In a collaborative effort to support female entrepreneurship in Nigeria, the Nigerian Bottling Company (NBC) and the Women in Management, Business, and Public Service (WIMBIZ) have awarded a N1 million grant to a promising female entrepreneur. This initiative forms part of a broader commitment by both organizations to empower women in business and foster economic growth by providing critical financial resources, mentorship, and networking opportunities for Nigerian women. Empowering Female Entrepreneurs: The Importance of Financial Support Female entrepreneurs in Nigeria, and across the world, often face unique challenges, including limited access to finance, restricted business networks, and cultural biases. Financial…
Author: Temitope N.
The Federal Government of Nigeria has pegged the investment gap in the power sector at an estimated $10 billion, highlighting the need for substantial funding to meet the nation’s energy needs and accelerate economic development. The assessment underscores the critical infrastructure shortfalls that continue to hinder reliable electricity generation, transmission, and distribution across Nigeria. Investment Needs and Sectoral Challenges Despite decades of reform efforts, Nigeria’s power sector remains fraught with challenges, including inadequate generation capacity, inefficient transmission networks, and distribution bottlenecks. The $10 billion investment gap estimate reflects the scale of resources required to address these issues and modernize Nigeria’s…
The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of new Executive Vice Presidents (EVPs) and a Chief Financial Officer (CFO), as part of its strategic move to bolster leadership and drive operational efficiency. The newly appointed executives bring a wealth of industry experience and are expected to play a pivotal role in advancing NNPCL’s objectives in the rapidly evolving energy sector. Strategic Significance of the New Appointments NNPCL, which recently transitioned from a government-run corporation to a limited liability company, has been working to transform its operations, boost profitability, and adapt to global energy trends. The appointment…
The University College Hospital (UCH) in Ibadan, Nigeria’s premier teaching hospital, has been disconnected from the electricity grid by the Ibadan Electricity Distribution Company (IBEDC) due to an outstanding debt exceeding N400 million. This disconnection has raised serious concerns about the hospital’s operational capacity, particularly in maintaining critical healthcare services reliant on constant power. Background of the Debt and Disconnection According to IBEDC, UCH’s unpaid electricity bills have accumulated over time, reaching the significant sum of over N400 million. This outstanding balance has strained the financial relationship between the two entities, culminating in the recent disconnection. IBEDC has stated that…
In response to rising demand for safe and reliable travel between Abuja and Kaduna, the Nigerian Railway Corporation (NRC) has announced the expansion of its train services on this key route. The move is part of NRC’s commitment to improving transportation infrastructure and providing affordable, efficient options for the growing number of commuters traveling between these two cities daily. Addressing Rising Demand and Safety Concerns With an increasing population and limited transport alternatives, the Abuja-Kaduna route has become essential for both daily commuters and travelers seeking safer and quicker alternatives to road travel. The expansion includes additional trains and revised…
In a bid to promote female entrepreneurship in Nigeria, the Nigerian Bottling Company (NBC) and the Women in Management, Business, and Public Service (WIMBIZ) have awarded a N1 million grant to a promising female entrepreneur. This initiative aligns with their shared mission to empower women in business, enhance economic growth, and foster sustainable development through gender inclusivity. Empowering Women Entrepreneurs in Nigeria The grant comes as part of NBC and WIMBIZ’s broader strategy to support women in overcoming barriers to entrepreneurial success. For many women, accessing capital to start or expand their businesses remains a significant challenge, limiting growth opportunities…
A new economic report has projected a steep decline in the value of the Nigerian naira, suggesting that it could weaken to N1,993 against the US dollar if certain economic factors are not addressed. This forecast, while alarming, has triggered discussions among financial experts, policymakers, and citizens about the underlying causes and potential measures to stabilize the currency. Factors Driving the Projected Naira Depreciation The report highlights several key drivers behind the anticipated depreciation. Primary among them is the enduring imbalance between Nigeria’s import and export levels. As Africa’s largest economy, Nigeria is highly dependent on imports for a significant…
Azura Power has unveiled a new solar-powered car park at the University of Nigeria, Nsukka (UNN), marking a significant step toward sustainable energy use on the university campus. This project reflects Azura’s commitment to renewable energy solutions and aims to enhance green infrastructure within academic institutions across Nigeria. Solar-Powered Innovation for UNN Located on the university grounds, the solar-powered car park features a canopy of photovoltaic panels that generate clean energy while providing shade for parked vehicles. The solar setup not only powers the car park itself but also supplies surplus electricity to the campus, reducing reliance on traditional grid…
Economic analysts are raising concerns that inflation in Nigeria could climb higher, spurred by rising fuel prices and recent flooding that has disrupted agriculture and infrastructure across key regions. Both factors are expected to contribute to increased costs in goods and services, adding pressure to an already challenging economic environment. Fuel Prices Driving Costs The recent surge in fuel prices is a significant factor, with transport costs rising sharply as a result. As fuel is essential not only for transportation but also for power generation in many Nigerian businesses, the increase affects almost every sector. Higher fuel prices mean that…
RoutePay, a prominent digital payment platform, has launched a strategic initiative aimed at expanding access to financial services for under-banked businesses. This move is set to address long-standing gaps in financial inclusion, targeting small and medium-sized enterprises (SMEs) that have traditionally faced challenges accessing banking services. Through this initiative, RoutePay intends to make digital finance more accessible and beneficial for these businesses, empowering them to operate and grow in a digital-first economy. Breaking Barriers to Financial Inclusion Under-banked businesses often struggle to access essential financial services due to limitations in infrastructure, credit history, or resources required by conventional banks. RoutePay’s…