Afrinvest, a leading investment and research firm in Nigeria, has upgraded its outlook on the Fast-Moving Consumer Goods (FMCG) sector, citing signs of resilience amid economic pressures and urging companies in the sector to prioritize cost optimisation strategies to sustain profitability. The firm made this announcement in its latest sectoral review report, highlighting both emerging opportunities and persistent challenges facing FMCG companies in the country. According to the report, the FMCG sector, which includes producers of food, beverages, personal care, and household items, is beginning to show early signs of recovery despite the headwinds of inflation, naira depreciation, and rising…
Author: Temitope Nlewemchi
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has intensified efforts to ensure Nigeria’s re-election into Category C of the International Maritime Organization (IMO) Council. This renewed campaign highlights Nigeria’s growing commitment to active participation in global maritime governance, as well as its desire to reinforce its strategic role in shaping international maritime laws, safety regulations, and environmental standards. The IMO Council is the executive organ of the IMO, responsible for supervising the work of the organization. Countries elected into Category C are those with special interests in maritime transport or navigation, and they represent various geographic regions of…
The West African Gas Pipeline Company (WAPCo) has entered into a strategic partnership with key government agencies across several West African nations to strengthen cross-border natural gas distribution. This development is poised to enhance energy security, foster regional economic integration, and stimulate industrial growth throughout the sub-region. At a recent stakeholder meeting held in Lagos, WAPCo announced that it had formalized new collaborative frameworks with the relevant ministries and regulatory bodies in Nigeria, Benin, Togo, and Ghana. These agreements aim to streamline regulatory processes, improve infrastructure, and ensure consistent supply of natural gas across borders using the existing 678-kilometre West African…
The Senate has called on the Federal Government to stop the use of public funds to enrich electricity Distribution Companies (DisCos), warning that the current practice of funding power infrastructure for communities—only to have such assets taken over by private firms—is unjust and unsustainable. During plenary on Thursday, Senator Yunus Abiodun Akintunde, who represents Oyo Central and chairs the Senate Committee on Environment, raised concerns over how government funds are routinely used to purchase transformers and other power equipment for communities, but once the installations are completed, they are handed over to DisCos without any compensation to the government or…
The Nigeria Customs Service has intercepted a massive consignment of donkey genitals hidden inside a 40-foot container, dealing a major blow to an illicit wildlife trafficking network that has been exploiting Nigeria’s transit routes. The dramatic bust, carried out along the Kaduna–Abuja Expressway, has once again put a spotlight on the growing black market trade in animal parts and the efforts of security agencies to clamp down on the illegal trade threatening the country’s biodiversity. The operation, which took place in June but was made public during a press briefing this week, revealed the scale and audacity of traffickers who…
Bureau de Change (BDC) operators in Northern Nigeria have expressed deep concern over the Central Bank of Nigeria’s (CBN) recent directive mandating BDCs to raise their minimum share capital to N2 billion. The new policy, which was unveiled as part of the apex bank’s efforts to sanitise the foreign exchange market and curb speculation, has triggered fears that many small and medium-sized BDCs in the region could be forced out of business. Speaking under the umbrella of the Northern BDC Operators Forum, stakeholders described the recapitalisation policy as “unrealistic and detrimental” to the financial inclusion gains made in Northern states…
Nigeria is set to embark on another round of Gross Domestic Product (GDP) rebasing, a move government officials say is critical for providing clearer fiscal data and restoring investor confidence in an economy grappling with weak growth, high inflation, and mounting debt. According to the National Bureau of Statistics (NBS), the exercise will update the country’s economic calculations by changing the base year from 2010 to 2019, in line with international best practices. For many economic watchers, the upcoming rebase, expected to be completed by early 2025, is long overdue. The last time Nigeria rebased its GDP was in…
Start Innovation Hub has announced a fresh investment of N40 million to support the training of young Nigerians in vital technology skills, marking another step towards closing the country’s digital skills gap and empowering its youth for jobs in the global tech economy. The Uyo-based hub, which has steadily built a reputation as one of Nigeria’s leading private sector drivers of digital talent development, said the fund would cover scholarships and significant discounts for at least 200 beneficiaries in its next training cycle. The Chief Executive Officer of Start Innovation, Hanson Johnson, made the announcement during a briefing with…
After years of delays and operational setbacks, the Niger Delta Power Holding Company (NDPHC) has confirmed that the long-awaited Alaoji Power Plant in Abia State will finally commence operations next month, in what stakeholders hope will give Nigeria’s fragile power sector a badly needed boost. The announcement was made by the Managing Director of NDPHC, Chiedu Ugbo, who disclosed that all critical tests and arrangements have been completed to ensure that the plant will add nearly 500 megawatts to the national grid when it goes live in August. Located near Aba, the Alaoji plant is one of the key…
The Securities and Exchange Commission (SEC) has raised fresh concerns about the rising wave of fraud and scams in Nigeria’s virtual asset space, warning that such activities are steadily eroding investor confidence and threatening the integrity of the financial system. Speaking during an event to mark the African Union Anti-Corruption Day in Abuja, the Director-General of the SEC, Dr. Emomotimi Agama, said the unchecked proliferation of unregulated crypto platforms, fake investment schemes, and Ponzi operations disguised as virtual asset opportunities is putting ordinary Nigerians at risk. In his remarks, Agama stressed that while digital assets and blockchain technology hold great…
Africa’s richest man, Aliko Dangote, has stirred fresh debate about Nigeria’s struggling oil refining industry by declaring that the country’s state-owned refineries may never function properly again despite decades of huge spending on turnaround maintenance. Dangote, whose new mega-refinery in Lagos has begun producing refined petroleum products, made the statement during a recent meeting with business leaders and journalists at the Dangote Refinery complex in Lekki. The business mogul, who built the world’s largest single-train refinery with a capacity of 650,000 barrels per day, pointed out that Nigeria has spent billions of dollars trying to revive the refineries in…
In a significant push towards climate resilience and sustainable urban growth, the Lagos State Government (LASG) has teamed up with the Chinese government to launch a low-carbon development initiative aimed at drastically reducing emissions and positioning Lagos as a model for green cities in Africa. The project, which will be piloted in the Lekki area, is part of a broader plan to address the environmental impact of rapid urbanisation and industrialisation in Nigeria’s most populous city. At the core of this collaboration is the Lekki Low-Carbon Demonstration Zone, an ambitious effort designed to showcase practical solutions that can help Lagos…
The Nigerian Content Development and Monitoring Board (NCDMB) has approved over 440 expatriate quota slots for the country’s oil and gas sector in the first half of 2025, highlighting the delicate balance between sourcing critical foreign expertise and growing local capacity in one of Nigeria’s most vital industries. The latest approval, which covers 448 expatriate positions, is part of the board’s effort to ensure that companies operating in the sector fill only highly specialized roles with foreign workers where no qualified Nigerians are available. According to figures released by the board, 246 slots were granted in the first quarter of…
In a move set to strengthen energy security and boost economic cooperation across West Africa, the West African Gas Pipeline Company (WAPCo) has deepened its partnership with various government agencies to expand and secure cross-border gas distribution through the West African Gas Pipeline (WAGP). The renewed collaboration is expected to drive policy alignment, enhance operational integrity, and position the region for broader access to cleaner energy. The WAGP, which runs from Lagos, Nigeria, through Benin and Togo to Ghana, has long been regarded as a strategic piece of infrastructure connecting key markets and providing natural gas for power generation and…
The Nigerian Senate has called on the Federal Government to halt what it described as the continuous enrichment of electricity distribution companies (Discos) through the injection of public funds into their operations. The Senate made this resolution during plenary after heated deliberations on the state of the country’s power sector, which lawmakers say has failed to deliver a reliable electricity supply despite huge government interventions. The lawmakers expressed frustration that over a decade after the privatisation of the power sector, the expected improvements in electricity generation, transmission, and distribution remain elusive, with ordinary Nigerians bearing the brunt of erratic power…
In a renewed clampdown on illegal wildlife trade, the Nigeria Customs Service (NCS) has intercepted a 40-foot container loaded with donkey genitals and hides allegedly being smuggled out of the country through the Apapa port in Lagos. The interception, which Customs officials described as a significant success in curbing wildlife trafficking, was made during a routine inspection at the export terminal. According to the Customs Area Controller, Apapa Command, Babajide Jaiyeoba, the seized container was falsely declared as carrying animal hides, but upon examination, officers discovered a large quantity of dried donkey genitals concealed alongside the hides. He explained that…
Nigeria and the Kingdom of the Netherlands have formally commenced the renegotiation of their long-standing Double Taxation Agreement, marking a significant step in Nigeria’s ongoing push to modernise its tax regime and strengthen international cooperation on tax matters. The talks, which began at the Revenue House in Abuja, bring together senior officials of the Federal Inland Revenue Service (FIRS) and representatives of the Dutch government to review and update the treaty which has been in place since 1992. The Executive Chairman of the FIRS, Dr. Zacch Adedeji, who hosted the Dutch delegation, described the renegotiation as timely and necessary,…
Nigeria’s equities market kicked off the week on a strongly positive note, as investor sentiment buoyed market capitalisation by approximately ₦193 billion. The bullish move reflects growing optimism across key economic sectors and upcoming corporate earnings reports. On Monday, the All-Share Index (ASI) rose by 305.67 points—a gain of about 0.25%—closing at 121,295.33. Market capitalisation climbed from around ₦76.339 trillion at Friday’s close to an estimated ₦76.532 trillion, marking a solid start to the week . The strength came amid a resurgence in demand for large-cap and medium-cap stocks, with investors actively picking positions ahead of the half-year financial…
As Nigeria prepares for the upcoming Nigerian Economic Summit (NES), the Nigerian Economic Summit Group (NESG) is ramping up public engagement efforts to ensure broader citizen participation, policy relevance, and collective ownership of national development goals. The NESG, a private-sector-led think tank renowned for influencing economic reform and promoting public-private dialogue, is introducing a range of initiatives designed to deepen engagement ahead of the summit. This year’s summit comes at a time when Nigeria is grappling with pressing economic challenges, including inflation, unemployment, youth restiveness, and declining foreign investment. In response, the NESG is expanding its approach beyond traditional policy…
In a profession long dominated by men, one Nigerian pilot is taking bold steps to inspire young girls to take to the skies. Helicopter pilot Okechukwu Onuchukwu is leading a passionate campaign to woo Nigerian girls into aviation careers, challenging outdated stereotypes and igniting a new wave of ambition in classrooms and communities across the country. Speaking at a recent aviation awareness seminar in Lagos, Onuchukwu emphasized the urgent need for more women in the cockpit, not just for the sake of gender equality but for the growth and innovation of the aviation industry itself. He highlighted how early exposure,…