Nigeria’s efforts to achieve food security are facing renewed scrutiny as slow progress in agricultural productivity, supply chain efficiency, and policy implementation continues to spark concerns among stakeholders. Despite government programmes aimed at boosting local food production, experts warn that the pace of improvement remains insufficient to meet the growing demands of the country’s rapidly expanding population. Recent reports from agricultural monitoring bodies indicate that food inflation, adverse weather conditions, and inadequate infrastructure are among the major obstacles hindering progress. The combination of these factors has not only kept food prices high but also deepened the struggles of vulnerable households,…
Author: Temitope Nlewemchi
The Central Bank of Nigeria (CBN) has indicated that it may take legal action against parties found to have violated the terms of foreign exchange (FX) contracts, following the conclusion of an extensive audit of such transactions. The move comes amid the apex bank’s intensified efforts to ensure transparency, compliance, and stability in the country’s FX market. According to senior officials, the audit—initiated earlier this year—was aimed at reviewing the adherence of financial institutions, importers, exporters, and other market participants to existing FX contract rules. Preliminary findings reportedly revealed instances of non-compliance, including failure to meet contractual obligations, misuse of…
Sterling Bank Plc has announced the first set of beneficiaries under its ₦2 billion scholarship initiative, a landmark educational support programme aimed at empowering talented students across Nigeria. The scheme, which was unveiled earlier this year, seeks to provide financial assistance to deserving students from diverse backgrounds, enabling them to pursue their academic dreams without the burden of tuition costs. The bank said the scholarship aligns with its long-term commitment to social impact, youth empowerment, and sustainable development, particularly in the area of education. According to the management, the programme will support thousands of students over the coming years, with…
The Raw Materials Research and Development Council (RMRDC) has called for a drastic reduction of Nigeria’s raw material imports by as much as 60%, stressing that the country must prioritise local production and value addition to boost industrial growth, conserve foreign exchange, and create more employment opportunities. Speaking during an industry stakeholders’ meeting in Abuja, the Director-General of RMRDC, Professor Hussaini Ibrahim, explained that Nigeria’s heavy dependence on imported raw materials was unsustainable and posed a significant threat to the economy. He noted that the high import bill, which runs into billions of dollars annually, drains the nation’s foreign reserves…
Standard Chartered has reaffirmed its long-standing commitment to supporting Africa’s growth by committing significant financial resources, strategic partnerships, and innovative banking solutions to help address the continent’s development challenges. At a recent gathering of policymakers, investors, and corporate leaders in Johannesburg, the bank’s Group Chief Executive Officer reiterated that Africa remains central to the institution’s expansion strategy. He emphasized that Standard Chartered plans to channel capital into areas such as infrastructure development, sustainable trade finance, climate action, healthcare, and SME growth—a pivot that aligns with its aim to foster inclusive and resilient economic progress. The bank cited the continent’s vast…
The Federation Account Allocation Committee (FAAC) has announced plans to recover ₦101 billion from the Nigerian Customs Service after an internal audit report revealed discrepancies and under-remittance of funds meant for allocation across federal, state, and local governments. According to sources within the revenue distribution mechanism, the audit uncovered that Customs collected this amount but failed to forward it to the federation account over an extended period. The shortfall was detected during a routine financial review preceding FAAC’s most recent disbursement meeting, sparking concerns about transparency and accountability in revenue collection. Officials said the audit, conducted jointly by the Ministry…
The Federal Government is reportedly considering moving the Nigeria Safety Investigation Bureau (NSIB) from under the supervision of the Ministry of Aviation to the Office of the President, a move believed to streamline oversight and reinforce regulatory independence. The potential shift is part of wider aviation sector reforms aimed at enhancing safety, improving responsiveness, and ensuring consistent funding for the bureau’s operations. Currently housed within the aviation ministry, the NSIB plays a critical role in investigating air accidents and incidents, making safety recommendations, and issuing periodic safety trends and alerts. However, industry stakeholders have expressed concerns about its perceived lack…
Stanbic IBTC Holdings Plc, one of Nigeria’s leading financial institutions, has seen its share price maintain a steady position at ₦101 per unit amid fluctuating market conditions. The stability is seen by analysts and investors as a reflection of investor confidence in the company’s financial strength, operational consistency, and growth prospects. As the Nigerian Exchange Limited (NGX) continues to witness a mixture of bullish and bearish trends driven by economic uncertainties, foreign exchange fluctuations, and rising inflation, Stanbic IBTC’s share price has remained resilient. While many banking stocks have seen notable price movements in response to sector-specific and macroeconomic developments,…
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…
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…