The Federal Government has unveiled an ambitious plan to attract up to $5 trillion in Foreign Direct Investment (FDI) from the upcoming World Investment Summit scheduled for 2026, as part of its broader strategy to position Nigeria as Africa’s premier investment destination. The move aligns with President Bola Tinubu’s administration’s economic diversification drive and ongoing efforts to create a globally competitive business environment. According to government sources, the 2026 World Investment Summit will serve as a global platform to showcase Nigeria’s economic potential, reforms, and opportunities across key sectors such as manufacturing, agriculture, infrastructure, digital technology, and renewable energy. The…
Author: Temitope Nlewemchi
Eterna Plc has raised alarm over the growing return of many Nigerian households to firewood and charcoal for cooking, attributing the trend to the soaring cost of gas cylinders and refilling. The energy firm warned that the shift poses significant health and environmental risks if not urgently addressed through policy interventions and price reforms. Speaking during a recent stakeholders’ meeting in Lagos, the company’s Head of Retail Business, Mr. Peter Oranusi, said the high upfront cost of acquiring Liquefied Petroleum Gas (LPG) cylinders, coupled with rising refill prices, has discouraged millions of low- and middle-income families from using cooking gas.…
A fierce price battle has erupted in Nigeria’s downstream oil sector following the resumption of bulk fuel sales by the Dangote Petroleum Refinery at ₦877 per litre, a move that has placed intense pressure on independent depot owners struggling to stay competitive.The refinery’s decision to restart large-scale supply of Premium Motor Spirit (PMS) at a significantly reduced rate compared to current market prices has upended the fuel supply chain, sparking widespread reactions among marketers, investors, and industry regulators. According to multiple sources familiar with the development, Dangote Refinery — Africa’s largest single-train oil refinery — resumed fuel distribution this week…
The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has called for an investment-driven approach to border management, stressing that sustainable security and trade facilitation can only be achieved through strategic investments in technology, infrastructure, and human capital.Adeniyi made this known during a policy roundtable in Abuja, where government officials, security agencies, and trade stakeholders convened to discuss ways to modernise Nigeria’s border operations and enhance economic competitiveness. According to him, Nigeria’s borders are not just security flashpoints but also vital economic gateways that require innovative funding models and partnerships to ensure effective control and smooth trade activities. “We…
Sterling Bank Plc has reiterated its dedication to advancing food security and sustainable agricultural practices across Africa through innovative financing models, partnerships, and technology-driven solutions. The bank said its renewed focus aligns with the continent’s urgent need to boost productivity, reduce food imports, and promote resilience against climate change. Speaking at the 2025 Africa Agri-Finance Forum held in Abuja, the Chief Executive Officer of Sterling Bank, Abubakar Suleiman, reaffirmed the institution’s commitment to supporting smallholder farmers, agribusinesses, and value chain stakeholders with tailored financial products designed to promote inclusive growth in the sector. According to Suleiman, agriculture remains central to…
The International Monetary Fund (IMF) has warned Nigeria against its growing reliance on domestic borrowing to finance fiscal deficits, cautioning that the trend could crowd out private sector investment, drive up interest rates, and hinder long-term economic growth.In its latest country assessment report, the IMF observed that while domestic borrowing remains a viable short-term financing tool, Nigeria’s increasing dependence on local debt markets poses risks to macroeconomic stability and private sector competitiveness. The Fund advised the Federal Government to diversify its financing mix and strengthen revenue mobilisation through tax reforms and fiscal discipline. According to the IMF, the federal government’s…
The Federal Government has unveiled an ambitious plan to list at least 1,000 Small and Medium Enterprises (SMEs) on the Nigerian capital market in the coming years as part of efforts to deepen financial inclusion, stimulate job creation, and strengthen the nation’s economic resilience.This disclosure was made by the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, during a stakeholders’ meeting held in Abuja, where key players from the Nigerian Exchange (NGX), Securities and Exchange Commission (SEC), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) gathered to strategize on broadening access to capital for emerging businesses. According…
Renowned Nigerian entrepreneur and philanthropist, Tony Elumelu, has asserted that Africa has the potential to mobilise as much as $4 trillion to bridge its massive infrastructure deficit if it leverages its vast resources, domestic capital, and private sector innovation.Elumelu, who is the Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, made the statement during a high-level investment forum held in Marrakesh, Morocco, where global and African business leaders gathered to discuss strategies for financing sustainable development across the continent. According to him, Africa’s infrastructure gap, estimated by the African Development Bank (AfDB) to require over $170 billion…
Opay, one of Nigeria’s leading financial technology platforms, has announced the launch of new security features designed to enhance user protection and prevent fraudulent transactions across its mobile payment ecosystem. The company also celebrated the winners of its recently concluded “Opay Security Challenge,” rewarding each with ₦1 million for their innovative solutions and commitment to promoting digital safety. Speaking at the unveiling ceremony in Lagos, Opay’s Managing Director, Dauda Gotring, said the company remains committed to safeguarding its users’ funds while improving confidence in digital banking. He emphasized that the newly introduced security tools are part of a comprehensive framework…
Petroleum marketers across Nigeria have confirmed that the Dangote Petroleum Refinery has set a lifting target of about 600 million litres of petrol as part of its latest supply round, signaling a significant step in the company’s gradual integration into the nation’s downstream market.The confirmation comes amid growing anticipation for the full rollout of locally refined petrol from the 650,000-barrel-per-day facility, which has been described as a game-changer for Nigeria’s energy sector and a catalyst for stabilizing domestic fuel supply. According to reliable sources within the petroleum marketing sector, the refinery, located in Lekki Free Zone, Lagos, is currently coordinating…
The International Monetary Fund (IMF) has called on Nigeria and other emerging economies to adopt blended finance models as a strategic tool to drive sustainable development, strengthen climate resilience, and bridge the financing gap in critical sectors such as energy, infrastructure, and agriculture.In its latest policy briefing released this week, the IMF noted that many low- and middle-income countries continue to face difficulties in attracting adequate investment for long-term sustainability projects. The Fund emphasized that blended finance — which combines public, private, and concessional funding — offers a viable path to mobilize large-scale resources and reduce investment risks in developing…
The Dangote Group and the Manufacturers Association of Nigeria (MAN) have urged the Federal Government to fully implement and enforce the Public Procurement Act to strengthen local manufacturing, boost economic growth, and reduce the country’s dependence on imported goods.This call was made during the 2025 Nigeria Manufacturing and Industrial Summit in Lagos, which brought together government officials, industrialists, and economic experts to deliberate on strategies for revitalizing Nigeria’s manufacturing sector amid global economic shifts. Speaking at the summit, Aliko Dangote, President of the Dangote Group, stressed that strict adherence to the procurement law is essential for the growth of domestic…
The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦2.103 trillion to the federal, state, and local governments as revenue allocation for September 2025, marking one of the highest monthly disbursements in recent years. The surge in allocation reflects improved revenue generation from the oil and non-oil sectors, as well as enhanced remittances from key revenue-collecting agencies. According to a statement issued after the committee’s monthly meeting in Abuja, the total distributable revenue comprised allocations from statutory revenue, Value Added Tax (VAT), Exchange Difference, Electronic Money Transfer Levy (EMTL), and augmentation from the Excess Crude Account (ECA). The…
Wema Bank Plc has successfully completed its recapitalisation exercise, achieving a capital position that exceeds the Central Bank of Nigeria’s (CBN) minimum capital requirement by 32 percent. The milestone positions the bank among the first financial institutions in Nigeria to fully comply with the apex bank’s revised capital directive ahead of schedule. The bank’s management, in a statement, said the recapitalisation exercise reflects Wema’s strong financial resilience, investor confidence, and commitment to sustaining long-term growth and stability. The achievement also underscores the institution’s strategic vision of deepening its market presence and enhancing its role as a leading player in Nigeria’s…
The Manufacturers Association of Nigeria (MAN), in partnership with the United Nations Industrial Development Organisation (UNIDO), has launched a renewed campaign to promote the patronage of locally manufactured goods as part of efforts to strengthen Nigeria’s industrial base and drive economic sustainability. The initiative, unveiled in Lagos, aims to boost the visibility, competitiveness, and acceptability of Nigerian-made products both within the country and in international markets. The collaboration between MAN and UNIDO underscores a shared commitment to advancing Nigeria’s manufacturing sector through policy advocacy, industrial innovation, and public sensitization on the importance of consuming locally made goods. The campaign is…
The Standards Organisation of Nigeria (SON) has introduced a new certification scheme aimed at improving the quality of Nigerian goods and enhancing the country’s competitiveness in international markets. The initiative, launched in Abuja, is part of SON’s strategic effort to strengthen export standards, reduce product rejection rates abroad, and promote Nigeria’s participation in global trade. According to SON Director-General, Dr. Ifeanyi Okeke, the new certification framework — known as the “National Export Quality Certification Scheme (NEQCS)” — will serve as a benchmark for verifying that Nigerian products meet global regulatory and safety requirements before being shipped overseas. He said the…
The Dangote Petroleum Refinery, Africa’s largest single-train refinery, has reportedly reduced its crude oil intake in recent weeks as part of an operational adjustment to optimize production efficiency and manage feedstock supply challenges. The move comes amid fluctuations in global oil prices and logistics issues affecting crude delivery from both local and international suppliers. According to industry sources, the refinery, which began production earlier this year, scaled down crude processing volumes temporarily to recalibrate its production systems and align output with market demand and refinery capacity optimization goals. The decision, analysts say, is strategic rather than a sign of operational…
Nigeria appears to be making progress toward its goal of reducing inflation to 15 percent, as recent data from the National Bureau of Statistics (NBS) show a sustained moderation in price pressures across key sectors of the economy. The development has been met with cautious optimism among economists, who acknowledge the government’s progress but warn that structural challenges could still hinder long-term price stability. According to the NBS September 2025 report, Nigeria’s headline inflation rate slowed for the third consecutive month, dropping to 18.02 percent from 18.64 percent recorded in August. This marks the lowest level since early 2023 and…
Nigeria’s crude oil production has reached 454 million barrels within the first nine months of 2025, according to a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The report highlights a steady recovery in output following years of disruptions caused by oil theft, pipeline vandalism, and operational inefficiencies across key producing regions. Data from the NUPRC show that the country’s average daily production during the period stood at approximately 1.67 million barrels per day (mbpd), including condensates. This marks a moderate improvement compared to the same period in 2024, when production averaged around 1.45 mbpd. The growth reflects…
The Central Bank of Nigeria (CBN) has announced plans to relaunch its currency trade scheme as part of efforts to stabilize the foreign exchange (FX) market and strengthen the naira after months of volatility and mixed results from earlier policy interventions. The scheme, which initially faced operational challenges and policy bottlenecks, is being redesigned to improve transparency, increase liquidity, and attract greater participation from both local and international investors. Speaking in Abuja, CBN Governor Dr. Olayemi Cardoso revealed that the bank has completed a comprehensive review of the earlier version of the currency trade initiative and identified critical areas for…