Petroleum marketers across the country have expressed growing concerns that the ongoing nationwide strike declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) could trigger disruptions in fuel supply chains, ultimately leading to a hike in pump prices. The strike, which began following unresolved disputes between the oil workers’ union and stakeholders in the industry, has already raised tensions within the downstream and midstream sectors. According to PENGASSAN, the industrial action was necessary to press home long-standing demands concerning workers’ welfare, unresolved disputes with certain operators, and concerns over unfair labor practices. The union also cited…
Author: Temitope Nlewemchi
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has reiterated that Nigeria’s port modernisation agenda cannot succeed without strong collaboration and investments from the private sector. Speaking during a stakeholders’ engagement session in Lagos, the minister stressed that modernising the nation’s port infrastructure is critical to enhancing efficiency, boosting trade competitiveness, and positioning Nigeria as a maritime hub for West and Central Africa. Oyetola explained that while government remains committed to creating enabling policies and providing the necessary regulatory framework, the scale of resources required for modernisation demands substantial private sector participation. He highlighted that many of the challenges…
The National Insurance Commission (NAICOM) has officially blacklisted several former directors of African Alliance Insurance Plc, marking a significant move in its ongoing drive to strengthen corporate governance and accountability in Nigeria’s insurance industry. The development comes after an extensive regulatory review into the company’s operations, where lapses in management practices and breaches of regulatory guidelines were uncovered. According to NAICOM, the decision to sanction the former directors follows investigations that pointed to persistent failures in governance, compliance, and risk management structures within African Alliance. The commission stated that the leadership style of the sacked directors contributed to weak financial…
Lagos is gearing up to host a major continental event celebrating excellence in quality, innovation, and standards—Africa’s foremost Quality Awards and Exhibition—bringing together organisations across industries to showcase achievements and exchange best practices. Announced by the Lagos State Quality Management Agency (LAQMA), the event is scheduled to take place in the city’s premier conference district later this year. It will feature a high-profile awards ceremony and an expansive exhibition designed to highlight businesses, government agencies, and individual champions driving quality-driven transformation in Africa. The awards segment will honour organisations that have demonstrated exceptional performance in areas like operational efficiency, customer…
Art in Heart Gallery, a Lagos‑based non‑profit arts organization, has launched a pioneering skills empowerment initiative for internally displaced persons (IDPs) in Nigeria, offering a creative pathway to economic independence. The gallery’s programme, unveiled earlier this month, brings displaced women and youth together in community art workshops designed to cultivate marketable talents while fostering mental wellness and social inclusion. Participants in the scheme receive training in a variety of artistic disciplines, including painting, textile design, beadwork, printmaking, and digital illustration. Under the tutelage of professional artists and certified facilitators, trainees learn techniques spanning traditional crafts to contemporary digital art tools.…
The Federal Government of Nigeria has announced its intention to create two million jobs through a national social housing programme, a core element of its post-pandemic economic recovery plan. This initiative is aimed at addressing the dual challenges of unemployment and Nigeria’s housing deficit, which is estimated at over 20 million units. The programme, according to government officials, will be executed through public-private partnerships and is expected to stimulate activity across the construction, manufacturing, and real estate sectors. Speaking in Abuja during a stakeholder engagement session, the Minister of Works and Housing, Mrs. Aisha Abubakar, emphasized that the housing scheme…
Nigeria’s rebasing of its Gross Domestic Product (GDP) to ₦372.8 trillion has been hailed as a landmark achievement in economic statistics, positioning the country as Africa’s largest economy. But despite the recalculated economic size, experts are flagging serious concerns over underlying productivity levels, warning that headline growth may mask structural inefficiencies threatening long-term development and inclusive prosperity. The rebased GDP, which reflects updated price benchmarks and expanded sector coverage—including digital services, creative industries, and informal value chains—moved Nigeria past South Africa and Egypt in size and scope. Introduced in mid‑2025, the updated data integrates a broader set of economic activities,…
Nigeria’s total outstanding debt from promissory notes dropped significantly in the first quarter of 2025, declining by 15.6 percent from ₦1.542 trillion in December 2024 to ₦1.301 trillion by March 2025. The Debt Management Office (DMO) attributed this decline to the government’s commitment to settle verified obligations owed to contractors, exporters, and other entities for previously executed and approved projects. The promissory notes are used by the government to clear arrears without immediately depleting cash resources. While this reduction might suggest improved fiscal discipline and debt management, several stakeholders have raised questions about the transparency surrounding the figures and the…
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the Nigeria Deposit Insurance Corporation (NDIC) to uphold its statutory responsibilities to safeguard depositors and reinforce confidence in the banking system. Addressing management at NDIC headquarters in Lagos, Edun emphasized the strategic importance of diligent performance and proactive risk management in the wake of recent financial sector shocks. Edun praised the NDIC for recent initiatives—such as prompt reimbursement of insured depositors of the defunct Heritage Bank—but stressed that the agency must not rest on its laurels. “Our economic framework relies on trust in the banking system.…
The House of Representatives has launched an unprecedented investigation into 25 insurance companies operating in Nigeria, amid allegations that they have collectively failed to remit billions of naira in statutory revenue due to the federal government. The probe, conducted by the House’s Sub‑Committee on Capital Markets and Other Institutions, has sent shockwaves through the insurance sector and raised pressing governance issues. According to the committee chairman, Hon. Kwamoti Laori, the investigation stems from petitions and preliminary findings revealing serious infractions, including under‑remittance of compulsory insurance contributions and premium levies. Allegedly, several firms failed to forward proceeds from mandatory insurance schemes—such…
Rex Insurance Limited has unveiled new digital platforms designed to make the purchase and renewal of traditional third‑party motor insurance faster, more transparent, and more convenient for motorists across Nigeria. These digital tools reinforce the company’s longstanding emphasis on customer-centric innovation and regulatory compliance, aligning with its broader transition into a digitally enabled insurance provider. Under the new setup, motorists can now apply for third‑party motor insurance entirely online through Rex’s revamped website or dedicated mobile application. The platforms include real-time policy issuance, instant payment processing, and integration with national verification systems—ensuring that a valid policy can be confirmed and…
Nigeria’s real estate sector has witnessed a remarkable upturn, surging to a market value of ₦41.3 trillion in the first quarter of 2025, according to recent data from the National Bureau of Statistics (NBS). This expansion not only underscores the sector’s resilience amid economic headwinds but also highlights its increasingly pivotal role in national economic recovery and growth. The sector’s performance, which represents a significant jump compared to previous quarters, is being lauded by industry experts and economic analysts alike, especially as it comes at a time when other major non-oil sectors such as trade and manufacturing have posted mixed…
The Association of Advertising Agencies of Nigeria (AAAN) is gearing up to host its highly anticipated 52nd Annual General Meeting and Congress, with this year’s edition expected to focus squarely on driving innovation in Nigeria’s advertising and marketing communications industry. Scheduled to hold from July 17 to 19, 2025, at the JAGZ Hotel in Ibadan, Oyo State, the summit will gather top industry leaders, creative professionals, government officials, and regulators to chart a fresh path for the future of advertising in the country. The summit’s theme, “Charting Bold Paths Forward,” highlights AAAN’s renewed commitment to encourage agencies to embrace…
Nigeria’s lagoon systems, especially those around Lagos, are increasingly gaining notoriety for being among the most polluted water bodies globally, as unmanaged waste disposal and environmental neglect take their toll. In coastal cities like Lagos, lagoons once used for fishing, transport, and recreation are now overflowing with solid waste, plastic debris, oil spills, and industrial effluents. These water bodies are no longer safe for human activity or aquatic life, say environmentalists and local community leaders who have called attention to the rapid decline in water quality over the years. Open dumping of municipal waste has become a chronic problem. Refuse…
United Africa Company (UAC) has confirmed the acquisition of the Chivita and Hollandia beverage brands from the Coca‑Cola Group, marking a pivotal expansion of its portfolio into fruit juice and dairy variants. The move, representing a significant shift in Nigeria’s consumer goods landscape, reinforces UAC’s ambition to deepen local value chains and expand its foothold in the fast-moving consumer goods (FMCG) sector. UAC’s Managing Director described the acquisition as transformative: by bringing Chivita and Hollandia under its umbrella, the company now controls a broader range of beverage offerings—from fruit juices and smoothies to probiotic dairy drinks—enabling a more holistic market…
The Policy Innovation Centre (PIC) has commended the Lagos State Government for its proactive and impactful approach to women’s empowerment, describing the initiative as a significant step towards inclusive socio-economic development. In a statement released following an engagement with key stakeholders, the PIC praised the initiative for targeting vulnerable women across communities and providing them with tools to attain financial independence and improved livelihoods. The Centre acknowledged the Lagos State Government’s efforts to scale up access to entrepreneurship training, start-up support, and mentorship for women from various backgrounds. According to the PIC, the empowerment programme reflects a well-structured model that…
Nigeria’s automotive industry is entering a new phase of transformation as auto manufacturers set an ambitious target of sourcing 50% of their vehicle components locally. This move comes as both government and private sector players collaborate to reduce reliance on imported parts, boost domestic production, and support economic growth through industrial expansion. The push toward greater local content is fueled by the need to conserve foreign exchange, promote job creation, and strengthen Nigeria’s manufacturing capabilities. Government backing has come in the form of policies encouraging ministries, departments, and agencies (MDAs) to prioritize locally assembled vehicles in their fleet procurements, alongside…
The African Development Bank (AfDB) has pledged a $1.2 million grant to bolster the stability and resilience of Nigeria’s national electricity grid—a critical step toward reducing outages, improving distribution efficiency, and supporting long-term grid reliability. The grant, announced by AfDB officials and Nigeria’s Power Ministry, is earmarked for targeted interventions in grid monitoring, operational coordination, and technical upgrades at key substations across high-demand regions. It is part of a broader strategy to support system operators and transmission entities as they implement reforms intended to modernize transmission capabilities and reduce systemic disruptions. According to Energy Ministry representatives, the grant will fund…
Shell has announced a sharp decline in profit for its latest financial period, attributing the downturn to a slowdown in global oil and gas prices that eroded margins across its energy operations.The energy company revealed that net income for the half-year contracted year‑on‑year, with upstream revenue—generated from exploration and production—hardest hit by lower crude and natural gas rates. Despite robust production volumes, the average revenue per barrel dipped significantly due to depressed benchmark prices. Downstream operations, including refining, petrochemicals, and lubricants, also reported margin compression. Refinery crack spreads narrowed as demand softened in key markets, and surging operating costs—from energy…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to place immediate and strategic focus on stabilising the naira, stressing that continued volatility in the foreign exchange market is undermining investor confidence, raising the cost of doing business, and deepening inflationary pressures across the country. In a statement issued by the Chamber’s Director-General, Dr. Chinyere Almona, the LCCI noted that while efforts by the Central Bank of Nigeria (CBN) to unify exchange rates were commendable, the current trajectory of the naira’s depreciation required more decisive fiscal and monetary interventions. According to the LCCI, businesses—particularly those…