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…
Author: Temitope Nlewemchi
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…
Toyota is doubling down on its commitment to electrification with the upcoming launch of several hybrid and electric vehicles (EVs), including models set to debut in Nigeria. As the automotive industry shifts toward more sustainable mobility solutions, Toyota is positioning itself as a leader in both hybrid and fully electric vehicle technology, catering to a global demand for cleaner, more efficient transportation. The company’s latest move includes a mix of all-new and updated models across various vehicle segments. These introductions are part of Toyota’s broader strategy to offer a comprehensive range of electrified options—including hybrid electric vehicles (HEVs), plug-in hybrids…
The Dangote Petroleum Refinery has firmly responded to recent criticisms from oil marketers, asserting its capability to meet Nigeria’s domestic fuel demands. This rebuttal comes in the wake of claims by industry stakeholders suggesting that the refinery lacks the capacity to satisfy the nation’s fuel requirements, thereby necessitating continued fuel imports. Marketers’ Concerns Oil marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), have expressed reservations about the federal government’s proposed fuel import ban. They argue that the current domestic refining capacity is insufficient, and an…
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…
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…
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…
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…
Femi Otedola, Chairman of First Bank Holding Company (FirstHoldCo), has attributed the group’s return to profitability to the bold economic reforms initiated by President Bola Ahmed Tinubu and the monetary policies of Central Bank Governor Yemi Cardoso. Speaking at the 13th Annual General Meeting of FirstHoldCo in Lagos, Otedola praised the renewed investor confidence these reforms have inspired and revealed that his investment in the group is set to exceed ₦320 billion. Otedola began building his stake in FirstHoldCo in 2021 following his exit from Forte Oil, and his entry was seen by many as a strategic bid to stabilize…
Inflation can slowly erode the value of your hard-earned savings, making it important to find ways to protect your money and maintain its purchasing power. Here are some smart strategies to help shield your savings from the effects of inflation: Invest in Stocks Stocks generally offer returns that outpace inflation over the long term. By owning shares in companies, you participate in their growth, which can help your savings grow faster than rising prices. Consider Real Estate Property values and rental income tend to rise with inflation. Investing in real estate can provide a steady income stream and capital appreciation…
The Securities and Exchange Commission (SEC) has expressed deep concern over the increasing number of investors falling prey to Ponzi schemes. The regulator warns that such fraudulent investment operations promise high returns with little or no risk, but ultimately collapse, causing significant financial losses to unsuspecting investors. The SEC noted that despite repeated public warnings and educational campaigns, many investors continue to be attracted by the allure of quick and unusually high profits, often overlooking red flags. The commission stressed that Ponzi schemes undermine trust in the financial markets and pose a serious threat to economic stability. To combat…
The Manufacturers Association of Nigeria (MAN) has appealed to the federal government to transform the ‘Nigeria First’ policy into a binding law. The association believes that legally enforcing the policy will ensure consistent support for locally made products and services, which is vital for the growth of Nigeria’s manufacturing sector and overall economic development. The ‘Nigeria First’ policy, which promotes the patronage of Nigerian-made goods, aims to reduce import dependency, create jobs, and boost industrialization. However, MAN notes that without a legal framework, the policy lacks the teeth needed for widespread adoption and enforcement. MAN argues that codifying the…
Nigeria is taking bold steps to transform its mining and automotive sectors in a bid to drive a full-scale industrial revolution. As Africa’s most populous country and largest economy, Nigeria is aiming to diversify away from its long-standing dependence on oil by leveraging its rich mineral deposits and building a self-sustaining automotive industry. Government officials and industry stakeholders believe that strategic investments and policy reforms in these sectors can lay the foundation for long-term industrial growth, create jobs, and enhance economic resilience. The mining sector sits at the heart of this new agenda. Despite being endowed with over 40 commercially…
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…
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 House of Representatives has urged the Federal Government to temporarily halt the divestment of assets by International Oil Companies (IOCs), including Shell and TotalEnergies, until they meet their environmental and financial obligations. Lawmakers expressed concerns that IOCs exiting Nigeria’s oil sector have not fully addressed issues related to environmental degradation, abandoned assets, and outstanding liabilities. They stressed that communities in oil-producing regions continue to suffer from pollution, loss of livelihoods, and inadequate remediation efforts, making it crucial for these companies to fulfill their responsibilities before transferring their assets. The move comes amid a wave of divestments by major oil…
The United Bank for Africa (UBA) has announced a bold initiative in collaboration with the Bank of Industry (BOI) to empower female entrepreneurs and strengthen financial inclusion in Nigeria. Under the scheme, a dedicated ₦5 billion fund has been earmarked to support women-owned micro, small, and medium enterprises (MSMEs), positioning the program as one of the largest targeted financing drives for women in business across the country. The fund is part of UBA’s broader commitment to gender equity and inclusive growth, reflecting the bank’s recognition of the critical role women play in driving economic activity and job creation. By providing…