A recent analysis by PricewaterhouseCoopers (PwC) has raised concerns that Nigeria’s decision to restrict the importation of solar energy components could significantly hamper the country’s energy access ambitions. The professional services firm warned that while the intent behind the restriction may be to encourage local manufacturing, the short-term consequences could negatively affect efforts to provide affordable and clean energy to millions of Nigerians, particularly those in underserved and rural areas. According to PwC, the federal government’s move to ban or heavily restrict the importation of solar panels and related technologies may lead to higher costs, reduced supply, and project delays…
Author: Temitope Nlewemchi
Nasarawa State has officially assumed regulatory control over its electricity market, marking a pivotal moment in Nigeria’s energy sector. This shift follows provisions in the 2023 Electricity Act, which decentralised electricity regulation, empowering state governments to oversee power generation, transmission, and distribution within their boundaries. The move is intended to foster improved electricity access, efficiency, and tailored solutions for local challenges. With this development, the Nasarawa State Electricity Regulatory Commission (NASERC) has become the central body responsible for issuing licenses to operators, overseeing power supply quality, and ensuring consumer protection. The state government emphasized that this transition would allow for…
Airtel Nigeria has announced a substantial increase in its infrastructure investment, allocating approximately $39 million toward network expansion, digital service upgrades, and technology enhancements for the remainder of 2025. The focused capital deployment underscores the telecommunications giant’s commitment to improving service quality, coverage, and resilience amid rising demand for data-driven connectivity. At a media briefing in Lagos, Airtel’s Managing Director confirmed that the increased spending—nearly 20 percent above its initial 2025 capital plan—is being channelled into several core areas. These include expansion of 4G coverage, accelerated rollout of new 5G base stations, deployment of fiber-optic transmission links, and investment in power-backup…
Sterling Bank has announced a robust profit before tax of ₦41.8 billion for the first half of 2025, marking another impressive milestone in its financial journey. The strong performance underscores the bank’s resilience and strategic execution amid a volatile operating environment defined by high inflation, tight liquidity, and foreign exchange pressure. At a press briefing in Lagos, Sterling Bank’s Group Managing Director highlighted the diversified revenue streams that supported the result. “Our balanced approach across retail, corporate, and digital banking, combined with effective cost control measures, has enabled Sterling to deliver sustainable profitability,” he said. He emphasised that prudent credit…
The Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Olumide Adeosun, has urged the Federal Government to initiate strategic partnerships with Original Equipment Manufacturers (OEMs) as a deliberate move to reduce the country’s heavy reliance on imported industrial and energy-related equipment. He made this call during an energy policy roundtable held in Lagos, highlighting the role such collaborations could play in enhancing local capacity, creating jobs, and stabilising the foreign exchange market. Adeosun explained that consistent importation of equipment for the downstream and upstream sectors of the oil and gas industry has placed a significant strain on Nigeria’s…
A police officer who turned down an ₦800,000 bribe offer from a robbery suspect has been publicly commended by the Nigeria Police Force for his integrity and professionalism. The officer, whose name has not been disclosed for security reasons, reportedly refused the bribe during an investigation in which a suspected armed robber attempted to secure his release through illicit means. According to the Police Public Relations Office, the officer was part of a tactical team in a recent operation that led to the arrest of the suspect, who is believed to be part of a syndicate terrorising communities in a…
The Nigeria Customs Service (NCS) has issued a directive mandating all companies currently operating under the Fast Track Scheme to fully migrate to the Authorised Economic Operator (AEO) programme on or before December 31, 2025. The announcement is part of the Service’s broader plan to enhance trade facilitation, tighten cargo security, and align with global customs best practices. According to the directive, companies that fail to transition by the deadline will no longer enjoy the privileges associated with the Fast Track Scheme, which was initially introduced to expedite clearance for compliant, large-scale importers and manufacturers. The Fast Track Scheme allowed…
Banks’ deposits with the Central Bank of Nigeria (CBN) have skyrocketed by 783 percent year-on-year, rising to a record ₦79.8 trillion as of June 2025, compared to ₦9.04 trillion in the same period of 2024. This sharp increase signals a growing trend in liquidity management and reserve placement among commercial banks, especially amidst recent monetary policy tightening by the apex bank. The spike, which has drawn attention from analysts and stakeholders across the financial sector, is largely attributed to the CBN’s aggressive mop-up strategy, including frequent issuance of Open Market Operation (OMO) bills, increased Cash Reserve Ratio (CRR) debits, and…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed deep dissatisfaction with the Nigerian National Petroleum Company Limited (NNPCL) over its decision to retain full ownership and control of the Port Harcourt Refinery, despite years of underperformance and massive government spending on its rehabilitation. In a statement issued on Monday, PETROAN President, Dr. Billy Gillis-Harry, argued that the failure to privatise the refinery or involve more private sector operators has continued to undermine Nigeria’s quest for self-sufficiency in petroleum refining. He described the current ownership structure as inefficient, opaque, and unsustainable in the face of mounting fuel…
A new report has shed light on the deepening housing affordability crisis in Nigeria, revealing that rent consumes up to 70% of household income in major urban centres. The report, compiled by the Nigerian Economic Summit Group (NESG) in collaboration with the Centre for Housing and Urban Development, paints a grim picture of the financial pressure many families face in securing basic shelter. According to the findings, rent has become the single most significant non-food expense for most urban households, particularly in Lagos, Abuja, Port Harcourt, and other fast-growing cities. The report attributes the trend to a combination of stagnant…
In a bold move to position Nigeria as a leading trading power on the African continent, the Federal Government has successfully trained over three million exporters on the rules and protocols of the African Continental Free Trade Area (AfCFTA). This massive initiative, spearheaded by the Nigerian Export Promotion Council (NEPC) in collaboration with relevant government agencies, aims to equip local exporters with the technical know-how and compliance skills required to take advantage of the $3.4 trillion AfCFTA market. The Executive Director of NEPC, Nonye Ayeni, disclosed this during a trade and export sensitisation workshop held in Abuja. According to her,…
In the wake of several deadly boat accidents across Nigeria’s waterways, the Minister of Marine and Blue Economy, Adegboyega Oyetola, has vowed to implement sweeping reforms aimed at improving maritime safety and preventing further tragedies. Speaking during a high-level stakeholder meeting in Abuja, the minister expressed deep concern over the increasing number of boat mishaps, describing the situation as both preventable and unacceptable. According to the minister, the government is prioritizing the development of a comprehensive national maritime safety framework that will involve a review of existing regulations, stricter enforcement of safety standards, and an overhaul of monitoring mechanisms for…
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has called for increased collaboration between the government and private sector to address Nigeria’s worsening housing deficit. He made the call during a recent forum focused on national infrastructure and urban development, emphasizing that public-private partnerships (PPPs) offer a viable model for delivering affordable and sustainable housing solutions across the country. Speaking at the event, Dangote stated that the country’s housing needs have outpaced supply for decades, leaving millions of Nigerians without adequate shelter. He stressed that the government alone cannot shoulder the responsibility of mass housing development, given…
KPMG Nigeria has called on financial institutions across the country to accelerate their readiness for open banking, warning that the shift towards data-driven financial services is no longer optional but an imminent and transformative development. In a statement released on Monday, the global consulting firm emphasized that the successful implementation of open banking will redefine the competitive landscape of the banking industry and reshape how financial services are delivered in Nigeria. Open banking, which enables customers to securely share their financial data with third-party providers via Application Programming Interfaces (APIs), is being embraced globally to foster innovation, improve customer experience,…
Tensions have escalated in Nigeria’s aviation industry as workers’ unions threaten to ground operations nationwide over unresolved salary disputes with government agencies and private operators. The unions, comprising aviation workers under various affiliations, including the National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), and others, have issued a warning that industrial action may commence if their longstanding wage concerns are not urgently addressed. According to union representatives, staff across the Federal Airports Authority of Nigeria (FAAN), Nigerian Civil Aviation Authority (NCAA), and Nigerian Airspace Management Agency (NAMA) are aggrieved over salary stagnation,…
The Ondo State Government has approved a comprehensive flood mapping initiative across the state and a N3.5 billion counterpart fund to support rural road development in partnership with federal agencies and international donors. The decisions were reached during the recent State Executive Council meeting as part of a broader effort to boost infrastructure and disaster preparedness. The flood mapping project aims to identify vulnerable flood-prone areas in the state, particularly in communities along riverbanks and low-lying terrains. The initiative is expected to enable better planning and targeted interventions during the rainy season, which often leaves many communities cut off or…
Fuel marketers in Nigeria have expressed deep concerns over the potential market disruptions that could arise from Dangote Refinery’s reported plan to bypass the traditional distribution structure and supply fuel directly to select retailers and end users. The move, they warn, could destabilize existing distribution chains, create unfair market advantages, and put thousands of independent operators at risk. The Dangote Refinery, which began operations earlier this year, has quickly become a major player in the country’s downstream petroleum sector. Its capacity to refine up to 650,000 barrels per day positions it as a pivotal supplier capable of transforming Nigeria’s fuel…
The Nigerian naira ended the month of July 2025 on a slightly weaker note, closing at ₦1,533.55 per dollar at the official market, reflecting a 0.25% decline from the previous month. The marginal depreciation underscores persistent pressures on Nigeria’s foreign exchange market despite various monetary interventions by the Central Bank of Nigeria (CBN). According to data from the FMDQ Securities Exchange, the naira opened July at ₦1,529.78/$ and recorded slight fluctuations throughout the month, primarily driven by limited dollar liquidity, strong demand from importers, and external sector imbalances. The closing rate represents a ₦3.77 loss month-on-month and signals a continued…
The Nigerian Exchange Limited (NGX) wrapped up July on a bullish note, recording a remarkable gain of ₦12.62 trillion in market capitalization, as investors showed renewed confidence in the equity market amid policy reforms and strong corporate earnings. The surge in value marked one of the most robust performances by the Exchange in recent months, driven by sustained interest in blue-chip stocks and increasing participation from both domestic and foreign investors. At the close of trading on the final day of July, the NGX’s market capitalization climbed to ₦59.24 trillion from ₦46.62 trillion recorded at the beginning of the month.…
Caverton Offshore Support Group Plc has posted a ₦2.09 billion profit before tax for the first half of 2025, marking a solid rebound in performance after periods of sectoral volatility. The result reflects improving operational demand, cost discipline, and strategic diversification across aviation and logistics services. During a presentation in Lagos, Caverton’s management team highlighted strong momentum across its service lines, particularly in helicopter operations, aviation training, and offshore logistics support. Rising oil and gas sector activities, particularly in offshore energy hubs, drove demand for reliable aerial transport, boosting revenue from charter flights, crew transfers, and platform logistics. The firm…