Nigeria is set to embark on another round of Gross Domestic Product (GDP) rebasing, a move government officials say is critical for providing clearer fiscal data and restoring investor confidence in an economy grappling with weak growth, high inflation, and mounting debt. According to the National Bureau of Statistics (NBS), the exercise will update the country’s economic calculations by changing the base year from 2010 to 2019, in line with international best practices. For many economic watchers, the upcoming rebase, expected to be completed by early 2025, is long overdue. The last time Nigeria rebased its GDP was in…
Author: Temitope N.
Start Innovation Hub has announced a fresh investment of N40 million to support the training of young Nigerians in vital technology skills, marking another step towards closing the country’s digital skills gap and empowering its youth for jobs in the global tech economy. The Uyo-based hub, which has steadily built a reputation as one of Nigeria’s leading private sector drivers of digital talent development, said the fund would cover scholarships and significant discounts for at least 200 beneficiaries in its next training cycle. The Chief Executive Officer of Start Innovation, Hanson Johnson, made the announcement during a briefing with…
After years of delays and operational setbacks, the Niger Delta Power Holding Company (NDPHC) has confirmed that the long-awaited Alaoji Power Plant in Abia State will finally commence operations next month, in what stakeholders hope will give Nigeria’s fragile power sector a badly needed boost. The announcement was made by the Managing Director of NDPHC, Chiedu Ugbo, who disclosed that all critical tests and arrangements have been completed to ensure that the plant will add nearly 500 megawatts to the national grid when it goes live in August. Located near Aba, the Alaoji plant is one of the key…
The Securities and Exchange Commission (SEC) has raised fresh concerns about the rising wave of fraud and scams in Nigeria’s virtual asset space, warning that such activities are steadily eroding investor confidence and threatening the integrity of the financial system. Speaking during an event to mark the African Union Anti-Corruption Day in Abuja, the Director-General of the SEC, Dr. Emomotimi Agama, said the unchecked proliferation of unregulated crypto platforms, fake investment schemes, and Ponzi operations disguised as virtual asset opportunities is putting ordinary Nigerians at risk. In his remarks, Agama stressed that while digital assets and blockchain technology hold great…
Africa’s richest man, Aliko Dangote, has stirred fresh debate about Nigeria’s struggling oil refining industry by declaring that the country’s state-owned refineries may never function properly again despite decades of huge spending on turnaround maintenance. Dangote, whose new mega-refinery in Lagos has begun producing refined petroleum products, made the statement during a recent meeting with business leaders and journalists at the Dangote Refinery complex in Lekki. The business mogul, who built the world’s largest single-train refinery with a capacity of 650,000 barrels per day, pointed out that Nigeria has spent billions of dollars trying to revive the refineries in…
In a significant push towards climate resilience and sustainable urban growth, the Lagos State Government (LASG) has teamed up with the Chinese government to launch a low-carbon development initiative aimed at drastically reducing emissions and positioning Lagos as a model for green cities in Africa. The project, which will be piloted in the Lekki area, is part of a broader plan to address the environmental impact of rapid urbanisation and industrialisation in Nigeria’s most populous city. At the core of this collaboration is the Lekki Low-Carbon Demonstration Zone, an ambitious effort designed to showcase practical solutions that can help Lagos…
The Nigerian Content Development and Monitoring Board (NCDMB) has approved over 440 expatriate quota slots for the country’s oil and gas sector in the first half of 2025, highlighting the delicate balance between sourcing critical foreign expertise and growing local capacity in one of Nigeria’s most vital industries. The latest approval, which covers 448 expatriate positions, is part of the board’s effort to ensure that companies operating in the sector fill only highly specialized roles with foreign workers where no qualified Nigerians are available. According to figures released by the board, 246 slots were granted in the first quarter of…
In a move set to strengthen energy security and boost economic cooperation across West Africa, the West African Gas Pipeline Company (WAPCo) has deepened its partnership with various government agencies to expand and secure cross-border gas distribution through the West African Gas Pipeline (WAGP). The renewed collaboration is expected to drive policy alignment, enhance operational integrity, and position the region for broader access to cleaner energy. The WAGP, which runs from Lagos, Nigeria, through Benin and Togo to Ghana, has long been regarded as a strategic piece of infrastructure connecting key markets and providing natural gas for power generation and…
The Nigerian Senate has called on the Federal Government to halt what it described as the continuous enrichment of electricity distribution companies (Discos) through the injection of public funds into their operations. The Senate made this resolution during plenary after heated deliberations on the state of the country’s power sector, which lawmakers say has failed to deliver a reliable electricity supply despite huge government interventions. The lawmakers expressed frustration that over a decade after the privatisation of the power sector, the expected improvements in electricity generation, transmission, and distribution remain elusive, with ordinary Nigerians bearing the brunt of erratic power…
In a renewed clampdown on illegal wildlife trade, the Nigeria Customs Service (NCS) has intercepted a 40-foot container loaded with donkey genitals and hides allegedly being smuggled out of the country through the Apapa port in Lagos. The interception, which Customs officials described as a significant success in curbing wildlife trafficking, was made during a routine inspection at the export terminal. According to the Customs Area Controller, Apapa Command, Babajide Jaiyeoba, the seized container was falsely declared as carrying animal hides, but upon examination, officers discovered a large quantity of dried donkey genitals concealed alongside the hides. He explained that…
Nigeria and the Kingdom of the Netherlands have formally commenced the renegotiation of their long-standing Double Taxation Agreement, marking a significant step in Nigeria’s ongoing push to modernise its tax regime and strengthen international cooperation on tax matters. The talks, which began at the Revenue House in Abuja, bring together senior officials of the Federal Inland Revenue Service (FIRS) and representatives of the Dutch government to review and update the treaty which has been in place since 1992. The Executive Chairman of the FIRS, Dr. Zacch Adedeji, who hosted the Dutch delegation, described the renegotiation as timely and necessary,…
Nigeria’s equities market kicked off the week on a strongly positive note, as investor sentiment buoyed market capitalisation by approximately ₦193 billion. The bullish move reflects growing optimism across key economic sectors and upcoming corporate earnings reports. On Monday, the All-Share Index (ASI) rose by 305.67 points—a gain of about 0.25%—closing at 121,295.33. Market capitalisation climbed from around ₦76.339 trillion at Friday’s close to an estimated ₦76.532 trillion, marking a solid start to the week . The strength came amid a resurgence in demand for large-cap and medium-cap stocks, with investors actively picking positions ahead of the half-year financial…
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…
The International Monetary Fund (IMF) has expressed concern that while Nigeria’s current wave of economic reforms has begun to steady macroeconomic indicators and attract new investor confidence, the positive impacts are yet to be felt by millions of ordinary Nigerians who still struggle daily with high living costs and worsening poverty. In its latest assessment of the country’s economic performance, the IMF acknowledged that Nigeria has taken bold policy steps in recent months, including removing costly fuel subsidies, liberalising its foreign exchange market, and halting ways in which the central bank previously financed government deficits. These decisions, the Fund…
Keystone Bank has reinforced its commitment to supporting small and medium-sized enterprises across Nigeria by organizing a nationwide SME Business Clinic, an initiative aimed at equipping entrepreneurs with the skills, knowledge, and practical tools they need to grow and sustain their businesses. The Business Clinic, which took place in June, covered ten major cities including Lagos, Abuja, Port Harcourt, Kano, Ibadan, Aba, Asaba, Onitsha, Maiduguri, and Kaduna, bringing together hundreds of business owners eager to learn how to better navigate the challenges of running a business in Nigeria’s tough economic climate. Speaking on the purpose of the clinic, Olayemi…
The Federal Government has unveiled an ambitious new plan, Mission 300, aimed at tackling Nigeria’s long-standing problem of energy poverty and expanding electricity access to millions of citizens who still live without reliable power. The initiative, which was announced at a stakeholders’ forum in Abuja, is part of a broader African strategy to connect 300 million people across the continent to electricity by 2030. Nigeria, as Africa’s most populous country, plays a critical role in this drive and has set out clear targets and partnerships to make this goal a reality. At the heart of Mission 300 is the…
President Bola Ahmed Tinubu has said that the Nigerian government has redirected about N4 trillion saved from the removal of fuel subsidies to critical infrastructure and social welfare programmes aimed at easing the burden on ordinary Nigerians and stimulating the economy. Speaking at the opening of the National Conference on Public Accounts and Fiscal Governance in Abuja, Tinubu explained that the decision to remove the subsidy was difficult but necessary to free up funds that could be invested in projects that benefit the majority of the people rather than a privileged few. He said that for years, the fuel…
The Nigerian Postal Service (NIPOST) has denied reports suggesting it confirmed that courier services have been used to traffic drugs since President Bola Ahmed Tinubu took office, describing the claim as misleading and unfounded. The agency, through its management, clarified that it never linked any illegal courier activities to the current administration and warned against twisting its statements for sensational headlines. The controversy arose following reports that quoted Oludotun Sounde, General Manager of the Courier and Logistics Regulatory Department of NIPOST in Ondo State, allegedly stating that courier companies have become conduits for transporting hard drugs and other illegal…
Nigeria has reiterated its commitment to global peace and nuclear disarmament, ruling out any ambitions to develop or acquire nuclear weapons as it prioritises the urgent task of lifting millions of its citizens out of poverty and tackling the mounting challenges of climate change. This assurance came during a recent meeting in Abuja between Vice President Kashim Shettima and Dr. Robert Floyd, the Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organisation (CTBTO). The meeting reaffirmed Nigeria’s decades-long position as a staunch supporter of nuclear non-proliferation, even as the country works to harness nuclear energy strictly for peaceful and developmental…
The Economic and Financial Crimes Commission (EFCC) has arraigned Abel Sokari, Nkiruka Chukwuma, and a company, International Cargo Services and Logistics Limited, before the Lagos State High Court sitting in Ikeja over an alleged attempt to defraud a foreign investor of €49 million. The commission brought the defendants before Justice O.O. Abike-Fadipe on a 10-count charge bordering on conspiracy to commit a felony, forgery, and obtaining money by false pretence. According to the EFCC, the defendants conspired to forge documents and misrepresent themselves to facilitate the massive fraud against a European investor who was seeking to invest in Nigeria’s…