The African Export-Import Bank (Afreximbank) has spearheaded a massive $4 billion refinancing loan to support the Dangote Refinery project, marking a major milestone in Africa’s infrastructure financing landscape. This move reaffirms the continent’s growing ability to support large-scale industrial developments through homegrown financial mechanisms. The deal, described as one of the largest of its kind in Africa’s corporate financing history, is aimed at refinancing portions of the capital earlier raised to construct the Dangote Refinery and Petrochemical Complex. Located in Lekki, Lagos, the refinery is the largest single-train facility in Africa and among the biggest globally, with a refining capacity…
Author: Temitope Nlewemchi
Heirs Energies, a leading player in Nigeria’s energy sector, is slated to participate in the forthcoming US–Africa Energy Forum, where it will contribute to discussions focused on achieving energy sufficiency across the continent. Company officials say the event will provide an important platform for showcasing their capacity-building initiatives and exploring how private-sector partnerships can drive reliable energy access in underserved markets. The forum, scheduled for later this year in Washington, D.C., brings together policymakers, international investors, energy firms, and development institutions to chart pathways toward sustainable power supply in Africa. Heirs Energies is expected to outline its recent projects, including…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially gazetted 21 new regulatory frameworks aimed at revitalising the nation’s upstream petroleum sector and attracting substantial local and foreign investments. Announcing the development in Abuja, the Chief Executive of NUPRC, Engr. Gbenga Komolafe, said the new regulations were crafted in line with the Petroleum Industry Act (PIA) 2021 and are targeted at creating a predictable, efficient, and investor-friendly environment in Nigeria’s upstream oil and gas industry. According to Komolafe, the gazetted regulations will serve as a critical tool for enhancing transparency, accountability, and performance in exploration and production activities across the…
In a strategic alliance aimed at deepening financial inclusion and improving insurance penetration in Nigeria, Leadway Assurance and Ecobank Nigeria have partnered to make insurance products more accessible to the public, especially underserved communities and small businesses. The partnership will leverage Ecobank’s extensive digital platforms and branch network across Nigeria to distribute a wide range of insurance solutions developed by Leadway Assurance. These will include life, health, accident, and microinsurance products designed for low-income earners and informal sector workers. Announcing the collaboration in Lagos, Leadway Assurance’s Managing Director, Tunde Hassan-Odukale, stated that the move aligns with the company’s long-standing vision…
Nigeria’s maritime experts have raised the alarm over the estimated annual loss of $500 million in shipbroking revenue, attributing the shortfall to the persistent dominance of foreign firms in vessel chartering and brokerage services. The stakeholders say the country’s inability to harness the full potential of its maritime sector is costing the economy heavily, with urgent calls being made for regulatory reforms and investment in local capacity. The Nigerian Chamber of Shipping (NCS), Association of Marine Engineers and Surveyors, and other maritime professionals have voiced concerns that the lack of a structured and vibrant indigenous shipbroking industry continues to divert…
The Central Bank of Nigeria (CBN) has reiterated its commitment to building a robust and resilient banking sector as the country enters a new phase of recapitalisation. This follows the apex bank’s directive to commercial banks to raise their capital base in response to inflationary pressures, naira depreciation, and the evolving global financial landscape. In recent months, the CBN has intensified oversight of the financial system, stressing the need for Nigerian banks to remain competitive, stable, and adequately capitalised to meet the demands of a growing economy. The recapitalisation push is expected to help banks withstand both local and international…
The Estate Rent and Commission Agents Association of Nigeria (ERCAAN) has made a strong appeal to the federal government to implement effective regulations that would curb the widespread imposition of unlawful agency fees in property transactions across the country. According to the association, illegal charges have become rampant, especially in urban centres, leaving tenants and property seekers vulnerable to exploitation by unregistered or unscrupulous agents. In a statement issued over the weekend, ERCAAN’s National President, Dr. Emmanuel Okoro, decried the increasing reports of multiple and arbitrary agency charges being demanded from unsuspecting Nigerians, particularly in Lagos, Abuja, and Port Harcourt.…
President Bola Ahmed Tinubu has personally intervened to resolve lingering payment issues affecting projects funded by the Nigerian National Petroleum Company Ltd. (NNPCL). At a late July briefing, the president reassured contractors and stakeholders that all pending obligations would be cleared promptly. The intervention comes amid growing concern over delays in payment for various downstream and upstream projects under NNPCL contracts. Contractors had reported stalled cash flows, leading to halted works and escalating cost claims. At least a dozen major firms—some involved in pipeline rehabilitation, facility upgrades, and fuel infrastructure development—had publicly raised alarms over payment arrears stretching back several…
The cost of Premium Motor Spirit (PMS), commonly known as petrol, is on the verge of hitting ₦900 per litre across Nigeria, as global oil dynamics tighten and the Organization of the Petroleum Exporting Countries and its allies (OPEC+) signal a fresh phase of production hikes. Fuel marketers in major cities including Lagos, Abuja, Port Harcourt, and Kano are already adjusting pump prices, with several outlets selling petrol between ₦860 and ₦880 per litre. According to sources within the downstream petroleum sector, the ₦900 threshold may be breached within days unless international oil prices retreat significantly or the naira strengthens…
The global hospitality industry is set to record remarkable growth over the next four years, with a new market forecast projecting the sector to reach a total value of $2.61 billion by 2029. The report, released by industry analysts, attributes the surge to rising tourism, increased disposable incomes, expansion in business travel, and the growing demand for leisure experiences among younger populations. Currently, the industry is valued at approximately $1.5 billion, meaning it is expected to nearly double within five years. This growth trajectory is being supported by several key trends, including the digital transformation of booking services, the rise…
The Centre for the Promotion of Private Enterprise (CPPE) has projected that Nigeria’s Gross Domestic Product (GDP) could climb to approximately $450 billion by the end of 2025, a significant economic milestone for Africa’s largest economy. The forecast, announced by CPPE’s Director, Dr. Muda Yusuf, follows the recent rebasing of the nation’s GDP and signals cautious optimism about the country’s economic direction amid ongoing structural reforms. Dr. Yusuf, a seasoned economist, noted that the projection is based on the current pace of economic activity and the assumption that the macroeconomic environment will remain stable in the absence of major shocks.…
Amid mounting public scrutiny, Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has firmly defended the federal government’s decision to allocate a staggering ₦712 billion for the redevelopment of Terminal 1 of the Murtala Muhammed International Airport (MMIA), Lagos. The project, which received Federal Executive Council (FEC) approval, has sparked intense debate across political, economic, and civil society circles, with many questioning the size of the budget and the urgency of the overhaul. At a press briefing in Abuja, Keyamo addressed the growing criticism, explaining that the decision to embark on a comprehensive reconstruction of Terminal 1 stems from…
In a dynamic gathering of financial minds and policy experts, a recent conference spotlighted the pivotal role insurance and pension industries play in fostering economic growth and long-term national stability. The event, held in Abuja and attended by stakeholders from both the public and private sectors, sought to unravel the layers of influence that these industries have on infrastructure financing, capital market development, and social welfare enhancement. Speakers at the event emphasized that insurance and pensions are not merely financial products, but critical levers for sustainable development. As governments across Africa face budgetary constraints and rising demands for social security,…
As global trade tensions continue to rise, particularly with the evolving landscape of US tariffs, industry regulators and experts are calling on insurance companies across the United States to tighten their risk management frameworks. The growing unpredictability of international trade policies and the possibility of retaliatory measures by foreign governments have heightened the need for insurance firms to prepare for broader economic shocks that may arise from tariff-related disruptions. Tariffs — government-imposed duties on imported goods — are often used as tools of trade negotiation, economic protectionism, or retaliation. In recent years, the US has implemented several rounds of tariffs…
The Federal Government has clarified that no contract has been awarded under the current administration for the Baro Inland Port project in Niger State. The clarification comes amid growing public interest and legislative scrutiny concerning the status of the multibillion-naira project, which has remained non-operational years after it was commissioned. According to the government, the Baro port project was initiated by previous administrations, and while there have been ongoing discussions regarding its operational challenges, no new contract has been issued since the present government assumed office. The Minister of Marine and Blue Economy, through official communication, confirmed that the current…
The Nigeria Labour Congress (NLC) has outrightly rejected the Federal Government’s newly approved National Industrial Relations Policy, describing it as an attempt to weaken trade unions and criminalise lawful strike actions. The NLC raised alarm that the policy, as approved by the Federal Executive Council, poses a grave threat to workers’ constitutional rights and industrial democracy in Nigeria. In a strongly worded statement, NLC President, Comrade Joe Ajaero, warned that any move by the government to restrict or criminalise strikes would be met with stiff resistance from organised labour. He described the policy as a veiled attack on the rights…
The National Agency for Food and Drug Administration and Control (NAFDAC) has seized counterfeit, expired, and unregistered products estimated at over ₦1.5 billion in a major crackdown at the Trade Fair Complex in Lagos. The enforcement exercise, which targeted the cosmetics section of the market, was carried out as part of the agency’s nationwide campaign to rid the country of substandard and dangerous products. According to the Director of NAFDAC’s Investigation and Enforcement Directorate, Dr. Martins Iluyomade, the operation followed weeks of surveillance and intelligence gathering. The agency stormed several warehouses and storage units where large quantities of banned and…
The Dangote Group has appointed David Bird as the new Chief Executive Officer of its refinery and petrochemicals business, a major leadership move aimed at accelerating operations and addressing existing technical challenges. Bird, a seasoned oil and gas executive with more than 30 years of experience, assumed office in July and is expected to lead the 650,000 barrels-per-day refinery through a critical phase of stabilization and expansion. The appointment of Bird comes at a time when the Dangote Refinery, one of Africa’s most ambitious industrial projects, is transitioning from its construction and early commissioning phase to full-scale operations. Despite its…
First Bank of Nigeria has successfully retained its Environmental, Social, and Governance (ESG) leadership title at the prestigious 2025 Euromoney Awards, marking consecutive years of recognition for its commitment to sustainable banking practices and social responsibility. The award, announced at a high-profile ceremony in June, reaffirms First Bank’s position as a dominant player in ESG standards within Africa’s financial sector. The bank was praised for its strategic integration of ESG principles across core operations, including robust support for green financing, transparent governance structures, and inclusive social initiatives. First Bank’s Chief Executive Officer highlighted that ESG considerations are deeply embedded in…
The World Bank is set to disburse a $250 million loan to Nigeria next month to strengthen the country’s healthcare delivery systems and address longstanding weaknesses in infrastructure, service accessibility, and public health capacity. The loan, part of a broader global health development initiative, is aimed at supporting reforms in Nigeria’s healthcare sector, especially in primary healthcare and maternal-child health services. The planned financial intervention comes at a time when Nigeria’s public health system faces multiple challenges, including underfunding, overstretched infrastructure, workforce shortages, and rising health emergencies. Government officials have confirmed that the World Bank facility will be directed toward…