The Chief Executive Officer of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dikko Radda, has raised concerns about the structural limitations that hinder small and medium enterprises (SMEs) from accessing N5 billion single-digit interest loans. According to Radda, many Nigerian SMEs lack the organization, documentation, and financial infrastructure necessary to qualify for these loans, despite the government’s intent to stimulate the sector through affordable financing. Challenges in Loan Accessibility for SMEs The N5 billion loan scheme, designed with a low single-digit interest rate, aims to encourage business expansion, boost production capacity, and generate employment across the country.…
Author: Temitope N.
The National Institute for Cultural Orientation (NICO) has called on Nigerians to support local manufacturers by prioritizing the purchase of locally made products. According to NICO, increased patronage of homegrown goods can significantly boost the nation’s economy, create jobs, and foster pride in Nigerian culture. This message was emphasized in a recent campaign, where NICO highlighted the cultural and economic benefits of choosing locally produced items over imported goods. Strengthening the Local Economy through Patronage Nigeria’s dependence on imported goods has often placed strain on the local economy. NICO officials pointed out that every imported product replaces a local equivalent,…
As Nigeria grapples with escalating fuel prices and frequent power supply disruptions, solar energy is emerging as a crucial alternative for households and businesses seeking stability in their energy supply. Rising costs and an unreliable national grid have intensified interest in solar energy solutions across the country, according to industry experts, who predict that these factors will accelerate solar adoption. Solar energy, once considered a niche or supplementary source of power, has gained attention for its reliability, long-term cost-effectiveness, and environmental benefits. In an economy where conventional energy sources are becoming increasingly burdensome, solar technology presents a viable option that…
The Federal Government has disclosed that Nigerians paid over N40 billion in road taxes to state governments in the last fiscal year, underscoring the substantial role of road taxes in regional revenue generation. These funds, collected as part of state-level initiatives to improve infrastructure, are seen as essential for the maintenance and development of local road networks that serve millions of Nigerians daily. The government emphasized that road tax revenues are not only crucial for local infrastructure projects but also represent an important component of state budgets. By providing funding for critical infrastructure needs, these taxes help mitigate the burden…
The Oyo State Command of the Nigeria Customs Service (NCS) has made significant strides in its fight against smuggling, recently intercepting a substantial quantity of smuggled petrol and various other contraband goods. This operation highlights the ongoing efforts of customs officials to curb illegal trade activities that threaten national security and economic stability. Details of the Interception The Oyo Customs Command reported that it intercepted over 10,000 liters of petrol during a routine patrol in the region. The seized fuel was found in a hidden compartment of a truck attempting to bypass official checkpoints. Alongside the petrol, customs officials also…
In a significant move to enhance gender diversity within the trade and customs sectors, the Nigeria Customs Service (NCS) has partnered with the World Customs Organization (WCO) to implement various initiatives aimed at empowering women and promoting inclusive practices. This collaboration is part of a broader strategy to address gender disparities and encourage greater female participation in customs and trade-related professions, a sector traditionally dominated by men. Understanding Gender Diversity in Customs Gender diversity refers to the equitable representation of individuals of different genders within an organization or sector. In the customs and trade arenas, increasing the number of women…
In a worrying trend, bandits and criminal syndicates in Nigeria have reportedly been exploiting pre-registered SIM cards to circumvent the National Identification Number (NIN)-SIM registration requirements, a major security initiative aimed at combating crime and improving traceability. This discovery has raised concerns about the effectiveness of the NIN-SIM integration in tracking criminals, as these pre-registered SIMs allow users to bypass government surveillance and continue illicit activities without leaving a traceable digital footprint. Exploiting Loopholes in NIN-SIM Policy The NIN-SIM policy, launched to create a reliable identification system linking every SIM card to a registered NIN, was designed to improve national…
The Securities and Exchange Commission (SEC) has announced plans to incorporate cybersecurity and artificial intelligence (AI) into its curriculum as part of a broader effort to modernize training standards within Nigeria’s financial sector. The review aims to equip finance professionals with the knowledge and skills to address the rapidly evolving digital landscape, particularly as technology continues to transform financial markets globally. This initiative is part of SEC’s response to the growing need for advanced digital competency in safeguarding Nigeria’s financial ecosystem. Addressing Emerging Threats and Opportunities in Finance SEC’s move to include cybersecurity and AI reflects its commitment to addressing…
John Obaro, the founder and managing director of SystemSpecs, a leading African technology firm, has received a prestigious award for his significant contributions to leadership and innovation in the technology space. Obaro was honored at the recent Leadership Technology Awards for his instrumental role in shaping Africa’s financial technology landscape and for his visionary leadership in expanding digital solutions across the continent. Pioneering Financial Technology in Africa Obaro’s recognition is rooted in his transformative impact on Africa’s financial technology industry. Under his guidance, SystemSpecs introduced Remita, a widely-used payment platform that has revolutionized payment collection and processing in Nigeria. Remita…
The Fisheries Society of Nigeria (FISON) has urged the government to establish a national institute dedicated to fisheries and aquaculture to address critical challenges in the sector and drive sustainable growth. According to FISON, a dedicated institute would play a vital role in advancing research, training, and policy development, while promoting economic benefits and food security. Importance of a Fisheries Institute Nigeria’s fisheries and aquaculture sector is a significant part of the country’s agricultural landscape, providing employment and a critical source of protein for millions of Nigerians. However, the sector faces challenges, including limited research, inadequate training facilities, and outdated…
Ghana is advocating for the introduction of a regional currency within the Economic Community of West African States (ECOWAS) as a means to facilitate fuel purchases from the newly operational Dangote Refinery in Nigeria. This call for a regional currency comes amidst growing economic challenges and currency depreciation faced by several West African countries, with the potential to enhance trade, reduce reliance on external currencies, and improve stability across the region. Proposal for an ECOWAS Currency The proposed ECOWAS currency, known as the “eco,” has been in discussion for over two decades as part of an effort to integrate and…
Vitafoam Nigeria Plc, one of the country’s largest foam manufacturers, has reported a substantial increase in its revenue, reaching N82.58 billion for the fiscal year ending 2024. This impressive growth in revenue underscores Vitafoam’s resilience and adaptability amid challenging economic conditions, including fluctuating currency values, inflationary pressures, and increased production costs. Key Factors Driving Revenue Growth Several factors contributed to Vitafoam’s improved financial performance. A strategic expansion in product lines and an increased market reach, both domestically and regionally, were primary drivers. The company has broadened its product portfolio to meet the demands of a diverse consumer base, offering a…
Egbin Power Plc, one of Nigeria’s largest power generation companies, has reinforced its commitment to employee safety and wellbeing by implementing a series of new health, safety, and environment (HSE) measures aimed at ensuring a secure work environment across its operations. The company, which plays a pivotal role in powering Nigerian households and industries, has long emphasized safety in its workplace and recently unveiled an upgraded HSE framework to enhance safety practices for its employees. A Renewed Focus on Health and Safety Standards As part of its renewed safety drive, Egbin Power has introduced a more comprehensive approach to employee…
Amid ongoing power challenges in Katsina, the state has taken significant strides towards renewable energy solutions, aiming to reduce its reliance on the national grid and enhance energy access for its communities. As power outages continue to disrupt daily life and local industries, renewable energy projects, particularly solar, are gaining traction as sustainable alternatives to traditional power sources in the state. Power Challenges and the Push for Renewables Like many areas across Nigeria, Katsina has been dealing with erratic power supply issues that hinder economic development, impact education, and create difficulties for essential services. Small businesses and industries have faced…
Nigeria is setting its sights on the booming $5 billion global carnival market, according to Vice President Kashim Shettima. With vibrant cultural heritage and popular local festivals, the country aims to capitalize on the economic and tourism opportunities that carnival participation can offer. Nigeria’s involvement is expected to foster job creation, boost the local economy, and elevate the nation’s cultural profile on the international stage. Growing Global Carnival Market The global carnival market has grown into a multibillion-dollar industry, attracting millions of tourists annually and creating lucrative opportunities for host cities. From Rio de Janeiro’s iconic Carnival to the Caribbean’s…
Nigeria’s mining sector has contributed a record N1.1 trillion to the federation account, marking a significant milestone for the industry. This achievement reflects the sector’s growing role in the nation’s revenue stream and underscores its potential to contribute meaningfully to Nigeria’s economic diversification efforts. The figures, disclosed in a recent report, show the results of policy reforms aimed at revitalizing mining operations, enhancing transparency, and ensuring that the sector fulfills its revenue-generating potential. A Boost from Policy Reforms The substantial remittance to the federation account follows various government initiatives intended to reform the mining sector. Policies introduced by the Ministry…
The Federal Competition and Consumer Protection Commission (FCCPC) has revealed the existence of a cartel allegedly manipulating prices and creating artificial inflation across various sectors in Nigeria. This discovery follows months of investigation into persistent price hikes that have strained Nigerian households and businesses, particularly in essential commodities such as food and pharmaceuticals. The cartel’s activities, according to the FCCPC, have contributed to Nigeria’s rising inflation, prompting swift regulatory intervention. The Investigation and Discovery The FCCPC’s investigation began in response to consumer complaints about skyrocketing prices that seemed disproportionately high compared to international trends and input costs. Working alongside other…
The Nigerian government is actively seeking to attract investments in Africa’s burgeoning sugar market, estimated to be worth $7 billion. This initiative aims to bolster local production, reduce reliance on imports, and promote the development of the agricultural sector as part of the broader strategy to achieve self-sufficiency in sugar production. Africa’s Growing Sugar Market The sugar market in Africa has seen considerable growth over the past few years, fueled by increasing demand for sugar in various sectors, including food and beverages, pharmaceuticals, and biofuels. As the continent’s population continues to rise and urbanization accelerates, the demand for sugar is…
Transcorp Power Limited, a key player in Nigeria’s energy sector, has announced plans to increase its electricity generation capacity by an additional 150 megawatts (MW). This strategic initiative aims to enhance the company’s contribution to Nigeria’s energy needs and support the country’s ongoing efforts to improve power supply reliability. Understanding Transcorp Power’s Expansion Plans The announcement comes amid growing concerns over Nigeria’s electricity supply, which has struggled to meet the demands of its rapidly increasing population and industrial growth. Transcorp Power, a subsidiary of Transnational Corporation of Nigeria (Transcorp), operates the Ugheli Power Plant in Delta State, and its plans…
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reported a significant surge in petrol consumption during the yuletide season, reaching an impressive 50 million litres. This increase is attributed to heightened economic activities and travel associated with the festive period, as more Nigerians engage in travel and social events. Seasonal Consumption Trends The holiday season traditionally witnesses a spike in fuel consumption due to various factors, including increased travel, holiday shopping, and family gatherings. This year, the NMDPRA’s data indicates a robust demand for petrol, driven by the return of festivities after years impacted by the COVID-19 pandemic.…