The 2025 Nigerian federal budget reveals that 593 Ministries, Departments, and Agencies (MDAs) will collectively spend a staggering ₦41 billion on fuel for generators. This allocation has raised concerns regarding the country’s energy infrastructure and the ongoing reliance on costly alternative power sources despite efforts to address the nation’s power sector challenges. The substantial budget for fuel highlights the persistent power supply issues faced by government agencies, with many MDAs unable to rely on the national grid for consistent electricity. Analysts have pointed out that this expenditure exacerbates the financial burdens on the government and hinders the efficient use of…
Author: Temitope N.
The private sector plays a crucial role in helping Nigeria navigate and resolve its internal crises, according to the Transnational Corporation of Nigeria (TGI). In a recent statement, TGI emphasized the importance of private enterprises in driving sustainable solutions to challenges such as economic instability, unemployment, insecurity, and infrastructural deficits that continue to hinder national development. TGI, a prominent conglomerate with interests in several sectors, highlighted that the private sector has the capacity to innovate, create jobs, and invest in areas where the public sector may face resource constraints. The company stressed that a collaborative approach between government and private…
Betano, a leading global sports betting platform, has revealed a ₦50 million prize for the winner of the upcoming season of The Next Titan, Nigeria’s premier entrepreneurial reality TV show. The announcement highlights Betano’s commitment to supporting innovation and entrepreneurship in Nigeria. The Next Titan competition, which has gained widespread recognition for identifying and nurturing young entrepreneurs, will see participants compete for the grand prize, aimed at propelling the winner’s business to new heights. The ₦50 million prize will provide financial support, mentorship, and resources to help the winner grow their business and make a lasting impact in the Nigerian…
A recent report reveals that Generation Z (Gen Z) is increasingly driving the demand for embedded lending solutions, a trend that is reshaping the future of financial services. Embedded lending, which integrates credit offerings directly into the purchasing process on digital platforms, has gained significant traction among younger consumers who seek seamless, flexible, and accessible financial services. Gen Z, known for their tech-savviness and preference for digital-first experiences, is leading the charge towards embedded lending as they prioritize convenience and immediacy in their financial interactions. The report indicates that this demographic is more likely to use lending products that are…
Polo Luxury Group, in partnership with Montblanc, has launched an exclusive new collection in Lagos, showcasing a blend of sophistication and craftsmanship. The unveiling event, held at Polo Luxury’s flagship store, brought together connoisseurs of luxury goods, business leaders, and prominent social figures to celebrate the arrival of Montblanc’s latest offerings. The collection features an array of meticulously crafted items, including writing instruments, leather accessories, and timepieces, designed to appeal to discerning customers who value elegance and quality. Montblanc, renowned for its timeless designs and exceptional craftsmanship, has consistently set benchmarks in the global luxury market, and this new collection…
LG Electronics has unveiled a special Christmas movie package to enhance the holiday experience for families and entertainment enthusiasts. The package, which includes cutting-edge home entertainment devices and exclusive content options, is designed to bring the magic of the festive season into homes. Announcing the initiative, LG emphasized its commitment to providing innovative solutions that cater to the evolving needs of its customers. The Christmas movie package features discounted prices on select smart TVs, soundbars, and projectors, offering consumers the ultimate cinematic experience at home. In addition to the hardware, LG has partnered with streaming platforms to provide access to…
A $2.4 billion asset sale by Shell in Nigeria has emerged as the largest merger and acquisition (M&A) transaction in Africa this year, according to a recent report. The deal, part of Shell’s divestment strategy, underscores the growing trend of multinational oil and gas companies reducing their onshore operations in Nigeria to focus on offshore assets and cleaner energy initiatives. The sale involves several onshore oilfields and associated infrastructure, which Shell is transferring to local and regional operators. Analysts view this divestment as a strategic move to mitigate risks associated with onshore operations, including environmental liabilities, regulatory pressures, and community-related…
The combined market capitalization of eight leading Nigerian banks has surged to ₦7.2 trillion, reflecting increased investor confidence and strong performance in the financial sector. The significant growth underscores the resilience of the banking industry amidst economic headwinds and evolving market dynamics. The eight banks, which include some of Nigeria’s most prominent financial institutions, have seen their share prices rise steadily in recent months. Analysts attribute this growth to improved earnings, robust risk management practices, and strategic investments in digital banking solutions that have enhanced operational efficiency and customer engagement. Investors have shown renewed interest in the banking sector, buoyed…
Lasaco Assurance Plc has called on its customers with unresolved claims to come forward for immediate resolution. The insurance company, in a recent statement, emphasized its commitment to ensuring prompt payment of claims while fostering transparency and trust with policyholders. The initiative aims to address pending claims and enhance customer satisfaction. Lasaco Assurance encouraged affected clients to visit its offices or utilize its digital platforms to submit necessary documentation and expedite the claims process. The company reassured customers of its dedication to fulfilling obligations and maintaining industry standards. “We understand the importance of timely claims settlement to our customers, and…
Seasonal businesses play a critical role in bolstering Nigeria’s economy and providing income opportunities for families, according to economic analysts. These businesses, which thrive during specific periods such as festive seasons, agricultural harvests, and school reopening periods, offer significant contributions to both local economies and individual livelihoods. Analysts highlighted that seasonal businesses, ranging from retail and hospitality to event planning and agriculture, inject much-needed liquidity into the economy. By meeting heightened consumer demand during peak seasons, these enterprises create jobs, increase spending, and support ancillary sectors. For many families, seasonal businesses serve as a vital source of supplemental income. “The…