Nigeria’s engineering community has conferred one of its highest honours on billionaire industrialist Aliko Dangote, inducting him as an honorary fellow in recognition of his contributions to industrial development and engineering-driven enterprise. The honour was bestowed by the Nigerian Academy of Engineering during a formal ceremony attended by industry leaders, academics, and policymakers. The induction highlights Dangote’s role in advancing large-scale industrial projects that rely heavily on engineering expertise, particularly in sectors such as cement production, oil refining, petrochemicals, and manufacturing. His business conglomerate has been involved in the development of infrastructure and industrial facilities that have significantly impacted Nigeria’s…
Author: Temitope Nlewemchi
Nigeria accounts for approximately 25 percent of cargo traffic within its regional maritime corridor, according to industry stakeholders, underscoring the country’s strategic position as a logistics and trade hub in West Africa. The figure highlights the scale of activity across Nigerian ports and reinforces the country’s importance in facilitating the movement of goods across the subregion. The claim reflects Nigeria’s role as one of the largest economies in Africa, with significant import and export volumes driven by its population size, industrial demand, and commercial activity. Ports in cities such as Lagos serve as major gateways for cargo entering and leaving…
Nigeria’s power sector is set for a boost as plans emerge for the deployment of 40 new mini-grid projects expected to generate a combined 288 megawatts (MW) of electricity. The initiative is part of ongoing efforts to expand energy access, particularly in underserved and off-grid communities, while supporting the country’s transition toward more sustainable and decentralized power solutions. Mini-grids—localized electricity systems that can operate independently or in conjunction with the national grid—have increasingly become a key strategy for addressing Nigeria’s persistent power supply challenges. With millions of Nigerians lacking reliable access to electricity, stakeholders view mini-grids as a practical solution…
In a move aimed at expanding access to consumer technology, Credit Direct Limited has partnered with vivo to introduce a new smartphone financing scheme in Nigeria. The initiative is designed to enable individuals to acquire mobile devices through flexible payment plans, reducing the financial burden associated with upfront purchases. The collaboration reflects a growing trend in Nigeria’s consumer market, where financing solutions are increasingly being used to bridge affordability gaps. With smartphones becoming essential tools for communication, business, education, and digital services, access to these devices is now seen as a key component of economic participation. Under the new arrangement,…
Nigeria’s Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.04 trillion among the three tiers of government for the month of March, reflecting a notable increase in revenue generation. The latest allocation represents a rise of approximately ₦150 billion compared to previous disbursements, signaling improved inflows into the federation account. The FAAC, which comprises representatives from the federal, state, and local governments, is responsible for sharing revenues accrued by the Federal Government. These revenues are derived primarily from oil sales, taxes, customs duties, and other government earnings. The increase in distributable revenue has been attributed to improved collections…
Nigeria has intensified efforts to attract foreign investment as government officials engaged United Kingdom stakeholders during a high-level trade mission, highlighting ongoing economic reforms and emerging opportunities across key sectors. The outreach forms part of a broader strategy by the administration of President Bola Ahmed Tinubu to reposition the country as a competitive and investor-friendly destination. During the engagement, Nigerian representatives presented a range of policy reforms aimed at improving the business environment, enhancing transparency, and driving sustainable economic growth. The delegation emphasised that recent changes in fiscal and monetary policy are designed to address long-standing structural challenges while creating…
Nigerians still remain without a formal identity, raising concerns about financial inclusion, national planning, and access to essential services. This was the position of industry experts who argue that while progress has been made, significant gaps persist in Nigeria’s identity management system. The BVN system, introduced by the Central Bank of Nigeria (CBN), was designed to provide a unique identifier for individuals within the banking system. It has played a critical role in strengthening financial security, reducing fraud, and improving the integrity of banking operations. However, experts note that BVN coverage does not equate to universal identity coverage, as it…
Crude oil supplies from the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Dangote Refinery have reportedly crossed the 1 billion barrel mark for the month of April, marking a significant milestone in Nigeria’s downstream petroleum sector. The development highlights the scale of operations between the national oil company and the privately owned refinery, which is expected to play a transformative role in reducing Nigeria’s dependence on imported refined products. The reported supply volume underscores the growing operational relationship between NNPC Ltd and the Dangote Refinery, Africa’s largest oil refining facility. Located in Lagos, the refinery has been positioned…
The Federal Government has reiterated its position that Nigeria’s economy remains stable despite mounting global economic challenges, insisting that ongoing reforms and strategic policy interventions are helping to shield the country from severe external shocks. Officials under President Bola Ahmed Tinubu maintain that while global conditions remain volatile, Nigeria is gradually strengthening its economic foundation. Across the world, economies are grappling with rising inflation, tightening monetary policies, and disruptions in global supply chains. The lingering effects of the Russia-Ukraine war, combined with energy market volatility and geopolitical tensions, have placed pressure on both developed and emerging markets. Nigeria, as part…
Nigeria’s petrol consumption reached an estimated 4.93 billion litres in the first quarter of the year, highlighting the country’s continued reliance on Premium Motor Spirit (PMS) as a primary energy source for transportation and power generation. The figure, which reflects nationwide demand over a three-month period, underscores both the scale of domestic fuel usage and the structural challenges within Nigeria’s energy sector. Data associated with the report aligns with supply and distribution patterns overseen by the Nigerian National Petroleum Company Limited (NNPCL), the entity responsible for managing fuel imports and distribution following the deregulation of the downstream sector. While the…
The Federal Government has intensified efforts to strengthen business infrastructure across Nigeria as part of its broader economic reform agenda under President Bola Ahmed Tinubu, according to the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The agency says ongoing initiatives are aimed at improving the operating environment for small and medium enterprises (SMEs), which remain a critical driver of economic growth and employment in the country. Speaking during a recent engagement with stakeholders, the SMEDAN DG highlighted that the administration is prioritising infrastructure development as a foundation for sustainable business expansion. This includes investments in…
Shares of Industrial and General Insurance Plc (IEI) have surged dramatically on the Nigerian Exchange, recording a staggering gain of over 700% within a relatively short period. The sharp rally has drawn significant attention from investors and market analysts, many of whom attribute the surge to growing optimism around the company’s potential recapitalisation and restructuring efforts. Market data indicates that IEI, which had long traded as a low-priced stock, experienced a sudden spike in demand, pushing its share price to levels not seen in years. The rally has been fueled largely by speculative buying, as investors position themselves ahead of…
Rice farmers across Nigeria have raised alarm over the growing influx of imported rice, warning that the trend is crippling local production, discouraging investment, and threatening livelihoods in rural communities. The concerns come amid reports that foreign rice—both legally imported and smuggled through porous borders—is flooding local markets, often at prices that undercut domestically produced alternatives. Stakeholders in the sector say the situation has worsened in recent months, with farmers struggling to sell their harvests due to reduced demand. Many attribute this development to the availability of cheaper imported rice, which consumers often prefer because of its polished appearance and,…
The Comptroller-General of the Nigeria Customs Service (NCS) has intensified the agency’s crackdown on smuggling activities across the country, declaring an all-out war on economic saboteurs as operatives intercepted Premium Motor Spirit (PMS) valued at over ₦93 million in Adamawa State. The latest seizure underscores the agency’s renewed commitment to curbing the illegal movement of petroleum products across Nigeria’s borders, particularly in regions prone to cross-border smuggling. According to officials, the interception was carried out by vigilant customs operatives acting on credible intelligence. The seized petroleum products, commonly referred to as petrol, were reportedly being transported through unauthorized routes with…
In a country grappling with evolving drug-related challenges, a major milestone has emerged in the fight against narcotics and substance abuse. The National Drug Law Enforcement Agency (NDLEA) has announced that it secured an impressive 974 convictions in the first quarter (Q1) of 2026 alone. This figure not only underscores the agency’s renewed intensity but also reflects a broader shift in Nigeria’s enforcement and judicial approach to drug crimes. A Strong Start to 2026 The first three months of 2026 have set a decisive tone for NDLEA’s operations. With nearly a thousand convictions recorded between January and March, the agency…
The United Kingdom government is ramping up efforts to tackle illegal working, unveiling stricter enforcement measures and warning businesses that they could face unlimited fines if found employing undocumented workers. The renewed crackdown forms part of a broader push to strengthen immigration control and reduce unlawful employment across key sectors of the economy. Authorities say the move is designed not only to curb illegal migration but also to protect legitimate businesses and workers from unfair competition. Under the updated enforcement approach, companies found guilty of hiring individuals without the legal right to work in the UK could face significantly harsher…
The National Agency for Food and Drug Administration and Control has destroyed fake, expired, and substandard drugs valued at over N939 million in Anambra State, in a major crackdown aimed at safeguarding public health and eliminating harmful products from circulation. The destruction exercise was carried out in Awka at a designated dumpsite, where officials disposed of seized pharmaceutical and related products recovered from across the South-East region. The operation formed part of the agency’s ongoing enforcement efforts to rid the market of unsafe and falsified goods. According to the agency, the destroyed items included a wide range of products such…
Lagos State has been ranked the best state for doing business in Nigeria, according to a recent subnational assessment of business environments across the country. The ranking further reinforces the state’s long-standing reputation as the nation’s commercial nerve centre and a preferred destination for investors. The report, unveiled at a high-level policy and diplomatic gathering in Abuja, evaluated all 36 states and the Federal Capital Territory using a wide range of economic and regulatory indicators. Lagos emerged at the top due to its strong performance across critical areas such as infrastructure, regulatory efficiency, access to electricity, and institutional transparency. Analysts…
Abia State Governor Alex Otti has commissioned an upgraded 5MVA power plant at Abia State University, alongside several infrastructure projects aimed at improving electricity supply, student welfare, and overall learning conditions within the institution. The commissioning ceremony took place at the university’s main campus in Uturu as part of activities marking its combined convocation ceremony. The newly upgraded power facility, which was increased from an initial capacity of 2.5MVA to 5MVA, is expected to significantly enhance electricity supply across the campus. Speaking at the event, Otti described the project as a fulfilment of his administration’s commitment to addressing longstanding infrastructure…
The Economic and Financial Crimes Commission has raised concerns over the rapid rise in cryptocurrency-related crimes, revealing that illicit transactions involving digital currencies surged to more than $160 billion globally in 2025. The disclosure was made by EFCC Chairman Ola Olukoyede during the inauguration of the United Nations Office on Drugs and Crime country programme for Nigeria (2026–2030) in Abuja. According to him, the scale of financial crimes linked to cryptocurrencies has grown significantly, posing new challenges for law enforcement agencies worldwide. Olukoyede noted that the increasing adoption of digital currencies has created new opportunities for criminal networks to move…