Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared the maritime sector a top priority for Nigeria’s economic diversification and long-term development, stressing that it holds the potential to generate significant revenue, create millions of jobs, and boost the country’s global competitiveness. Speaking during a recent engagement with industry stakeholders, Oyetola emphasized that the government is committed to unlocking opportunities in shipping, port development, inland waterways, and associated services, as part of efforts to strengthen non-oil revenue streams. The minister noted that Nigeria’s strategic geographic location, with its extensive coastline and proximity to key international trade routes, makes it…
Author: Temitope Nlewemchi
The Nigerian National Petroleum Company Limited (NNPCL) has secured ₦318 billion in funding to boost new oil exploration projects across the country, a development that marks a significant step in the government’s drive to expand Nigeria’s hydrocarbon reserves and strengthen its energy security. The announcement has sparked discussions in both policy and industry circles, as stakeholders view the move as a bold statement of intent by NNPCL to revitalise exploration efforts at a time when the global oil market is undergoing major shifts. The funding is expected to finance a series of upstream exploration and appraisal activities across key oil…
Nigerian banks are bracing for fresh challenges as the Central Bank of Nigeria (CBN) rolled out new liquidity requirements that are already reshaping the financial landscape. The apex bank, in its latest policy move, raised the Cash Reserve Ratio on certain public sector deposits to an unprecedented 75 percent while lowering the reserve ratio on private sector deposits from 50 to 45 percent. This twin action has stirred mixed reactions across the banking industry, with analysts warning of tighter margins and stiffer competition for deposits in the months ahead. The CBN’s decision marks a strategic shift aimed at reducing the…
The House of Representatives has pledged strict monitoring of the Federal Government’s newly introduced crude-for-naira programme, assuring Nigerians that the scheme will not be allowed to fall into the pitfalls that undermined similar policies in the past. Lawmakers made it clear that their oversight role would be exercised fully to ensure transparency, accountability, and tangible economic benefits for citizens. The crude-for-naira initiative is one of the government’s latest responses to Nigeria’s foreign exchange crisis. Under the programme, crude oil will be allocated to trading partners in exchange for naira payments deposited directly into government accounts, rather than being settled in…
Polaris Bank has convened its Global Trade Forum in Lagos with a strong emphasis on enhancing Nigeria’s non-oil export sector and providing a platform for stakeholders to chart a path toward sustainable growth. The event, themed “Trade Export: Partnering for Growth”, brought together exporters, regulators, policymakers, and industry experts to discuss challenges and opportunities shaping the nation’s export landscape. Speaking at the forum, Polaris Bank’s Managing Director and Chief Executive Officer, Kayode Lawal, highlighted the critical role non-oil trade plays in diversifying Nigeria’s economy and creating long-term stability. He noted that for decades, the country’s heavy reliance on oil had…
The African Export‑Import Bank and the Central Bank of Egypt have taken a major step toward laying the foundations for a pan‑African Gold Bank, a strategic initiative aimed at transforming the continent’s gold sector and strengthening its economic resilience. The move is part of Afreximbank’s broader effort to ensure that Africa’s natural resources directly benefit its people and economies. Under the agreement signed on December 30, 2025, the two institutions will collaborate on commissioning a comprehensive feasibility study to explore the technical, regulatory and commercial framework required to establish an integrated Gold Bank ecosystem. The proposed institution is expected to…
The Central Bank of Nigeria has projected that the country’s foreign exchange reserves could rise to about $51 billion by 2026, driven by ongoing economic reforms, improved foreign exchange inflows and stronger macroeconomic management. The projection reflects growing optimism within the apex bank that recent policy adjustments will strengthen Nigeria’s external position over the medium term. According to the CBN, the expected growth in external reserves is anchored on reforms in the foreign exchange market, increased oil and gas earnings, improved non-oil exports and rising inflows from diaspora remittances and foreign investment. The bank said these factors, combined with tighter…
The Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals across the country be geo-tagged as part of renewed efforts to combat the increasing wave of electronic fraud. The policy, which is set to take effect in collaboration with banks, fintech operators, and payment service providers, aims to improve the monitoring of transaction points, enhance transparency in payment systems, and strengthen consumer protection. According to the CBN, the rise in electronic payment adoption has been accompanied by a surge in fraudulent activities, especially those perpetrated through PoS terminals. Criminal syndicates have taken advantage of weak…
The Nigerian Economic Summit Group (NESG) has urged the federal government to strengthen its reform momentum and prioritize economic stabilization strategies that will not only safeguard current gains but also set the stage for sustainable long-term growth. Speaking at the mid-year Private Sector Forum for 2025, the policy advocacy group outlined three key pillars that it believes are critical for Nigeria’s future: business continuity, improved productivity and job creation, and expanded social protection systems for vulnerable households. According to NESG, recent reforms have helped the country recover from years of volatility, with modest improvements recorded across various economic indicators. Reforms…
Nigeria has been ranked 116th in the 2025 edition of the Good Governance Index, underscoring the country’s ongoing struggles with governance challenges, economic instability, and institutional inefficiencies. The latest global ranking, which assesses the performance of 193 countries across key governance pillars, revealed that Nigeria fell short of making Africa’s top five despite being the continent’s largest economy and most populous nation. The Good Governance Index evaluates countries based on factors such as political stability, rule of law, economic management, institutional quality, transparency, human rights protection, public service delivery, and accountability. While Nigeria made slight improvements in a few categories…
China has announced a donation of $1 million to Nigeria to support ongoing efforts to assist victims of recent floods that have devastated several communities across the country. The donation, made through the Chinese government, underscores the growing ties between Nigeria and China, particularly in humanitarian cooperation, and aims to provide urgent relief for families affected by one of the most severe flooding incidents in recent years. The flooding, which has been worsened by heavy rains and overflowing rivers across multiple states, has displaced thousands of people, destroyed farmlands, and damaged critical infrastructure. Homes, schools, and healthcare facilities have been…
Dangote Group, Africa’s largest conglomerate led by Nigerian billionaire Aliko Dangote, has signed a landmark $2.5 billion deal with the Ethiopian government to construct a state-of-the-art fertilizer plant in the East African nation. The agreement, which represents one of the largest single private investments in Ethiopia’s history, underscores Dangote’s strategic vision of expanding beyond cement into other critical sectors that support Africa’s agricultural and industrial development. The project, expected to significantly boost Ethiopia’s agricultural productivity, will involve the establishment of a fertilizer manufacturing complex with the capacity to produce millions of tonnes of fertilizer annually. Ethiopia, a country with an…
Marketing experts have emphasized the critical role of data in driving business growth, urging Nigerian marketers to shift from intuition-based strategies to data-driven decision-making. This call came during a recent marketing and innovation forum held in Lagos, where industry leaders gathered to discuss trends shaping the future of the profession. Speakers at the event stressed that with the increasing complexity of consumer behavior and market dynamics, marketers who fail to integrate data into their strategies risk falling behind. The consensus was clear: data is no longer optional—it is a foundational tool for effective marketing in the digital age. According to…
Heirs Energies, one of Nigeria’s leading integrated energy companies, is preparing to showcase its growth plans at a major international gathering in South Africa, further positioning itself as a key player in the African energy landscape. The move underscores the company’s ambition to strengthen its footprint across the continent while reinforcing its vision of delivering sustainable and impactful energy solutions that align with Africa’s development priorities. The company, which has in recent years accelerated investments in oil, gas, and power, is expected to use the platform in South Africa to highlight its operational achievements and outline new strategies aimed at…
The Kaduna State Government has announced a comprehensive update of its tax laws as part of efforts to align with international best practices and strengthen the state’s fiscal framework. The move, according to officials, is aimed at creating a transparent, efficient, and investor-friendly tax system that will boost internally generated revenue (IGR) while supporting sustainable development. Governor Uba Sani, in a statement issued through his spokesperson, explained that the reforms were necessary to modernize Kaduna’s tax regime, eliminate outdated provisions, and ensure consistency with evolving global economic realities. He said the updated laws will help strike a balance between enhancing…
Lasaco Assurance Plc has reaffirmed its dedication to youth empowerment in Nigeria, pledging to expand initiatives that support skill development, entrepreneurship, and economic self-reliance among young people. The company made this renewed commitment during a recent corporate social responsibility event held in Lagos. Speaking at the event, Managing Director and CEO of Lasaco Assurance, Mr. Segun Balogun, emphasized the importance of investing in youth as a strategic move to secure Nigeria’s future. He stated that the company recognizes the challenges facing many young Nigerians, including unemployment and limited access to opportunities, and is determined to be part of the solution.…
Open Access Data Centres (OADC) has unveiled a new internet connectivity platform aimed at expanding digital access and improving broadband penetration across Africa. The initiative, which aligns with the company’s vision to drive digital transformation, was formally launched during an industry event that brought together stakeholders in the telecommunications and technology sectors. According to OADC, the newly introduced platform will provide enterprises, service providers, and government institutions with high-speed, reliable, and cost-effective internet connectivity. The company highlighted that the solution integrates cutting-edge technology to meet growing data demands, improve service delivery, and support the rapid expansion of Africa’s digital economy.…
Ecobank Nigeria is set to host a landmark art exhibition titled “Enduring Legacies: A Collector’s Tribute to Masters” from August 30 to September 21, 2025, at the Pan African Centre in Victoria Island, Lagos. The exhibition is designed to celebrate Nigeria’s most revered visual artists and highlight the rich creative heritage that has shaped the country’s cultural landscape over the decades. The showcase will feature a rare collection of works from some of the most influential figures in Nigeria’s art history. Curated by renowned art historian Adekepemi Aderemi, the exhibition draws from a private collection assembled by KrabHouse. Among the…
The Managing Director and Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo Adighije, has disclosed that the company has begun a strategic programme aimed at reviving dormant and underperforming power plants across the country. Speaking during an industry briefing in Abuja, Adighije explained that the move is part of the government’s commitment to stabilizing Nigeria’s electricity supply and unlocking the full capacity of its power assets. According to him, several NDPHC-owned power stations have remained idle or operated below optimal capacity due to challenges such as inadequate gas supply, transmission bottlenecks, and financial constraints affecting…
The Nigerian National Petroleum Company Limited (NNPCL) and Nigeria LNG Limited (NLNG) have entered into landmark 20-year gas supply agreements with six major firms, a move aimed at solidifying Nigeria’s position as a leading gas producer and exporter. The agreements, which span two decades, are part of the government’s broader strategy to leverage the country’s vast gas reserves for economic diversification and increased foreign exchange earnings. Under the new deals, NNPCL will supply feed gas to NLNG’s facilities from various upstream projects operated by the participating companies. The agreements are designed to ensure a stable and long-term gas supply that…