The Lagos State Government, in collaboration with the Lagos Chamber of Commerce and Industry (LCCI), has renewed calls for increased investment in community-owned mini-grids as part of broader efforts to tackle electricity shortages and promote sustainable energy access across the state. The renewed advocacy comes amid persistent challenges in Nigeria’s national power supply, which has continued to fall short of demand, leaving many communities, small businesses, and industrial clusters dependent on costly self-generation options. Lagos authorities and the LCCI believe that community-driven mini-grid projects offer a practical and scalable solution capable of delivering reliable, affordable, and cleaner power to underserved…
Author: Temitope Nlewemchi
Nigeria’s manufacturers have disclosed that they spent an estimated N676 billion on generators within the last six months as prolonged grid failures, poor electricity supply, and rising tariffs continue to cripple industrial productivity. The staggering expenditure reflects the worsening state of Nigeria’s power sector and the growing reliance of businesses on self-generated electricity to keep operations running. Manufacturers say the situation has not only increased their operational costs but also threatened competitiveness, job creation, and long-term growth across various industries. The latest figures, released by the Manufacturers Association of Nigeria (MAN), show that companies are now spending more on alternative…
MTN Nigeria has announced that its data subscriber base has reached 51.1 million users, reflecting a significant increase in internet adoption and digital connectivity across the country. The telecommunications giant said the growth underscores the rising demand for mobile data services, driven by increased smartphone penetration, digital services, and remote work and learning trends. According to the company, the surge in data users demonstrates the effectiveness of its investment in network expansion, infrastructure upgrades, and innovative service offerings. MTN highlighted that improvements in 4G coverage, enhanced network reliability, and affordable data packages have made its services more accessible to a…
The Central Bank of Nigeria (CBN) has officially declared Zuldal Microfinance Bank unlicensed to operate, warning the public to avoid engaging with the institution. In a statement released by the apex bank, it said that Zuldal Microfinance Bank has not met regulatory requirements and therefore lacks the legal authority to carry out banking activities in Nigeria. The CBN stressed that any deposits or financial transactions conducted with the bank would not be protected under existing banking regulations. According to the CBN, the decision follows routine monitoring and verification of banking institutions across the country. The apex bank noted that Zuldal…
MTN Nigeria has unveiled its festive season campaign, aimed at rewarding customers, boosting engagement, and enhancing brand loyalty during the end-of-year celebrations. The telecommunications giant announced that the initiative will include a variety of promotional offers, data and airtime giveaways, discounts on digital services, and interactive engagement activities across its platforms. The campaign is designed to bring excitement to subscribers while reinforcing MTN’s commitment to providing value and innovative services. According to MTN Nigeria, the festive campaign seeks to enhance customer experience through creative initiatives that cater to diverse needs. The company said that subscribers can expect special airtime and…
Scores of retirees of First Bank of Nigeria recently staged a protest at the bank’s headquarters, demanding an urgent review of their welfare packages and improvements to their pension benefits. The retirees, who had spent decades contributing to the growth and stability of the institution, gathered outside the main branch to express frustration over what they described as prolonged delays in pension payments, inadequate welfare provisions, and lack of transparency in the administration of retirement benefits. The protest attracted wide attention as the retirees carried placards and chanted slogans calling for immediate action from the bank’s management. The protesters highlighted…
The Lagos State Government has empowered more than 700 entrepreneurs during its recently concluded Small and Medium Enterprises (SME) bootcamp, aimed at strengthening business capacity, fostering innovation, and promoting economic growth across the state. The programme, which brought together startups, small business owners, and aspiring entrepreneurs, focused on enhancing skills, providing mentorship, and facilitating access to funding opportunities. Governor Babajide Sanwo-Olu, represented at the bootcamp by senior state officials, explained that the initiative is part of the administration’s broader strategy to support SMEs, which form the backbone of the state’s economy. He emphasised that entrepreneurship development is critical to reducing…
The Manufacturers Association of Nigeria (MAN) has called for robust investment in the blue economy and artificial intelligence (AI) as key strategies to accelerate industrialisation, economic diversification, and job creation in the country. The association said that tapping into Nigeria’s maritime resources and embracing advanced technologies could significantly enhance manufacturing output, expand export opportunities, and position the nation competitively on the global economic map. Speaking at the annual MAN industrial summit, the association’s leadership emphasised that the blue economy—covering sectors such as maritime transport, fisheries, aquaculture, shipbuilding, and ocean-based energy—represents a largely untapped reservoir of industrial potential. They noted that…
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has attributed the recent surge in Nigeria’s fish production to a wave of strategic investments in aquaculture, capacity building, and financial support for small-scale fishermen. He said that these investments have strengthened the sector, moving the country closer to self-sufficiency in fish production and reducing reliance on imported fish. Speaking during a roundtable discussion on national fish production in Lagos, Oyetola explained that the government has prioritised scaling up domestic fish supply by supporting fish farming clusters, improving artisanal fishing practices, and empowering key actors across the value chain. He noted…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has stated that its newly introduced Maritime Labour e-platform has been assessed to operate at a level that meets global standards for maritime labour administration, worker documentation, and regulatory oversight. The agency said the platform represents a major step in its efforts to digitalise critical processes, strengthen maritime governance, and enhance the welfare of Nigerian seafarers and dockworkers in line with international conventions governing maritime labour activities. NIMASA explained that the development of the e-platform was driven by the need to eliminate delays and inefficiencies that have long characterised the manual handling…
TotalEnergies and Conoil have entered into a major asset swap agreement involving key offshore oil blocks in Nigeria, marking one of the most significant restructuring moves in the country’s upstream petroleum sector in recent years. The deal, which industry stakeholders describe as a strategic exchange that aligns with both companies’ long-term operational goals, is expected to reshape their asset portfolios, boost production prospects and strengthen Nigeria’s offshore investment landscape. Under the terms of the agreement, TotalEnergies will transfer ownership of specific interests in selected offshore blocks to Conoil, while Conoil will in return relinquish certain assets that complement TotalEnergies’ expanding…
Nigeria’s equities market continued its downward trajectory as investors recorded a fresh loss of N216 billion, deepening concerns about sustained sell pressure and weak sentiment across major sectors. The decline, which dragged the overall market capitalisation lower, reflects growing caution among investors reacting to macroeconomic uncertainties, mixed corporate performance and a tightening monetary environment that has made fixed-income assets more attractive. Trading opened the week on a negative note, with several blue-chip stocks posting declines that wiped out previous gains and pulled key indices further into negative territory. Market analysts noted that the selloffs were driven largely by profit-taking, cautious…
The Federation Account Allocation Committee has released a total of N2.09 trillion to the federal government, the 36 states and the 774 local government councils as revenue for October, marking another significant injection into the Nigerian economy amid ongoing fiscal pressures. The disbursement reflects the continued rise in gross federally collected revenue, although officials confirmed that the amount shared in October was slightly lower than the figure recorded in September due to fluctuations in non-oil income and statutory deductions. According to the breakdown presented at the FAAC meeting in Abuja, the total distributable revenue for the month was built from…
PalmPay has issued a renewed call urging Nigerians to take stronger precautions in protecting their digital accounts, as the rate of online fraud and identity theft continues to rise across the country’s financial technology ecosystem. The mobile payment company said the safety of customers’ digital wallets remains a shared responsibility between users and service providers, especially as more transactions move online and fraudsters adopt increasingly sophisticated methods. According to the company, many of the fraud cases reported in the digital payment space could have been prevented if users avoided disclosing sensitive information such as passwords, PINs and one-time passwords. PalmPay…
The Nigerian House of Representatives has intensified its commitment to safeguarding the nation’s oil revenue, vowing to block leakages and strengthen oversight of the oil and gas sector. Lawmakers emphasized that unchecked revenue losses from crude oil production and export undermine national development and weaken fiscal stability, making decisive interventions necessary. In recent sessions, the House highlighted persistent challenges in revenue collection, citing discrepancies in oil export documentation, underreporting of production, and inefficiencies in monitoring by relevant agencies. Lawmakers stressed that these gaps contribute to substantial revenue losses, estimated to run into billions of naira annually, depriving the government of…
The Nigerian Civil Aviation Authority (NCAA) has imposed a ₦5 million fine on Qatar Airways for violating passenger rights, reinforcing the regulator’s commitment to upholding consumer protection and safety standards in the aviation sector. The sanction comes after an investigation revealed that the airline failed to comply with established regulations concerning passenger treatment and service delivery. According to the NCAA, the penalty was prompted by complaints lodged by passengers who experienced undue delays, misinformation regarding flight schedules, and inadequate handling of grievances. The regulatory authority emphasized that airlines operating in Nigeria must adhere strictly to aviation laws that safeguard passengers’…
Seplat Petroleum Development Company has taken a decisive step toward strengthening media engagement and capacity building by holding a comprehensive media workshop in Imo State, benefiting 25 journalists from various local and national media outlets. The initiative is part of Seplat’s broader corporate social responsibility and stakeholder engagement strategy aimed at fostering transparency, responsible reporting, and enhanced understanding of the oil and gas sector. The workshop, conducted over two days, provided participants with in-depth insights into Nigeria’s upstream and midstream operations, gas-to-power projects, and community development programs. Seplat officials explained the technical aspects of oil and gas operations, the company’s…
Nigeria has recorded a significant milestone in its oil industry, achieving a production level of 1.7 million barrels per day (bpd) on several occasions, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This development underscores the resilience and recovery of the country’s upstream oil sector, even amid global market uncertainties and domestic challenges. The NUPRC noted that the consistent production levels are a result of improved operational efficiency by major oil companies, ongoing maintenance of critical infrastructure, and increased output from both onshore and offshore fields. Officials highlighted that multiple operators have exceeded their contractual production targets, demonstrating the…
Nigeria’s telecommunications sector recorded a massive jump in operating expenses (OPEX), as industry operating costs surged to ₦5.85 trillion in 2024 — the highest on record. This represents an 85 percent increase compared with the ₦3.16 trillion reported in 2023. Analysis by the Nigerian Communications Commission (NCC) shows that several key cost drivers contributed to the steep rise in OPEX. Most notably, exorbitant Right‑of‑Way (RoW) fees paid by telecom operators to state governments for laying fibre-optic cables across roads emerged as a major burden. Additional pressures came from persistent inflation, foreign exchange volatility, and sharply rising energy costs, all of…
Nigeria’s Coordinating Minister of the Economy, Wale Edun, has officially commenced the user acceptance testing (UAT) of the National Single Window (NSW) platform, a key component of the country’s trade reform agenda. The move underscores the government’s commitment to modernising cross-border trade, boosting export competitiveness, and reducing bureaucratic bottlenecks for importers and exporters. The launch event, held in Abuja, brought together representatives from the Federal Ministry of Finance, the Nigerian Customs Service, private trade associations, and logistics firms. Edun described the UAT phase as a critical milestone, signalling that Nigeria is ready to operationalise its vision for a more efficient,…