Author: Anuoluwapo Ige

There has been a record jump in the number of UK businesses in critical financial distress, according to insolvency specialists. Businesses in the most distress include those in hospitality, leisure and retail, but the construction industry is also facing challenges. Insolvency experts Begbies Traynor said a company can be considered to be in critical financial distress if it has an outstanding county court judgment of more than £5,000 or faces a winding up petition. “The last two years have been really quite stressful trying to run a business,” said Helen Gorman, who decided to close her café bar TwentySix in…

As Nigeria transitions from a turbulence-filled reform period into a phase of relative stabilisation, fortune has favored the bold—those firms that weathered the storm of economic uncertainty, policy shifts, and market volatility. In 2025, the playing field is ripe with opportunities for businesses willing to adapt and innovate. For companies seeking not just survival but sustainable growth, strategic positioning will be the key to success. This position was highlighted by PwC in its 2025 Budget and Economic Outlook. Export to African and Global Markets A devalued currency, a framework for cohesive cross-border trade, and rising public investment in infrastructure are…

Afriwok, an innovative service marketplace, is set to launch in February 2025, with a mission to transform the way people connect with and hire service providers across Nigeria. The platform is designed to address the challenges of sourcing reliable professionals, positioning itself as the go-to solution for connecting users with trusted local service providers. In a statement, Afriwok said its goal is to tackle a common issue faced by many Africans: the difficulty of finding skilled and trustworthy professionals nearby. The platform leverages technology to streamline this process, providing users with access to verified service providers across various categories, including…

Nigeria’s foreign exchange reserves have fallen by $832.62 million in two weeks – between January 6 and January 21 – hurting the country’s reserves that have enjoyed relative stability and growth for about five months, as per data from the Central Bank of Nigeria (CBN). Data from the apex bank show that Nigeria’s FX reserves stood at $40.92 billion on January 6, 2025. However, by January 21, the figure had declined to $40.09 billion, representing a 2.03 percent decrease in a fortnight. This is as BusinessDay reported on the 15th of January that the country’s foreign currency reserves decreased by…

Globacom, Nigeria’s leading technology communications company, played a pivotal role as the sponsor of the Nigerian-French Technology Roundtable, held on Friday, at the Mike Adenuga Centre in Lagos. A statement made available to PUNCH Online on Saturday noted that the event, organised by the Federal Ministry of Communications, Innovation, and Digital Economy in collaboration with the French Embassy in Nigeria (Ambassade de France au Nigeria), explored Nigeria’s participation at the upcoming VivaTech Conference 2025 in Paris and the potential for fostering innovation through strategic partnerships. The roundtable provided a platform for discussing how Nigeria’s burgeoning tech ecosystem could further thrive…

The Permanent Secretary of the Ministry of Steel Development, Dr Chris Isokpunwa, has rejected accusations of budget infractions in the ministry’s 2024 budget implementation, following allegations raised by members of the National Assembly. In a statement on Friday, Isokpunwa addressed the claims of “ghost projects” and procurement irregularities, clarifying that the ministry has not had sufficient funds to effectively carry out its planned projects for the year. He expressed confusion over the source of the allegations and reiterated that the Ministry of Steel Development has fully adhered to the established civil service rules that govern budget execution. “As a Federal…

The ongoing plan by the Federal Government to increase crude oil production to 2.062 million barrels per day could potentially lead to a confrontation with the Organisation of Petroleum Exporting Countries, a report by Bloomberg has projected. The report also pointed out that Nigeria recently emerged from a prolonged output slump, thanks to improved security conditions. However, this recovery has now placed the government in a difficult position, as it faces the challenge of balancing increased production with OPEC’s output restrictions. Although the government needs the extra revenue from higher oil exports to improve badly stretched public finances, the country…

Empowering Nigerian Women: A Strategic Pathway to Economic Prosperity Nigeria is at a pivotal juncture in its ambition to become a $1 trillion economy by 2030. Yet, one of the most significant, yet often overlooked, drivers of this transformative journey is the economic empowerment of women. With women making up half of Nigeria’s population and bearing the brunt of socio-economic challenges, unlocking their potential is not just a matter of gender equity—it is an economic imperative. Despite their central role in society, Nigerian women remain disproportionately excluded from financial systems. Current estimates indicate that up to 70% of Nigeria’s poor…

In Nigeria, various professions offer substantial salaries, with skills in medicine, technology, and management being highly rewarded. As the demand for these professions grows, they are important to the development and progress of the nation’s economy. The need for expertise in these fields highlights their role in Nigeria’s economic landscape, with professionals in these sectors commanding top salaries and contributing to the country’s growth. Orthopedic Surgeon Orthopedic surgeons lead the list with a salary range of N770,000 to N2,200,000. This highly specialised field in medicine involves treating musculoskeletal problems, making it one of the most lucrative careers in the country.…

The Nigerian manufacturing sector is constrained by high interest rate, persistent inflationary pressures among many other things that’s weakened productivity of the nation’s real sector, according to a new report. PwC stated this in its outlook report titled ‘Nigeria’s 2025 Budget and Economic Outlook’ presented at an executive hosted by the tax advisory firm in partnership with BusinessDay on Thursday. “Foreign Exchange pressures, high energy costs and elevated interest rate continue to negatively impact operational and production cost of businesses in Nigeria especially the manufacturing sector,” the report said. It stated that high cost of input and the pass through…

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has expressed optimism about Nigeria’s inflation trajectory for 2025, asserting that the country could achieve a significant reduction from the average inflation rate of 34.80 per cent in 2024 to 15 per cent. Oyedele said this at the PwC & BusinessDay Executive Roundtable on Nigeria’s 2025 Budget and Economic Outlook with the theme: ‘Insights and Strategies for Navigating Nigeria’s Economic, Fiscal and Policy Landscape in 2025’, on Thursday in Lagos. He outlined the factors influencing inflation and emphasised the structural reforms being implemented by the government.…

Trading activity on the Nigerian Exchange (NGX) in 2025 has been relatively subdued compared to the same period in 2024 as investors shop for cheap stocks. By January 19, 2024, the NGX had recorded a trading volume of approximately 14.2 billion shares, valued at N208.4 billion. In contrast, the corresponding period in 2025 has seen 8.6 billion shares traded, amounting to a value of N213.6 billion. A key trend shaping the market this year is the heightened focus on cheap stocks, both in terms of share price and price-to-earnings ratio. An analysis by BusinessDay reveals that the most actively traded…

A newly released Jumia report has said that e-commerce in Africa is set to surpass half a billion users by 2025. The report titled “Top Trends Defining 2025’s E-commerce Future” highlighted that these trends signal new opportunities for inclusivity, innovation, and customer-centric strategies. According to the report, e-commerce is poised for a transformative year in 2025, driven by technological advancements, evolving consumer behaviour, and the urgent need for innovation. “With online retail projected to account for 23 per cent of global purchases by 2027, businesses must adapt swiftly to remain competitive in this dynamic landscape,” the report said. “In Nigeria,…

Traditionally, roses, chocolates and thoughtful gestures have taken centre stage as the perfect expressions of love. But what if, this year, you give your partner a gift that keeps on appreciating, both emotionally and financially? TEMITOPE AINA writes Valentine’s Day is just weeks away, and as the countdown begins, many are already thinking about how to make this year’s celebration special. In this article, we will explore how gifting stocks can provide a unique, lasting, and impactful way to celebrate your love. Instead of a bouquet, consider a gift that can grow in value over time and an investment in…

Nigeria is preparing to persuade the Organisation of Petroleum Exporting Countries (OPEC) to increase its oil production quota as the country’s crude output recovers from years of decline. Gbenga Komolafe, chief executive of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), said the country is focused on ramping up production to meet budgetary targets before formally engaging OPEC for a quota review. “Nigeria is occupied with increasing production first to meet its budget aspiration and will then engage with OPEC to raise the nation’s quota,” Komolafe stated. Nigeria’s crude oil production rose to 1.48 million barrels per day (bpd) in December…

The Nigerian Exchange Limited continued its bearish trend on Thursday, as the benchmark All-Share Index dipped by 0.05 per cent, closing at 102,788.20. Despite the minor decline, the market posted a weekly gain of 0.59 per cent and a 4-week gain of 1.41 per cent. However, the year-to-date performance remained slightly negative, with a 0.13 per cent loss. The market capitalisation of the NGX currently stands at N63.1 tn, with 123 listed equities participating in today’s trading session, which ended with 28 gainers and 28 losers. SCOA Nigeria emerged as the top gainer, appreciating by 9.76 per cent to close…

As a BRICS partner member, Nigeria gets to participate in trade and investment, food security, and other benefits with other emerging economies, but the majority of its foreign-traded goods are usually deemed non-competitive, which is detrimental to the prospects, ARINZE NWAFOR writes Nigeria joined the BRICS as a partner member on January 17, 2025, and stakeholders in the real sector have received the news fairly positively. Some stakeholders have described the benefits of increased investments, bilateral and multilateral trade, diplomatic influence, and asserting sovereignty as net positives for joining the economic and political bloc. They have also recognised that Nigeria…

The National Association of Telecommunications Subscribers will engage the Nigerian Communications Commission on Friday, seeking a possible reversal of the 50 per cent telecom tariff hike to 10 per cent, as the Nigeria Labour Congress signals readiness for protest. The Federal Government approved a 50 per cent increase after operators initially requested a 100 per cent hike. However, subscribers are pushing for a 10 per cent adjustment, and if talks fail, they plan to file a lawsuit next week to challenge the decision. The hike, the first in over a decade, is aimed at revitalising the struggling telecom sector, which…

the company behind coding tools like the IntelliJ IDE for Java and Kotlin (and, indeed, the Kotlin language itself), on Thursday launched Junie, a new AI coding agent. This agent, the company says, will be able to handle routine development tasks for when you want to create new applications — and understand the context of existing projects you may want to extend with new features. Using the well-regarded SWE-Bench Verified benchmark of 500 common developer tasks, Junie is able to solve 53.6% of them on a single run. Not too long ago, that would have been the top score, but…

A researcher from the Department of Mathematical Sciences at Adekunle Ajasin University, Ondo State, Olatunji Oluwafemi, has developed advanced numerical models aimed at addressing economic risks and dynamics, according to a statement released on Monday. The statement highlighted the growing demand for precise computational methods across various sectors, including environmental modeling, chemical processes, and economic policy development. Oluwafemi’s research focuses on solving stiff differential equations, crucial for modeling complex and sensitive phenomena that require exceptional accuracy and stability. “With economies increasingly interconnected and vulnerable to rapid shifts, the need for reliable computational tools has never been greater,” said Oluwafemi. He…