The Nigeria Customs Service (NCS) has unveiled an ambitious Corporate Social Responsibility drive, promising to provide educational support to 50,000 students across the country in 2025. The initiative—branded “Customs Cares”—was publicly launched during the commissioning of a renovated primary and nursery school in Ajeromi‑Ifelodun, Lagos, and forms part of a broader effort to reach 10 million Nigerians through education, health, youth empowerment, creative economy, water access, and ICT interventions. During the Ajeromi‑Ifelodun event, the Comptroller‑General of Customs, Bashir Adewale Adeniyi, highlighted that the Lagos Tin Can Island Port Command had already delivered school supplies to roughly 10,000 pupils, including 5,000…
Author: Temitope N.
FirstBank of Nigeria has made a significant breakthrough in its financial services mandate, announcing that it has now dispersed over ₦1 trillion in digital loans to individuals and small businesses—cementing its role at the forefront of financial inclusion and innovation. The milestone underscores the bank’s commitment to leveraging technology to reach underserved borrowers and bolster Nigeria’s digital economy. Since launching its digital lending platform, FirstBank has steadily scaled operations to offer accessible credit through smartphones and feature phones. The digital loan facility enables eligible customers to apply in minutes without visiting a physical branch, using an automated system to assess credit…
In a significant endorsement of private-sector intervention, the National LPG Marketers Association of Nigeria (NALPGAM) has thrown its full weight behind Dangote Petroleum Refinery’s plan to substantially reduce cooking gas prices for consumers across the country. The move has been hailed as a bold step toward improving energy affordability, boosting adoption of cleaner cooking fuels, and easing inflationary pressure on households. NALPGAM’s national leadership praised the Dangote Group’s decision as strategic, timely, and likely to revitalize the domestic LPG market. At its weekly policy meeting in Abuja, the association’s President and other executive members emphasized that lower prices could stimulate…
The Federal Government, in collaboration with the Federal Inland Revenue Service (FIRS), has taken its ongoing tax sensitisation programme to Ibadan, Oyo State, as part of a national effort to enhance awareness of tax responsibilities, reforms, and benefits among Nigerians—especially those in the informal sector. The initiative, which also featured key support from the Presidential Office of Community Engagement for the Southwest, focused on enlightening traders, artisans, commercial drivers, and other grassroots operators on how tax reforms directly impact their livelihoods and businesses. During the sensitisation drive, government officials engaged with various community members in markets and public places like…
The National Identity Management Commission (NIMC) has announced that it has successfully registered 122 million Nigerians for the National Identity Number (NIN), significantly reducing instances of extortion by approximately 40 percent. This major milestone reflects the federal agency’s intensified efforts to deepen national identification coverage and clamp down on illicit fees, particularly in underserved communities and during the NIN–SIM linkage exercise. According to NIMC’s most recent disclosure, 122 million citizens have now secured their NINs, bringing national enrollment coverage to nearly 83 percent of the projected Nigerian population. The achievement places NIMC well on track to hit its year-end target…
The price of land in Eko Atlantic City, Lagos, has reached a new peak, with reports indicating that plots are now being sold for over ₦2 billion each. The upscale development, which has steadily attracted both local and international investors since its inception, is increasingly being recognized as one of the most valuable real estate enclaves in Nigeria. The dramatic rise in land valuation in this coastal city is being attributed to the growing interest from high-net-worth individuals and institutions seeking exclusive investment opportunities in the heart of Lagos. Eko Atlantic, a sprawling city built on reclaimed land from the…
A business expert has called on Nigerian startups to prioritise the development of strong internal structures as a pathway to long-term sustainability, growth, and global competitiveness. The advice comes amid increased enthusiasm around entrepreneurship in the country, with many young founders focusing on scaling quickly without establishing sound operational frameworks. Speaking during a recent entrepreneurship forum in Lagos, the expert, who is a renowned business strategist and venture development consultant, emphasised that while passion, innovation, and funding are essential to startup success, none of these elements can substitute for robust organisational systems. According to him, startups that fail to build…
The Lagos Chamber of Commerce and Industry (LCCI) has offered a cautiously optimistic projection that Nigeria’s inflation rate will continue its downward trajectory, paving the way for imminent interest rate reductions from the Central Bank of Nigeria (CBN). In its latest macroeconomic outlook, the chamber highlighted improving price dynamics, a stabilising naira, and easing food inflation as key factors that could enable the monetary authority to adopt a more accommodative stance. In recent months, headline inflation has eased from the 24 percent range to the low 22s, while core inflation—excluding food and energy—has moderated to the mid-20s, according to National…
The Manufacturers Association of Nigeria (MAN) has raised serious concerns over the apparent neglect of indigenous motorcycle producers by government agencies, alleging that preference continues to be given to imported two- and three-wheeler brands. At a recent association gathering, stakeholders warned that the lack of policy support, regulatory enforcement, and official patronage is stifling the growth of the local motorcycle manufacturing sector. According to MAN, Nigeria is home to several local motorcycle assembly firms that produce affordable and durable bikes tailored to domestic needs. Despite meeting automotive assembly standards and operating within designated automotive zones, these manufacturers face systemic disadvantages.…
The Federal Government has set forth a bold economic directive to raise Nigeria’s Gross Domestic Product by ₦23 trillion—or approximately 12 percent—within the span of one year. Central to this initiative is a renewed push for value addition, a strategic shift intended to transform Nigeria from a country primarily exporting raw materials into one that produces, refines, and exports finished goods. At the heart of the strategy lies the proposed “30 Percent Minimum Value Addition Policy,” which mandates that at least 30 percent of locally sourced raw materials—including agricultural produce, solid minerals, and petrochemicals—be processed in-country before reaching export markets. Proponents…
Nigeria’s electricity subsidy burden has ballooned significantly, rising by a staggering 220 percent to nearly ₦2 trillion in 2024. This development has raised widespread concerns about the sustainability of government interventions in the power sector and reignited calls for urgent reforms to ensure financial viability and service reliability. The sharp increase from ₦610 billion in 2023 to ₦1.94 trillion in 2024 is largely attributed to the growing gap between cost-reflective tariffs and the rates paid by most electricity consumers. According to sector insiders and data from the Nigerian Electricity Regulatory Commission (NERC), the federal government’s financial obligations for electricity subsidies…
A recent share transaction involving First Holdings PLC (First Holdco) has sparked intense market speculation after it emerged that shares worth ₦323.4 billion changed hands, fuelling investor curiosity about billionaire Femi Otedola’s potential involvement and ownership shift. The transaction, which ranks among the largest in the company’s recent history, has prompted analysts, stakeholders, and market watchers to scrutinize possible strategic shifts and repositioning at the holding company. According to regulatory filings, the block trade comprised approximately 1.8 billion shares, executed at a slight discount to the prevailing market price—interpreted by some as evidence of negotiated transactions by institutional players. Trading occurred…
The Nigerian Exchange (NGX) recorded a robust capital appreciation of ₦833 billion this week, largely driven by a significant rally in cement sector stocks. Cement manufacturers led the market gains, reflecting increased investor confidence in construction activity, government infrastructure spending, and resilient demand in both domestic and regional building markets. The market-wide upswing was evident across key indices, with the All-Share Index climbing by nearly 2.5% and market capitalization expanding from around ₦42.0 trillion to approximately ₦42.8 trillion. Cement stocks spearheaded this performance, contributing over 60% to the overall value gain. Nigerian cement majors, including Dangote Cement, BUA Cement, and Lafarge Africa, posted…
A growing wave of interest from UK-based companies signals renewed confidence in Nigeria’s investment frontier as British firms explore opportunities across key sectors including energy, manufacturing, financial services, and infrastructure. High-level meetings hosted in London and Lagos have brought together Nigerian government officials, regulators, and industry leaders to promote strategic partnerships, joint ventures, and capital mobilisation aimed at unlocking Nigeria’s economic potential. The investment focus follows in the footsteps of the Africa–UK Investment Summit and aligns with bilateral trade dialogues promoting private sector collaboration. British corporate delegations, including executives from manufacturing conglomerates, renewable energy developers, fintech innovators, and logistics operators,…
Nigeria’s Monetary Policy Committee (MPC) finds itself at a critical crossroads this month as it deliberates the next interest rate decision in light of consecutive months of inflation decline. With inflation easing from historic highs, global uncertainties lingering, and the naira stabilizing, economic observers say the coming MPC meeting could set the tone for monetary policy over the next year. In recent months, Nigeria has witnessed a gradual but sustained contraction in headline inflation, easing from its peak in 2024. While still elevated, the decline has been consistent, driven largely by improved food supply conditions, relative currency stability, and tighter…
The Dangote Group has suspended its recently introduced fuel discount programme following allegations of widespread fraudulent activities by marketers and distribution agents. The initiative, which was designed to cushion the impact of high pump prices on transporters and logistics operators, came to an abrupt halt as the conglomerate began investigating irregularities surrounding the scheme’s implementation. The fuel discount initiative, which was launched through Dangote Petroleum Refinery, was aimed at offering discounted diesel and other petroleum products to selected sectors of the economy, particularly those involved in mass transportation, agriculture, and essential services. The scheme was widely lauded for its potential…
In a bold move to streamline trade outflows and strengthen domestic food security, the Federal Government has unveiled a comprehensive initiative to reduce Nigeria’s $1.2 billion annual fish import bill by ramping up local aquaculture production. The policy shift is part of a broader strategy to boost agricultural output, generate jobs, sustain foreign currency, and reduce dependency on imported fish. At the heart of the initiative is a multi-agency task team assembled to coordinate efforts across the Ministries of Agriculture, Trade, and Finance, as well as the National Agency for Administration and Development Agencies involved in livestock and aquaculture. This inter-ministerial…
The Federal Government has unveiled an ambitious plan to increase Nigeria’s electricity output by 8,500 megawatts (MW) within the next twelve months. If achieved, the expansion would mark a significant breakthrough in addressing the chronic power shortfall that continues to undermine economic growth and public welfare across the country. Under the initiative announced by the Minister of Power, the government intends to drive rapid scale-up through a combination of new generation facilities, optimization of existing assets, and enhanced private sector engagement. At present, Nigeria’s actual output fluctuates between 4,000 and 5,000 MW—far below both current demand and the 8,000 MW-plus requirements of…
Nigeria’s inflation rate has recorded a third consecutive month of decline, easing to 22.22% in June, offering a glimpse of relief for millions of households grappling with soaring living costs. Though the rate remains historically high, the steady downtrend has spurred cautious optimism among economists, businesses, and policymakers that inflation may have peaked and could be poised for further moderation. The National Bureau of Statistics (NBS) reported that the Consumer Price Index (CPI)-based inflation slowed from 22.41% in May to 22.22% last month. Food inflation, the most volatile component impacting poorer households, also decelerated—dropping from 24.7% in May to approximately…
Nigeria’s growing dependence on imports from China has continued to raise significant concerns among economic experts, trade analysts, and industrial stakeholders who warn that the trend could have long-term negative consequences on the country’s economic sovereignty, industrial development, and balance of trade. Over the past decade, China has solidified its position as Nigeria’s largest source of imports, accounting for a substantial portion of machinery, electronics, household items, textile materials, and industrial components that enter the country. Despite various economic reform initiatives aimed at improving local production, Nigeria still heavily relies on external sources, with Chinese imports making up a dominant…