The Nigerian Electricity Regulatory Commission (NERC) has granted approval for Plateau State to regulate its electricity market, marking a significant step toward improving power supply and distribution in the state. This move aligns with Nigeria’s ongoing efforts to decentralize electricity regulation, allowing states to take greater control over their energy sectors. With this order, Plateau State now has the authority to oversee electricity generation, distribution, and supply within its jurisdiction. The decision is expected to enhance efficiency, attract investment, and address long-standing challenges in power delivery. It also empowers the state government to create policies that suit its unique electricity…
Author: Temitope N.
Kenya Airways has recorded a significant increase in its Nigerian passenger traffic, adding 10,000 more travelers in 2024. The growth reflects the rising demand for air travel between Nigeria and Kenya, as well as the airline’s strategic efforts to enhance connectivity and service offerings in the West African market. According to industry sources, the increase is driven by improved flight schedules, competitive fares, and enhanced passenger experience. The airline has also benefited from growing business and tourism ties between the two countries, with more Nigerians choosing Kenya as a travel destination for leisure, conferences, and business engagements. Kenya Airways’ commitment…
Retinaad, a leading digital advertising firm, has introduced artificial intelligence (AI) solutions to revolutionize the way brands connect with their audiences. The company’s AI-driven approach aims to enhance ad targeting, optimize campaign performance, and improve overall return on investment for advertisers. By leveraging machine learning algorithms, Retinaad’s AI technology analyzes consumer behavior, market trends, and engagement patterns to deliver highly personalized advertisements. This allows brands to reach the right audience with precision, reducing wasted ad spend and increasing conversion rates. According to the company, its AI-powered platform can automatically adjust ad creatives, test multiple variations, and refine messaging in real…
The Nigerian Ports Authority (NPA) has reaffirmed its commitment to promoting gender equality within the maritime sector. Speaking at a recent event, the Managing Director of the NPA emphasized the organization’s dedication to creating an inclusive work environment that empowers women and ensures equal opportunities for all employees. The MD noted that while the maritime industry has traditionally been male-dominated, efforts are being made to bridge the gender gap through targeted policies, capacity-building programs, and leadership development initiatives. She highlighted the NPA’s ongoing efforts to support women in leadership roles and encourage their participation in decision-making processes. As part of…
Dangote Refinery has reportedly imported crude oil from Equatorial Guinea, marking another step in its efforts to secure a stable supply of feedstock for its operations. This move comes as the $19 billion refinery continues ramping up production to meet domestic and international demand. According to industry sources, the refinery recently received a shipment of Zafiro crude, Equatorial Guinea’s flagship oil grade. This adds to its growing list of crude suppliers, which includes the Nigerian National Petroleum Company (NNPC) Limited and other international sources. The decision to source crude from Equatorial Guinea highlights the refinery’s strategy of diversifying its supply…
The Nigerian Gas Association (NGA) has urged the federal government to streamline regulatory frameworks in the gas sector, warning that overlapping laws and conflicting policies are hampering industry growth and investor confidence. The association emphasized that a clear and cohesive legal structure is necessary to unlock the full potential of Nigeria’s vast gas reserves. According to NGA, multiple agencies currently oversee different aspects of gas production, processing, and distribution, often leading to bureaucratic bottlenecks and regulatory inconsistencies. Industry players have expressed concerns that this fragmentation discourages investment, delays project approvals, and increases operational costs. The association has called for a…
The federal government has approved the establishment of a modular refinery in Abia State, a move aimed at boosting local refining capacity and reducing Nigeria’s dependence on imported petroleum products. The approval, which aligns with the government’s broader strategy to enhance energy security, is expected to stimulate economic growth, create jobs, and provide a steady supply of refined products within the region. According to government officials, the refinery will contribute to decentralizing fuel production, ensuring that petroleum products are readily available and more affordable. Modular refineries, which are smaller and more cost-effective than traditional large-scale refineries, have been promoted as…
Workers of the Nigerian Railway Corporation (NRC) have petitioned the government over the alleged sale of staff quarters, raising concerns about job security, welfare, and housing rights. The affected workers claim that the corporation is disposing of residential properties originally designated for its employees without adequate consultation or alternative housing arrangements. The petition, submitted to the Ministry of Transportation and other relevant government agencies, accuses the NRC of acting against the interests of its workforce. Employees argue that the sale of the quarters not only disrupts their living conditions but also violates previous agreements that guaranteed staff accommodation as part…
Nigeria’s 2025 budget and the operations of local refineries face significant risks due to declining crude oil production and falling global prices. Experts warn that if the current trend continues, government revenue could fall short of projections, affecting key expenditures and economic stability. Crude oil remains Nigeria’s primary source of foreign exchange and government revenue, making the country highly vulnerable to fluctuations in production levels and market prices. Recent data from the Nigerian National Petroleum Company Limited (NNPC) indicates that daily crude production has struggled to reach the government’s target, largely due to pipeline vandalism, oil theft, and underinvestment in…
The Nigerian National Petroleum Company Limited (NNPC) has announced that recent reforms in the oil and gas sector have led to an inflow of $17 billion in investments. According to the state-owned corporation, these reforms have improved transparency, enhanced regulatory frameworks, and increased investor confidence in Nigeria’s petroleum industry. NNPC officials stated that the implementation of the Petroleum Industry Act (PIA) and the restructuring of the company into a commercial entity have played a crucial role in attracting new funding. The reforms have created a more business-friendly environment, allowing for better governance, efficiency, and strategic partnerships with international and local…
The African Development Bank (AfDB) and the International Institute of Tropical Agriculture (IITA) have signed a €5 million agreement aimed at strengthening agricultural productivity and food security across Africa. The deal is expected to support research, technology adoption, and capacity-building initiatives to improve the livelihoods of smallholder farmers and agribusinesses. Under the partnership, AfDB will provide funding to IITA for the development and dissemination of climate-resilient crop varieties, modern farming techniques, and sustainable agricultural practices. The initiative is designed to address key challenges such as low yields, post-harvest losses, and limited access to improved seed varieties and fertilizers. IITA, a…
Global beverage giant Diageo and consumer goods conglomerate Tolaram have announced the appointment of new executives to spearhead their expansion strategies across key markets. The leadership changes come as both companies seek to strengthen their presence in Africa and other emerging economies through increased investments, product innovation, and market penetration. Diageo, known for its premium alcoholic beverage brands, has appointed a new regional executive to oversee its operations in Africa, a market that has shown strong demand for its products. The new leadership is expected to focus on accelerating growth through local production, strategic partnerships, and an enhanced distribution network.…
The Federal Government has announced plans to review the Bilateral Air Services Agreement (BASA) between Nigeria and Jamaica, aiming to enhance air connectivity and boost economic relations between the two countries. The review is expected to address key areas such as flight frequency, operational guidelines, and potential expansion of routes to improve travel and trade opportunities. Officials from Nigeria’s Ministry of Aviation and Aerospace Development confirmed that the review is part of broader efforts to strengthen international air transport agreements and create a more favorable environment for airlines operating between both nations. They emphasized the need to modernize existing provisions…
A Federal High Court has dismissed a N374 billion lawsuit filed by a group of ginger farmers against Keystone Bank, ruling that the claims lacked sufficient merit. The case, which had drawn significant attention in the agricultural and financial sectors, centered on allegations of financial mismanagement and contract breaches related to loan disbursements for ginger farming projects. The farmers had accused Keystone Bank of failing to release funds allocated for agricultural expansion under a financing agreement. They claimed that the bank’s actions resulted in significant financial losses, crop failures, and an inability to meet supply contracts. The plaintiffs sought N374…
Stanbic IBTC Infrastructure Fund has announced its financial backing for SIFAX Group’s Ijora Terminal project, a move aimed at enhancing Nigeria’s port infrastructure and logistics capabilities. The investment will support the development and expansion of the terminal, which is expected to ease cargo movement and reduce congestion at Lagos ports. According to stakeholders, the Ijora Terminal project aligns with Nigeria’s broader efforts to improve trade facilitation and modernize its transport infrastructure. By providing critical funding, Stanbic IBTC Infrastructure Fund is enabling SIFAX Group to develop a world-class facility equipped with modern cargo handling systems, warehousing solutions, and multimodal transport access.…
First City Monument Bank (FCMB) has successfully trained 44,278 entrepreneurs in business growth and financial management as part of its commitment to fostering small and medium-sized enterprises (SMEs) in Nigeria. The initiative aims to equip business owners with essential skills to scale their operations, improve financial literacy, and enhance sustainability. According to FCMB, the training covered key areas such as business planning, access to finance, digital transformation, and effective marketing strategies. The program, which was delivered through a combination of physical workshops and virtual sessions, targeted SMEs across various sectors, including agriculture, retail, technology, and manufacturing. Participants expressed appreciation for…
United Bank for Africa (UBA) has announced plans to celebrate International Women’s Day (IWD) 2025 with a special edition of its Business Series, aimed at empowering female entrepreneurs and professionals. The initiative will provide women with valuable insights, financial literacy, and networking opportunities to support their business growth and career advancement. According to UBA, the IWD Business Series will feature expert-led discussions on financial management, business sustainability, and leadership development. The event will bring together successful women in business, finance, and technology to share their experiences and offer practical guidance to aspiring entrepreneurs. UBA has been at the forefront of…
The Chairperson and Chief Executive Officer of Wema Bank have reaffirmed the bank’s dedication to empowering women through financial inclusion, business support, and leadership opportunities. Their renewed commitment aligns with the bank’s ongoing initiatives to create a more inclusive financial system that caters to the needs of female entrepreneurs and professionals. Speaking at a recent event, Wema Bank executives emphasized the importance of providing women with access to capital, mentorship, and digital banking solutions. They highlighted various programs designed to support women-led businesses, including loan facilities, capacity-building workshops, and networking platforms aimed at fostering economic growth and stability. Over the…
The Federal Ministry of Industry, Trade, and Investment has released an update on Lagos’ economic development, highlighting key projects and policies aimed at driving growth in Nigeria’s commercial capital. The report outlines ongoing initiatives focused on infrastructure, trade facilitation, and business reforms to strengthen the state’s position as an economic powerhouse. According to the ministry, Lagos continues to attract significant local and foreign investments due to its strategic location, large consumer market, and improving business environment. The update detailed progress in various sectors, including manufacturing, technology, real estate, and transportation, emphasizing government efforts to support entrepreneurship and industrialization. One of…
Bonded terminal operators have called on the Federal Government to implement policies that protect their investments and ensure the sustainability of the sector. The operators raised concerns over regulatory uncertainties, infrastructure challenges, and policy inconsistencies that threaten the viability of their businesses. Bonded terminals, which serve as storage and clearance points for imported cargo outside seaports, play a crucial role in decongesting ports and facilitating trade. However, operators argue that unfavorable policies, high operational costs, and unpredictable government interventions have made it increasingly difficult to sustain their businesses. Speaking on the issue, stakeholders emphasized the need for the government to…