Nigeria’s micro, small, and medium-sized enterprises (MSMEs)—which constitute over 96% of businesses and provide approximately 84% of jobs in the country—are facing a critical threat. The potential exit of Meta Platforms Inc. (parent company of Facebook, Instagram, and WhatsApp) from Nigeria could severely disrupt the digital economy, particularly for businesses that rely heavily on these platforms for marketing, sales, and customer engagement. A recent analysis by Premium Times highlighted that 56% of Nigerian MSMEs depend exclusively on Facebook and Instagram for their sales. These platforms have become integral to business operations, offering cost-effective marketing tools and broad consumer reach. For…
Author: Temitope N.
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has expressed concerns regarding the potential monopolistic control that the Dangote Refinery could exert over Nigeria’s fuel market once it becomes fully operational. DAPPMAN’s alarm comes as the refinery, with a refining capacity of 650,000 barrels per day, moves closer to meeting Nigeria’s domestic fuel needs, which could significantly reduce the country’s dependence on fuel imports. While this shift towards self-sufficiency is largely seen as positive for Nigeria’s economy, DAPPMAN is raising red flags over the implications of such dominance in the market. In an interview with the media, DAPPMAN’s…
The Nigerian Bottling Company (NBC), the authorized bottling partner of The Coca-Cola Company in Nigeria, has been awarded the “Best Sustainability Project of the Year” at the 2024 Industry Awards. This recognition was bestowed for NBC’s recently commissioned Packaging Collection Hub in Apapa, Lagos, highlighting the company’s commitment to environmental sustainability and responsible business practices. The Packaging Collection Hub is a significant step in NBC’s efforts to enhance recycling rates and promote sustainable packaging practices. It aligns with the company’s broader goal of collecting and recycling the equivalent of 100% of its packaging by 2030. Accepting the award, NBC’s Corporate…
The Manufacturers Association of Nigeria (MAN) has urged the federal government to reconsider plans to ban single-use plastics, advocating instead for a more sustainable and economically viable approach centered on recycling. According to the association, banning plastics outright could lead to serious consequences for industries, jobs, and the environment if not handled with a strategic, long-term vision. Speaking on behalf of manufacturers across the country, the Director General of MAN, Segun Ajayi-Kadir, said that while plastic pollution is a pressing issue, the solution lies in building a robust recycling infrastructure rather than shutting down an entire segment of production. He…
In response to the Nigerian government’s proposed ban on single-use plastics, the Manufacturers Association of Nigeria (MAN) has urged authorities to prioritize recycling initiatives instead. They argue that enhancing recycling infrastructure and promoting sustainable alternatives would better balance environmental concerns with economic stability. MAN’s Director General, Segun Ajayi-Kadir, emphasized that a nationwide ban could disrupt various sectors, including packaging, consumer goods, food and beverage, and healthcare. He highlighted that small and medium-sized enterprises (SMEs) might struggle to adapt due to limited resources, potentially leading to job losses and economic downturns. The association advocates for a phased approach, suggesting investments in…
Aliko Dangote, Africa’s richest man and President of the Dangote Group, has reaffirmed his company’s commitment to collaboration with the Nigerian National Petroleum Company Limited (NNPC Ltd), emphasizing the strategic partnership between both entities as essential for Nigeria’s energy security and industrial growth. This came during a high-level visit to the NNPC headquarters in Abuja, where Dangote met with the Group Chief Executive Officer, Bayo Ojulari, and other senior officials. Speaking during the visit, Dangote stressed that his relationship with the national oil company is one of cooperation and mutual benefit rather than competition. “NNPC is part and parcel of…
Airtel Nigeria has announced plans to more than double its capital expenditure in 2025, committing over ₦500 billion to accelerate the deployment of 5G services and expand network coverage, particularly in underserved rural areas. This significant investment marks a substantial increase from the ₦259 billion spent in the previous fiscal year. The expanded capital will fund critical infrastructure projects, including the installation of new base stations, extension of Airtel’s fibre-optic backbone, and enhancement of existing infrastructure with high-capacity radios. These upgrades aim to improve network performance, especially in high-traffic areas, and expand coverage into hard-to-reach rural regions. Airtel Nigeria’s CEO,…
Effective May 1, 2025, Nigerian banks have increased SMS transaction alert fees by 50%, raising the cost from ₦4 to ₦6 per message. This adjustment follows the Nigerian Communications Commission’s approval of a 50% hike in telecom tariffs, impacting services such as bulk SMS used by banks for customer notifications. In response to the increased charges, many bank customers are opting for email alerts, which remain free of charge. Banks like Guaranty Trust Bank and Ecobank have informed customers about the new SMS fees and provided options to switch to email notifications. Customers can update their alert preferences through the…
The United Arab Emirates (UAE) has pledged its support for the $25 billion Nigeria-Morocco gas pipeline project, marking a significant development in Africa’s energy infrastructure landscape. This ambitious initiative aims to connect Nigeria’s vast gas reserves to Morocco, with the potential to extend further into Europe, thereby enhancing energy security and fostering economic integration across the continent. Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali, confirmed the UAE’s commitment to co-financing the project. The pipeline has also garnered backing from major international institutions, including the Islamic Development Bank, the OPEC Fund, and the European Investment Bank. Spanning approximately…
Sportsbet.io, a leading crypto-focused sports betting platform, has recently expanded its global ambassador program, “Join the Crypto Experience,” by enlisting a diverse group of influencers and personalities from various fields. This initiative aims to merge the worlds of sports, entertainment, and cryptocurrency, reflecting the platform’s commitment to innovation and community engagement. Among the latest additions is NBA player Tristan Thompson, who has signed a two-year deal with Sportsbet.io. Thompson will share his insights on various sports, including NFL, MLB, football, tennis, golf, UFC, and boxing, offering fans exclusive promotions and weekly betting tips. His passion for cryptocurrency aligns with Sportsbet.io’s…
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 integration of artificial intelligence (AI) into cybercrime has introduced a new era of sophisticated attacks, with human error emerging as a primary vulnerability. Cybercriminals are leveraging AI to automate and enhance various phases of cyberattacks, making them more efficient and harder to detect. AI-powered cyberattacks utilize machine learning algorithms to identify vulnerabilities, deploy targeted campaigns, and exfiltrate data. These attacks can adapt over time, learning from previous attempts to avoid detection and improve success rates. For instance, AI can automate the reconnaissance phase, gathering data on potential targets to craft more convincing phishing emails and messages. Human error significantly…
Lafarge Africa Plc has achieved a significant milestone in its commitment to quality and environmental sustainability, with its ReadyMix operations receiving two prestigious certifications from the International Organization for Standardization. The certifications—ISO 9001:2015 for Quality Management Systems and ISO 14001:2015 for Environmental Management Systems—were awarded by the Standards Organisation of Nigeria (SON). This recognition underscores Lafarge Africa’s adherence to international best practices in delivering high-quality, environmentally responsible concrete solutions. ISO 9001:2015 certification affirms the company’s dedication to consistent quality in its ReadyMix products, ensuring they meet customer and regulatory requirements. ISO 14001:2015 certification highlights Lafarge Africa’s proactive approach to environmental…
Coronation Group has reaffirmed its commitment to driving sustainable wealth creation in Africa by announcing its participation in the upcoming Africa CEO Forum. The forum, which will bring together leaders from across the continent, is expected to serve as a platform for meaningful dialogue on business growth, legacy building, and economic transformation. At the heart of Coronation’s presence is a strategic focus on empowering African enterprises and individuals through long-term financial planning and investment. The group aims to leverage the forum to highlight its dedication to building enduring wealth across generations, particularly through innovative banking, insurance, and investment services. The…
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…
In a strategic move to address Nigeria’s housing deficit, a prominent real estate company has completed the allocation of residential plots to investors. The initiative, part of the firm’s broader commitment to expanding affordable housing, aims to provide more Nigerians with access to land ownership and contribute to reducing the nation’s housing shortfall. The allocated plots are situated in a newly developed estate strategically located to offer residents both accessibility and tranquility. The estate boasts essential infrastructure, including paved roads, drainage systems, and provisions for electricity and water supply, ensuring a conducive environment for prospective homeowners. This development aligns with…
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…
In a coordinated and urgent mission, the Nigerian government has successfully rescued and repatriated 78 women who were victims of human trafficking in Côte d’Ivoire. The operation highlights the growing commitment by authorities to confront the persistent threat of human trafficking, particularly involving young Nigerian women lured abroad with false promises of employment. The rescued victims, mostly aged between 13 and 30, had been trafficked under deceptive schemes, only to find themselves trapped in forced labor and sexual exploitation in various parts of Abidjan. Their ordeal came to light following mounting pressure from the public and civil society figures who…
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…
The Nigeria Customs Service (NCS) has announced a revenue collection of N1.75 trillion for the first half of 2024, derived from total trade valued at N36 trillion during the same period. **Key Highlights:** 1. **Revenue Performance** – First half 2024 collection: N1.75 trillion – Represents 63% of annual target (N2.79 trillion) – 32% increase compared to same period in 2023 2. **Trade Volume Analysis** – Total trade value: N36 trillion (January-June 2024) – Import-export ratio: 60:40 – Top imports: Petroleum products, vehicles, machinery – Major exports: Crude oil, agricultural products 3. **Operational Efficiency** – 98% of collections through electronic platforms…