A brewing dispute is unfolding in Kano State’s power sector as local manufacturers move to bypass their existing electricity distribution company and purchase power directly from generation sources. This development, according to industry insiders, signals a significant shift in the electricity market and could reshape how industries in Nigeria access energy for production. The Manufacturers Association of Nigeria (MAN) in Kano has expressed deep concerns over the unreliable and expensive electricity supply from the Kano Electricity Distribution Company (KEDCO), noting that persistent outages and high tariffs have continued to cripple production and threaten jobs across the state. Kano, which hosts…
Author: Temitope Nlewemchi
Manufacturers in Kano State are gearing up to terminate their reliance on electricity supply from distribution companies (DisCos) as they explore direct power agreements with the Niger Delta Power Holding Company (NDPHC). This move, which reflects a growing dissatisfaction with the prevailing electricity supply in the region, aims to boost industrial productivity and reduce operational costs caused by erratic power supply and high tariffs. The Manufacturers Association of Nigeria (MAN) in Kano has expressed concerns over persistent electricity shortages, frequent outages, and what they describe as prohibitive billing practices by the regional DisCos. According to industry leaders, these challenges have…
President Bola Ahmed Tinubu’s recent diplomatic engagement in Brazil has paved the way for a new milestone in Nigeria’s aviation sector, with plans underway to commence a direct flight route between Lagos and São Paulo operated by Air Peace. The development follows high-level discussions between Nigerian and Brazilian authorities as part of efforts to deepen bilateral ties, expand trade, and enhance people-to-people connectivity between the two countries. During his visit to São Paulo for economic and trade discussions, President Tinubu highlighted Nigeria’s commitment to improving transportation links as a catalyst for economic growth and foreign investment. He noted that the…
The Lagos Chamber of Commerce and Industry (LCCI) has renewed its call to global investors to take advantage of Nigeria’s growing investment opportunities, stressing that ongoing economic reforms and the country’s expanding market make it a prime destination for foreign capital. Speaking at recent engagements with international business communities ahead of upcoming trade missions and investment forums, LCCI President Gabriel Idahosa and Director-General Dr. Chinyere Almona emphasized that Nigeria’s economic diversification efforts are beginning to yield encouraging results despite lingering challenges. According to Idahosa, Nigeria’s strategic location in West Africa, its population of over 200 million, and its role as…
Dangote Cement Plc, Africa’s largest cement producer, has reaffirmed its commitment to youth development by rolling out a series of empowerment initiatives to mark the 2025 International Youth Day. The company’s leadership emphasized that young people remain central to Nigeria’s economic future, and Dangote Cement is positioning itself as a key partner in harnessing their potential through entrepreneurship, education, and skills acquisition. During events held across several of its operational sites, Dangote Cement organized workshops, career talks, and entrepreneurship clinics tailored to young Nigerians in both urban and rural communities. According to the company, the initiatives align with this year’s…
The Advertising Regulatory Council of Nigeria (ARCON) has issued a stern warning to the public regarding the rising use of artificial intelligence (AI) images to promote fraudulent Ponzi schemes across the country. The regulatory body expressed concern over the sophistication of these scams, which now employ AI-generated visuals and manipulated media to mislead unsuspecting Nigerians into investing in schemes that promise unrealistic financial returns. ARCON noted that the misuse of AI-generated content in advertising has introduced a dangerous trend that could erode trust in legitimate communication channels if not swiftly addressed. The agency explained that scammers are increasingly creating fake…
The Corporate Affairs Commission (CAC) in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced the launch of a nationwide initiative to provide free business registration for 250,000 micro, small, and medium enterprises (MSMEs). The initiative, which was unveiled this week, is part of the federal government’s broader strategy to formalize the informal sector, boost entrepreneurship, and promote economic growth. According to CAC Registrar-General, the free registration drive will enable thousands of small businesses operating without formal documentation to become officially recognized. This will give them access to critical benefits such as business bank accounts,…
Lagos State has been ranked the best state for doing business in Nigeria, according to a recent subnational assessment of business environments across the country. The ranking further reinforces the state’s long-standing reputation as the nation’s commercial nerve centre and a preferred destination for investors. The report, unveiled at a high-level policy and diplomatic gathering in Abuja, evaluated all 36 states and the Federal Capital Territory using a wide range of economic and regulatory indicators. Lagos emerged at the top due to its strong performance across critical areas such as infrastructure, regulatory efficiency, access to electricity, and institutional transparency. Analysts…
Abia State Governor Alex Otti has commissioned an upgraded 5MVA power plant at Abia State University, alongside several infrastructure projects aimed at improving electricity supply, student welfare, and overall learning conditions within the institution. The commissioning ceremony took place at the university’s main campus in Uturu as part of activities marking its combined convocation ceremony. The newly upgraded power facility, which was increased from an initial capacity of 2.5MVA to 5MVA, is expected to significantly enhance electricity supply across the campus. Speaking at the event, Otti described the project as a fulfilment of his administration’s commitment to addressing longstanding infrastructure…
Nigeria’s banking and insurance sectors, along with other financial institutions, collectively contributed an estimated ₦1.77 trillion to the national economy in the first quarter of 2025, underscoring their growing importance across finance and industry. Data from regulatory and market sources reveal that the banking industry remained the main driver of this contribution. Profits, interest earnings, fees, and charges from lending, advisory services, and digital banking platforms formed the bulk of activity. Several banks also benefited from rising demand for retail and corporate loans, trade finance, and treasury operations amid a recovering economy. Insurance companies, pension fund administrators, and capital market…
The Federal Government is considering amendments to the Electricity Act that would open the door for the sale of up to eleven electricity distribution companies (Discos) to new investors, part of a broader reform plan aimed at attracting private capital, improving service delivery, and reducing government liabilities. The proposed changes are centered on empowering regulators to facilitate equity transfers, usher in fresh management teams, and restructure the sector toward performance and accountability. Under current rules, Discos operate under licence agreements and are effectively state-supervised, with ownership restricted and few avenues for full private takeover. The proposed amendment would allow the…
Nigeria’s power sector is teetering on the verge of systemic collapse unless the government and electricity market stakeholders move swiftly to resolve mounting debts owed across the value chain. The Minister of Power issued the warning during a high-level address this past week, emphasizing that unresolved liabilities are eroding operational viability, discouraging investment, and undermining supply continuity. The minister disclosed that legacy debt across GENCOs (generation companies), the Transmission Company of Nigeria (TCN), and DISCOs (distribution companies) now totals well over ₦2 trillion. These past obligations—ranging from unpaid generation invoices and fuel supply costs to transmission service fees and subsidy-related…
Air Peace, Nigeria’s largest airline, has convened a high‑level leadership retreat in response to its recent acquisition of a coveted London Heathrow airport slot. The gathering, which brought together the airline’s senior management, operational heads, and industry partners in Lagos, served as a strategic forum to chart the next phase of Air Peace’s international expansion and service enhancement roadmap. Securing the Heathrow slot marks a milestone for Air Peace, enabling the airline to initiate direct flights between Lagos and London—one of the most competitive and regulated global aviation routes. During the retreat, executives reviewed timelines for operational deployment, compliance requirements…
A Nigerian firm has reaffirmed its dedication to fostering entrepreneurship as a tool for economic transformation and job creation. At a recent business development summit in Abuja, the company unveiled new initiatives aimed at supporting startups and empowering young entrepreneurs across the country. Speaking at the event, the company’s Chief Executive Officer, Mrs. Olufunke Adeniyi, stated that entrepreneurship remains the most viable path toward reducing unemployment and stimulating inclusive growth in Nigeria. She emphasized that the private sector has a crucial role to play in nurturing innovative minds and providing them with the tools, funding, and mentorship needed to succeed.…
The National Agency for Food and Drug Administration and Control has destroyed fake, expired, and substandard drugs valued at over N939 million in Anambra State, in a major crackdown aimed at safeguarding public health and eliminating harmful products from circulation. The destruction exercise was carried out in Awka at a designated dumpsite, where officials disposed of seized pharmaceutical and related products recovered from across the South-East region. The operation formed part of the agency’s ongoing enforcement efforts to rid the market of unsafe and falsified goods. According to the agency, the destroyed items included a wide range of products such…
Africa’s richest man and industrial magnate, Aliko Dangote, has officially stepped down as the Chairman of Dangote Cement Plc, one of the largest cement producers on the continent. The decision, which took effect this week, is aimed at allowing him to dedicate more attention and resources to the rapidly growing operations of his energy ventures, including the multibillion-dollar Dangote Refinery project. Dangote, who built his cement empire from the ground up, served as Chairman of Dangote Cement for over a decade, guiding the company through expansions across Nigeria and several other African countries. His resignation signals a significant shift in…
The Federal Inland Revenue Service (FIRS) has announced the creation of a dedicated trust fund and an educational sponsorship scheme for the families of its staff members who tragically lost their lives in the recent fire incident at Afriland Towers, Lagos. The measure comes as part of a comprehensive support package aimed at easing the immediate and long-term burdens of the bereaved families, while reaffirming the agency’s commitment to the welfare of its workforce. The Afriland fire, which broke out in the multi-storey building housing several corporate offices, claimed the lives of FIRS employees who were at work during the…
The Dangote Petroleum Refinery is expected to raise its operational refining capacity to 700,000 barrels per day by December 2025. This anticipated increase follows continued expansion and optimization efforts within the massive facility located in the Lekki Free Trade Zone, Lagos State. The development marks a new milestone for the refinery, which has already begun supplying diesel and aviation fuel to the Nigerian market. According to sources within the refinery, the target to reach 700,000 barrels per day represents an upgrade from the original installed capacity of 650,000 barrels per day. The ramp-up is being made possible by adjustments to…
The Federal Government of Nigeria has attracted an impressive $791.49 million in investments aimed at boosting the country’s Compressed Natural Gas (CNG) industry within just two months. This influx of capital reflects a significant level of investor confidence in Nigeria’s alternative fuel programme and its transition toward cleaner, more affordable energy sources. The CNG investment drive is spearheaded by the Presidential Compressed Natural Gas Initiative (PCNGi), which was launched to support a shift from petrol to natural gas usage, especially in the transportation sector. While the initiative had earlier reported raising about $491 million over the past year, updated figures…
The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…