Nigeria’s Monetary Policy Committee (MPC) finds itself at a critical crossroads this month as it deliberates the next interest rate decision in light of consecutive months of inflation decline. With inflation easing from historic highs, global uncertainties lingering, and the naira stabilizing, economic observers say the coming MPC meeting could set the tone for monetary policy over the next year. In recent months, Nigeria has witnessed a gradual but sustained contraction in headline inflation, easing from its peak in 2024. While still elevated, the decline has been consistent, driven largely by improved food supply conditions, relative currency stability, and tighter…
Author: Temitope Nlewemchi
The Dangote Group has suspended its recently introduced fuel discount programme following allegations of widespread fraudulent activities by marketers and distribution agents. The initiative, which was designed to cushion the impact of high pump prices on transporters and logistics operators, came to an abrupt halt as the conglomerate began investigating irregularities surrounding the scheme’s implementation. The fuel discount initiative, which was launched through Dangote Petroleum Refinery, was aimed at offering discounted diesel and other petroleum products to selected sectors of the economy, particularly those involved in mass transportation, agriculture, and essential services. The scheme was widely lauded for its potential…
In a bold move to streamline trade outflows and strengthen domestic food security, the Federal Government has unveiled a comprehensive initiative to reduce Nigeria’s $1.2 billion annual fish import bill by ramping up local aquaculture production. The policy shift is part of a broader strategy to boost agricultural output, generate jobs, sustain foreign currency, and reduce dependency on imported fish. At the heart of the initiative is a multi-agency task team assembled to coordinate efforts across the Ministries of Agriculture, Trade, and Finance, as well as the National Agency for Administration and Development Agencies involved in livestock and aquaculture. This inter-ministerial…
The Federal Government has unveiled an ambitious plan to increase Nigeria’s electricity output by 8,500 megawatts (MW) within the next twelve months. If achieved, the expansion would mark a significant breakthrough in addressing the chronic power shortfall that continues to undermine economic growth and public welfare across the country. Under the initiative announced by the Minister of Power, the government intends to drive rapid scale-up through a combination of new generation facilities, optimization of existing assets, and enhanced private sector engagement. At present, Nigeria’s actual output fluctuates between 4,000 and 5,000 MW—far below both current demand and the 8,000 MW-plus requirements of…
Nigeria’s inflation rate has recorded a third consecutive month of decline, easing to 22.22% in June, offering a glimpse of relief for millions of households grappling with soaring living costs. Though the rate remains historically high, the steady downtrend has spurred cautious optimism among economists, businesses, and policymakers that inflation may have peaked and could be poised for further moderation. The National Bureau of Statistics (NBS) reported that the Consumer Price Index (CPI)-based inflation slowed from 22.41% in May to 22.22% last month. Food inflation, the most volatile component impacting poorer households, also decelerated—dropping from 24.7% in May to approximately…
Nigeria’s growing dependence on imports from China has continued to raise significant concerns among economic experts, trade analysts, and industrial stakeholders who warn that the trend could have long-term negative consequences on the country’s economic sovereignty, industrial development, and balance of trade. Over the past decade, China has solidified its position as Nigeria’s largest source of imports, accounting for a substantial portion of machinery, electronics, household items, textile materials, and industrial components that enter the country. Despite various economic reform initiatives aimed at improving local production, Nigeria still heavily relies on external sources, with Chinese imports making up a dominant…
The Nigeria Customs Service has declared that the Port Terminal Multi‑Purpose Limited (PTML) arm—responsible for managing operations at Apapa port—generated a total revenue of N204.7 billion during the first half of the year. The figure reflects robust activity at the port and shines a spotlight on PTML’s growing role in customs operations, trade facilitation, and port-generated revenue for government coffers. According to the report, PTML’s revenue performance surpassed expectations, buoyed by strong import volumes, increased cargo throughput, and measures taken to reduce clearance delays. The revenue figure was formally announced during a regulatory briefing, where Customs officials highlighted how PTML’s integrated…
A major terminal operator has today commemorated a significant milestone by empowering 500 individuals in its host community through an intensive programme combining vocational training, entrepreneurship support, and micro‑enterprise development. The initiative marks a deliberate effort to promote inclusive growth, bridge opportunity gaps, and foster social cohesion between corporate operations and local livelihoods. According to programme leaders, the empowerment drive was rolled out in response to long-standing needs in the community—high youth unemployment, limited access to vocational skills, and the absence of economically viable options outside subsistence trade. The operator’s community relations unit mobilized participants through community leadership structures, ensuring…
Odu’a Investment Company Limited has commenced the redevelopment of the historic Obafemi Awolowo House in Ikeja, Lagos, into a cutting-edge technology hub. The move signals a strategic step by the group to modernize its legacy assets and align with Nigeria’s expanding digital economy. With the launch of this ambitious project, the company aims to transform one of Lagos’ iconic structures into a state-of-the-art tech mall designed to house technology-driven businesses and foster innovation among youth and entrepreneurs. The formal unveiling of the project took place recently in Ikeja, drawing stakeholders from the public and private sectors. Speaking at the event,…
Nigeria’s electricity sector has once again come under intense scrutiny following a bold statement by billionaire industrialist Aliko Dangote, who asserted that the nation ought to be generating 60,000 megawatts (MW) of electric power. With average grid output barely stretching between 4,000 and 5,000 MW, Dangote’s declaration shines a spotlight on the yawning gap between Nigeria’s enormous energy potential—anchored in its fossil fuel reserves and renewable resources—and its meager actual output. Speaking during private discussions with industry insiders and stakeholders, Dangote emphasised the vast mismatch. Despite Nigeria’s theoretical capability to produce tens of thousands of megawatts via its oil, gas, hydro,…
The Nigerian Electricity Regulatory Commission (NERC) has raised significant concerns over the operational safety of electricity distribution companies (DisCos), revealing in its latest report that the entirety of deaths and injuries within Nigeria’s power sector during the first quarter of 2025 were attributed solely to the DisCos. This revelation has reignited debates about safety lapses, infrastructure failures, and the urgent need for stricter regulatory enforcement in the Nigerian Electricity Supply Industry (NESI). According to the NERC’s Q1 2025 report, the power sector recorded a total of 31 accident cases within the three-month period, leading to 12 deaths and 14 injuries.…
The United Bank for Africa (UBA) has announced the commencement of a rights issue aimed at raising a substantial ₦157 billion through the issuance of 3.15 billion new ordinary shares to existing shareholders. This strategic move is part of the bank’s broader capital strengthening efforts as it positions itself for future growth, regulatory compliance, and expanded operations across Africa and beyond. According to UBA, the rights issue has been structured to offer existing shareholders one new ordinary share for every three shares held as of the qualification date. Each share is priced at ₦50, making the total capital targeted from…
In a bid to empower business leaders with the tools needed to form long-lasting and mutually beneficial alliances, the United Bank for Africa (UBA) recently hosted the latest edition of its UBA Business Series. This thematic conference, held in Lagos, attracted executives from diverse sectors—including finance, manufacturing, tech, and agribusiness—who gathered to explore strategies for building sustainable partnerships that can withstand market pressures, regulatory changes, and evolving consumer needs. Opening the event, UBA’s Regional Business Director emphasized that successful partnerships are the cornerstone of economic resilience. “Today’s complex business environment demands collaborative action,” he stated. “No organisation can thrive in…
Billionaire businessman Femi Otedola has stirred significant public interest after hinting at the release of a forthcoming book chronicling his journey in the world of business and entrepreneurship. The subtle yet impactful announcement came through a cryptic post on his verified social media account, in which he revealed that he had concluded interviews for his debut book. Though the post offered few specifics, it has since fueled widespread speculation that the renowned oil and energy mogul is preparing to share personal insights and lessons from his decades-long career. Otedola, known for his quiet influence and strategic investments across sectors such…
The Nigeria Customs Service (NCS) has formally pledged its support to the National Aviation Handling Company’s (NAHCO) emerging Export Centre, revealing plans for a strategic partnership aimed at enhancing efficiency, reducing clearance times, and positioning Nigeria as a competitive export hub. The announcement followed a high-level meeting between NCS leadership and NAHCO officials, during which both parties underscored the mutual benefits of streamlined export procedures and transparent regulatory frameworks. Located within NAHCO’s Lagos cargo complex, the Export Centre is designed to provide exporters with a single-window platform for handling goods destined for international markets. Its key features include consolidated documentation…
J’Berger Engineering Limited has given assurance that the Warri–Effurun flyover project will be delivered on schedule, underlining its dedication to quality, safety, and community impact as the region anticipates enhanced mobility and economic activation. The company, contracted to execute the dual carriageway overpass linking Effurun to Warri in Delta State, African Petrochemical & Refining Company (APRC) host communities and suburban settlements, emphasized that the project remains on course despite occasional logistical challenges and environmental disruptions. Representatives of J’Berger, led by the Site Manager and Project Engineer, spoke at a media briefing held at the project site. They reported that preliminary…
The Federal Airports Authority of Nigeria (FAAN) and the Nigeria Customs Service (NCS) have announced a joint initiative aimed at addressing the deficiencies that have kept Nigeria’s aviation sector on international grey lists, marking a significant development in the country’s efforts to regain global confidence and improve aviation safety standards. The collaboration is anchored on the shared objective of improving regulatory compliance, streamlining processes, and enhancing infrastructure to support international best practices in airport operations and security. The co-operation agreement was formalised in a high-level meeting between FAAN’s management team and senior officials from Customs and aviation security agencies. This…
Jumia Nigeria, a leading e‑commerce platform in Africa, has announced the appointment of Mr. Ayodeji Ojo as its new Chief Executive Officer, a move signaling the company’s intent to re-energize its operations and strengthen its competitive standing in the rapidly evolving Nigerian online retail market. The appointment is effective immediately, marking a new chapter in Jumia’s journey as it seeks to reposition itself amid growing consumer demand, intensified digital competition, and an increasingly challenging macroeconomic environment. Mr. Ojo, who assumes leadership following the departure of his predecessor, brings a wealth of experience in technology-driven business transformation, retail innovation, and strategic…
In a ceremony marked by warmth and wide-ranging commendation, the Rotary Club has officially installed Mr. Patrick Akinyele as the new District Governor, ushering in a leadership transition that promises renewed focus on community service, youth empowerment, and strategic growth across the Rotary districts. The event brought together Rotarians, community influencers, past governors, and representatives from civic organisations, each celebrating Akinyele’s journey and vision for the future. Mr. Akinyele, a seasoned Rotarian with over two decades of service in various capacities at club and district levels, assumed office following a solemn induction ceremony. He takes the helm at a time…
Addosser Microfinance Bank (MFB), as it marks its 17th year of operation, has announced plans to obtain a national licence, signalling its ambition to increase financial inclusion and broaden its footprint across Nigeria. The milestone anniversary and the licence pursuit reflect the stable growth and strategic evolution the bank has experienced since establishment, positioning it for a more significant role in the country’s financial services sector. Established in 2008, Addosser MFB has consistently focused on providing accessible financial products and services to underserved individuals and small businesses. Over the years, the bank has built its reputation on flexible loan offerings,…