The World Bank has projected that Nigeria’s economy will grow by 3.5% in 2025, driven by improvements in key sectors such as agriculture, services, and manufacturing. The positive outlook marks a slight rebound from previous years, signaling cautious optimism about the country’s economic recovery. According to the World Bank’s latest Global Economic Prospects report, Nigeria’s growth will be underpinned by reforms aimed at enhancing productivity, attracting investment, and diversifying the economy away from oil dependency. The forecast also reflects expectations of improved global economic conditions, which could benefit exports and foreign direct investments. However, the report highlighted several risks that…
Author: Temitope N.
Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are poised for growth in 2024, buoyed by a positive economic forecast. However, stakeholders have urged caution, highlighting persistent challenges that may temper the anticipated gains. The optimism stems from recent government initiatives aimed at strengthening the MSME sector. These include access to low-interest loans, tax incentives, and capacity-building programs tailored to support small businesses. Additionally, international development partners have pledged to provide technical and financial assistance to MSMEs, further boosting confidence in the sector’s prospects. During a stakeholders’ forum in Lagos, representatives from various industries acknowledged the potential for growth but…
CREDICORP, a leading financial services provider, has announced the successful disbursement of loans to 20,000 soldiers as part of its tailored financial inclusion program. The initiative aims to support the welfare of military personnel by providing them with access to affordable credit facilities. In a statement, CREDICORP’s CEO, Bola Adeyemi, emphasized the company’s commitment to empowering Nigeria’s armed forces through financial services designed to meet their unique needs. “Our soldiers make immense sacrifices to protect the nation, and it is only right that we create opportunities to improve their financial well-being,” Adeyemi said. “This program is part of our broader…
SUNU Group, a leading insurance and financial services provider in Africa, has attributed its impressive performance in 2024 to the enduring legacy of its late founder, Pathé Dione. The group’s leadership highlighted Dione’s visionary principles as the foundation of its growth and resilience in a highly competitive industry. In its annual performance review, SUNU Group recorded significant milestones, including increased market share, improved customer retention rates, and the successful launch of new products tailored to diverse client needs. The company’s leadership emphasized that these achievements are a direct reflection of the values and business strategies established by Dione. “Our founder,…
Taiwo Oyedele, the chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has called for the expedited enactment of the tax reforms bill. This move is critical to achieving the federal government’s goals of simplifying Nigeria’s tax system, improving compliance, and boosting revenue generation. Speaking during a recent policy forum, Oyedele emphasized the urgent need for legislative action to address inefficiencies in the country’s tax framework. According to him, delays in passing the reforms could undermine efforts to create a more transparent and business-friendly tax regime. “The current tax structure is overly complex, fragmented, and burdensome for individuals…
Coca-Cola Nigeria has launched an exciting reward campaign, offering consumers a chance to win a share of N70 million in cash prizes. This initiative is part of the company’s efforts to appreciate its loyal customers and enhance engagement across the country. The campaign, which kicked off recently, is open to Coca-Cola consumers nationwide. To participate, customers are required to purchase any Coca-Cola beverage with a special promotional label, reveal the code beneath the cap, and send it via SMS to a designated number. Winners are selected through a transparent raffle draw system. Speaking at the launch event, Coca-Cola Nigeria’s Marketing…
The Lagos Chamber of Commerce and Industry (LCCI) has expressed strong dissatisfaction with the Federal Government’s delay in implementing critical policies surrounding rice imports. The chamber highlighted the adverse effects of this delay on the agricultural sector and the economy at large. In a recent statement, LCCI President, Dr. Michael Olawale-Cole, noted that the prolonged inaction has created significant uncertainty for stakeholders in the rice value chain, including farmers, millers, and traders. According to him, this lack of clarity undermines the government’s drive for food security and self-sufficiency. “It is unacceptable for such an essential sector to face prolonged delays…
Inflation in Nigeria for 2024 has exceeded the Central Bank of Nigeria’s (CBN) target of 21.40%, sparking concerns about the country’s economic stability and the effectiveness of current monetary policies. According to recent data, inflation has continued its upward trajectory, reaching levels that are higher than expected, despite efforts by the CBN to bring it under control. The surge in inflation is primarily driven by rising food prices, supply chain disruptions, and currency fluctuations, all of which have had a significant impact on the purchasing power of Nigerians. The high cost of living, particularly in urban areas, has placed a…
The National Insurance Commission (NAICOM) has expressed its strong backing for the enforcement of third-party motor insurance in Nigeria, aiming to improve road safety and protect the interests of motorists and passengers. NAICOM’s support comes in response to ongoing concerns about the increasing number of road accidents and the lack of adequate insurance coverage for vehicles on the country’s roads. Third-party motor insurance, which is mandatory under Nigerian law, provides coverage for damages caused by a vehicle to third parties, including other vehicles, property, and individuals. The enforcement of this law is seen as a crucial step in reducing the…
Axxela, a leading energy solutions provider, has announced the creation of new business units as part of its strategy to drive growth, diversify its offerings, and strengthen its position in the energy sector. The move aims to expand the company’s services and enhance its capacity to meet the evolving energy needs of Nigeria and other African markets. The newly formed business units will focus on key areas including renewable energy, gas distribution, and infrastructure development. By tapping into these growing sectors, Axxela seeks to address the increasing demand for cleaner, more sustainable energy solutions while supporting the transition to a…
The Badagry Deep Seaport is set to become a critical transshipment hub for Nigeria and the West African region, according to the Badagry Chamber of Commerce, Industry, Mines, and Agriculture (BCCIMA). In a recent statement, BCCIMA highlighted the strategic importance of the seaport, emphasizing that it will significantly enhance the country’s position in global shipping and trade by facilitating the transfer of goods between ships. Once fully operational, the Badagry Deep Seaport is expected to serve as a vital link for transshipment, enabling the efficient transfer of cargo from smaller vessels to larger ones, as well as offering direct connections…
Nigeria’s oil rig count has risen to 32, according to the latest update from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This increase in the number of active rigs marks a positive shift for the country’s oil industry, signaling a potential boost in production and exploration activities. The NUPRC’s report highlights a steady recovery in the oil and gas sector, which has faced numerous challenges in recent years, including declining production levels, infrastructural issues, and the impacts of global oil price fluctuations. With the rise in active rigs, stakeholders are hopeful that this will translate into increased oil output, improved…
The Federal Government has called for strengthened security measures to protect Nigeria’s power installations in the wake of increasing vandalism and theft targeting critical energy infrastructure. In a recent statement, government officials emphasized the urgent need to safeguard power generation, transmission, and distribution facilities to ensure a stable energy supply and protect the national economy. The government’s call comes as the country continues to grapple with power disruptions caused by damage to key installations, which have been subjected to vandalism, theft, and acts of sabotage. These incidents have led to significant losses in energy production and have exacerbated the already…
A leading energy expert is urging the Nigerian government to prioritize the adoption of renewable energy sources as part of a comprehensive strategy to address the country’s energy challenges and promote long-term sustainability. In a recent statement, the expert emphasized that tapping into the potential of renewable energy could help Nigeria meet its growing energy demands while reducing its reliance on fossil fuels. The expert pointed out that renewable energy sources such as solar, wind, and hydroelectric power offer a viable solution to Nigeria’s power supply issues, which have been a major obstacle to economic growth. With the country’s energy…
The newly appointed CEO of Viathan, a leading energy company, has pledged to prioritize the delivery of reliable power solutions across Nigeria. In his first public statement since taking on the role, the CEO outlined his vision for improving the country’s energy sector by addressing ongoing power supply challenges and advancing the company’s mission to support sustainable development. The CEO expressed his commitment to tackling Nigeria’s long-standing power supply issues, which have been a significant barrier to economic growth and quality of life for millions of Nigerians. He emphasized that under his leadership, Viathan would focus on expanding its capacity,…
A prominent terminal operator has donated solar power systems to several host communities as part of its ongoing commitment to sustainable development and corporate social responsibility. The donation aims to provide reliable, clean energy to areas that have long struggled with inconsistent power supply, helping improve the quality of life for local residents. The solar power systems, which were installed in key locations across the communities, are expected to provide a stable energy source for lighting, small businesses, and other essential services. The initiative is seen as a significant step toward addressing the energy challenges in these regions while also…
A prominent research group has called on the Federal Government to prioritize the development of new terminals and warehouses across the country to improve trade efficiency and support broader economic growth. According to the group, the lack of adequate infrastructure, particularly in logistics and storage facilities, has become a major hindrance to Nigeria’s competitiveness in international trade. The group emphasized in its latest report that expanding port terminals and constructing modern warehouses would address significant bottlenecks in the supply chain. It pointed out that the current infrastructure is often overloaded, which leads to delays and higher costs for businesses engaged…
An oil spill fire has wreaked havoc on aquatic life in several communities in Rivers State, leaving devastation in its wake. The fire, which occurred after an explosion at an illegal refining site, has spread across rivers and wetlands, severely affecting fish stocks, plant life, and the livelihoods of local residents who depend on the water for fishing and farming. Reports indicate that the fire, which lasted for several days, has caused extensive environmental damage, polluting the waterways with toxic substances and destroying habitats for various species. The fire also released harmful gases into the atmosphere, further contributing to air…
The Minister of Marine and Blue Economy, Gboyega Oyetola, has called for heightened investment in maritime surveillance and related infrastructure to bolster Nigeria’s economic and security outlook. Speaking at a recent maritime industry forum in Lagos, Oyetola emphasized the pivotal role of the maritime sector in driving economic growth and ensuring national security. Oyetola highlighted that Nigeria’s vast coastline and strategic location in the Gulf of Guinea present immense opportunities for trade and investment. However, he noted that these advantages are undermined by challenges such as piracy, smuggling, and inadequate infrastructure, which hinder the sector’s full potential. “Investing in maritime…
Nigerian bank customers have expressed support for the Central Bank of Nigeria (CBN) imposing fines on banks that fail to adequately load their Automated Teller Machines (ATMs) with cash. This follows widespread complaints about persistent ATM cash shortages, which have caused significant inconvenience to customers across the country. The issue has been particularly frustrating for those in rural and semi-urban areas, where ATMs are a primary source of cash withdrawals. Many customers have reported long queues, frequent machine outages, and limited cash availability, leaving them with no choice but to resort to expensive Point of Sale (POS) operators. “Banks have…