Nigeria’s business environment is being severely hampered by chronic power shortages and escalating insecurity, according to the latest Business Expectations Survey (BES) released by the Central Bank of Nigeria (CBN). These deficiencies are eroding business stability, constraining profitability, and threatening growth across key sectors. The survey, conducted in early October 2025 among approximately 1,900 enterprises in industry, services, and agriculture, revealed that firms ranked insecurity as the primary operational constraint, scoring 71.8 on the CBN’s constraint index. Insufficient power supply followed closely with a score of 70.9, ahead of high and multiple taxation (70.2), high interest rates (68.4), and financial…
Author: Temitope N.
The Nigerian equities market staged a strong rebound on Tuesday, recovering from previous losses as investors recorded a substantial gain of N2.59 trillion in market capitalization. The turnaround marked a renewed wave of optimism among market participants, driven by bargain hunting in high-cap stocks and positive sentiment across major sectors of the Nigerian Exchange (NGX). Data from the NGX showed that the market capitalization, which opened at N56.87 trillion, closed higher at N59.46 trillion, reflecting a 4.56 percent appreciation. The All-Share Index (ASI) also rose by 4.56 percent, climbing from 100,530.04 points to 105,114.78 points, underscoring a broad-based recovery after…
JMG Limited, a leading Nigerian power and energy solutions company, has commissioned a state-of-the-art solar power system at a major hospital in Lagos, reaffirming its commitment to advancing renewable energy adoption and supporting Nigeria’s healthcare infrastructure. The project, aimed at improving energy reliability and cutting operational costs, marks another milestone in JMG’s mission to drive sustainable development through clean energy innovation. Speaking during the commissioning ceremony, the company’s Managing Director, Mr. Deepak Thakur, explained that the solar installation was part of JMG’s broader strategy to enhance energy access across critical sectors. According to him, hospitals play a vital role in…
Polaris Bank has been recognized for its innovative digital banking solutions for micro, small, and medium enterprises (MSMEs), winning a prestigious award that underscores its commitment to financial inclusion and technological advancement. The award highlights the bank’s efforts to provide tailored digital products that enhance efficiency, accessibility, and growth opportunities for MSMEs across Nigeria. Speaking at the award ceremony in Lagos, the bank’s Group Managing Director, Emeka Emuwa, described the accolade as a testament to Polaris Bank’s continuous drive to empower entrepreneurs through digital banking solutions. “This recognition reflects our dedication to creating an ecosystem where MSMEs can thrive using…
The Group Managing Director of United Bank for Africa (UBA), Olufunke Iyabo, has highlighted the transformative economic gains expected from the bank’s involvement in the $30 billion oil and infrastructure project in Chad. Speaking at a recent stakeholder engagement in Lagos, the UBA chief emphasized that the project represents a landmark achievement for regional economic integration, cross-border trade, and energy development in Central and West Africa. Iyabo explained that the Chad project, which includes oil exploration, pipeline development, and associated infrastructure investments, positions UBA as a key financial partner in continental energy initiatives. The bank’s role in facilitating financing, managing…
The Manufacturers Association of Nigeria (MAN) has appealed to the National Agency for Food and Drug Administration and Control (NAFDAC) to rethink its impending ban on alcoholic beverages packaged in sachets and small-volume containers, warning that the move could disrupt investments and threaten jobs across the nation. MAN’s leadership emphasized that the ban, if implemented abruptly, risks undermining the operations of several manufacturers who have invested heavily in the production and distribution of sachet-packaged alcoholic drinks. In a statement, MAN’s Director General, Segun Ajayi-Kadir, noted that the industry had been anticipating a phased approach to any regulatory changes rather than…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has reaffirmed the Federal Government’s commitment to enhancing aviation safety and security through a new partnership with the Turkish government. The move follows a high-level meeting in Abuja between Keyamo and the Turkish Ambassador to Nigeria, Mehmet Poroy, aimed at deepening bilateral relations in the aviation and aerospace sectors. During the meeting, both parties discussed strategies to bolster aviation security systems, technology transfer, and improve air transport connectivity between Nigeria and Türkiye. Ambassador Poroy, who led a delegation of Turkish officials and representatives from Turkish Airlines, said Türkiye was eager to…
In a landmark announcement, Bitget has reportedly surpassed the $1 billion mark in cumulative volume of its US stock-linked futures contracts, the company’s Chief Executive Officer revealed this week. The milestone is being hailed as a significant development for the derivatives segment of the fintech’s offering, reflecting growing investor appetite for equity-linked futures at a time of heightened global market volatility. According to industry updates shared by the platform, Bitget’s US stock-linked futures — contracts that allow investors to speculate on the price movements of major US‐listed companies without owning the underlying shares — have now cleared more than $1…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured capital market stakeholders that the government will pursue a balanced and growth-oriented approach in implementing the proposed capital gains tax (CGT) framework, amid growing concerns among stockbrokers and investors over the potential impact of the reform on market liquidity and investment inflows. Speaking during a meeting with representatives of the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) in Abuja, Edun emphasised that the administration of President Bola Tinubu remains committed to supporting capital market development and ensuring that…
Nigeria’s successful $2.25 billion Eurobond issuance has renewed investor confidence in the country’s economic management, signaling a strong vote of confidence in the fiscal and monetary reforms introduced by President Bola Tinubu’s administration. The bond, which was oversubscribed by more than 400 percent, marks Nigeria’s first major foray into the international capital market in years, attracting interest from global investors despite lingering concerns about inflation, debt sustainability, and exchange rate volatility. The Federal Government raised the funds through a dual-tranche offer consisting of 10-year and 20-year bonds, priced at yields of 9.125 percent and 9.625 percent respectively. The debt sale,…
The Federal Airports Authority of Nigeria (FAAN) has ordered the immediate removal of all vehicles parked along the Lagos Airport road, emphasizing the need to maintain safety, ensure smooth traffic flow, and enhance operational efficiency at the nation’s busiest airport. The directive comes amid increasing congestion and safety concerns caused by indiscriminate parking and vehicle obstructions along the airport access routes. FAAN’s Managing Director, Rabiu Yadudu, stated that the authority would no longer tolerate unauthorized parking and loitering of vehicles along the airport road, warning that violators would face strict enforcement actions, including towing and fines. “The safety of passengers,…
The Enugu Electricity Distribution Company (EEDC) has commenced the rollout of free prepaid meters to residential and small business customers across its network, marking a significant step toward reducing estimated billing and improving revenue collection. The initiative is part of the company’s commitment to enhancing customer satisfaction, increasing transparency, and promoting efficient electricity usage. The distribution company, which serves millions of consumers in the South-East and parts of the South-South, announced that the free metering programme targets both new connections and existing unmetered customers. Under the scheme, eligible consumers will receive prepaid meters at no cost, allowing them to pay…
President Bola Ahmed Tinubu has reiterated the critical role of the power sector in driving Nigeria’s economic growth, job creation, and educational development, stressing that reliable electricity supply is central to achieving the administration’s national development objectives. Speaking at the 2025 National Energy Forum in Abuja, the President described the energy industry as “the backbone of modernisation and industrialisation” and outlined government initiatives aimed at improving power generation, distribution, and accessibility across the country. Tinubu emphasized that a robust and dependable electricity supply is a prerequisite for industrial expansion, increased productivity, and the creation of employment opportunities for Nigeria’s growing…
The Nigerian Electricity Regulatory Commission (NERC) has revealed that the country’s electricity metering coverage has risen to 55 percent, reflecting continued progress in the national metering programme and increased compliance by distribution companies (DisCos). The regulator highlighted that this improvement is part of ongoing efforts to enhance transparency, reduce energy losses, and ensure that electricity consumers are accurately billed for usage. Speaking at a recent energy sector stakeholders’ forum, the Executive Vice Chairman of NERC, Sanusi Garba, stated that the commission has intensified supervision of the metering rollout across all 11 electricity distribution networks in Nigeria. “We have seen significant…
Nigeria’s equities market opened the week on a bearish trend, shedding ₦471.99 billion from its total market capitalisation as investors moved cautiously amidst profit-taking on blue-chip stocks and uncertainty in global commodity markets. The downturn marks a continuation of recent volatility on the Nigerian Exchange (NGX), driven by a mix of macroeconomic concerns and sector-specific developments. At the close of Monday’s trading session, the NGX All-Share Index fell by 0.74 percent, reflecting widespread declines across key sectors, including banking, consumer goods, and energy. Market analysts attributed the loss to profit-taking activities following weeks of strong gains, coupled with cautious positioning by…
The Nigerian Bottling Company (NBC) has awarded ₦2 million in grants to two female-led businesses during the 24th annual Women in Management, Business and Public Service (WIMBIZ) conference in Lagos, a move aimed at empowering women entrepreneurs and supporting inclusive economic growth. The grants, each worth ₦1 million, were presented to Toyibah Shehu Mohammed, founder of FarhM’s Food & Sauce Global Limited, and Helen Gabriel, managing director of Ogy’s Cakes, following their emergence as winners from the WIMBIZ Entrepreneurship Masterclass competition. The WIMBIZ conference, held at Eko Hotels & Suites, Victoria Island, brought together women executives, entrepreneurs, and policymakers from…
The Presidency has signalled a sweeping overhaul of the Nigerian National Petroleum Company Limited (NNPCL), citing concerns over its limited contribution to national crude oil output and the urgency of revisiting asset ownership and governance frameworks. The move comes amid persistent shortfalls in oil production, putting pressure on Nigeria’s energy-dependent economy. In remarks delivered at the recent annual conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, the Special Adviser to the President on Energy, Olu Verheijen, revealed that NNPCL’s state-owned upstream arm currently contributes only around 220,000 barrels per day — a figure accounting for less than…
Petroleum marketers in Nigeria have announced a temporary halt to petrol imports following a significant price reduction by the Dangote Petroleum Refinery, citing uncompetitive cost structures and a shifting downstream landscape. Industry operators indicated that the refinery’s latest drop in ex-depot price has rendered importation unprofitable, prompting marketers to pause further influx of refined Premium Motor Spirit (PMS) into the country. Last Friday, the Dangote refinery slashed its gantry price of petrol to ₦828 per litre, from a prior rate of ₦877—a decrease of ₦49 per litre, representing a 5.6 percent cut. According to the Major Energy Marketers Association of…
In a decisive ruling, a Federal High Court in Lagos has awarded ₦20,732,299,999.21 in favour of Union Bank Plc against petroleum marketer Danium Energy Services Limited and its Chief Executive Officer, Kehinde Elliot Ogbor, demanding full payment and granting the bank exclusive rights over pledged properties. Presiding over the matter, Justice Deinde Dipeolu affirmed that the bank’s loan agreement, supported by a Memorandum of Settlement dated March 6, 2018, and a consent judgment from April 25, 2018, were binding contracts. The court found that Danium Energy and Ogbor had defaulted on their obligations and ruled that the bank could enforce…
United Bank for Africa (UBA) Plc has unveiled an exclusive promotional campaign for its customers in conjunction with the Lagos International Trade Fair (LITF), organised by the Lagos Chamber of Commerce and Industry (LCCI). The bank, serving as headline sponsor of the trade fair for the seventh consecutive year, has opened a dedicated branch on-site at the fair venue where customers who transact will become eligible for a “Lucky Dip” draw with premium prizes up for grabs. The fair, which began on Friday at the Tafawa Balewa Square, Onikan, Lagos and runs until November 17, 2025, has attracted thousands of…