The Association of Licensed Telecom Operators of Nigeria has welcomed the decision by the Federal Competition and Consumer Protection Commission to suspend the implementation of new telecom lending regulations, describing the move as a relief for the industry amid ongoing concerns about compliance costs, operational clarity, and market stability. The association noted that the suspension provides additional time for stakeholders in the telecommunications and financial services sectors to engage with regulators and refine the framework governing lending-related services tied to telecom platforms. The Association of Licensed Telecom Operators of Nigeria (ALTON) said the decision reflects the importance of stakeholder consultation…
Author: Temitope Nlewemchi
Nigeria is losing an estimated ₦600 billion annually to illegal container sales and related sharp practices within the ports and logistics value chain, according to industry concerns highlighted by maritime and trade stakeholders. The figure underscores growing worries about revenue leakages, weak enforcement mechanisms, and inefficiencies in port operations that continue to undermine government revenue and trade competitiveness. The issue of illegal container sales typically involves unauthorized release, diversion, or fraudulent disposal of imported containers and their contents outside approved customs procedures. Such practices are said to distort official import documentation, reduce collectible duties, and create opportunities for large-scale revenue…
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has emphasized that a strong, inclusive and efficient payment system remains a critical tool for reducing poverty and expanding economic opportunities for Nigerians. He stated that financial inclusion, supported by digital payment infrastructure, is central to achieving sustainable economic growth and improving access to formal financial services across the country. Cardoso’s remarks come amid ongoing reforms in Nigeria’s financial sector aimed at deepening digital finance adoption, improving transparency in transactions, and reducing reliance on cash-based economic activities. According to him, modern payment systems are not only financial tools but also…
Nigeria’s recent economic reforms under President Bola Tinubu have contributed to macroeconomic stabilisation, but improvements in household welfare remain limited, according to a new assessment by the Centre for the Promotion of Private Enterprise (CPPE). The policy research group noted that while key macroeconomic indicators such as exchange rate stability, fiscal adjustments, and investor sentiment have shown signs of improvement, the benefits have not yet fully translated into improved living standards for most Nigerians. The report highlights a widening gap between macroeconomic stabilisation and microeconomic wellbeing, pointing to continued pressures on household incomes, rising cost of living, and persistent inflationary…
Resources Operating Limited has commissioned a series of community development projects in Osun State, reinforcing its commitment to corporate social responsibility and long-term engagement with host communities where its mining operations are located. The projects, which span education, healthcare, infrastructure, water supply, and social welfare support, are aimed at improving living conditions and strengthening development outcomes in surrounding communities. The commissioning ceremony brought together traditional rulers, community leaders, government representatives, youth groups, and other stakeholders who gathered to witness the formal handover of the projects. The initiatives are part of the company’s broader approach to ensuring that mining activities…
Nigeria’s banking sector is witnessing a rise in non-performing loans (NPLs), commonly referred to as bad loans, following the expiration of regulatory forbearance measures introduced by the Central Bank of Nigeria (CBN) to support borrowers and financial institutions during periods of economic stress. Industry analysts say the development reflects the challenges facing businesses and individuals struggling to meet loan repayment obligations amid high inflation, elevated borrowing costs, exchange rate volatility, and broader macroeconomic pressures. While the end of the forbearance programme signals a return to normal regulatory standards, it has also exposed underlying credit risks within parts of the banking…
Nigeria’s Minister of Communications, Innovation, and Digital Economy has praised Moniepoint for its rapid growth and impact, describing it as a strong example of the country’s thriving fintech sector. The minister highlighted how the company’s success reflects Nigeria’s potential as a major player in the global digital economy. Moniepoint, a leading financial services platform, has gained prominence for its role in providing seamless payment solutions to businesses and individuals. Its extensive network of point-of-sale (POS) terminals and digital banking services has significantly improved financial inclusion, particularly in underserved areas. According to the minister, fintech companies like Moniepoint are driving economic…
A new report by Nigerian data analytics firm, Mustard Insights, has revealed that 44% of businesses in the country reduced their workforce in 2024 due to economic challenges and operational constraints. The report, based on a nationwide survey of companies across various sectors, attributed the layoffs to rising inflation, foreign exchange volatility, high production costs, and declining consumer spending. Many businesses, particularly in manufacturing, finance, and retail, struggled to maintain profitability, leading to widespread job cuts. Industry experts have raised concerns over the impact of these workforce reductions, warning that high unemployment rates could further weaken economic growth and increase…
Wema Bank has reaffirmed its commitment to promoting financial inclusion for women through targeted initiatives aimed at increasing access to banking, credit facilities, and financial literacy programs. The bank’s efforts align with broader national and global goals of empowering women economically, ensuring they have the resources and support needed to build sustainable financial futures. Recognizing that women often face barriers in accessing formal financial services, Wema Bank has introduced specialized banking products designed to meet their unique needs. These include tailored savings and loan packages, digital banking solutions, and advisory services that help women manage their finances effectively. By leveraging…
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…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to suspend the newly introduced 4% Comprehensive Import Supervision Scheme (CISS) charge on imports, warning that it will worsen production costs and stifle business growth. In a statement, LCCI argued that the additional levy would place an undue burden on importers, manufacturers, and consumers, leading to higher prices of goods and increased inflation. The chamber stressed that businesses are already struggling with multiple taxes, forex instability, and rising logistics costs, making it difficult to absorb further financial pressures. The CISS charge, introduced as part of the…
A women-focused investment platform has reached a major milestone, recording N1 billion in savings as part of its efforts to promote financial independence and wealth creation among women. The achievement, announced in celebration of International Women’s Day (IWD), highlights the growing participation of women in investment and financial planning. The platform, designed to provide women with access to savings, investment opportunities, and financial literacy programs, has seen significant growth in recent years. With more women actively engaging in structured savings and investment plans, the initiative is helping to bridge the financial gap and encourage long-term wealth building. The N1 billion…
A group of companies has joined forces to support vulnerable children through educational initiatives, skill development programs, and welfare assistance. The partnership aims to provide long-term solutions that improve the lives of disadvantaged children, particularly those affected by poverty, neglect, or displacement. The collaboration brings together businesses from various sectors, including finance, technology, and manufacturing, with each contributing resources such as funding, mentorship, and digital learning tools. According to organizers, the initiative seeks to bridge the gap in access to quality education and equip children with the skills needed for a better future. Beyond academics, the program includes vocational training…
Champion Breweries has reported a profit of N817 million, marking a strong financial performance amid Nigeria’s challenging economic environment. The company’s latest financial results reflect growth in revenue, improved operational efficiency, and strategic cost management, which contributed to its profitability. The brewery industry has faced rising production costs due to inflation, foreign exchange volatility, and supply chain disruptions. Despite these challenges, Champion Breweries managed to sustain positive earnings, driven by increased product demand and effective market expansion strategies. The company’s ability to navigate economic headwinds and maintain profitability underscores its resilience in a highly competitive sector. According to the company’s…
A professional development group has launched a new initiative aimed at empowering women in leadership and communication, equipping them with the skills needed to excel in various industries. The program, designed to support career growth and personal development, seeks to bridge the gap in female representation in executive and managerial roles. Through a series of workshops, mentorship sessions, and networking events, participants will receive hands-on training in effective leadership, strategic decision-making, and persuasive communication. Organizers emphasized that the initiative is tailored to help women build confidence, navigate workplace challenges, and take on leadership responsibilities with greater impact. The initiative has…
The Bureau of Public Enterprises (BPE) has emphasized that tolling is a crucial component for maintaining and expanding Nigeria’s road infrastructure sustainably. According to the agency, implementing toll systems on major highways will generate the necessary funds for road maintenance, reduce reliance on government funding, and enhance the overall quality of transportation networks. Speaking on the issue, BPE’s Director-General, Ayodeji Gbeleyi, stated that tolling would provide a steady revenue stream for road repairs and new projects, ensuring that Nigerian roads remain in good condition without straining public finances. He added that private sector participation in road infrastructure development is key…
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…
The Nigeria Customs Service (NCS) has commenced training for stakeholders on the automated transire system, aimed at enhancing efficiency in cargo clearance and cross-border trade operations. The initiative seeks to familiarize importers, exporters, freight forwarders, and other industry players with the digital platform designed to streamline transit procedures and reduce processing delays. The automated transire system is part of Customs’ broader efforts to modernize trade facilitation, minimize human intervention, and curb irregularities in cargo movement. By digitizing the transire process, Customs aims to improve compliance, enhance transparency, and accelerate the clearance of goods at ports and border posts. During the…
The Minister of Works, David Umahi, has revealed that Northern Nigeria is benefiting from 52% of the ongoing road construction projects across the country. He made this known while addressing concerns about regional infrastructure development, emphasizing that the federal government is committed to ensuring balanced road projects nationwide. According to Umahi, the large share of projects in the North is part of the government’s strategy to enhance connectivity, boost economic activities, and improve the overall quality of life for residents. He noted that several major highways, bridges, and rural road networks are currently under construction, with significant progress recorded despite…