Marketing experts have emphasized the critical role of data in driving business growth, urging Nigerian marketers to shift from intuition-based strategies to data-driven decision-making. This call came during a recent marketing and innovation forum held in Lagos, where industry leaders gathered to discuss trends shaping the future of the profession. Speakers at the event stressed that with the increasing complexity of consumer behavior and market dynamics, marketers who fail to integrate data into their strategies risk falling behind. The consensus was clear: data is no longer optional—it is a foundational tool for effective marketing in the digital age. According to…
Author: Temitope N.
Seplat Energy Plc, one of Nigeria’s leading indigenous energy companies, has announced a bold move to invest significantly in the country’s power sector. The initiative is part of the company’s broader strategic shift to diversify its operations and contribute to bridging the huge energy access gap in Nigeria, particularly in off-grid communities. According to the company’s CEO, Roger Brown, Seplat’s investment in the power sector is aimed at complementing its role as a major gas supplier in the country while also addressing the systemic electricity shortages that continue to hinder economic growth and development. Nigeria, despite being Africa’s most populous…
Lasaco Assurance Plc has reaffirmed its dedication to youth empowerment in Nigeria, pledging to expand initiatives that support skill development, entrepreneurship, and economic self-reliance among young people. The company made this renewed commitment during a recent corporate social responsibility event held in Lagos. Speaking at the event, Managing Director and CEO of Lasaco Assurance, Mr. Segun Balogun, emphasized the importance of investing in youth as a strategic move to secure Nigeria’s future. He stated that the company recognizes the challenges facing many young Nigerians, including unemployment and limited access to opportunities, and is determined to be part of the solution.…
The Development Bank of Nigeria (DBN) has launched a landmark initiative known as the “Green Declaration,” a strategic commitment to promote sustainable development and climate finance in Nigeria. This bold move aligns with global efforts to combat climate change while positioning Nigeria as a proactive player in transitioning to a low-carbon, climate-resilient economy. The announcement was made during a high-level climate finance forum in Abuja, where DBN’s leadership outlined its plans to integrate environmental sustainability into its core operations. The Green Declaration aims to mobilize investments, build partnerships, and support businesses that are actively contributing to Nigeria’s green economy goals.…
Interswitch Group, one of Africa’s foremost digital payments and commerce companies, has renewed its call for stronger support of indigenous innovation and economic sovereignty across the continent. This renewed advocacy was prominently featured during the 2025 Africa Soft Power Summit held in Nairobi, Kenya, where thought leaders, innovators, and policy experts convened to discuss the future of Africa’s digital economy and technological independence. Representing Interswitch at the summit, Bernard Kinara, the Group’s Country General Manager for Kenya, delivered a compelling message that emphasized the need for Africa to chart its own path in the global digital space by investing in…
The Federal Inland Revenue Service (FIRS) has intensified its engagement with key stakeholders in Nigeria’s oil and gas sector ahead of the July 25, 2025 rollout of its electronic invoicing (e-invoicing) system. This initiative, part of the broader digital transformation of the country’s tax administration, is aimed at boosting efficiency, enhancing transparency, and curbing tax evasion, particularly in sectors known for high-volume transactions and complex financial structures. The e-invoicing project, formally known as the Merchant Buyer Solution (MBS), represents a shift toward real-time invoice verification, allowing tax authorities and relevant stakeholders to track transactions as they occur. According to FIRS…
The United Bank for Africa (UBA) and the Institute of Chartered Accountants of Nigeria (ICAN) have entered into a strategic partnership aimed at enhancing excellence, professionalism, and innovation in the field of accounting and financial services in Nigeria and across the African continent. This alliance, formalized through a high-level engagement between the leadership of both institutions, is poised to shape the future of financial reporting, ethics, and capacity building within the region. At the heart of this collaboration is a shared commitment to strengthen the accounting profession through targeted development programs, ethical standards, and skill enhancement initiatives. The UBA-ICAN partnership…
The Nigerian Exchange Limited (NGX) recorded notable gains this week, with a total market capitalization increase of approximately N187 billion. This positive momentum reflects growing investor confidence in the equities market amid a mix of economic developments and corporate earnings reports that have buoyed market sentiment. Investors have shown resilience despite broader economic challenges such as inflationary pressures and high interest rates. The sustained buying activity by market bulls has helped key indices close the week in positive territory, signaling optimism about the outlook for listed companies. Several sectors contributed to the market’s upward trajectory, including banking, consumer goods, and…
Nigeria’s manufacturing sector is facing intense pressure as rising energy costs and tightening credit conditions combine to squeeze profitability and threaten growth. While government reforms aim to stabilize the economy and improve market efficiencies, the immediate effect has been an increased operational burden on manufacturers, many of whom are struggling to stay afloat amid soaring expenses. Energy costs remain one of the biggest challenges for manufacturers. The country’s unreliable power supply forces most companies to rely heavily on alternative energy sources such as generators, which are expensive to run. In 2024, spending on alternative energy surged by about 75%, reaching…
Nigeria is currently facing a serious food security challenge that threatens the well-being of millions across the country. Rising inflation, climate change, insecurity, and structural weaknesses in agriculture have combined to create one of the most pressing crises in recent memory. In response, the Federal Government has stepped up efforts to address these challenges with a series of ambitious programs and reforms aimed at boosting food production, stabilizing prices, and safeguarding the nation’s food supply. Food insecurity in Nigeria has deepened significantly in recent years. According to recent reports, over 100 million Nigerians are classified as food insecure, with nearly…
Nigeria’s recent liberalisation of its foreign exchange (forex) market has been hailed as a turning point in the country’s quest to restore investor confidence, attract foreign capital, and strengthen its macroeconomic position. The wide-ranging reforms, spearheaded by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, aim to reduce market distortions, improve transparency, and create a stable environment conducive to long-term investments. The forex market liberalisation involved the unification of multiple exchange rate windows into a single market-driven rate. Previously, the existence of disparate exchange rates—ranging from the official rate to the widely-used parallel market—led to arbitrage, discouraged foreign…
In a major policy move aimed at reforming revenue collection in Nigeria’s electricity sector, the Nigerian Electricity Regulatory Commission (NERC) has introduced new guidelines for the registration and engagement of third-party collection service providers. The directive, which took effect on May 27, 2025, was signed by NERC Chairman Sanusi Garba and is part of efforts to standardize and digitize electricity bill payment processes across the country. The framework is anchored on Section 226 of the Electricity Act, 2023, and is designed to eliminate cash-based collections, streamline revenue channels, reduce losses due to untracked payments, and improve accountability. It also aligns…
South Africa has officially overtaken Nigeria as Africa’s largest importer of refined petroleum products, marking a significant shift in the continent’s energy dynamics. This change, detailed in a new report by energy consultancy CITAC, reflects contrasting developments in both countries’ fuel supply strategies and refining capabilities. According to CITAC, South Africa imported approximately 4.2 million tonnes of refined petroleum products in the first quarter of 2025, a notable increase that puts the country ahead of Nigeria, which imported 3.1 million tonnes over the same period. Projections for the rest of the year suggest that South Africa may import up to…
The collection of empty containers at the Apapa Port has been suspended indefinitely by APM Terminals, one of the key terminal operators in Lagos. This move, which took effect earlier this week, has already started causing concern among importers, truck operators, and other port users. According to industry sources, the suspension is due to congestion at the terminal, with a high volume of empty containers reportedly overwhelming available space. APM Terminals has not released an official statement detailing the exact reasons for the suspension or how long it is expected to last, but stakeholders say the backlog has become increasingly…
The Federal Government of Nigeria has launched a new intra-African air cargo corridor aimed at boosting trade and export opportunities across the continent. The initiative, unveiled in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines, offers Nigerian exporters a significant 50% discount on air freight charges to key East and Southern African markets. This move is expected to lower logistics costs substantially, making Nigerian goods more competitive in regional markets while advancing Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA). The air cargo corridor facilitates easier and more affordable transportation of goods from Nigeria to…
Nigeria’s foreign trade payments through Letters of Credit (LCs) rose to $267.96 million in the first four months of 2025, according to recent data from the Central Bank of Nigeria (CBN). This represents a 3.68 percent increase compared to the same period in 2024 and signals a gradual recovery in the country’s international trade financing activities amid a complex economic environment marked by foreign exchange volatility and broader structural challenges. Understanding Letters of Credit and Their Role in Trade Letters of Credit are critical financial instruments in international trade transactions, serving as guarantees from banks that payment will be made…
The Nigerian National Assembly is set to pass a suite of harmonised tax reform bills on Tuesday, May 28, 2025, marking a major milestone in the federal government’s ongoing efforts to overhaul the country’s outdated and fragmented tax structure. The bills—consolidated through the efforts of a joint conference committee of both chambers—are designed to unify tax administration across all tiers of government and improve Nigeria’s revenue generation capacity. The reforms represent a strategic part of the fiscal policy agenda under President Bola Tinubu’s administration, which is working to reduce the country’s reliance on oil revenue and expand the non-oil tax…
Lasaco Assurance Plc has announced a robust financial performance for the first quarter ended March 31, 2025, with its profit before tax rising by 24% year-on-year to ₦1.62 billion. The company had posted a profit before tax of ₦1.31 billion in the corresponding quarter of 2024, signalling a strong start to the 2025 financial year and further consolidating its position in Nigeria’s competitive insurance landscape. The positive momentum was driven by a 59% surge in insurance revenue, which jumped to ₦10.44 billion in Q1 2025 from ₦6.57 billion in Q1 2024. This remarkable increase reflects the company’s improved underwriting performance…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has renewed its call for the adoption of ground rent as a key strategy for revenue generation and housing affordability in Nigeria. Speaking during the 2025 Estate Surveyors’ Week held in Lagos, the Lagos State Chapter Chairman, Gbenga Ismail, emphasized that the implementation of a well-structured ground rent system could significantly boost government income while simultaneously promoting access to affordable housing for ordinary Nigerians. Ground rent refers to the periodic payment made by leaseholders to landowners—usually government—in exchange for the right to occupy and develop a parcel of land. Ismail highlighted…
The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…