The United Nations Development Programme (UNDP) has partnered with the Rural Electrification Agency (REA) to accelerate Nigeria’s shift toward clean energy, a move aimed at boosting sustainable development, reducing energy poverty, and strengthening the country’s climate resilience. The partnership, formally announced in Abuja, represents a major step in aligning global development support with Nigeria’s ambitious energy and environmental goals. Nigeria, Africa’s largest economy and most populous nation, faces significant energy challenges. More than 85 million people lack access to reliable electricity, according to World Bank data, while many others rely on costly and polluting alternatives such as diesel and petrol…
Author: Temitope N.
The Federal Government has unveiled plans to phase out the reliance on diesel-powered generators across military formations in the country, replacing them with solar-powered systems. This move, government officials explained, is part of ongoing efforts to cut costs, reduce carbon emissions, and enhance energy security for critical national defense infrastructure. The initiative, which is being anchored by the Ministry of Defence and Chief of Defence Staff in collaboration with the Rural Electrification Agency (REA) and the Federal Ministry of Power, seeks to provide clean and reliable energy solutions for military operations. According to the government, transitioning to renewable energy in…
The Chartered Institute of Bankers of Nigeria (CIBN) has announced that it will use its forthcoming annual conference to unveil a fresh economic playbook aimed at repositioning Nigeria’s financial sector for growth and resilience. The event, scheduled to attract a wide range of stakeholders from the banking industry, government, academia, and the private sector, is expected to serve as a platform for charting practical strategies that will address Nigeria’s current economic realities. According to CIBN, the conference will not only assess the performance of the banking industry amid recent economic reforms but will also seek to highlight innovative policies, frameworks,…
Nigeria’s headline inflation rate slowed to 21.88% in July, according to the latest data released by the National Bureau of Statistics (NBS). The figure represents a slight decline from June’s 22.41%, marking the first noticeable moderation in price pressures since the beginning of the year. While the easing of inflation offers a glimmer of hope for households and businesses, analysts caution that living costs remain painfully high and continue to weigh on the broader economy. The NBS report attributed the moderation in inflation to slight declines in food and transport costs compared to the previous month. Even so, inflation remains…
The Certified Institute of Auctioneers has unveiled a strategic plan designed to reposition the profession in Nigeria, drive growth, and promote international best practices among practitioners. The plan, which was announced during a gathering of members and stakeholders, seeks to strengthen auctioneering standards, enhance professionalism, and create a more transparent market environment for buyers and sellers. According to the leadership of the institute, auctioneering remains a vital aspect of commerce, finance, and asset management in Nigeria, yet the sector is still underexplored due to limited awareness and weak regulation. The new growth plan is therefore aimed at bridging these gaps…
The Nigeria Liquefied Natural Gas (NLNG) Limited has called for increased investments in gas development to guarantee stable supply across the country, stressing that the sector requires urgent attention to meet Nigeria’s energy and industrialisation goals. The appeal was made during a strategic meeting with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, as part of ongoing efforts to strengthen collaboration between the two key institutions in Nigeria’s oil and gas industry. NLNG executives highlighted the growing demand for gas in domestic and international markets, noting that without sustained investments in upstream development,…
The National Insurance Commission (NAICOM) has issued a stern warning to insurance and reinsurance firms across Nigeria, urging them to meet the recapitalisation requirements or risk facing liquidation. The move underscores the regulator’s resolve to strengthen the financial stability of the insurance sector, improve risk absorption capacity, and enhance consumer confidence in an industry that has long struggled with low penetration and undercapitalisation. Speaking at a recent industry event in Abuja, NAICOM officials stressed that the recapitalisation exercise is not negotiable and must be adhered to if Nigeria’s insurance industry is to play its role in economic development. The Commission…
Nigeria’s downstream petroleum sector witnessed a major shift as the Nigerian National Petroleum Company Limited (NNPC) and several independent marketers announced a reduction in petrol pump prices following Dangote Refinery’s decision to cut its ex-depot price. The development marks one of the most significant adjustments in the domestic fuel market since the removal of subsidies and signals a competitive turn that could benefit millions of Nigerians. The Dangote Refinery, Africa’s largest and a long-anticipated game-changer for Nigeria’s energy landscape, recently slashed the ex-depot price of Premium Motor Spirit (PMS) by ₦30 per litre. This move immediately prompted both NNPC and…
The World Trade Organization (WTO) has launched a $50 million fund aimed at supporting women-led businesses and boosting their participation in global trade. The initiative, unveiled at the WTO headquarters in Geneva, is designed to provide direct financial assistance, capacity-building, and market access opportunities for women exporters from developing and least-developed countries. According to the global trade body, the fund will help women entrepreneurs overcome barriers that have long hindered their ability to compete in international markets, including limited access to finance, inadequate infrastructure, and gender-related trade restrictions. The WTO said that 146 Nigerian women exporters are among the first…
The Corporate Affairs Commission (CAC) has uncovered 247 companies allegedly operating with fake or invalid registration numbers, raising fresh concerns about fraudulent practices within Nigeria’s business environment. The revelation, made public during a regulatory enforcement briefing in Abuja, highlights the Commission’s increasing use of technology to monitor and verify corporate compliance across the country. Registrar-General of the CAC, Hussaini Ishaq Magaji, said the fraudulent practices came to light after an extensive digital audit of the Commission’s database, where inconsistencies in the use of registration certificates were detected. He explained that the companies were flagged for presenting false registration credentials while…
Chevron Nigeria Limited (CNL) has reiterated its commitment to supporting the growth and development of Nigeria’s oil and gas industry, pledging sustained investment, technological expertise, and collaboration with stakeholders to maximise the sector’s potential. Speaking during a recent industry forum in Lagos, Chevron’s Chairman and Managing Director, Rick Kennedy, said the company remained dedicated to working alongside the Federal Government and industry partners to enhance production, boost reserves, and ensure energy security for the country. Kennedy highlighted Chevron’s decades-long presence in Nigeria, noting that the company has been instrumental in driving upstream production, midstream infrastructure development, and community engagement programmes…
Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced an ambitious plan to significantly reduce Nigeria’s dependence on fish imports by expanding local aquaculture production and empowering young people to actively participate in the fisheries value chain. He said the strategy is aimed at strengthening food security, creating jobs, and preserving foreign exchange currently spent on importing fish. Speaking at a stakeholders’ engagement in Abuja, Oyetola lamented that Nigeria still imports a substantial portion of its fish consumption despite having abundant marine resources and inland waterways. According to him, the country spends billions of naira annually on fish imports,…
The Central Bank of Nigeria (CBN) has called on Nigerians to promptly report any commercial bank or financial institution found selling naira notes to the public, describing such acts as illegal and a serious violation of the country’s monetary regulations. The apex bank stressed that the sale of currency undermines the integrity of the financial system, contributes to cash scarcity, and fuels illicit economic activities. In a statement issued by its Corporate Communications Department, the CBN warned that it would not hesitate to take decisive action against banks or individuals involved in the illicit trade of naira notes. The bank…
Lafarge Africa Plc, in partnership with the Ogun State Government, has embarked on an ambitious environmental sustainability initiative aimed at planting one million trees across the state. The project is designed to combat climate change, restore degraded landscapes, and promote biodiversity, while also creating socio-economic opportunities for local communities. Speaking at the launch ceremony in Ewekoro, Ogun State, Lafarge Africa’s management emphasised the company’s long-standing commitment to environmental stewardship and sustainable business practices. The cement manufacturer stated that the tree-planting initiative aligns with its broader corporate social responsibility (CSR) framework, which focuses on climate action, community development, and resource efficiency.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set its sights on positioning Nigeria to attract at least 40% of all oil and gas investment inflows into Africa, citing the country’s vast hydrocarbon resources, recent regulatory reforms, and ongoing efforts to improve the investment climate. Speaking at an industry stakeholders’ forum in Lagos, the Commission’s Chief Executive, Gbenga Komolafe, said the goal aligns with Nigeria’s ambition to reclaim its status as the continent’s foremost oil and gas destination. He noted that the implementation of the Petroleum Industry Act (PIA) has provided a more transparent and predictable framework for investors, but…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has expressed concern over the slow pace in the development and exploitation of the country’s vast untapped oil reserves, warning that prolonged delays could undermine Nigeria’s economic growth and its position as a leading crude oil producer in Africa. Speaking during an industry forum in Abuja, senior executives of NNPC Ltd said that despite Nigeria’s significant proven reserves, inadequate investments, infrastructural challenges, and bureaucratic bottlenecks have hindered the country from fully harnessing its hydrocarbon potential. They stressed that the global energy market is rapidly evolving, and Nigeria risks losing its competitive advantage…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that state governments have received a cumulative N7.1 trillion in allocations from the Federation Account since the beginning of the current administration in May 2023. Edun said the figure reflects the government’s commitment to fiscal federalism and equitable revenue sharing among the three tiers of government. Speaking during a briefing in Abuja on Tuesday, the minister explained that the disbursements were made through the Federation Accounts Allocation Committee (FAAC) over a period of 14 months. According to him, the consistent and timely remittances demonstrate the administration’s…
The Federal Inland Revenue Service (FIRS) has extended the deadline for taxpayers to transition to its new electronic invoicing system by an additional three months, giving businesses more time to adjust to the platform aimed at improving tax compliance and reducing revenue leakages. The extension, announced on Tuesday in Abuja, moves the compliance deadline from September 1, 2025, to December 1, 2025. FIRS Chairman, Zacch Adedeji, said the decision was in response to appeals from the business community and industry groups who requested more time to fully integrate the e-invoicing system into their accounting and payment processes. Adedeji explained that…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country’s $4 billion trade surplus recorded in the second quarter of 2025 is a strong indicator that the economy is on a steady path to recovery and stabilisation. Edun, who disclosed the figures during a media briefing in Abuja on Tuesday, explained that the surplus reflected the combined effect of ongoing economic reforms, improved export earnings, and a gradual decline in import dependence. According to the minister, Nigeria’s merchandise exports in Q2 2025 stood at $18.2 billion, compared to $14.2 billion in imports, leaving a positive…
The Nigeria Labour Congress (NLC) has accused the Federal Government of diverting 40 percent of the contributions to the Nigeria Social Insurance Trust Fund (NSITF), threatening to embark on a nationwide strike if the alleged practice is not stopped within seven days. NLC President, Joe Ajaero, disclosed the allegations during a press briefing in Abuja on Tuesday, warning that the Congress would mobilise its affiliates across the country for industrial action if the government failed to address what it described as “a brazen act of misappropriation.” According to the NLC, the diversion of funds contravenes the Employees’ Compensation Act, which…