The Central Bank of Nigeria (CBN) has reported a notable increase in the country’s broad money supply (M3), which surged by 4.2 percent month-on-month to reach N119.1 trillion in April 2025. This figure represents a rise from N114.2 trillion recorded in March, underscoring significant liquidity expansion in the Nigerian economy despite ongoing monetary policy stability. This increase occurred even as the CBN held its Monetary Policy Rate (MPR) steady at 27.5 percent for the second consecutive meeting. The decision to maintain the MPR reflected a cautious approach by the bank amid uncertainties in the global economic environment, including inflationary pressures…
Author: Temitope N.
Toyota is doubling down on its commitment to electrification with the upcoming launch of several hybrid and electric vehicles (EVs), including models set to debut in Nigeria. As the automotive industry shifts toward more sustainable mobility solutions, Toyota is positioning itself as a leader in both hybrid and fully electric vehicle technology, catering to a global demand for cleaner, more efficient transportation. The company’s latest move includes a mix of all-new and updated models across various vehicle segments. These introductions are part of Toyota’s broader strategy to offer a comprehensive range of electrified options—including hybrid electric vehicles (HEVs), plug-in hybrids…
APM Terminals Apapa, Nigeria’s largest and busiest container terminal, has temporarily suspended the reception of empty containers following an unexpected spike in import cargo volumes. The decision comes amid growing congestion at the terminal, with yard space stretched to capacity due to the build-up of uncollected empty containers. According to the terminal operator, the sudden and sustained increase in imports in recent weeks has forced shipping lines to prioritize the discharge of laden containers, leaving behind a backlog of empties. The result is a yard filled with containers awaiting evacuation, making it difficult to accept more without compromising operational…
TomTom, the iconic menthol candy brand known for its bold taste and deep roots in Nigerian culture, has successfully concluded its 2025 BTI Verse Challenge, an initiative aimed at discovering and promoting young musical talent. Held in Yaba, Lagos, the event brought together over 30 talented contestants from across the region, culminating in a vibrant finale that crowned Lam Young as the winner. The BTI Verse Challenge is part of TomTom’s wider “Breathe for It” campaign—a youth-focused movement designed to empower creativity and offer young Nigerians a platform to express themselves through music and spoken word. This latest edition of…
Nigeria’s financial technology sector is witnessing a wave of innovation as new finance management apps are being launched to meet the growing demand for smarter, more accessible tools for managing money. These apps are designed to help different segments of the population—from creatives and freelancers to young people and couples—gain better control over their finances. The recent introductions of Velvy, Moremonee’s “Snappy” feature, Unity Bank’s GenFi platform, and the partnership between Lloyds Banking Group and Lumio represent a significant leap forward in the country’s fintech landscape. Velvy is an app tailored specifically for creatives, freelancers, and small business owners who…
In a strategic move aimed at revitalizing Nigeria’s oil and gas sector, President Bola Tinubu has signed a landmark Executive Order designed to cut upstream petroleum project costs and stimulate fresh investment. The order, officially named the Upstream Petroleum Operations Cost Efficiency Incentives Order, 2025, introduces a system of performance-based tax incentives for oil operators who achieve verifiable cost savings, signaling a major policy shift in the country’s approach to managing its energy resources. This Executive Order comes at a critical time for Nigeria, which has been battling declining production, underinvestment, and an increasingly competitive global energy landscape. The Tinubu…
Nigeria’s oil and gas sector is bracing for major changes as over 55 oil block licences are set to expire before the end of 2025, with a significant number of them—up to 40—reaching their deadline in June. This development has sparked conversations within the industry about the broader implications for oil production, investor confidence, and the stability of Nigeria’s energy output. Many of the licences nearing expiration include key Oil Mining Leases (OMLs) and Oil Prospecting Licences (OPLs) located primarily in the Niger Delta region, the heart of Nigeria’s oil production. Some of the notable blocks on the list include…
French oil and gas multinational TotalEnergies has agreed to sell its 12.5% non-operated interest in Nigeria’s Bonga deepwater oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) in a transaction valued at $510 million. The move is part of TotalEnergies’ strategic shift toward a leaner, more efficient upstream portfolio and reflects the changing dynamics of the global energy industry. For Shell, the deal marks a reinforcement of its long-standing commitment to Nigeria’s deepwater sector and a step towards consolidating its position in one of Africa’s most prolific offshore assets. The Bonga oilfield, situated approximately 120 kilometers offshore from the…
FoodHutz, a rising star in the global food technology sector, has officially launched its operations in Nigeria, marking a significant milestone in its ambition to expand across the African continent. Headquartered in London, FoodHutz is a food delivery and culinary discovery platform that aims to revolutionize how consumers access food services by combining innovative technology with a user-friendly experience. With Nigeria’s rapidly growing urban population and increasing demand for convenient food options, FoodHutz sees the country as a key market to drive its next phase of growth. The company’s entry into Nigeria, starting with Lagos—the nation’s commercial and cultural…
Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has been honoured with the prestigious title of Central Bank Governor of the Year at the 2025 African Banker Awards Gala held recently in Abidjan, Côte d’Ivoire. This award, presented by African Banker magazine in collaboration with the African Development Bank Group, recognises Cardoso’s exceptional leadership and impactful reforms that have significantly strengthened Nigeria’s financial system and contributed to economic stability. The African Banker Awards, now in their 19th year, are a benchmark event in Africa’s financial calendar. They bring together senior policymakers, banking executives, and industry…
First City Monument Bank (FCMB) has once again pledged its strong support for the Ojude Oba Festival, one of Nigeria’s most prominent cultural celebrations. The bank highlighted the festival’s important role in promoting unity, preserving cultural heritage, and driving economic activities within Ijebu-Ode and beyond. In a statement ahead of the 2025 edition of the festival, FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, emphasized that the festival aligns closely with the bank’s values of fostering meaningful relationships, community development, and inclusive growth. “Ojude Oba reflects the kind of society we want to build—one that honors legacy, encourages unity,…
Sidi Ould Tah of Mauritania has been elected as the ninth President of the African Development Bank (AfDB), marking a significant milestone for the continent’s leading financial institution. Tah’s election, which took place at the AfDB’s Annual Meetings in Abidjan, Côte d’Ivoire, saw him secure an overwhelming 76.18% of the vote in the third round of balloting. He defeated four other candidates, including notable contenders like Zambia’s Samuel Maimbo and Senegal’s Amadou Hott, underscoring the strong support he garnered across the African membership. At 60 years old, Tah brings to the role over 35 years of extensive experience in African…
The Securities and Exchange Commission (SEC) has expressed deep concern over the increasing number of investors falling prey to Ponzi schemes. The regulator warns that such fraudulent investment operations promise high returns with little or no risk, but ultimately collapse, causing significant financial losses to unsuspecting investors. The SEC noted that despite repeated public warnings and educational campaigns, many investors continue to be attracted by the allure of quick and unusually high profits, often overlooking red flags. The commission stressed that Ponzi schemes undermine trust in the financial markets and pose a serious threat to economic stability. To combat…
Inflation can slowly erode the value of your hard-earned savings, making it important to find ways to protect your money and maintain its purchasing power. Here are some smart strategies to help shield your savings from the effects of inflation: Invest in Stocks Stocks generally offer returns that outpace inflation over the long term. By owning shares in companies, you participate in their growth, which can help your savings grow faster than rising prices. Consider Real Estate Property values and rental income tend to rise with inflation. Investing in real estate can provide a steady income stream and capital appreciation…
The Manufacturers Association of Nigeria (MAN) has appealed to the federal government to transform the ‘Nigeria First’ policy into a binding law. The association believes that legally enforcing the policy will ensure consistent support for locally made products and services, which is vital for the growth of Nigeria’s manufacturing sector and overall economic development. The ‘Nigeria First’ policy, which promotes the patronage of Nigerian-made goods, aims to reduce import dependency, create jobs, and boost industrialization. However, MAN notes that without a legal framework, the policy lacks the teeth needed for widespread adoption and enforcement. MAN argues that codifying the…
In a bold move to address hunger and improve living standards, the Foundation has announced a comprehensive commitment to enhancing food security for households within vulnerable communities. Recognizing that consistent access to sufficient, safe, and nutritious food is fundamental for health and well-being, the Foundation’s initiative aims to tackle food insecurity through a multi-faceted approach. Key components of the Foundation’s commitment include supporting local farmers with sustainable agricultural practices, facilitating access to affordable food supplies, and investing in educational programs that promote nutrition awareness. By partnering with community organizations and government agencies, the Foundation plans to create resilient food…
KoolBox, a Nigerian technology company specializing in sustainable energy solutions, has launched an innovative solar-powered cooling platform aimed at tackling the challenges of food spoilage and medical storage in Nigeria. The new platform offers affordable and reliable refrigeration options that operate entirely on solar energy, addressing frequent power outages and high electricity costs that limit access to conventional cooling systems. The launch event, held recently in Lagos, showcased KoolBox’s solar refrigeration units designed for both households and small businesses. The company introduced flexible access models, allowing users to either exchange old electric refrigerators for solar-powered ones, convert existing units…
George Onafowokan, Managing Director of Coleman Wires and Cables, has expressed optimism over the growing interest of foreign investors in Nigeria, particularly in the manufacturing sector. Speaking during a recent interview, Onafowokan said that despite economic hurdles, global investors are beginning to see Nigeria as a land of opportunity with strong industrial potential. According to him, the renewed wave of interest is driven by Nigeria’s vast consumer base, improving business environment, and the resilience of local industries. “What we are seeing is a gradual shift. International investors are no longer just eyeing Nigeria—they’re starting to make concrete moves. They…
The Importers Association of Nigeria (IMAN) has revealed plans to significantly reduce cargo clearance times at Nigerian ports to as little as three hours, a move that could transform the country’s trade and logistics landscape. This development is anchored on the adoption of the National Single Window platform, a digital system designed to streamline import documentation and procedures across multiple government agencies. Speaking at a recent stakeholders’ meeting in Lagos, IMAN officials noted that the new initiative aligns with global best practices and is expected to eliminate the bottlenecks that have long plagued the nation’s port system. They expressed…
A Nigerian firm has reaffirmed its dedication to fostering entrepreneurship as a tool for economic transformation and job creation. At a recent business development summit in Abuja, the company unveiled new initiatives aimed at supporting startups and empowering young entrepreneurs across the country. Speaking at the event, the company’s Chief Executive Officer, Mrs. Olufunke Adeniyi, stated that entrepreneurship remains the most viable path toward reducing unemployment and stimulating inclusive growth in Nigeria. She emphasized that the private sector has a crucial role to play in nurturing innovative minds and providing them with the tools, funding, and mentorship needed to succeed.…