President Bola Ahmed Tinubu and leaders in Ogun State have called for a unified push toward advancing technological innovation as a driver of economic growth and national development. During a recent tech summit in Abeokuta, stakeholders emphasized the importance of fostering a robust technology ecosystem that empowers startups, attracts investments, and creates job opportunities. President Tinubu, in his address, highlighted the transformative potential of technology in addressing Nigeria’s economic challenges. He urged state governments and private sector players to collaborate in creating policies and infrastructure that support innovation. “The future of Nigeria lies in our ability to harness technology for…
Author: Temitope Nlewemchi
The National Bureau of Statistics (NBS) has earmarked ₦35 million for cybersecurity training as part of its efforts to enhance digital security measures after its website was recently hacked. The incident, which raised concerns about the vulnerability of critical government infrastructure, has prompted the bureau to prioritize building a more robust digital defense system. According to the NBS, the cybersecurity training initiative will focus on equipping staff with the skills needed to detect, prevent, and respond to cyber threats effectively. The budget also covers the acquisition of advanced cybersecurity tools and the implementation of best practices to safeguard sensitive data…
In a significant move to support low-income countries, the World Bank has announced the suspension of certain loan fees to ease financial burdens on the world’s poorest nations. This initiative is part of the Bank’s broader effort to assist vulnerable economies grappling with debt distress, economic instability, and the lingering effects of global crises. The suspension applies to fees associated with concessional loans provided through the International Development Association (IDA), the World Bank’s arm dedicated to aiding low-income countries. By waiving these fees, the World Bank aims to free up resources for critical investments in healthcare, education, infrastructure, and other…
The Central Bank of Nigeria (CBN) has disqualified 41.65 million shares from Access Holdings’ recent rights issue, citing non-compliance with regulatory guidelines. The decision has sparked discussions in financial circles about its implications for the bank and its investors. Access Holdings, the parent company of Access Bank, had embarked on the rights issue to raise capital for expansion and strengthen its financial position. However, the disqualified shares were deemed ineligible due to procedural lapses and failure to meet specific regulatory requirements outlined by the CBN. In a statement, the CBN emphasized its commitment to ensuring transparency and adherence to regulations…
Dangote Refinery has announced a reduction in petrol prices, attributing the adjustment to current market conditions. The company stated that the move aligns with its commitment to providing competitive pricing while responding to fluctuations in global oil prices and domestic economic realities. In a recent statement, a representative from Dangote Refinery emphasized that the decision was driven by the need to balance affordability for consumers with the sustainability of operations. “Our pricing strategy reflects the dynamics of the global and local markets, ensuring that Nigerians benefit from cost efficiencies,” the representative said. The reduction is expected to offer some relief…
Good Mama, a popular brand known for its range of high-quality food products, has launched a consumer rewards program aimed at giving back to its loyal customers. The initiative, which includes a variety of exciting prizes, seeks to express appreciation for the brand’s continued support and foster a stronger connection with consumers. As part of the campaign, Good Mama consumers will have the chance to win prizes by purchasing the brand’s products and participating in designated promotional activities. The rewards include cash prizes, gift vouchers, and branded merchandise, with a grand prize that promises to be a game-changer for lucky…
Experts have called on the Nigerian government to enhance engagement between regulators and the private sector in order to foster a more conducive environment for business growth and sectoral development. The call comes amid concerns over the challenges businesses face due to regulatory bottlenecks, inconsistent policies, and limited communication with industry regulators. At a recent industry forum, speakers emphasized that more effective collaboration between government agencies and businesses is essential for addressing the regulatory gaps that hinder innovation, investment, and competitiveness. They argued that businesses, especially in sectors like agriculture, technology, and manufacturing, often struggle to navigate complex and sometimes…
Azman Air has responded to allegations that it intentionally switched off the transponders of its aircraft, clarifying that the claims are false. The airline stated that its operations adhere to strict safety standards and regulations set by the Nigerian Civil Aviation Authority (NCAA) and other relevant authorities. The controversy arose following reports that some of Azman Air’s flights were operating without transponders, which are critical for tracking aircraft during flight. Transponders are essential for ensuring safe and efficient air traffic control, providing real-time data to aviation authorities and enhancing flight safety. In its statement, Azman Air emphasized that any issues…
Chi Farms, one of Nigeria’s leading agribusiness companies, has announced plans to invest $2.5 billion in the livestock sector, marking a significant move to boost the country’s agricultural capacity. The investment aims to expand Chi Farms’ operations in poultry, cattle, and other livestock, with a focus on enhancing local food production, improving supply chains, and creating job opportunities in rural communities. The company’s ambitious investment plan is expected to modernize Nigeria’s livestock industry, which has long faced challenges such as insufficient infrastructure, low productivity, and limited access to high-quality feed and veterinary services. Chi Farms intends to address these issues…
Lagos and Enugu have officially joined the Commonwealth trade network, a significant move aimed at boosting their economic integration with global markets and strengthening trade relationships within the Commonwealth. The announcement, made during a recent trade summit, underscores Nigeria’s commitment to expanding its international trade opportunities and fostering economic growth at the state level. The inclusion of Lagos, Nigeria’s commercial hub, and Enugu, a key player in the southeastern region, marks a notable milestone in the country’s economic diplomacy. By joining the Commonwealth trade network, both states will gain access to a range of trade and investment opportunities, enhancing their…
The 2025 Nigerian federal budget reveals that 593 Ministries, Departments, and Agencies (MDAs) will collectively spend a staggering ₦41 billion on fuel for generators. This allocation has raised concerns regarding the country’s energy infrastructure and the ongoing reliance on costly alternative power sources despite efforts to address the nation’s power sector challenges. The substantial budget for fuel highlights the persistent power supply issues faced by government agencies, with many MDAs unable to rely on the national grid for consistent electricity. Analysts have pointed out that this expenditure exacerbates the financial burdens on the government and hinders the efficient use of…
The private sector plays a crucial role in helping Nigeria navigate and resolve its internal crises, according to the Transnational Corporation of Nigeria (TGI). In a recent statement, TGI emphasized the importance of private enterprises in driving sustainable solutions to challenges such as economic instability, unemployment, insecurity, and infrastructural deficits that continue to hinder national development. TGI, a prominent conglomerate with interests in several sectors, highlighted that the private sector has the capacity to innovate, create jobs, and invest in areas where the public sector may face resource constraints. The company stressed that a collaborative approach between government and private…
Betano, a leading global sports betting platform, has revealed a ₦50 million prize for the winner of the upcoming season of The Next Titan, Nigeria’s premier entrepreneurial reality TV show. The announcement highlights Betano’s commitment to supporting innovation and entrepreneurship in Nigeria. The Next Titan competition, which has gained widespread recognition for identifying and nurturing young entrepreneurs, will see participants compete for the grand prize, aimed at propelling the winner’s business to new heights. The ₦50 million prize will provide financial support, mentorship, and resources to help the winner grow their business and make a lasting impact in the Nigerian…
A recent report reveals that Generation Z (Gen Z) is increasingly driving the demand for embedded lending solutions, a trend that is reshaping the future of financial services. Embedded lending, which integrates credit offerings directly into the purchasing process on digital platforms, has gained significant traction among younger consumers who seek seamless, flexible, and accessible financial services. Gen Z, known for their tech-savviness and preference for digital-first experiences, is leading the charge towards embedded lending as they prioritize convenience and immediacy in their financial interactions. The report indicates that this demographic is more likely to use lending products that are…
Polo Luxury Group, in partnership with Montblanc, has launched an exclusive new collection in Lagos, showcasing a blend of sophistication and craftsmanship. The unveiling event, held at Polo Luxury’s flagship store, brought together connoisseurs of luxury goods, business leaders, and prominent social figures to celebrate the arrival of Montblanc’s latest offerings. The collection features an array of meticulously crafted items, including writing instruments, leather accessories, and timepieces, designed to appeal to discerning customers who value elegance and quality. Montblanc, renowned for its timeless designs and exceptional craftsmanship, has consistently set benchmarks in the global luxury market, and this new collection…
LG Electronics has unveiled a special Christmas movie package to enhance the holiday experience for families and entertainment enthusiasts. The package, which includes cutting-edge home entertainment devices and exclusive content options, is designed to bring the magic of the festive season into homes. Announcing the initiative, LG emphasized its commitment to providing innovative solutions that cater to the evolving needs of its customers. The Christmas movie package features discounted prices on select smart TVs, soundbars, and projectors, offering consumers the ultimate cinematic experience at home. In addition to the hardware, LG has partnered with streaming platforms to provide access to…
A $2.4 billion asset sale by Shell in Nigeria has emerged as the largest merger and acquisition (M&A) transaction in Africa this year, according to a recent report. The deal, part of Shell’s divestment strategy, underscores the growing trend of multinational oil and gas companies reducing their onshore operations in Nigeria to focus on offshore assets and cleaner energy initiatives. The sale involves several onshore oilfields and associated infrastructure, which Shell is transferring to local and regional operators. Analysts view this divestment as a strategic move to mitigate risks associated with onshore operations, including environmental liabilities, regulatory pressures, and community-related…
The combined market capitalization of eight leading Nigerian banks has surged to ₦7.2 trillion, reflecting increased investor confidence and strong performance in the financial sector. The significant growth underscores the resilience of the banking industry amidst economic headwinds and evolving market dynamics. The eight banks, which include some of Nigeria’s most prominent financial institutions, have seen their share prices rise steadily in recent months. Analysts attribute this growth to improved earnings, robust risk management practices, and strategic investments in digital banking solutions that have enhanced operational efficiency and customer engagement. Investors have shown renewed interest in the banking sector, buoyed…
Lasaco Assurance Plc has called on its customers with unresolved claims to come forward for immediate resolution. The insurance company, in a recent statement, emphasized its commitment to ensuring prompt payment of claims while fostering transparency and trust with policyholders. The initiative aims to address pending claims and enhance customer satisfaction. Lasaco Assurance encouraged affected clients to visit its offices or utilize its digital platforms to submit necessary documentation and expedite the claims process. The company reassured customers of its dedication to fulfilling obligations and maintaining industry standards. “We understand the importance of timely claims settlement to our customers, and…
Seasonal businesses play a critical role in bolstering Nigeria’s economy and providing income opportunities for families, according to economic analysts. These businesses, which thrive during specific periods such as festive seasons, agricultural harvests, and school reopening periods, offer significant contributions to both local economies and individual livelihoods. Analysts highlighted that seasonal businesses, ranging from retail and hospitality to event planning and agriculture, inject much-needed liquidity into the economy. By meeting heightened consumer demand during peak seasons, these enterprises create jobs, increase spending, and support ancillary sectors. For many families, seasonal businesses serve as a vital source of supplemental income. “The…