Author: Anuoluwapo Ige

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…

SHANGHAI/HONG KONG, Jan 23 (Reuters) – China unveiled plans on Thursday to direct hundreds of billions of yuan from state-owned insurers into the stock market, marking the latest in a series of government efforts to bolster its struggling equities market. The initiative, announced by six of China’s financial regulators—including the securities watchdog—was first revealed on Wednesday, coinciding with Donald Trump’s return to the U.S. presidency. This timing, shortly after Trump threatened to impose a 10% punitive tariff on Chinese imports, highlighted Beijing’s determination to stabilize its markets amid a potentially tense geopolitical landscape. Following a press conference by China Securities…

The Central Bank of Nigeria has advised businesses to embrace exporting activities in a bid to harness value from the weak state of the naira. This call was made by the Deputy Governor, Economic Policy, Central Bank of Nigeria, Muhammad Abdullahi, on Tuesday during his keynote address at the 11th National Economic Outlook: Implications for Businesses in Nigeria 2025 organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies in Lagos. The naira ended 2024 with significant depreciation across foreign exchange markets, recording a 40.9 per cent loss, and has struggled since the harmonisation of the segments…

Key Takeaways AI-driven SaaS is improving the customer experience through hyper-personalization and embedded AI technology, making it a profitable and appealing business model for entrepreneurs and investors. Economic pressures are driving demand for affordable, results-driven marketing services, creating opportunities for small-scale agencies to offer cost-effective, hybrid-model solutions that blend DIY tools with expert consulting. Immersive commerce is growing — augmented reality and virtual reality are subtly enhancing online shopping experiences, allowing consumers to visualize and interact with products before buying them. Subscribe to the Entrepreneur Daily newsletter to get business news, tips and inspiration sent to your inbox Email Opinions…

The stock market isn’t in a bubble yet, but it’s edging closer, with six out of seven conditions for one already in place, according to stock-market strategist Andrew Garthwaite. UBS’s global equity strategist developed a “bubble checklist” by comparing current market conditions to past bubbles, including the dot-com bubble of the late 1990s and Japan’s asset bubble in the 1980s. Key conditions for a bubble: End of a structural bull market: Check. UBS defines a structural bull market as one where equities outperform bonds by at least 5% annually over a 10-year period. Profits under pressure: Check. Earnings growth is…

Nigeria’s manufacturing sector struggled in business performance in December 2024, according to the Business Confidence Monitor report compiled by the Nigeria Economic Summit Group and Stanbic IBTC. The manufacturing sector struggled despite a slight boost in Nigeria’s Business Confidence in the month under review, the report noted. According to the report, the Business Performance Index for December 2024 stands at +0.77 up from -2.74 in November, signaling a modest recovery in commercial activity typically linked to the holiday season. However, the manufacturing sector lagged in performance, with a negative performance score of -2.43. Whereas other sectors such as Agriculture and…

The Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, has congratulated Nigerian-born broadcaster Richard Edoki, known as Richybongo, on his nomination for Best Newcomer at the National Hospital Radio Awards 2025. This was contained in a congratulatory message issued by the Commission’s Director of Media, Public Relations, and Protocols Unit, Abdur-Rahman Balogun, in Abuja. Dabiri-Erewa commended Edoki’s efforts as a shining example of Nigerian excellence in the diaspora while wishing him success at the awards ceremony, set for April 5, 2025, in Leicestershire. The National Hospital Radio Awards is a yearly event organised by the…

Stanbic IBTC Holdings Plc has announced plans to allocate 27 per cent of the N148.71bn proceeds from its ongoing rights issue to support its business and commercial banking operations. This move is aimed at facilitating the growth of small and medium-sized enterprises and commercial enterprises, particularly in the general commerce sector. The acting Chief Executive Officer of Stanbic IBTC Group, Kunle Adedeji, disclosed this during the company’s Facts Behind the Issue presentation at the Nigerian Exchange Group. He noted that the allocation aligns with the group’s strategy to boost key sectors critical to Nigeria’s economic development. Adedeji stated, “We are…

World Trade Organisation members convened for a retreat aimed at addressing challenges faced by developing and least-developed countries in global trade. The members convened for the retreat recently in Geneva. In her opening remarks, WTO Director-General Ngozi Okonjo-Iweala emphasised the centrality of development in the organisation’s mission. “The development dimension remains central to furthering the organisation’s purpose of raising living standards, creating jobs, and advancing sustainable development,” she stated. Okonjo-Iweala urged members to adopt innovative approaches to ensure inclusivity. “The world is rapidly changing. This retreat offers a unique opportunity to begin to think differently and use this organisation to…

In Nigeria’s bustling markets and commercial districts, countless business owners face a common challenge: accessing the tailored financing they need to scale their operations. A furniture maker in Benin City, Edo State, needs capital to purchase modern equipment but lacks the required collateral for financial institutions. In Aba, Abia State, a garment producer with surging demand struggles to expand due to high loan interest rates. In Jos, Plateau State, a vegetable farmer seeks credit to invest in irrigation systems to mitigate dry-season challenges but cannot meet stringent lending requirements. Meanwhile, a promising tech startup in Lagos struggles to secure bridge…

In a recent post on his official X (formerly Twitter) handle, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso outlined the bank’s commitment to three core pillars for economic progress: price stability, financial system resilience, and inclusive growth. Reflecting on the transformative year of 2024, Cardoso described it as a period defined by bold decisions, collective resilience, and substantial progress. Prior to the appointment of the new leadership, Nigeria faced severe economic challenges, including soaring inflation, exchange rate distortions, unsustainable deficit financing, and quasi-fiscal interventions that undermined market confidence. “In response to these challenges, the CBN introduced a series of…

Sustainable irrigation is crucial in tackling the interconnected issues of food security, water scarcity, and environmental degradation. As the global population grows, the demand for agricultural products intensifies, making efficient water management even more critical. Traditional irrigation methods, however, often result in significant water wastage and soil degradation, undermining agricultural productivity over time. Sustainable irrigation practices, such as drip irrigation, rainwater harvesting, and the use of treated wastewater, are designed to optimize water use while minimizing environmental impact. These methods not only conserve water but also improve crop yields and soil health. Furthermore, they play a vital role in enhancing…

Corporate Social Responsibility (CSR) initiatives offer a powerful way for businesses to give back to communities, promote sustainable practices, and address social challenges. Securing funding for CSR programs can be a pivotal step in amplifying these efforts. However, the process requires careful planning, strategic alignment, and effective communication. Here’s a guide on how to approach CSR funding opportunities and increase your chances of success: 1. Identify Potential Funding Sources Corporate Foundations and Grants Many companies have dedicated foundations that support CSR projects aligned with their values. Researching these foundations can reveal funding opportunities that directly support your initiative. Additionally,…

The Federal Government has unveiled the Technology Export and Digital Trade Desk, an initiative aimed at attracting more investments into Nigeria’s tech sector and increasing annual funding for the country’s startups to $5 billion. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced the launch on Monday, emphasizing that the initiative was developed in collaboration with the Federal Ministry of Industry, Trade, and Investment. This launch marks a significant milestone in the Ministry’s ongoing efforts to strengthen the role of Information and Communication Technology (ICT) in Nigeria’s economic growth. Promoting Nigerian Tech Exports Tijani highlighted that trade,…

As a business owner for nearly two decades, I’ve witnessed firsthand the evolving challenges and rewards of entrepreneurship. Starting from a one-person operation and growing into a company with hundreds of employees, I’ve gained invaluable insights into the common learning curve faced by new hires. More recently, however, I’ve observed something remarkable: new employees are adapting and learning at an accelerated pace. The rise of AI has undoubtedly played a major role in this shift. At my company, we encourage our employees to leverage the latest technology to automate repetitive tasks, allowing them to focus on more meaningful, high-impact work.…

The African Development Bank has approved a $100 million loan to enhance access to finance for youth and women-led small and medium enterprises (MSMEs) through the Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative. The Nigeria YEIB is a pioneering institution designed to drive economic growth and job creation by acting as a central hub that connects financial and non-financial stakeholders to support youth entrepreneurship. This initiative fosters collaboration to effectively address the needs of young entrepreneurs across the country. The Bank is spearheading coordination among key Nigeria YEIB investors and partners, including the Federal Government of Nigeria, the Ministry of…