The Central Bank of Nigeria has intensified efforts to attract global investors by rolling out a series of far-reaching reforms aimed at restoring confidence in the country’s financial system and improving the overall investment climate. The reforms, which span the foreign exchange market, monetary policy operations and banking sector regulation, signal the apex bank’s determination to reposition Nigeria as an attractive destination for foreign capital. In recent engagements with international investors, multilateral institutions and foreign business groups, the CBN highlighted steps taken to enhance transparency, improve policy consistency and reduce long-standing distortions in the economy. The central bank said these…
Author: Temitope Nlewemchi
Enugu State’s electricity commission has sharply responded to recent criticisms from the Nigerian Electricity Regulatory Commission (NERC), rejecting allegations of non-compliance and defending its operational autonomy. The standoff follows NERC’s demand that Enugu’s power utility revise its tariff models and submit to more stringent oversight—an intervention the commission regards as overly intrusive and legally questionable. The dispute began when NERC directed the Enugu electricity body to uniform its billing structure with national guidelines and adjust rates to align with cost-reflective pricing mandates. NERC also demanded the submission of audited accounts and company data within a tight timeline. In response, Enugu’s…
Nigeria’s foreign exchange market has witnessed a rare period of calm as the naira maintained its value below the ₦1,500 per dollar threshold for ten consecutive trading days. The development has been received with cautious optimism by businesses, investors, and policymakers, who view it as a sign of renewed stability in the foreign exchange system after months of extreme volatility. Market data shows that the naira traded steadily between ₦1,470 and ₦1,495 across the official and parallel markets, marking the first extended period of relative calm in the currency market since the Central Bank of Nigeria (CBN) intensified its reforms…
Nigeria’s housing sector is facing heightened turbulence as foreign exchange (FX) volatility and rising inflation continue to stifle growth, putting the dream of affordable housing further out of reach for millions of citizens. Despite efforts by the government and private developers to expand access to housing, the sector is buckling under the combined weight of surging construction costs, high interest rates, and weakened consumer purchasing power. In recent months, the naira’s persistent instability in the foreign exchange market has worsened the situation for developers and contractors who rely heavily on imported building materials. Key inputs such as cement, steel, tiles,…
Rex Insurance Plc has added another feather to its cap as its Managing Director, Mr. Adewale Adesina, has been recognised among the Top 25 Chief Executive Officers in Africa, a prestigious honour that underscores his remarkable leadership and the company’s rising profile in Nigeria’s insurance industry. The recognition, conferred by a continental business and leadership rating body, highlights the strides made by Rex Insurance under his stewardship, particularly in advancing innovation, customer trust, and regulatory compliance within a rapidly evolving market. The award comes at a time when the insurance sector in Nigeria is undergoing significant transformation, with heightened competition,…
Ecobank Transnational Incorporated (ETI), one of Africa’s leading pan-African banking groups, has officially concluded its exit from Mozambique, marking a major shift in the bank’s ongoing strategy to streamline operations and strengthen efficiency across its network. The move, which has been in progress over the past months, comes as the institution intensifies efforts to focus on markets that align closely with its long-term strategic objectives and profitability goals. In a statement confirming the development, the group emphasized that the decision was not abrupt but part of a broader restructuring designed to optimize resources and reposition the bank for sustainable growth…
Nigerian billionaire businessman, Femi Otedola, has strongly criticized Umar Sani, a political commentator and former aide to ex-President Goodluck Jonathan, over remarks he made concerning fuel subsidy and Otedola’s role in the oil sector. The disagreement has quickly gained attention in national discourse, particularly against the backdrop of ongoing debates on the true state of Nigeria’s subsidy regime and its impact on the economy. Otedola, who is the Chairman of Geregu Power Plc and a key player in Nigeria’s energy sector, expressed dismay at what he described as Sani’s “ignorant and misleading claims.” In his statement, Otedola stressed that Sani’s…
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…
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…