Bureau de Change (BDC) operators in Northern Nigeria have expressed deep concern over the Central Bank of Nigeria’s (CBN) recent directive mandating BDCs to raise their minimum share capital to N2 billion. The new policy, which was unveiled as part of the apex bank’s efforts to sanitise the foreign exchange market and curb speculation, has triggered fears that many small and medium-sized BDCs in the region could be forced out of business. Speaking under the umbrella of the Northern BDC Operators Forum, stakeholders described the recapitalisation policy as “unrealistic and detrimental” to the financial inclusion gains made in Northern states…
Author: Temitope N.
Nigeria is set to embark on another round of Gross Domestic Product (GDP) rebasing, a move government officials say is critical for providing clearer fiscal data and restoring investor confidence in an economy grappling with weak growth, high inflation, and mounting debt. According to the National Bureau of Statistics (NBS), the exercise will update the country’s economic calculations by changing the base year from 2010 to 2019, in line with international best practices. For many economic watchers, the upcoming rebase, expected to be completed by early 2025, is long overdue. The last time Nigeria rebased its GDP was in…
Start Innovation Hub has announced a fresh investment of N40 million to support the training of young Nigerians in vital technology skills, marking another step towards closing the country’s digital skills gap and empowering its youth for jobs in the global tech economy. The Uyo-based hub, which has steadily built a reputation as one of Nigeria’s leading private sector drivers of digital talent development, said the fund would cover scholarships and significant discounts for at least 200 beneficiaries in its next training cycle. The Chief Executive Officer of Start Innovation, Hanson Johnson, made the announcement during a briefing with…
After years of delays and operational setbacks, the Niger Delta Power Holding Company (NDPHC) has confirmed that the long-awaited Alaoji Power Plant in Abia State will finally commence operations next month, in what stakeholders hope will give Nigeria’s fragile power sector a badly needed boost. The announcement was made by the Managing Director of NDPHC, Chiedu Ugbo, who disclosed that all critical tests and arrangements have been completed to ensure that the plant will add nearly 500 megawatts to the national grid when it goes live in August. Located near Aba, the Alaoji plant is one of the key…
The Securities and Exchange Commission (SEC) has raised fresh concerns about the rising wave of fraud and scams in Nigeria’s virtual asset space, warning that such activities are steadily eroding investor confidence and threatening the integrity of the financial system. Speaking during an event to mark the African Union Anti-Corruption Day in Abuja, the Director-General of the SEC, Dr. Emomotimi Agama, said the unchecked proliferation of unregulated crypto platforms, fake investment schemes, and Ponzi operations disguised as virtual asset opportunities is putting ordinary Nigerians at risk. In his remarks, Agama stressed that while digital assets and blockchain technology hold great…
Africa’s richest man, Aliko Dangote, has stirred fresh debate about Nigeria’s struggling oil refining industry by declaring that the country’s state-owned refineries may never function properly again despite decades of huge spending on turnaround maintenance. Dangote, whose new mega-refinery in Lagos has begun producing refined petroleum products, made the statement during a recent meeting with business leaders and journalists at the Dangote Refinery complex in Lekki. The business mogul, who built the world’s largest single-train refinery with a capacity of 650,000 barrels per day, pointed out that Nigeria has spent billions of dollars trying to revive the refineries in…
In a significant push towards climate resilience and sustainable urban growth, the Lagos State Government (LASG) has teamed up with the Chinese government to launch a low-carbon development initiative aimed at drastically reducing emissions and positioning Lagos as a model for green cities in Africa. The project, which will be piloted in the Lekki area, is part of a broader plan to address the environmental impact of rapid urbanisation and industrialisation in Nigeria’s most populous city. At the core of this collaboration is the Lekki Low-Carbon Demonstration Zone, an ambitious effort designed to showcase practical solutions that can help Lagos…
The Nigerian Content Development and Monitoring Board (NCDMB) has approved over 440 expatriate quota slots for the country’s oil and gas sector in the first half of 2025, highlighting the delicate balance between sourcing critical foreign expertise and growing local capacity in one of Nigeria’s most vital industries. The latest approval, which covers 448 expatriate positions, is part of the board’s effort to ensure that companies operating in the sector fill only highly specialized roles with foreign workers where no qualified Nigerians are available. According to figures released by the board, 246 slots were granted in the first quarter of…
In a move set to strengthen energy security and boost economic cooperation across West Africa, the West African Gas Pipeline Company (WAPCo) has deepened its partnership with various government agencies to expand and secure cross-border gas distribution through the West African Gas Pipeline (WAGP). The renewed collaboration is expected to drive policy alignment, enhance operational integrity, and position the region for broader access to cleaner energy. The WAGP, which runs from Lagos, Nigeria, through Benin and Togo to Ghana, has long been regarded as a strategic piece of infrastructure connecting key markets and providing natural gas for power generation and…
The Nigerian Senate has called on the Federal Government to halt what it described as the continuous enrichment of electricity distribution companies (Discos) through the injection of public funds into their operations. The Senate made this resolution during plenary after heated deliberations on the state of the country’s power sector, which lawmakers say has failed to deliver a reliable electricity supply despite huge government interventions. The lawmakers expressed frustration that over a decade after the privatisation of the power sector, the expected improvements in electricity generation, transmission, and distribution remain elusive, with ordinary Nigerians bearing the brunt of erratic power…
In a renewed clampdown on illegal wildlife trade, the Nigeria Customs Service (NCS) has intercepted a 40-foot container loaded with donkey genitals and hides allegedly being smuggled out of the country through the Apapa port in Lagos. The interception, which Customs officials described as a significant success in curbing wildlife trafficking, was made during a routine inspection at the export terminal. According to the Customs Area Controller, Apapa Command, Babajide Jaiyeoba, the seized container was falsely declared as carrying animal hides, but upon examination, officers discovered a large quantity of dried donkey genitals concealed alongside the hides. He explained that…
Nigeria and the Kingdom of the Netherlands have formally commenced the renegotiation of their long-standing Double Taxation Agreement, marking a significant step in Nigeria’s ongoing push to modernise its tax regime and strengthen international cooperation on tax matters. The talks, which began at the Revenue House in Abuja, bring together senior officials of the Federal Inland Revenue Service (FIRS) and representatives of the Dutch government to review and update the treaty which has been in place since 1992. The Executive Chairman of the FIRS, Dr. Zacch Adedeji, who hosted the Dutch delegation, described the renegotiation as timely and necessary,…
Nigeria’s equities market kicked off the week on a strongly positive note, as investor sentiment buoyed market capitalisation by approximately ₦193 billion. The bullish move reflects growing optimism across key economic sectors and upcoming corporate earnings reports. On Monday, the All-Share Index (ASI) rose by 305.67 points—a gain of about 0.25%—closing at 121,295.33. Market capitalisation climbed from around ₦76.339 trillion at Friday’s close to an estimated ₦76.532 trillion, marking a solid start to the week . The strength came amid a resurgence in demand for large-cap and medium-cap stocks, with investors actively picking positions ahead of the half-year financial…
As Nigeria prepares for the upcoming Nigerian Economic Summit (NES), the Nigerian Economic Summit Group (NESG) is ramping up public engagement efforts to ensure broader citizen participation, policy relevance, and collective ownership of national development goals. The NESG, a private-sector-led think tank renowned for influencing economic reform and promoting public-private dialogue, is introducing a range of initiatives designed to deepen engagement ahead of the summit. This year’s summit comes at a time when Nigeria is grappling with pressing economic challenges, including inflation, unemployment, youth restiveness, and declining foreign investment. In response, the NESG is expanding its approach beyond traditional policy…
In a profession long dominated by men, one Nigerian pilot is taking bold steps to inspire young girls to take to the skies. Helicopter pilot Okechukwu Onuchukwu is leading a passionate campaign to woo Nigerian girls into aviation careers, challenging outdated stereotypes and igniting a new wave of ambition in classrooms and communities across the country. Speaking at a recent aviation awareness seminar in Lagos, Onuchukwu emphasized the urgent need for more women in the cockpit, not just for the sake of gender equality but for the growth and innovation of the aviation industry itself. He highlighted how early exposure,…
In a powerful demonstration of corporate social responsibility and humanitarian commitment, Arik Air has announced a strategic partnership with the United States-based non-governmental organization Hospitals for Humanity (HfH) to provide free open-heart surgeries for at least 150 Nigerian children each year. This initiative is aimed at tackling the alarming rise in untreated congenital heart diseases among children in Nigeria, many of whom face slim chances of survival without timely medical intervention. According to the World Health Organization, congenital heart defects are among the most common birth abnormalities, and in Nigeria, access to pediatric cardiac care remains severely limited. A combination…
In a landmark move to drive technological innovation and development, the Federal Government of Nigeria has partnered with the Bill & Melinda Gates Foundation to launch a $7.5 million Artificial Intelligence (AI) Scaling Hub. The initiative, announced this week, is aimed at accelerating the deployment of AI solutions in critical sectors such as healthcare, agriculture, and education. The Nigeria Artificial Intelligence Scaling Hub is a central component of the country’s broader ambition to become a leader in AI-driven development across Africa. With the Gates Foundation providing financial support over the next three years, the project is expected to serve as…
Former President Olusegun Obasanjo has urged Nigerians to embrace the spirit of selfless service as a guiding principle for national development. Speaking at a public event held in Ogun State, the elder statesman emphasized that true progress can only be achieved when citizens, especially leaders, prioritize collective good over personal gain. Obasanjo, who has remained a vocal figure in Nigeria’s socio-political discourse since leaving office, called on both public office holders and private individuals to contribute meaningfully to the nation’s growth by placing service above self-interest. According to him, the current challenges facing the country — ranging from insecurity and…
The recent hike in internet tariffs has led to a significant decline in the number of internet subscribers across the country, triggering a sharp drop in overall internet usage. This development has raised alarm among industry watchers, policymakers, and everyday consumers who rely on affordable internet access for everything from education and work to social interaction and business. Since the announcement and subsequent implementation of higher data prices by major internet service providers, many subscribers have either reduced their data consumption drastically or canceled their subscriptions altogether. This rapid shift is reflected in data from telecom regulators and independent market…
Standard Insurance Consultants Limited (SICL), one of Nigeria’s foremost insurance and reinsurance brokerage firms, recently celebrated a remarkable milestone—its 45th anniversary. Founded in 1980 in Ibadan, Oyo State, SICL has grown over four and a half decades into a powerhouse within Nigeria’s insurance sector. The anniversary event, held on May 24, 2025, at the Lagos Continental Hotel, brought together key industry stakeholders, including representatives from the National Insurance Commission (NAICOM), insurance companies, international partners, and valued clients. This grand celebration marked not only SICL’s longevity but also its enduring commitment to professionalism, integrity, and service excellence. SICL’s journey is a…