Nigeria’s Minister of Communications, Innovation, and Digital Economy has praised Moniepoint for its rapid growth and impact, describing it as a strong example of the country’s thriving fintech sector. The minister highlighted how the company’s success reflects Nigeria’s potential as a major player in the global digital economy. Moniepoint, a leading financial services platform, has gained prominence for its role in providing seamless payment solutions to businesses and individuals. Its extensive network of point-of-sale (POS) terminals and digital banking services has significantly improved financial inclusion, particularly in underserved areas. According to the minister, fintech companies like Moniepoint are driving economic…
Author: Temitope Nlewemchi
A new report by Nigerian data analytics firm, Mustard Insights, has revealed that 44% of businesses in the country reduced their workforce in 2024 due to economic challenges and operational constraints. The report, based on a nationwide survey of companies across various sectors, attributed the layoffs to rising inflation, foreign exchange volatility, high production costs, and declining consumer spending. Many businesses, particularly in manufacturing, finance, and retail, struggled to maintain profitability, leading to widespread job cuts. Industry experts have raised concerns over the impact of these workforce reductions, warning that high unemployment rates could further weaken economic growth and increase…
Wema Bank has reaffirmed its commitment to promoting financial inclusion for women through targeted initiatives aimed at increasing access to banking, credit facilities, and financial literacy programs. The bank’s efforts align with broader national and global goals of empowering women economically, ensuring they have the resources and support needed to build sustainable financial futures. Recognizing that women often face barriers in accessing formal financial services, Wema Bank has introduced specialized banking products designed to meet their unique needs. These include tailored savings and loan packages, digital banking solutions, and advisory services that help women manage their finances effectively. By leveraging…
The Federal Ministry of Industry, Trade, and Investment has released an update on Lagos’ economic development, highlighting key projects and policies aimed at driving growth in Nigeria’s commercial capital. The report outlines ongoing initiatives focused on infrastructure, trade facilitation, and business reforms to strengthen the state’s position as an economic powerhouse. According to the ministry, Lagos continues to attract significant local and foreign investments due to its strategic location, large consumer market, and improving business environment. The update detailed progress in various sectors, including manufacturing, technology, real estate, and transportation, emphasizing government efforts to support entrepreneurship and industrialization. One of…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to suspend the newly introduced 4% Comprehensive Import Supervision Scheme (CISS) charge on imports, warning that it will worsen production costs and stifle business growth. In a statement, LCCI argued that the additional levy would place an undue burden on importers, manufacturers, and consumers, leading to higher prices of goods and increased inflation. The chamber stressed that businesses are already struggling with multiple taxes, forex instability, and rising logistics costs, making it difficult to absorb further financial pressures. The CISS charge, introduced as part of the…
A women-focused investment platform has reached a major milestone, recording N1 billion in savings as part of its efforts to promote financial independence and wealth creation among women. The achievement, announced in celebration of International Women’s Day (IWD), highlights the growing participation of women in investment and financial planning. The platform, designed to provide women with access to savings, investment opportunities, and financial literacy programs, has seen significant growth in recent years. With more women actively engaging in structured savings and investment plans, the initiative is helping to bridge the financial gap and encourage long-term wealth building. The N1 billion…
A group of companies has joined forces to support vulnerable children through educational initiatives, skill development programs, and welfare assistance. The partnership aims to provide long-term solutions that improve the lives of disadvantaged children, particularly those affected by poverty, neglect, or displacement. The collaboration brings together businesses from various sectors, including finance, technology, and manufacturing, with each contributing resources such as funding, mentorship, and digital learning tools. According to organizers, the initiative seeks to bridge the gap in access to quality education and equip children with the skills needed for a better future. Beyond academics, the program includes vocational training…
Champion Breweries has reported a profit of N817 million, marking a strong financial performance amid Nigeria’s challenging economic environment. The company’s latest financial results reflect growth in revenue, improved operational efficiency, and strategic cost management, which contributed to its profitability. The brewery industry has faced rising production costs due to inflation, foreign exchange volatility, and supply chain disruptions. Despite these challenges, Champion Breweries managed to sustain positive earnings, driven by increased product demand and effective market expansion strategies. The company’s ability to navigate economic headwinds and maintain profitability underscores its resilience in a highly competitive sector. According to the company’s…
A professional development group has launched a new initiative aimed at empowering women in leadership and communication, equipping them with the skills needed to excel in various industries. The program, designed to support career growth and personal development, seeks to bridge the gap in female representation in executive and managerial roles. Through a series of workshops, mentorship sessions, and networking events, participants will receive hands-on training in effective leadership, strategic decision-making, and persuasive communication. Organizers emphasized that the initiative is tailored to help women build confidence, navigate workplace challenges, and take on leadership responsibilities with greater impact. The initiative has…
The Bureau of Public Enterprises (BPE) has emphasized that tolling is a crucial component for maintaining and expanding Nigeria’s road infrastructure sustainably. According to the agency, implementing toll systems on major highways will generate the necessary funds for road maintenance, reduce reliance on government funding, and enhance the overall quality of transportation networks. Speaking on the issue, BPE’s Director-General, Ayodeji Gbeleyi, stated that tolling would provide a steady revenue stream for road repairs and new projects, ensuring that Nigerian roads remain in good condition without straining public finances. He added that private sector participation in road infrastructure development is key…
Bonded terminal operators have called on the Federal Government to implement policies that protect their investments and ensure the sustainability of the sector. The operators raised concerns over regulatory uncertainties, infrastructure challenges, and policy inconsistencies that threaten the viability of their businesses. Bonded terminals, which serve as storage and clearance points for imported cargo outside seaports, play a crucial role in decongesting ports and facilitating trade. However, operators argue that unfavorable policies, high operational costs, and unpredictable government interventions have made it increasingly difficult to sustain their businesses. Speaking on the issue, stakeholders emphasized the need for the government to…
The Nigeria Customs Service (NCS) has commenced training for stakeholders on the automated transire system, aimed at enhancing efficiency in cargo clearance and cross-border trade operations. The initiative seeks to familiarize importers, exporters, freight forwarders, and other industry players with the digital platform designed to streamline transit procedures and reduce processing delays. The automated transire system is part of Customs’ broader efforts to modernize trade facilitation, minimize human intervention, and curb irregularities in cargo movement. By digitizing the transire process, Customs aims to improve compliance, enhance transparency, and accelerate the clearance of goods at ports and border posts. During the…
The Minister of Works, David Umahi, has revealed that Northern Nigeria is benefiting from 52% of the ongoing road construction projects across the country. He made this known while addressing concerns about regional infrastructure development, emphasizing that the federal government is committed to ensuring balanced road projects nationwide. According to Umahi, the large share of projects in the North is part of the government’s strategy to enhance connectivity, boost economic activities, and improve the overall quality of life for residents. He noted that several major highways, bridges, and rural road networks are currently under construction, with significant progress recorded despite…
The Lagos State Waterways Authority (LASWA) has successfully removed a dredging pipe obstructing navigation on the state’s waterways. The move was part of ongoing efforts to enhance safety and improve the free flow of water transport in Lagos. The dredging pipe, which had posed risks to boat operators and commuters, was identified as a major hazard along a frequently used route. LASWA officials, in collaboration with marine safety teams, carried out the operation to clear the obstruction and restore safe passage for watercraft. According to LASWA, the removal of the pipe aligns with the agency’s commitment to ensuring that Lagos…
In celebration of International Women’s Day (IWD), insurtech company emPLE has announced a special initiative to provide free insurance coverage for female-owned businesses. The initiative is aimed at supporting women entrepreneurs by offering financial protection against unforeseen risks, helping them sustain and grow their businesses. The program, which will run for a limited period, is designed to cover various business risks, including theft, fire damage, and liability claims. According to emPLE, the goal is to empower women in business by reducing their financial burdens and encouraging them to focus on expansion and innovation. Speaking on the initiative, the company’s spokesperson…
The House of Representatives has called for the suspension of the recent subscription rate hike by DStv, citing concerns over affordability and consumer protection. Lawmakers argued that the increase places an additional financial burden on Nigerians already struggling with economic challenges. During a plenary session, members of the House expressed dissatisfaction with MultiChoice, the parent company of DStv, for implementing the price adjustment without adequate consultation or regulatory approval. They emphasized the need for fair pricing and urged relevant government agencies to intervene. The lawmakers also raised concerns about the lack of flexible subscription models, such as pay-per-view, which would…
Fidelity Bank has announced plans to raise additional capital through a private placement as part of its strategy to meet the new regulatory requirements for bank recapitalization. The move aligns with the Central Bank of Nigeria’s (CBN) directive for banks to strengthen their capital base to enhance financial stability and resilience. The private placement will involve the issuance of new shares to select investors, allowing the bank to generate fresh funds without going through a public offering. Fidelity Bank aims to use the capital to reinforce its financial position, support expansion plans, and improve its ability to fund large-scale transactions.…
Eko Electricity Distribution Company (EKEDC) has announced a new initiative to provide free prepaid meters to its customers, aiming to improve billing transparency and reduce estimated billing complaints. The rollout is part of the federal government’s mass metering program designed to enhance electricity distribution and customer satisfaction. The initiative will cover thousands of households and businesses within EKEDC’s coverage areas, including parts of Lagos and Ogun states. By distributing free meters, the company hopes to eliminate the long-standing issue of estimated billing, which has been a major source of frustration for customers. According to EKEDC, the deployment process will be…
The Ministry of Finance Incorporated (MOFI) has unveiled a N100 billion real estate fund aimed at addressing Nigeria’s housing deficit and boosting infrastructure development. The initiative seeks to provide affordable housing solutions while attracting private sector investment into the real estate market. According to MOFI, the fund will be used to finance large-scale housing projects, particularly in urban centers where demand for affordable housing remains high. The initiative aligns with the government’s broader strategy to bridge the housing gap, estimated at over 20 million units, and improve living conditions for Nigerians. MOFI’s Managing Director emphasized that the real estate fund…
The government is set to revive the struggling textile industry while intensifying efforts to curb smuggling, according to Minister of Industry, Trade, and Investment, Enoh. Speaking at a stakeholders’ meeting, he emphasized that revamping the textile sector is crucial for job creation and economic growth. Enoh outlined plans to provide financial incentives, modernize factories, and implement policies that promote local production. He also stressed that smuggling remains a significant threat to the industry, undercutting local manufacturers and discouraging investment. To combat this, the government will strengthen border security, enforce stricter trade regulations, and work closely with law enforcement agencies to…