential of AI and data science to revolutionize health systems on the continent. The report is the culmination of a year-long effort involving consultations across 43 African countries and insights from over 300 stakeholders. It provides a comprehensive examination of national-level perspectives on AI and data science for…
The Nasarawa State government has initiated high-level talks with the Dangote Group to attract significant industrial investments to the state. Governor Abdullahi Sule revealed this development during an economic forum in Lafia, positioning the state as the next frontier for industrial growth in Nigeria’s North-Central region. “We’re actively engaging with Aliko Dangote and his team to bring transformative projects to Nasarawa,” Governor Sule stated. “Given our mineral resources and strategic location, we’re ideal partners for their expansion plans.” The discussions reportedly focus on three key sectors: 1. **Solid Minerals Development**: Leveraging Nasarawa’s deposits of limestone, baryte, and lead-zinc ores for…
Lagos-based port operator ABC Terminals has recorded a remarkable 30% year-on-year increase in export volumes during the first half of 2024, according to newly released operational data. The surge comes as Nigeria’s non-oil export sector shows signs of robust growth following government interventions to diversify the economy. The terminal, which handles agricultural commodities, solid minerals, and manufactured goods at Apapa Port, processed 450,000 tonnes of exports between January and June 2024, up from 346,000 tonnes during the same period last year. The biggest growth came in three key sectors: 1. **Agricultural Products** (42% increase): Particularly cocoa, sesame seeds, and cashew…
Calls are mounting for the Federal Government to formally acknowledge the pivotal role played by former Petroleum Minister Dan Etete in advancing Nigeria’s oil and gas industry, particularly in fostering indigenous participation and local content development. Etete, who served as Minister of Petroleum Resources from 1995 to 1998, is credited with laying the groundwork for policies that opened up the sector to Nigerian companies. Notably, he prepared the policy instrument for the first marginal field bid round, conducted after his tenure in 2001, which allowed local firms to acquire and develop smaller oil fields previously held by international oil companies…
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 Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed deep concern over the persistent delays in the rehabilitation of the Port Harcourt Refinery, urging the Nigerian National Petroleum Company Limited (NNPC) to provide a definitive timeline for the project’s completion. Despite multiple assurances from NNPC, the 210,000 barrels-per-day capacity refinery in Alesa-Eleme has missed several deadlines, exacerbating Nigeria’s reliance on imported petroleum products and contributing to fuel price volatility. While the smaller 60,000 barrels-per-day section of the refinery has resumed operations, the larger facility remains non-operational without a clear commissioning date. PETROAN’s National President, Dr. Billy Gillis-Harry,…
Independent oil marketers have imported approximately 496.17 million litres of Premium Motor Spirit (PMS), valued at ₦436.37 billion, within a nine-day period, intensifying tensions with the Dangote Petroleum Refinery. This surge in imports is attributed to ongoing disputes over pricing models and operational terms between marketers and the refinery. Industry sources indicate that many marketers are opting to import petrol rather than purchase from the Dangote Refinery, citing more competitive international pricing and unfavorable business conditions at the refinery. These conditions include concerns over gantry loading procedures and other logistical challenges. Aliko Dangote, President of the Dangote Group, has expressed…
As the Central Bank of Nigeria’s Monetary Policy Committee (MPC) convenes for its 300th meeting on May 19 and 20, 2025, the Organised Private Sector (OPS) is urging the committee to consider reducing the current benchmark interest rate of 27.50%. The OPS argues that a rate cut would alleviate the financial burden on businesses and stimulate economic growth. The OPS contends that the prevailing high interest rates have escalated borrowing costs, thereby hindering production, investment, and job creation. They warn that maintaining or increasing the current rate could exacerbate economic challenges, particularly for small and medium-sized enterprises. While the OPS…
Aliko Dangote has attributed the recent reduction in petrol prices to the Federal Government’s naira-for-crude policy. This initiative allows local refineries, including the Dangote Petroleum Refinery, to purchase crude oil using the Nigerian naira instead of foreign currency. This shift has significantly lowered operational costs and reduced reliance on foreign exchange, enabling the refinery to offer more affordable fuel to Nigerians . In a statement released on Monday, Dangote expressed gratitude to President Bola Tinubu for implementing the policy, highlighting its role in stabilizing and reducing petrol prices despite global crude oil market fluctuations. He emphasized that local refining at…
The Central Bank of Nigeria (CBN) has once again held the benchmark interest rate steady at 27.50%, signaling its continued effort to tackle the country’s high inflation and stabilize the naira. This decision was announced at the conclusion of the Monetary Policy Committee (MPC) meeting held on Monday. The CBN had previously raised the Monetary Policy Rate (MPR) by a total of 600 basis points in the first quarter of the year, a sharp policy stance aimed at curbing inflation, which has remained stubbornly high. The decision to retain the rate comes amid mounting pressure on consumer prices, a volatile…
FoodHutz, a rising star in the global food technology sector, has officially launched its operations in Nigeria, marking a significant milestone in its ambition to expand across the African continent. Headquartered in London, FoodHutz is a food delivery and culinary discovery platform that aims to revolutionize how consumers access food services by combining innovative technology with a user-friendly experience. With Nigeria’s rapidly growing urban population and increasing demand for convenient food options, FoodHutz sees the country as a key market to drive its next phase of growth. The company’s entry into Nigeria, starting with Lagos—the nation’s commercial and cultural…
Nigerian energy company Aiteo Eastern Exploration and Production Company has signed a strategic partnership with Mozambique’s state-owned petroleum firm, PETROMOC, to develop a 200,000 barrels-per-day oil refinery. The project marks a major step in regional energy cooperation and is poised to become the first refinery of its kind in Mozambique. The proposed refinery is expected to process crude oil into a range of refined products including petrol, diesel, naphtha, and aviation fuel. It will play a key role in reducing Mozambique’s reliance on imported refined products and is also designed to serve regional export markets in Southern Africa. The announcement…
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 Central Bank of Nigeria has reported a significant drop in interest earnings from the Federal Government’s Ways and Means advances, collecting just N3.1 billion in 2024 compared to over N1.6 trillion the previous year. This marks a dramatic decline in revenue generated from lending to the federal government, reflecting recent changes in fiscal and monetary policy direction. The sharp reduction follows the securitization of outstanding Ways and Means advances worth N22.7 trillion in 2023. These funds, previously extended as overdrafts to help the government manage its budget shortfalls, were converted into long-term debt instruments. The new arrangement spread repayments…
Nigeria is pushing for stronger international collaboration as the world races toward a cleaner energy future, with the country’s Minister of Solid Minerals Development, Dele Alake, making a compelling case for inclusive partnerships at the 2024 Future Minerals Forum held in Riyadh, Saudi Arabia. In his address, Alake underscored the urgency of forging strategic alliances that not only advance the energy transition agenda but also ensure that resource-rich nations, particularly in Africa, are not sidelined in the global shift. He argued that the path to a sustainable energy future must be inclusive, fair, and beneficial to all stakeholders, especially those…
In a concerted effort to bolster the skills and leadership capacities of artisans and technicians, the Kano State Government has collaborated with Global Sight Nigeria to conduct a comprehensive training program. This initiative aims to enhance the operational efficiency and business acumen of artisan and technician associations across the state. Overview of the Training Program The one-day workshop, held recently in Kano, brought together leaders from 165 artisan and technician associations. The training focused on equipping these leaders with essential skills in leadership, communication, and business development. Participants were also educated on the importance of effective communication and the role…
Nigeria’s public debt has surged by ₦57.3 trillion over the past 18 months, escalating from ₦87.38 trillion in June 2023 to ₦144.67 trillion by December 2024. This represents a 65.6% increase, as reported by the Debt Management Office (DMO). Breakdown of Debt Accumulation Federal Government Debt: Domestic Debt: The Federal Government’s domestic debt rose from ₦48.31 trillion in June 2023 to ₦70.41 trillion by December 2024, marking a 45.7% increase. This growth was significantly influenced by the securitization of ₦22.7 trillion in Ways and Means Advances from the Central Bank of Nigeria. External Debt: External debt increased from ₦29.9 trillion…