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…
Author: Temitope Nlewemchi
TomTom, the iconic menthol candy brand known for its bold taste and deep roots in Nigerian culture, has successfully concluded its 2025 BTI Verse Challenge, an initiative aimed at discovering and promoting young musical talent. Held in Yaba, Lagos, the event brought together over 30 talented contestants from across the region, culminating in a vibrant finale that crowned Lam Young as the winner. The BTI Verse Challenge is part of TomTom’s wider “Breathe for It” campaign—a youth-focused movement designed to empower creativity and offer young Nigerians a platform to express themselves through music and spoken word. This latest edition of…
The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in April 2020 to mitigate the economic impact of the COVID-19 pandemic. The repayment was completed as of April 30, 2025, according to Christian Ebeke, the IMF’s resident representative in Nigeria. Background of the Loan In April 2020, amidst the global economic downturn caused by the COVID-19 pandemic, Nigeria secured a $3.4 billion loan from the IMF under the Rapid Financing Instrument (RFI). This facility was designed to provide rapid financial assistance to member countries facing urgent balance of payments needs.…
The Nigerian government has lauded the progress of its Naira-for-Crude initiative, a strategic policy aimed at enhancing the value of the naira, bolstering local refining capacities, and reducing the nation’s reliance on foreign exchange for petroleum transactions. Policy Overview Launched on October 1, 2024, the Naira-for-Crude deal permits local refineries, notably the Dangote Petroleum Refinery, to purchase crude oil from the Nigerian National Petroleum Company Limited (NNPC) using the naira instead of foreign currencies. This approach is designed to alleviate pressure on Nigeria’s foreign exchange reserves and promote domestic economic stability. Government’s Position At a recent meeting of the Technical…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has been named the new Chairman of the Council of Ministers of the Banjul Accord Group (BAG), a significant regional body focused on civil aviation in West Africa. The appointment was announced on May 22, 2025, during the group’s fourth ministerial meeting held in Abuja. Keyamo takes over the leadership from Sierra Leone’s Minister of Transport and Aviation, Alhaji Fandey Turay. The Banjul Accord Group is an alliance of seven West African nations: Nigeria, Cabo Verde, The Gambia, Ghana, Guinea, Liberia, and Sierra Leone. Since its establishment in 2004, BAG has…
The World Bank has disbursed an additional $215 million to Nigeria under the $800 million National Social Safety Net Programme-Scale Up, increasing the total amount released to $530 million. This funding is part of the government’s efforts to provide conditional cash transfers to the nation’s most vulnerable citizens, aiming to alleviate the impact of recent economic reforms, including the removal of the petrol subsidy. Initially, the programme was structured to deliver N5,000 monthly to targeted households. However, following policy changes introduced by President Bola Tinubu’s administration, the payment was revised to N25,000 monthly for three months, aiming to reach 15…
In a significant move aimed at bolstering Nigeria’s energy security and economic development, Aliko Dangote, President and CEO of Dangote Group, recently met with Bashir Bayo Ojulari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC Ltd.), to reaffirm their commitment to a strategic partnership. The meeting, held at the NNPC Towers in Abuja, marks a pivotal step towards fostering collaboration between the private and public sectors in Nigeria’s oil and gas industry. Strengthening Energy Security During the visit, Dangote emphasized the importance of collaboration between Dangote Petroleum Refinery & Petrochemicals (DPRP) and NNPC Ltd. to ensure the nation’s…
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…
On May 20, 2025, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, officially launched a redesigned website for the Securities and Exchange Commission (SEC) during the Capital Market Committee (CMC) meeting in Lagos. Represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, Edun emphasized that the new digital platform aims to enhance transparency, bolster investor confidence, and improve efficiency in Nigeria’s financial markets. The revamped SEC website features an improved user experience, enhanced security measures, and updated tools to assist investors, market operators, and issuers in accessing regulatory information and market data. This initiative…
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…
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…
Nigeria is embarking on a major transformation of its telecommunications sector with a landmark investment of \$1 billion to overhaul network infrastructure. This ambitious initiative, announced by the Minister of Communications and Digital Economy, Dr. Bosun Tijani, represents one of the largest infrastructure upgrades in Nigeria’s telecom history and aims to significantly enhance the quality and reach of telecom services across the country. The \$1 billion investment will fund the acquisition and deployment of new network equipment, with deliveries scheduled to begin in July 2025. This upgrade is expected to improve service quality substantially by the third quarter of the…
Nigeria’s domestic refineries are operating at just 42% of their combined capacity due to severe crude oil supply shortages, industry data has revealed. The development comes despite recent government efforts to revive the country’s refining sector and reduce dependence on fuel imports. **Key Details:** – The nation’s three main refineries in Port Harcourt, Warri, and Kaduna have a combined capacity of 445,000 barrels per day (bpd) – Current production stands at approximately 187,000 bpd due to feedstock constraints – The Dangote Refinery, Africa’s largest, is also reportedly facing similar crude supply challenges **Root Causes:** 1. **Pipeline Vandalism**: Persistent attacks on…
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…
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 Nasarawa State government has initiated high-level talks with the Dangote Group to attract significant industrial investments to the state. Governor Abdullahi Sule revealed this development during an economic forum in Lafia, positioning the state as the next frontier for industrial growth in Nigeria’s North-Central region. “We’re actively engaging with Aliko Dangote and his team to bring transformative projects to Nasarawa,” Governor Sule stated. “Given our mineral resources and strategic location, we’re ideal partners for their expansion plans.” The discussions reportedly focus on three key sectors: 1. **Solid Minerals Development**: Leveraging Nasarawa’s deposits of limestone, baryte, and lead-zinc ores for…
Lagos-based port operator ABC Terminals has recorded a remarkable 30% year-on-year increase in export volumes during the first half of 2024, according to newly released operational data. The surge comes as Nigeria’s non-oil export sector shows signs of robust growth following government interventions to diversify the economy. The terminal, which handles agricultural commodities, solid minerals, and manufactured goods at Apapa Port, processed 450,000 tonnes of exports between January and June 2024, up from 346,000 tonnes during the same period last year. The biggest growth came in three key sectors: 1. **Agricultural Products** (42% increase): Particularly cocoa, sesame seeds, and cashew…
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 51st Conference and General Assembly of the African Insurance Organisation (AIO) kicked off in Addis Ababa, Ethiopia, with a bold focus on a pressing continental concern—Africa’s growing debt burden and its impact on the insurance industry. Under the theme “Balancing the Books: Africa’s Debt Problem – Why Does Country Debt Impact Insurers?”, the five-day event brings together over 1,800 delegates from across the continent and beyond. It is the largest turnout in the AIO’s history and a clear indicator of the importance of the discussions taking place. Central to the event is the concern that sovereign debt levels across…