The Organised Private Sector (OPS) has acknowledged former President Muhammadu Buhari’s efforts in driving Nigeria’s reform agenda despite facing significant economic turbulence during his administration. According to key stakeholders within the OPS, Buhari demonstrated a firm commitment to structural changes that sought to reposition the country’s economy for long-term stability, even as global and domestic headwinds posed persistent challenges. In their assessment, business leaders and economic analysts credited Buhari for championing initiatives aimed at diversifying the economy, promoting infrastructure development, and strengthening key regulatory institutions. They argued that while the administration’s reforms were not without shortcomings, they reflected a deliberate…
Author: Temitope Nlewemchi
In a significant step toward strengthening Nigeria’s agricultural resilience and human development, the Federal Government has entered into a strategic partnership with the Permanent Interstate Committee for Drought Control in the Sahel (CILSS) to improve the nation’s food systems and nutritional security. The partnership aims to tackle persistent challenges affecting food availability, malnutrition, and sustainable farming practices, especially in regions vulnerable to climate variability and economic hardship. The collaboration, announced after a high-level technical meeting between Nigerian agricultural authorities and representatives of CILSS, is part of a broader regional initiative focused on building stronger food systems across the Sahel and…
A growing chorus of aviation professionals, business leaders, and development advocates is urging the Federal Government to abolish the $300 landing fee imposed on helicopter operations at Nigerian airports. They argue that the charge undermines efforts to improve connectivity, discourage private investment in air mobility, and hinder the growth of a potentially lucrative niche in the aviation sector. Introduced quietly in recent years as part of a revised fee structure, the $300 fee is levied on each helicopter landing at commercial and government-run airports. While the amount may appear modest in global aviation terms, industry stakeholders say it is prohibitively…
Nigeria could suffer a significant blow to its fiscal stability, as the International Monetary Fund (IMF) has projected a potential revenue loss amounting to 0.5 percent of the country’s Gross Domestic Product (GDP). The warning comes in the wake of Nigeria’s decision to delay the implementation of critical tax reforms, including a proposed increase in Value Added Tax (VAT), which was initially designed to enhance revenue mobilisation and reduce budget deficits. The IMF stated that while the government’s decision may offer temporary relief to households already strained by inflation and economic hardship, it could also hamper Nigeria’s long-term fiscal sustainability.…
Nigeria’s electricity sector saw 187,000 new prepaid meters installed during the first quarter of the year, a figure hailed by distribution companies (Discos) as a marker of progress in reducing the country’s longstanding metering challenge. However, despite this uptick in installations, experts warn that the metering gap remains stubbornly large, leaving millions of consumers still without accurate billing or access to metered electricity. The minister of power recently announced the figures in a briefing meant to show that Discos are making steady strides in equipping households and businesses with prepaid meters. According to the industry, the 187,000-meter rollout included installations…
Nigeria’s energy landscape received a major boost as the National Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) successfully attracted $1.2 billion in investment for modular refineries, according to DAPPMAN, the Dangote Petroleum Products Marketing Company. The inflows, representing a milestone in local refining capacity development, highlight growing investor confidence in private-sector-driven solutions to longstanding fuel security challenges. DAPPMAN President, speaking at an industry briefing, applauded the NMDPRA’s proactive regulatory framework, noting that the investment signals fresh momentum in the downstream sector. He disclosed that multiple modular refinery projects are now at advanced development stages, with some nearing commissioning. These refineries—typically smaller,…
Nigeria’s oil and gas sector has received a significant boost, as lawmakers disclosed that the Petroleum Industry Act (PIA) has attracted over $16 billion in investment commitments within two years of its enactment. This development marks a major turnaround for the nation’s energy industry, which had previously struggled to draw substantial foreign capital due to regulatory uncertainty and infrastructural challenges. The House of Representatives made the announcement following a briefing with key stakeholders in the oil and gas industry, including officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Petroleum Resources. According to lawmakers, the implementation…
EnergyInc has announced a comprehensive strategy aimed at mitigating investment and operational risks in major energy projects across Africa, seeking to foster a sustainable and secure energy future for the continent. The energy giant revealed the initiative as part of its newly launched Africa Energy Risk Mitigation Programme during a high-level forum attended by industry stakeholders, government representatives, and project financiers. During his presentation, the Chief Executive Officer of EnergyInc emphasized that while Africa’s energy potential is immense, it remains underexploited partly due to persistent risks—regulatory uncertainty, financing hurdles, infrastructure gaps, and social resistance. He explained that the company’s programme…
Guaranty Trust Holding Company Plc (GTCO) is preparing to strike a delicate balance between driving global expansion and maintaining consistent dividend returns for its retail shareholders, according to the bank’s Group Managing Director, Segun Agbaje. Speaking during the company’s annual financial results presentation, Agbaje highlighted GTCO’s ambitious strategy to grow its international footprint while ensuring that loyal retail investors continue benefiting from the strong performance. Agbaje noted that the bank’s operating environment necessitates thoughtful capital allocation to support both expansion and returns. With a presence in several African countries—including Ghana, Sierra Leone, Kenya, and Rwanda—GTCO is pursuing measured growth through…
A significant number of bonded terminals in Nigeria are currently operating without essential infrastructure and basic amenities, posing serious challenges to cargo handling efficiency, safety, and the overall effectiveness of port decongestion efforts. According to operators within the sector, at least 40% of these terminals lack fundamental facilities such as weighbridges, proper stacking equipment, functional scanners, and adequate lighting—conditions that compromise both service quality and operational security. Bonded terminals are designated areas outside seaports where customs-cleared cargo is temporarily stored before being delivered to consignees. They are intended to serve as critical buffers in relieving congestion at Nigeria’s main ports,…
Rainoil Limited, one of Nigeria’s leading privately-owned petroleum downstream companies, has officially inaugurated ten new fuel service stations as part of its ongoing strategy to deepen market presence and enhance customer convenience. The move marks a significant expansion of the company’s network, reflecting its commitment to improving fuel accessibility and supporting national economic growth. The unveiling ceremony, held at the company’s new flagship station in Lekki, Lagos, was attended by senior executives from Rainoil, industry stakeholders, and representatives of the National Union of Petroleum and Natural Gas Workers (NUPENG). In his address, Rainoil’s Group Managing Director highlighted the company’s strategic…
Africa’s richest man and industrial magnate, Aliko Dangote, has submitted official documentation to commence the development of what is expected to become the continent’s largest deep-sea port, as part of an ambitious expansion strategy to position Nigeria as a dominant force in global trade and energy exports. In addition to the port project, the Dangote Group has also revealed plans to begin exporting natural gas, signaling a new chapter in the company’s transformation from manufacturing powerhouse to an integrated energy and logistics giant. According to insiders close to the development, the paperwork for the seaport project was recently submitted to…
Nigeria’s insurance landscape is experiencing a wave of mergers and takeovers, a trend driven by regulatory pressure from the ongoing Insurance Industry Reform Bill and the quest for operational efficiency, financial stability, and market competitiveness. The reforms, which aim to strengthen solvency standards, improve governance, and deepen industry capacity, have prompted several firms to explore consolidation as a strategic option to future-proof their operations and comply with tighter capital requirements. Over the past six months, the National Insurance Commission’s (NAICOM) push for higher capitalisation and improved risk management has triggered merger talks and takeover bids among mid-sized insurers. These companies,…
The Organization of the Petroleum Exporting Countries (OPEC) has issued a stark warning about a projected $14.9 trillion shortfall in upstream oil and gas investments through 2045, a development that could significantly disrupt global energy security and destabilize supply chains in the coming decades. The projection comes as governments and investors around the world increasingly pivot toward renewable energy and low-carbon alternatives, raising concerns about underfunding in fossil fuel exploration and production. OPEC made this known in its latest World Oil Outlook report, which outlines the long-term trajectory of global energy demand, investment needs, and policy challenges. According to the…
The Federal Inland Revenue Service (FIRS) has intensified its campaign to curb tax evasion and halt illicit financial flows in Nigeria as part of broader efforts to improve national revenue and strengthen the integrity of the country’s fiscal framework. The tax authority has unveiled a multi-pronged strategy that includes stronger enforcement, inter-agency cooperation, enhanced data analytics, and new legislative backing to tackle financial leakages and improve compliance. In a statement issued by the agency, FIRS Chairman Zacch Adedeji emphasized the urgency of tackling tax avoidance and capital flight, both of which have undermined the government’s ability to mobilize domestic revenue…
As the Central Bank of Nigeria’s (CBN) deadline for capital restoration quietly lapses, financial analysts and banking insiders are warning of a looming period of tighter lending conditions across the country. The apex bank’s capital adequacy directive, which required several banks to shore up their balance sheets and restore minimum capital levels, is likely to trigger a wave of more cautious lending practices, especially from mid-tier and smaller banks that have struggled to meet the requirement. The CBN’s directive, issued over a year ago, aimed to strengthen the resilience of Nigeria’s banking sector by ensuring that all deposit money banks…
The Chairman of the Nigerian Economic Summit Group (NESG), Mr. Niyi Yusuf, has called for the responsible and ethical deployment of Artificial Intelligence (AI) in the Nigerian banking and financial services sector, emphasizing that while the technology holds immense transformative potential, its application must be governed by fairness, transparency, and a strong regulatory framework. Speaking at a recent financial technology roundtable in Lagos, Yusuf highlighted the growing adoption of AI across banks, fintech firms, and financial institutions in Nigeria, particularly in customer service, fraud detection, credit scoring, and operational efficiency. While commending the sector for embracing innovation, he urged stakeholders…
An engineer based in Abuja has formally petitioned the Inspector General of Police (IGP) over alleged abuse, harassment, and the unlawful invasion of his private property by individuals he claims acted under the pretense of law enforcement authority. The petition, which was submitted earlier this week, calls for a thorough investigation into the incident and immediate action against those responsible for the violations. According to the petitioner, whose identity has been confirmed as Engineer Chinedu Nwosu, the invasion occurred at his residential property in the Gwarinpa area of the Federal Capital Territory. Nwosu narrated that a group of individuals, allegedly…
Several stakeholders in the Lagos transportation and logistics sectors have expressed dissatisfaction with the Lagos State Environmental and Special Offences Agency (LASERA), accusing the agency of imposing excessive fees and levies that are affecting their operations and profitability. The complaints, which have been growing in recent weeks, center around what many operators describe as unsustainable financial demands placed on them in the name of regulation, enforcement, and compliance. From ride-hailing drivers to logistics companies, the consensus among aggrieved parties is that LASERA’s fee structure is steep, poorly communicated, and lacks consideration for the prevailing economic realities faced by small business…
The Nigerian Conservation Foundation (NCF) has successfully planted 184,000 trees across various parts of the country as part of its ongoing reforestation efforts aimed at restoring Nigeria’s rapidly depleting forest cover. This milestone forms part of the Foundation’s wider mission to combat deforestation, mitigate climate change, and revive biodiversity in regions heavily impacted by human activities and environmental degradation. The tree planting exercise, carried out over the course of several months, spans multiple states and ecological zones, with a strategic focus on areas that have suffered significant forest loss due to logging, agriculture, mining, and urban expansion. According to NCF…