The Nigerian Electricity Regulatory Commission (NERC) has called on the Federal Government to strategically deploy the $2 billion fund managed by the Rural Electrification Agency (REA) towards powering industrial and economic hubs across the country. The Commission said the move would accelerate Nigeria’s industrialisation drive, improve energy access, and support small and medium enterprises (SMEs) that depend heavily on stable electricity supply. Speaking at a stakeholders’ forum in Abuja, NERC Chairman Sanusi Garba emphasized that while the REA has made commendable strides in expanding electricity to underserved rural communities, greater economic impact could be achieved if a portion of its…
Author: Temitope Nlewemchi
Nigeria’s leading telecommunications operator, Globacom, has announced a new customer-friendly initiative that provides subscribers with increased data volumes without any upward adjustment in prices. The company said the move underscores its unwavering commitment to affordability, innovation, and digital inclusion for millions of Nigerians across the country. In a statement released in Lagos, Globacom explained that the offer would allow both new and existing customers to enjoy more data allowances on their existing plans — effectively giving them better value for money at a time when many consumers are facing economic constraints. The telecom giant emphasized that the decision was taken…
The United Bank for Africa (UBA) Plc has reported a profit after tax of ₦538 billion for the third quarter of 2025, reflecting another milestone in the bank’s sustained trajectory of growth and profitability. The figure represents one of the strongest performances in the Nigerian banking sector this year, underscoring UBA’s resilience and effective execution of its strategic priorities amid global economic uncertainties. In its latest unaudited financial statement released to the Nigerian Exchange Group (NGX), UBA disclosed that its gross earnings rose significantly during the period, driven by robust growth in interest income, improved transaction volumes, and strong contributions…
The Dangote Petroleum Refinery has reaffirmed its commitment to ensuring a steady supply of refined petroleum products across Nigeria, announcing that its current output has now exceeded the nation’s domestic demand for refined fuels. This declaration comes amid growing optimism that the refinery’s full-scale operations will help end Nigeria’s long-standing dependence on imported petroleum products and stabilise pump prices across the downstream sector. Speaking in Lagos, the refinery’s management disclosed that with increased refining capacity and expanded operational efficiency, the plant is now capable of producing sufficient petrol, diesel, jet fuel, and kerosene to meet local needs and also create…
The House of Representatives has called on the Federal Government and relevant financial institutions to create mechanisms that will guarantee easy access to short-term loans for cassava farmers across the country. The lawmakers said such a move is crucial to boosting food production, promoting agro-industrial growth, and strengthening Nigeria’s economic diversification drive. The resolution followed a motion of urgent public importance moved by Hon. Abiola Makinde during plenary on Tuesday. He stressed that cassava remains one of Nigeria’s most important staple crops with high industrial value, yet farmers continue to face difficulties accessing affordable financing to expand production. Makinde explained…
The National Assembly has approved the $2.347 billion external borrowing request by President Bola Ahmed Tinubu, marking a major step in the administration’s effort to finance key infrastructure and social development projects under the 2024 fiscal framework. The approval came after the presentation of a detailed report by the Senate Committee on Local and Foreign Debts, which examined the request’s implications for debt sustainability and economic impact. The approved loan forms part of the 2022–2024 external borrowing (rolling) plan, which was earlier transmitted to the National Assembly by President Tinubu for legislative consideration. According to the report, the facility will…
The Kano Electricity Distribution Company (KEDCO) has announced plans to commence a large-scale metering initiative aimed at bridging the metering gap across its franchise areas in Kano, Katsina, and Jigawa States. The company said the mass metering rollout is part of its strategic efforts to eliminate estimated billing, enhance transparency, and improve customer satisfaction within its operational network. KEDCO’s Managing Director and Chief Executive Officer, Dr. Jamil Gwamna, disclosed this in a statement issued over the weekend, explaining that the metering project will align with the Federal Government’s National Mass Metering Programme (NMMP). He said the initiative will significantly reduce…
Nigeria’s electricity supply to the country’s eleven Distribution Companies (DisCos) has surged to 4,871 megawatts (MW), marking one of the highest levels recorded in 2025 and signaling gradual improvement in national power generation and distribution. The increase, industry experts say, reflects the combined effect of enhanced generation capacity, improved grid stability, and ongoing efforts by the federal government to reform the power sector for efficient energy delivery. According to data released by the Nigerian Electricity System Operator (NESO), the grid recorded an average of 4,871MW supplied to the DisCos, compared to less than 4,000MW earlier in the year. The development…
The Nigerian Exchange Group (NGX) has recorded an impressive 37.7 percent increase in its total market capitalisation, reaching N141.75 trillion as of the end of the third quarter of 2025. This surge marks one of the most significant expansions in Nigeria’s capital market history and underscores renewed investor confidence, driven by strong corporate earnings, improved economic outlook, and reforms in the financial sector. Market analysts attribute the performance to increased participation from both local and foreign investors, a resurgence in blue-chip stock trading, and the listing of major companies and sovereign instruments that boosted overall market value. The rise, according…
African business leaders have been called upon to strengthen collaboration and foster strategic partnerships that can drive sustainable economic growth across the continent under the African Continental Free Trade Area (AfCFTA) framework. This appeal was made during a high-level forum attended by political leaders, corporate executives, and development partners who emphasized that private sector unity remains essential for unlocking Africa’s vast economic potential. The conference, held in Addis Ababa, Ethiopia, brought together top executives from major African corporations, policymakers, and representatives of regional trade blocs to deliberate on how to leverage AfCFTA to accelerate industrialization, boost intra-African trade, and promote…
BUA Cement Plc has reported a remarkable profit of N289.9 billion for the nine-month period ended September 2025, representing a significant leap in its earnings and reinforcing its position as one of Nigeria’s most profitable manufacturing firms. The strong performance is attributed to improved operational efficiency, increased production capacity, and a sustained rise in domestic demand for cement, particularly from the infrastructure and construction sectors. According to the company’s latest unaudited financial statement released to the Nigerian Exchange (NGX), revenue surged considerably on the back of higher sales volumes and strategic pricing adjustments that helped cushion the impact of inflation…
The federal government has called on state governments to take advantage of the new electricity framework by establishing their own power generation and distribution companies to address persistent blackouts across the country. The move, officials say, is part of efforts to decentralize electricity management, boost energy access, and accelerate national development through localized solutions. Minister of Power, Chief Adebayo Adelabu, made the call during a stakeholders’ engagement on Nigeria’s power reform agenda in Abuja. He emphasized that the 2023 Electricity Act provides states with full legislative and operational powers to generate, transmit, and distribute electricity within their jurisdictions — an…
Seplat Energy Plc, through its joint venture with the Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd), has awarded scholarships worth N18 million to students from Edo and Delta States as part of its commitment to human capital development and educational empowerment. The initiative, under the Seplat JV Scholarship Scheme, continues to provide financial assistance to exceptional students in host communities, promoting access to quality education and fostering social development. The scholarship awards, presented during a ceremony in Benin City, highlight the company’s dedication to supporting young Nigerians and strengthening local capacity through sustainable education-driven initiatives. The…
The Central Bank of Nigeria (CBN) has injected $1.25 billion into the economy to support fuel imports and other critical sectors, a move aimed at stabilizing the foreign exchange market and ensuring adequate supply of essential commodities. The intervention, which comes amid growing pressure on the naira and persistent energy supply challenges, underscores the apex bank’s renewed efforts to enhance market liquidity and sustain macroeconomic stability. A senior official of the CBN, who confirmed the development, said the dollar injection was strategically directed toward fuel importers, manufacturers, and key industries that rely heavily on foreign exchange for production and distribution.…
The Federal Government of Nigeria has announced the listing of N260 billion worth of bonds for its October 2025 auction, signaling continued efforts to deepen the domestic debt market, enhance liquidity, and attract long-term investments. The Debt Management Office (DMO), which disclosed the development, said the auction forms part of the government’s regular borrowing program to finance budgetary obligations and infrastructure projects while promoting a vibrant bond market that supports economic growth. According to the DMO, the issuance is structured to attract a wide range of investors, including pension funds, insurance firms, asset managers, banks, and individual investors seeking stable,…
The Federal Inland Revenue Service (FIRS) has announced that its sweeping tax reforms have successfully reshaped Nigeria’s tax administration ecosystem, improving efficiency, transparency, and compliance while expanding the nation’s revenue base. According to the agency, the recent structural and digital reforms have not only streamlined tax collection processes but also positioned FIRS as one of the most technologically advanced revenue agencies in Africa. Speaking in Abuja, the Executive Chairman of FIRS, Dr. Zacch Adedeji, stated that the ongoing transformation of the Service is anchored on innovation, collaboration, and simplification of tax processes. He noted that through strategic reforms, the FIRS…
The Nigerian Exchange Group (NGX Group) has intensified its commitment to promoting gender inclusion in Nigeria’s capital market by engaging women on investment education, wealth creation, and financial literacy. The initiative, which took place at the NGX headquarters in Lagos, brought together women entrepreneurs, professionals, and investors to discuss the importance of participation in the nation’s investment ecosystem and explore strategies to bridge the gender gap in financial markets. The event, themed “Empowering Women Through Investment,” was part of NGX’s broader effort to promote inclusive finance and sustainable economic development. It featured keynote addresses, interactive sessions, and mentorship dialogues designed…
Meta, the parent company of Facebook, Instagram, and WhatsApp, has hosted an Online Safety Summit focused on promoting safer digital experiences and empowering users—especially young people—to navigate the internet responsibly. The summit, held in Lagos, brought together educators, policymakers, digital experts, and civil society leaders to discuss emerging online risks and explore strategies for building a more secure digital ecosystem across Nigeria and Africa. The event formed part of Meta’s global effort to enhance digital literacy and protect users from cyber threats, misinformation, and online abuse. Speaking at the summit, Meta’s Head of Public Policy for West and Central Africa,…
The management of Dangote Refinery has redeployed a group of engineers recently dismissed following a dispute involving the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to other company projects located across states including Borno, Zamfara, and Cross River. The move comes amid efforts by the company to ease tensions and maintain operational stability following weeks of controversy surrounding staff disengagement at the refinery complex in Ibeju-Lekki, Lagos. According to company sources, the redeployment was part of a broader restructuring plan aimed at ensuring optimal manpower utilization across Dangote Industries’ various energy and infrastructure projects. The decision, insiders…
Telecommunications giant MTN Nigeria has reiterated its commitment to empowering accountants and finance professionals through the adoption of digital tools and innovative technologies aimed at improving efficiency, accuracy, and productivity in the financial sector. The company stated that embracing digital transformation within the accounting profession is essential for driving sustainable business growth and aligning with global best practices. Speaking during the 2025 edition of the Institute of Chartered Accountants of Nigeria (ICAN) Annual Accountants’ Conference in Abuja, MTN Nigeria’s Chief Enterprise Business Officer, Lynda Saint-Nwafor, highlighted the company’s role in supporting professionals across industries through tailored digital solutions. She emphasized…