Nigeria’s Minister of Power, Chief Adebayo Adelabu, has expressed deep concern over the lack of qualified local technicians to install about 400,000 imported electricity meters currently lying idle across the country. The minister said the situation reflects a major bottleneck in the implementation of the federal government’s National Mass Metering Programme (NMMP), which aims to bridge the nation’s huge metering gap and reduce estimated billing for electricity consumers. Adelabu, who disclosed this during a recent power sector stakeholders’ meeting in Abuja, lamented that despite the government’s effort to import and distribute prepaid meters to electricity consumers, progress has been hindered…
Author: Temitope Nlewemchi
The World Bank has unveiled a $510 million investment package designed to stimulate economic growth, support private sector development, and strengthen Nigeria’s investment climate. The new deal comes at a critical time as Africa’s largest economy pushes forward with reforms to attract foreign capital, diversify revenue sources, and stabilize its macroeconomic environment. According to officials familiar with the development, the $510 million financing will be deployed across key sectors, with a strong focus on infrastructure, access to finance for small and medium-sized enterprises (SMEs), and policy reforms that promote transparency and accountability. The move underscores the World Bank’s renewed commitment…
The National Pension Commission (PenCom) has announced plans to redesign the Micro Pension Plan (MPP) to capture millions of Nigerians in the informal sector, as the number of registered contributors remains slightly above 200,000 despite the scheme being introduced more than five years ago. PenCom said the revamp would make the scheme more attractive and accessible to workers in the informal economy, which accounts for over 80 percent of Nigeria’s labor force. The initiative is expected to deepen financial inclusion, strengthen social security, and provide retirement savings for millions of self-employed Nigerians, artisans, and small business operators who have…
The Federal Inland Revenue Service (FIRS) has defended the Federal Government’s borrowing framework, insisting that the country’s debt profile remains within sustainable limits when weighed against ongoing reforms, projected revenue growth, and fiscal consolidation plans. Speaking against the backdrop of mounting concerns over Nigeria’s rising debt stock and borrowing costs, the FIRS emphasized that public debt should be viewed in relation to revenue-generating capacity and economic growth, not just as isolated figures. The Service maintained that recent fiscal and tax reforms are designed to boost revenue and enhance the government’s ability to meet its obligations without jeopardizing financial stability. Nigeria’s…
The Nigerian Exchange (NGX) closed another volatile session in the red as investors lost an estimated N322 billion in market value, extending a bearish run that has persisted over the past week. The sustained downturn highlights growing concerns among market participants as macroeconomic headwinds, profit-taking, and weak investor sentiment continue to weigh on equities. At the close of trading, the market capitalisation of listed equities dropped to N88.6 trillion, compared to N88.9 trillion in the previous session. Similarly, the All-Share Index (ASI) shed 0.36 percent to close at 156,204.31 points, as investors offloaded shares in key sectors, including banking, industrial…
South Africa has been recognized as a rising force in the global iGaming industry, with experts predicting significant growth in the sector throughout 2025. As online gambling gains momentum worldwide, South Africa’s regulatory advancements, increasing internet penetration, and growing player base have positioned it as a key market to watch. The country’s iGaming sector has seen a surge in activity, driven by the widespread use of mobile devices and improved access to digital payment solutions. With more players embracing online casinos, sports betting, and esports wagering, operators are expanding their presence in the region to tap into this lucrative market.…
The Federal Government has begun a comprehensive oilfield verification exercise across the Niger Delta, a major initiative that seeks to enhance transparency, strengthen production efficiency, and boost revenue generation from Nigeria’s petroleum resources. The move, spearheaded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), comes at a critical period when Nigeria is intensifying reforms in its oil sector to meet fiscal targets, tackle inefficiencies, and restore investor confidence. The verification exercise, according to NUPRC officials, will cover both producing and dormant oilfields to determine their true operational status and compliance with the Petroleum Industry Act (PIA). The Commission said the…
Champion Breweries Plc has staged a remarkable recovery in the first half of 2025, recording a 111 percent surge in gross profit alongside a major turnaround to profitability after a difficult performance in the previous year. The brewery, based in Uyo, Akwa Ibom State, reported stronger sales, better cost management, and improved operational efficiency, which combined to deliver its best half-year performance in recent years. The financial statement for the six months ending June 30, 2025, showed that the company generated revenue of ₦15.93 billion, representing a sharp increase from ₦9.54 billion in the same period of 2024. This 67…
Nigeria’s recent decision by the Central Bank’s Monetary Policy Committee (MPC) to raise the benchmark interest rate has thrust currency and price stability back into the spotlight, eliciting critical reactions from economists, finance professionals, and business leaders alike. With inflation trending upwards and the naira facing renewed pressure in foreign exchange markets, analysts believe that the MPC move will have nuanced effects on both exchange rate volatility and consumer prices in the coming months. At its latest meeting, the MPC raised the monetary policy rate by 200 basis points to 24.5 percent, citing persistent inflationary pressures, particularly from rising food…
Union Bank of Nigeria Plc has successfully redeemed its ₦6.31 billion bond, reinforcing its financial resilience and commitment to prudent debt management in line with its long-term strategic objectives. The redemption, which was finalized this week, marks a significant step toward strengthening the bank’s capital structure and boosting investor confidence in its operations. According to the bank, the bond, which formed part of its medium-term debt issuance program, was fully repaid at maturity, demonstrating the institution’s ability to meet its financial obligations without disruption. The repayment was made to all bondholders in line with agreed terms, a development analysts say…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has issued a fresh directive to petroleum marketers, instructing them to reconcile and top up any outstanding payments for fuel products as part of measures to stabilise the downstream oil sector. The move comes against the backdrop of rising concerns over price volatility, supply sustainability, and the operational challenges facing the domestic petroleum market. According to the company, the directive is part of its ongoing effort to ensure accountability, transparency, and uninterrupted product distribution across the country. NNPC explained that the settlement of outstanding balances by marketers is essential to maintaining steady…
Nigeria’s finance and insurance sector has continued to show resilience, emerging as one of the strongest contributors to the country’s economic performance, with the latest figures revealing a 16.13% year-on-year growth. The data, released in the latest Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS), underscores the sector’s rising influence in driving economic activity despite challenges confronting the broader economy. The impressive expansion highlights how reforms, technological innovation, and sustained investment are reshaping financial services in Nigeria. With increased digital adoption, stronger insurance penetration, and higher returns from banking activities, the sector has proven to be…
The MTN Foundation has announced a new initiative aimed at training 6,000 entrepreneurs across Nigeria, reaffirming its long-standing commitment to youth empowerment and economic development. The program, designed to equip participants with essential business skills, access to mentorship, and opportunities for financial inclusion, is expected to significantly impact Nigeria’s small and medium-sized enterprise (SME) sector. Announcing the initiative in Lagos, officials from the MTN Foundation explained that the program will target young Nigerians with innovative business ideas and those already managing small-scale enterprises but in need of guidance to scale their operations. The training will cover business planning, financial literacy,…
MTN Nigeria has committed ₦100 million to its Cloud Accelerator Program, an initiative designed to empower startups across Africa with funding, mentorship, and access to its technological infrastructure. The company announced that the programme will provide early- and growth-stage entrepreneurs with the resources needed to scale their operations more effectively in Nigeria’s rapidly expanding digital economy. The Cloud Accelerator is structured as a 12-week hybrid programme targeting startups that are delivering innovative solutions in fintech, health tech, agritech, AI and data infrastructure, cybersecurity, e-commerce, and digital identity, among other areas. Beyond funding, MTN will provide participants with access to its…
Artificial Intelligence (AI) is revolutionizing the marketing landscape, reshaping how businesses engage with consumers, analyze data, and optimize campaigns. As AI-driven tools become more advanced, companies are leveraging machine learning, automation, and predictive analytics to create highly personalized and efficient marketing strategies. One of the most significant changes AI brings to marketing is enhanced customer targeting. With AI-powered algorithms, businesses can analyze vast amounts of consumer data to identify patterns, preferences, and behaviors. This allows brands to deliver tailored content, recommend products, and anticipate customer needs with unprecedented accuracy. AI is also transforming content creation and management. Automated tools can…
The National Pension Commission (PenCom) has rolled out a decisive regulatory reform aimed at tightening governance within Nigeria’s pension industry by banning majority ownership in more than one Pension Fund Operator (PFO). The move, according to the Commission, is designed to prevent conflicts of interest, entrench transparency, and maintain fairness in a sector that now manages assets worth over ₦19 trillion. With the announcement, any shareholder—whether an individual, group, or corporate entity—who already controls majority stakes in one Pension Fund Administrator (PFA), Custodian, or related pension operator, will no longer be permitted to exercise similar control in another. This reform,…
The Federal Government has commenced a comprehensive training program for key government agencies and private sector players on the operational rules of the African Continental Free Trade Area (AfCFTA), in a renewed effort to strengthen Nigeria’s participation in the single market and boost non-oil exports. The initiative, spearheaded by the Ministry of Industry, Trade, and Investment in collaboration with the National Action Committee on AfCFTA, comes at a critical time when African countries are intensifying cross-border trade and regional integration efforts. The training, which brought together representatives from customs, immigration, standards agencies, trade associations, and manufacturing groups, focused on equipping…
Nigeria’s economy is beginning to feel the early impact of the Central Bank of Nigeria’s (CBN) sweeping reforms, as recent indicators suggest progress in the fight against inflation and the restoration of confidence in the financial system. The CBN, under the leadership of Governor Olayemi Cardoso, has introduced a series of policy measures aimed at stabilizing the naira, tightening monetary control, and addressing structural imbalances that have fueled price increases over the past two years. Inflation has remained one of the country’s most pressing economic challenges, with food and energy prices biting deep into household incomes. For months, Nigerians have…
The Federal Government has disclosed that Nigeria’s domestic refineries received a total of 67.6 million barrels of crude oil within the past year, underscoring ongoing efforts to strengthen local refining capacity and reduce reliance on imported petroleum products. The figure reflects both state-owned and private refinery allocations as the government intensifies its push to achieve energy security and stabilize fuel supply in the country. According to officials, the allocation marks a significant milestone in Nigeria’s quest to reposition its oil and gas sector. The government explained that ensuring adequate crude supply to refineries, including the state-run plants and new private…
Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, has been awarded the prestigious World Agritourism Award in recognition of his outstanding contributions to the advancement of agritourism and sustainable agricultural practices in Nigeria. The award, presented during the International Agritourism Conference held in Bolzano, Italy, celebrates leaders and policymakers who have made significant strides in integrating agriculture with tourism to promote rural development, community empowerment, and food security. Senator Kyari was honoured alongside other international recipients for his pioneering efforts in using agriculture as a tool for economic diversification and rural revitalization. In his acceptance remarks, the minister…