The Importers Association of Nigeria (IMAN) has revealed plans to significantly reduce cargo clearance times at Nigerian ports to as little as three hours, a move that could transform the country’s trade and logistics landscape. This development is anchored on the adoption of the National Single Window platform, a digital system designed to streamline import documentation and procedures across multiple government agencies. Speaking at a recent stakeholders’ meeting in Lagos, IMAN officials noted that the new initiative aligns with global best practices and is expected to eliminate the bottlenecks that have long plagued the nation’s port system. They expressed…
Author: Temitope Nlewemchi
The West African Insurance Companies Association (WAICA) has unveiled its lineup of distinguished speakers for the 2025 Education Conference, set to take place from October 12 to 15 at Eko Hotels and Suites in Lagos, Nigeria. The event is expected to bring together around 150 insurance professionals, regulators, and stakeholders from across West Africa and beyond, fostering dialogue and collaboration within the region’s insurance sector. Themed around innovation, education, and regional development, the conference aims to explore new frontiers in insurance education and knowledge-sharing across member countries. Delegates from Nigeria, Ghana, Gambia, Sierra Leone, Liberia, and other parts of West…
The National Pension Commission (PenCom) has issued a directive mandating that all Licensed Pension Fund Operators (LPFOs) must conduct business only with vendors and service providers who possess a valid Pension Clearance Certificate (PCC). The move is part of PenCom’s ongoing efforts to ensure full compliance with the Contributory Pension Scheme (CPS) as outlined in the Pension Reform Act 2014. Under the new guideline, Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), and other stakeholders operating within the pension sector are now obligated to verify that any third-party service provider they engage—whether for investment transactions, procurement, or service delivery—has obtained…
Germany’s development agency, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), is accelerating Nigeria’s shift toward a cleaner energy future through a wide range of strategic programs and investments. At the heart of this effort is the Nigerian Energy Support Programme (NESP), a collaborative initiative co-funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union. This comprehensive intervention seeks to unlock Nigeria’s renewable energy potential and build a more sustainable, efficient, and inclusive energy system for the country’s growing population. Nigeria, Africa’s largest economy and most populous country, faces significant energy challenges. According to recent estimates,…
Unilever Nigeria Plc has announced a profit after tax of ₦5.6 billion for the first quarter ended March 31, 2025, marking a 65% increase from ₦3.4 billion in the same period of 2024. Key Financial Highlights: Revenue: ₦46.9 billion, up 45% from ₦32.3 billion in Q1 2024. Gross Profit: ₦18.8 billion, a 40% increase from ₦13.5 billion. Operating Profit: ₦8.2 billion, up from ₦3.8 billion in the previous year. Profit Before Tax: ₦10.75 billion, a 147% rise from ₦4.36 billion. Earnings Per Share: ₦0.97, compared to ₦0.58 in Q1 2024. The company’s Managing Director, Tobi Adeniyi, attributed the strong performance…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has called for the swift implementation of the Single African Air Transport Market (SAATM) to bolster regional integration and lower air travel costs across the continent. Speaking at the 18th Plenary Session of the Banjul Accord Group (BAG) in Abuja, Keyamo emphasized that despite strong political will and numerous declarations, progress on SAATM has been slow, with fragmentation remaining a barrier to regional integration. He urged member states to move beyond verbal commitments and take coordinated, deliberate steps to bring the initiative to life. The SAATM, launched in 2018, is a…
A Nigerian firm has recently unveiled a comprehensive strategy aimed at revitalizing the product industry. This initiative focuses on fostering innovation, enhancing local production capabilities, and strengthening the overall product development ecosystem within the country. The strategy encompasses several key components: Collaboration with Government Agencies: Partnering with entities like the Lagos State Employment Trust Fund (LSETF) to support tech innovators and entrepreneurs in transitioning from theoretical knowledge to practical applications. Investment in Local Talent: Establishing academies and training programs to equip individuals with the necessary skills for product development, thereby boosting employment and economic growth. Promotion of Made-in-Nigeria Products: Encouraging…
Despite ongoing efforts to reform Nigeria’s power sector, widespread blackouts continue to affect many parts of the country. A significant factor contributing to this persistent issue is the underutilization of government-owned power plants, which collectively have a capacity of 3,000 megawatts (MW) but remain largely dormant. The Niger Delta Power Holding Company (NDPHC), responsible for managing several of these plants under the National Integrated Power Projects (NIPP), is currently struggling to generate even 1,000MW. This shortfall is primarily due to inadequate gas supply and operational challenges, leaving a substantial portion of the nation’s installed capacity idle. While the Federal Government…
The Nigeria Customs Service (NCS) and the Benin Republic Customs Administration have inaugurated the Système Interconnecté de Gestion des Marchandises en Transit (SIGMAT) platform at the Seme-Krake Joint Border Post. This digital system aims to streamline and harmonize customs procedures, facilitating smoother and more secure trade between the two nations. The launch event, held on May 19, 2025, was attended by key officials, including the Acting Comptroller-General of the NCS, Bashir Adewale Adeniyi, and the Director-General of Benin Customs, Adidjatou Hassan Zanouvi. Adeniyi emphasized that SIGMAT is designed to enhance the visibility of goods in transit, combat diversion and fraud,…
The Oyo State Government has announced that the Ladoke Akintola International Airport in Ibadan is set to commence international flight operations by June 2026, following significant upgrades aimed at transforming the facility into a modern aviation hub. Commissioner for Information and Civic Orientation, Prince Dotun Oyelade, stated that the airport’s runway is being extended from 2,400 meters to 3,000 meters and widened from 45 meters to 60 meters to accommodate wide-body aircraft. Additionally, the airfield lighting system has been upgraded to CAT C standards, and firefighting capabilities have been enhanced to meet international safety requirements. The construction of a new…
The Federal Government of Nigeria and the United Arab Emirates (UAE) have amended their Bilateral Air Services Agreement (BASA) to permit airlines from both countries to sell tickets and ancillary services in either local currencies or any freely convertible foreign currency, such as the U.S. dollar. This development follows the resumption of Emirates Airlines’ operations in Nigeria, ending a diplomatic and commercial impasse that began in 2022 when the airline suspended flights due to challenges in repatriating funds. Under the revised agreement, designated carriers from both nations—including Emirates, Etihad Airways, Air Arabia, flydubai, Air Arabia Abu Dhabi, Wizz Air Abu…
Lagos State Governor Babajide Sanwo-Olu stood proudly among Nigeria’s most accomplished business and public sector leaders at Tuesday’s Business Leadership Awards, where his administration’s transformative infrastructure projects earned him top honors. The annual ceremony, held at the Eko Convention Centre, recognized exceptional contributions to Nigeria’s economic and social development across multiple sectors. Sanwo-Olu received the “Excellence in Public Service Leadership” award for spearheading landmark initiatives including the Lagos Rail Mass Transit system, the Lekki Deep Sea Port, and the ongoing Fourth Mainland Bridge project. The selection committee highlighted his administration’s innovative approaches to urban planning and crisis management during the…
In a significant move to empower small and medium-sized enterprises (SMEs), a leading financial technology firm has launched a groundbreaking mobile application designed to simplify and accelerate access to business financing. The new app promises to transform the way SMEs secure loans, manage cash flow, and grow their operations in an increasingly digital economy. With SMEs accounting for a substantial portion of global employment and GDP, the lack of accessible financing has long been a critical hurdle. Traditional banks often impose stringent requirements, leaving many small business owners struggling to secure timely funding. The newly launched app seeks to disrupt…
Oil marketers across Nigeria have issued a cautionary note to the federal government, advising against a hasty implementation of a fuel import ban. They argue that the country’s current refining capacity is insufficient to meet domestic demand, and an abrupt policy shift could lead to fuel shortages and price hikes. Industry Leaders Voice Concerns The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have been at the forefront of this advisory. Hammed Fashola, IPMAN’s National Vice President, emphasized that while the Dangote refinery is operational, other refineries are still under…
The U.S. government is contemplating criminal charges against Orbic Air, LLC, the operator of the helicopter involved in the fatal crash that claimed the lives of Nigerian banker Herbert Wigwe, his family, and three others in February 2024. The crash occurred on February 9, 2024, near Halloran Springs, California, when an Airbus EC130B4 helicopter, registered as N130CZ, went down, resulting in the deaths of all six individuals on board. Investigation Findings The U.S. National Transportation Safety Board (NTSB) released a final report identifying pilot disorientation and a violation of flight protocols as key causes of the crash. Specifically, the pilot…
The Nigerian Civil Aviation Authority (NCAA) has sanctioned Kenya Airways with a ₦3 million fine over allegations of passenger maltreatment, specifically concerning Nigerian traveler Gloria Omisore. The NCAA has also mandated the airline to compensate affected passengers and address various consumer protection violations. Incident Overview In January 2025, Gloria Omisore was traveling from Lagos to Manchester via Nairobi and Paris with Kenya Airways. Upon her return journey, she was denied boarding in Nairobi due to the absence of a Schengen visa, despite having previously traveled the same route without issue. Subsequently, she experienced a 17-hour layover during which she requested…
The Securities and Exchange Commission (SEC) of Nigeria has launched a comprehensive technology adoption survey aimed at assessing the integration of advanced digital tools among registered Capital Market Operators (CMOs). This initiative underscores the SEC’s commitment to fostering innovation, enhancing market efficiency, and ensuring investor protection within Nigeria’s capital market. Objectives of the Survey The primary goal of the survey is to evaluate the extent to which CMOs are adopting and implementing modern technologies in their operations. By gathering this data, the SEC aims to identify areas where technological advancements can further improve market practices, streamline processes, and bolster transparency.…
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has expressed concerns regarding the potential monopolistic control that the Dangote Refinery could exert over Nigeria’s fuel market once it becomes fully operational. DAPPMAN’s alarm comes as the refinery, with a refining capacity of 650,000 barrels per day, moves closer to meeting Nigeria’s domestic fuel needs, which could significantly reduce the country’s dependence on fuel imports. While this shift towards self-sufficiency is largely seen as positive for Nigeria’s economy, DAPPMAN is raising red flags over the implications of such dominance in the market. In an interview with the media, DAPPMAN’s…
The Manufacturers Association of Nigeria (MAN) has urged the federal government to reconsider plans to ban single-use plastics, advocating instead for a more sustainable and economically viable approach centered on recycling. According to the association, banning plastics outright could lead to serious consequences for industries, jobs, and the environment if not handled with a strategic, long-term vision. Speaking on behalf of manufacturers across the country, the Director General of MAN, Segun Ajayi-Kadir, said that while plastic pollution is a pressing issue, the solution lies in building a robust recycling infrastructure rather than shutting down an entire segment of production. He…
In response to the Nigerian government’s proposed ban on single-use plastics, the Manufacturers Association of Nigeria (MAN) has urged authorities to prioritize recycling initiatives instead. They argue that enhancing recycling infrastructure and promoting sustainable alternatives would better balance environmental concerns with economic stability. MAN’s Director General, Segun Ajayi-Kadir, emphasized that a nationwide ban could disrupt various sectors, including packaging, consumer goods, food and beverage, and healthcare. He highlighted that small and medium-sized enterprises (SMEs) might struggle to adapt due to limited resources, potentially leading to job losses and economic downturns. The association advocates for a phased approach, suggesting investments in…