Bulgaria is grappling with a severe labour shortage that threatens to hinder its economic growth and development. To address this challenge, the government has announced plans to attract up to 50,000 foreign workers across various sectors, aiming to fill gaps left by a shrinking domestic workforce. The shortage is driven by several factors, including an aging population, low birth rates, and significant emigration of young Bulgarians seeking better opportunities abroad. These demographic trends have resulted in a declining labour pool, with many industries struggling to find enough skilled and unskilled workers to meet demand. Key sectors affected by the…
Author: Temitope N.
The ongoing conflicts in various regions around the world have led to a significant increase in shipping costs, primarily driven by the addition of war risk premiums by insurance companies. This surge in premiums reflects the heightened dangers vessels face when navigating through or near conflict zones, impacting global trade and supply chains. Shipping companies are now required to pay higher insurance fees to cover the increased risk of damage, hijacking, or loss of cargo due to war-related activities. These additional costs, known as war risk premiums, are imposed on top of standard maritime insurance and vary depending on…
The House of Representatives and the Nigerian Export Processing Zones Authority (NEPZA) have jointly pledged to strengthen the enforcement of regulations governing Free Trade Zones (FTZs) across Nigeria. This renewed commitment aims to enhance compliance, boost economic growth, and ensure that the benefits of FTZs are fully realized for the country’s development. Free Trade Zones in Nigeria were established to promote export-oriented industrialization by providing businesses with incentives such as tax breaks, duty exemptions, and streamlined customs procedures. These zones are intended to attract foreign investment, create jobs, and diversify the economy beyond oil dependency. However, challenges including regulatory…
The Nigeria Customs Service (NCS) has announced a comprehensive initiative to tackle fuel smuggling by profiling fuel stations near border areas and auctioning off nearly 39,425 litres of seized Premium Motor Spirit (PMS), commonly known as petrol. This move aims to disrupt illegal fuel trade, ensure fair distribution of petroleum products, and support market stability across the country. Fuel smuggling has been a persistent challenge in Nigeria, especially in border regions where porous boundaries facilitate the illicit movement of subsidized fuel to neighboring countries. This illegal activity undermines government revenue, distorts market prices, and causes shortages that affect ordinary…
Standard Chartered Bank is deepening its commitment to gender inclusion and economic empowerment through a wide-reaching initiative that supports women-led businesses with technology training, startup incubation, and funding opportunities. Through its flagship Women in Tech (WiT) program, the bank is helping women across Africa, the Middle East, and South Asia acquire critical digital skills, scale their businesses, and contribute to more inclusive innovation ecosystems. The Women in Tech initiative is part of Standard Chartered’s Futuremakers program, a global strategy focused on empowering young people, particularly women and those from low-income communities, to learn, earn, and grow. Since its launch,…
The National Information Technology Development Agency (NITDA) has reiterated the importance of leveraging technology to address corruption within Nigeria’s public sector. According to the agency, embracing digital transformation across all arms of government is not just a matter of efficiency—it is a key strategy for reducing fraud, enhancing transparency, and building trust in public institutions. Speaking at a recent conference themed “Advancing Government Operations Through Digital Transformation,” NITDA’s Director-General, Kashifu Inuwa Abdullahi, stated that digital tools have the potential to create systems that are far less susceptible to manipulation. He emphasized that widespread corruption, often enabled by manual processes…
The Federal Government of Nigeria has revived the National Talent Export Programme (NATEP) in a bold move to tap into the $1 trillion global outsourcing market. The programme, which was originally introduced 18 months ago, has now been relaunched with a more ambitious and structured framework aimed at boosting Nigeria’s service export capabilities and creating millions of jobs. At the heart of this initiative is the government’s commitment to youth empowerment and economic diversification. During the relaunch event in Lagos, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, explained that NATEP is a strategic part of President Bola…
The House of Representatives and the Nigeria Export Processing Zones Authority (NEPZA) have jointly called on operators within Nigeria’s Free Trade Zones (FTZs) to ensure timely remittance of statutory payments to the Federation Account Allocation Committee (FAAC). The move comes amid growing concerns about transparency and accountability in the financial contributions of these zones to the national treasury. Speaking during an oversight visit to NEPZA’s headquarters in Abuja, the House Committee on Commerce emphasized the importance of aligning FTZ operations with national economic goals. The committee expressed concerns that many operators may not be fully complying with remittance obligations, which…
South Africa has overtaken Nigeria as the largest importer of refined petroleum products in Africa, marking a significant shift in the continent’s energy landscape. This change reflects contrasting developments in the two countries’ refining sectors, with Nigeria’s Dangote Refinery ramping up production while South Africa grapples with refinery shutdowns and increasing dependency on imports. According to a recent report by energy consultancy CITAC, Nigeria imported approximately 3.1 million tonnes of refined petroleum products during the first quarter of 2025. In contrast, South Africa imported about 4.2 million tonnes in the same period, positioning it as Africa’s biggest fuel importer. The…
French energy giant TotalEnergies has agreed to sell its 12.5 percent non-operated interest in Nigeria’s Bonga deepwater oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) for \$510 million. The deal, announced on May 29, 2025, marks another significant shift in the ownership and operational dynamics of one of Nigeria’s most important offshore oil assets. Pending customary regulatory approvals, the transaction is expected to close before the end of the year. The Bonga field, located approximately 120 kilometers offshore from the Niger Delta, has been a cornerstone of Nigeria’s deepwater oil production since it began operating in 2005. It…
APM Terminals Apapa, one of Nigeria’s largest and busiest container terminals, has announced a temporary suspension of empty container reception at its Apapa facility. The decision, according to the terminal operator, was taken in response to a sharp increase in import volumes which has created significant congestion at the port’s yard. The company’s Terminal Manager, Steen Knudsen, explained that the overwhelming inflow of import-laden containers in recent weeks has left little room for the storage and processing of empty containers. Shipping lines, he noted, have prioritized the unloading of imports, leading to a growing backlog of empties and a…
Governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been named Central Bank Governor of the Year at the 2025 African Banker Awards, held in Abidjan, Côte d’Ivoire. The award recognizes Cardoso’s outstanding leadership and reform-driven approach in steering Nigeria’s monetary policy and financial sector stability during a critical period. Cardoso, who assumed office as CBN Governor in September 2023, has overseen a string of key policy interventions designed to tackle long-standing macroeconomic challenges. These include bold steps to stabilize the naira, improve transparency in the foreign exchange market, combat inflation, and rebuild investor and public confidence…
The Nigerian stock market took a breather on Thursday, May 29, 2025, as investors witnessed a loss of ₦54 billion, effectively halting a four-day bullish streak that had previously driven strong gains across the board. The downturn signaled a wave of profit-taking by investors eager to cash in on recent growth, leading to a modest dip in the overall market value. At the close of trading, the All-Share Index (ASI) dropped by 84.53 points or 0.08%, closing at 111,818.08 points compared to the previous day’s 111,902.61. This brought the total market capitalization down from ₦70.564 trillion to ₦70.510 trillion.…
Access Bank Plc has teamed up with the Bill & Melinda Gates Foundation and MicroSave Consulting (MSC) to launch a transformative three-year program aimed at empowering 50,000 Nigerian women through financial inclusion. The initiative, titled “Scaling Female Agent Networks in Nigeria,” is designed to build a network of trained female banking agents in underserved communities, particularly in Northern and Central Nigeria. This partnership underscores a collective commitment to tackling gender inequality in the financial services sector by providing women with opportunities to earn sustainable incomes and participate actively in the financial ecosystem. The program will equip participants with the…
In recent months, domestic investors have continued to assert their dominance on the Nigerian Exchange Limited (NGX), significantly outweighing foreign participation in the capital market. According to the latest data for April 2025, local investors accounted for approximately 87% of total transactions, underscoring their pivotal role in shaping the market’s direction. This trend reflects a broader shift in Nigeria’s investment landscape, where domestic confidence and participation have steadily grown despite challenges that have tempered foreign investment. The surge in domestic activity is illustrated by the volume and value of transactions. In April alone, domestic investors transacted approximately ₦1.8 trillion, compared…
Abbey Mortgage Bank has unveiled plans to raise ₦100 billion in fresh capital as part of its strategic transformation from a primary mortgage bank to a regional commercial bank. This move comes in response to the Central Bank of Nigeria’s (CBN) revised regulatory framework, which sets higher capital requirements for banks wishing to expand their scope and operations. Specifically, the CBN now mandates a minimum capital base of ₦50 billion for regional commercial banks, a threshold that Abbey Mortgage Bank intends to exceed in order to position itself strongly within Nigeria’s evolving banking landscape. The proposed capital raise is…
A firm has recently completed the construction of a new terminal designed to significantly cut the costs associated with the evacuation of crude oil. This development marks an important milestone in the oil and gas sector, as it promises to optimize the logistics of crude oil transportation, improve efficiency, and reduce operational expenses for producers and exporters. Crude oil evacuation—the process of moving crude oil from production sites to export terminals or refineries—often involves complex logistics and considerable expenses. These costs include transportation fees, storage charges, delays at ports, and fees related to loading and unloading vessels. The new terminal…
Fidelity Bank Plc celebrated this year’s Children’s Day with an inspiring event focused on promoting literacy, creativity, and educational empowerment among Nigerian youth. Held at the bank’s Fidelity Grounds in Oniru, Lagos, the event brought together hundreds of students, parents, educators, and bank officials in a joyful and engaging atmosphere themed “The Fidelity Fantasyland 3.0.” Central to the celebration was the launch of the Read2Lead Anthology, a collection of essays by young Nigerians, alongside the awarding of scholarships to outstanding pupils. These initiatives underline Fidelity Bank’s sustained commitment to nurturing the next generation through education and creative expression. The Read2Lead…
The Port Harcourt Refining Company (PHRC), one of Nigeria’s key state-owned oil refineries, has recently become the focus of controversy following conflicting reports about its operational status. While the Nigerian National Petroleum Corporation Limited (NNPCL) announced a planned 30-day maintenance shutdown aimed at improving the refinery’s performance, several local fuel marketers have disputed these claims, insisting that no maintenance work is currently taking place. This disagreement has raised broader questions about the management, transparency, and functionality of the refinery, with significant implications for Nigeria’s fuel supply and downstream petroleum sector. The NNPCL, the parent company overseeing PHRC operations, officially…
The Federal Government of Nigeria has officially begun the rollout of Compressed Natural Gas (CNG) buses to federal universities across the country, marking a significant step toward improving transportation within academic institutions while promoting cleaner and more affordable energy solutions. This initiative aligns with the government’s broader objectives of energy transition, environmental sustainability, and economic empowerment, particularly in the transport sector. The launch event took place at the University of Abuja, where the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, commissioned the first batch of CNG buses and tricycles for use on campus. This pilot phase includes the…