A Nigerian firm has recently unveiled a comprehensive strategy aimed at revitalizing the product industry. This initiative focuses on fostering innovation, enhancing local production capabilities, and strengthening the overall product development ecosystem within the country. The strategy encompasses several key components: Collaboration with Government Agencies: Partnering with entities like the Lagos State Employment Trust Fund (LSETF) to support tech innovators and entrepreneurs in transitioning from theoretical knowledge to practical applications. Investment in Local Talent: Establishing academies and training programs to equip individuals with the necessary skills for product development, thereby boosting employment and economic growth. Promotion of Made-in-Nigeria Products: Encouraging…
Author: Temitope N.
LivingTrust Mortgage Bank Plc has been honoured with the Development Bank of Nigeria (DBN) Innovation Award in the Other Financial Institution (OFI) category for the 2024 financial year. This prestigious recognition highlights the bank’s exceptional performance and innovative contributions to supporting micro, small, and medium-sized enterprises (MSMEs) in Nigeria. The DBN, supported by global development partners including the World Bank, European Investment Bank, French Development Agency, African Development Bank, and the Federal Government of Nigeria, acknowledges financial institutions that demonstrate excellence in facilitating access to finance for MSMEs. LivingTrust Mortgage Bank’s award reflects its commitment to fostering entrepreneurship, driving economic…
The Federal Government of Nigeria has announced plans to invest $2 billion in deploying 90,000 kilometers of fibre optic infrastructure nationwide, starting in the fourth quarter of 2025. This initiative, known as Project Bridge, aims to enhance broadband access and digital connectivity, particularly in underserved and rural communities. Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed this development during an interview for an upcoming State House documentary marking President Bola Tinubu’s second year in office. He emphasized that the investment would ensure every Nigerian has access to affordable, high-quality connectivity, regardless of location. Dr. Tijani highlighted that…
The Association of Meter Manufacturers of Nigeria (AMMON) has strongly criticized the Transmission Company of Nigeria (TCN) for awarding electricity meter supply contracts worth over $100 million (approximately ₦160 billion) to two Chinese companies, sidelining local manufacturers. According to AMMON, the contracts, funded through a World Bank loan, involve the supply of 1.25 million meters. Despite the substantial investment, only 75,000 meters have been delivered so far, and these remain uninstalled, failing to address the country’s metering challenges. AMMON expressed concern that TCN plans to proceed with another World Bank-funded procurement of 1.55 million meters from foreign companies, further neglecting…
Despite ongoing efforts to reform Nigeria’s power sector, widespread blackouts continue to affect many parts of the country. A significant factor contributing to this persistent issue is the underutilization of government-owned power plants, which collectively have a capacity of 3,000 megawatts (MW) but remain largely dormant. The Niger Delta Power Holding Company (NDPHC), responsible for managing several of these plants under the National Integrated Power Projects (NIPP), is currently struggling to generate even 1,000MW. This shortfall is primarily due to inadequate gas supply and operational challenges, leaving a substantial portion of the nation’s installed capacity idle. While the Federal Government…
The Nigeria Customs Service (NCS) and the Benin Republic Customs Administration have inaugurated the Système Interconnecté de Gestion des Marchandises en Transit (SIGMAT) platform at the Seme-Krake Joint Border Post. This digital system aims to streamline and harmonize customs procedures, facilitating smoother and more secure trade between the two nations. The launch event, held on May 19, 2025, was attended by key officials, including the Acting Comptroller-General of the NCS, Bashir Adewale Adeniyi, and the Director-General of Benin Customs, Adidjatou Hassan Zanouvi. Adeniyi emphasized that SIGMAT is designed to enhance the visibility of goods in transit, combat diversion and fraud,…
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…
The Oyo State Government has announced that the Ladoke Akintola International Airport in Ibadan is set to commence international flight operations by June 2026, following significant upgrades aimed at transforming the facility into a modern aviation hub. Commissioner for Information and Civic Orientation, Prince Dotun Oyelade, stated that the airport’s runway is being extended from 2,400 meters to 3,000 meters and widened from 45 meters to 60 meters to accommodate wide-body aircraft. Additionally, the airfield lighting system has been upgraded to CAT C standards, and firefighting capabilities have been enhanced to meet international safety requirements. The construction of a new…
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 Federal Government of Nigeria and the United Arab Emirates (UAE) have amended their Bilateral Air Services Agreement (BASA) to permit airlines from both countries to sell tickets and ancillary services in either local currencies or any freely convertible foreign currency, such as the U.S. dollar. This development follows the resumption of Emirates Airlines’ operations in Nigeria, ending a diplomatic and commercial impasse that began in 2022 when the airline suspended flights due to challenges in repatriating funds. Under the revised agreement, designated carriers from both nations—including Emirates, Etihad Airways, Air Arabia, flydubai, Air Arabia Abu Dhabi, Wizz Air Abu…
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…
The recently concluded Winnipeg Trade Fair in Canada recorded a strong turnout of over 2,000 attendees, with Nigeria’s delegation making a significant impact through its vibrant pavilion showcasing “Made-in-Nigeria” products. Key Highlights from Nigerian Participation: – 32 Nigerian exhibitors across agriculture, manufacturing and tech sectors – $3.8 million in immediate deals signed during the 3-day event – 120 serious business leads for Nigerian exporters – Special focus on Nigerian cocoa, sesame and leather products **Notable Achievements:** 1. **Agricultural Breakthrough**: Two Canadian distributors committed to importing $1.2 million worth of Nigerian organic spices annually 2. **Tech Interest**: Three Nigerian fintech…
The National Insurance Commission (NAICOM) has announced strict enforcement of the compulsory insurance policy for all public buildings across Nigeria, as stipulated in Section 65 of the Insurance Act 2003. This move aims to enhance public safety and boost insurance penetration in the country. Key Details of the Directive: – Applies to all buildings accessible to the public (schools, hospitals, hotels, offices, etc.) – Requires minimum third-party liability coverage – Building owners must display valid insurance certificates visibly – Compliance verification to begin October 2024 Penalties for Non-Compliance: – ₦500,000 fine for individual building owners – ₦1 million fine for…
Nigeria’s Ambassador to the United Kingdom, Sarafa Isola, has declared that the country’s ongoing economic reforms are successfully transforming it into a continental investment powerhouse. This assessment comes as recent policy changes begin yielding measurable results in foreign direct investment (FDI) inflows. Transformative Reforms Driving Change: 1. Foreign Exchange Management – Unified exchange rate system – Increased forex market liquidity – Special windows for investors 2. Tax Regime Improvements – Revised fiscal incentives for pioneer industries – Streamlined tax compliance processes – Double taxation agreements with key partners 3. Sector-Specific Breakthroughs – Petroleum Industry Act implementation – Electricity Act 2023…
A new report by the National Bureau of Statistics (NBS) has revealed that women hold just 33% of formal sector jobs in Nigeria, highlighting persistent gender disparities in the country’s labor market. **Key Findings from the Report:** – Women represent only 1 in 3 formal sector workers – Gender gap widens at senior management levels (22% female representation) – Best-performing sectors for female employment: • Education (41%) • Healthcare (38%) • Financial services (35%) – Worst-performing sectors: • Construction (11%) • Transportation (9%) • Engineering (14%) **Root Causes Identified:** 1. Cultural biases in male-dominated industries 2. Limited access to STEM…
Nigeria’s Minister of Labour and Employment, alongside other key stakeholders, is set to headline the upcoming National Productivity Summit focused on driving workplace excellence and industrial growth. The high-profile event scheduled for October will bring together government officials, private sector leaders, and labour unions to address critical workforce challenges. Summit Highlights: – Theme: “Building a Competitive Workforce for Nigeria’s Industrial Revolution” – Focus areas: skills development, labour productivity, and workplace innovation – Expected attendance: 500+ delegates from across sectors The Labour Minister will deliver the keynote address on “Repositioning Nigeria’s Labour Market for Global Competitiveness,” outlining the government’s new productivity…