Author: Gift Ifeanyi

Nigeria’s economic landscape is in a phase of rapid transformation, shaped by inflation, shifting policies, and global uncertainties that are deeply influencing consumer behaviour across the country. In light of these changes, SEID’s Nigerian Consumer Outlook Report (NCOR) 2025 provides valuable insights for brands, investors, and policymakers aiming to navigate the evolving market dynamics. Shifting Consumer Behaviour: A Deeper Look Tubosun Akeju, Managing Partner at SEID, emphasized the significance of the NCOR 2025 as a key tool for decision-makers looking to stay ahead in a complex market:”The Nigerian consumer outlook report 2025 is a blueprint for decision-makers who want to…

Abia State has taken a bold step toward transforming its economy by announcing plans to adopt the Nigeria Start-Up Act, aiming to foster innovation, empower entrepreneurs, and attract investment. This move signals a new chapter in the state’s journey toward becoming a tech and business hub in Nigeria. A Vision for Innovation and Economic Growth The Nigeria Start-Up Act, introduced by the federal government in 2023, provides a robust legal framework to support the growth of start-ups. It offers a suite of incentives—including tax breaks, access to funding, and regulatory ease—for businesses in the tech, creative, and innovation sectors. By…

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the federal government to urgently adopt bold economic reforms and targeted support programs to prevent a rise in poverty as projected by the World Bank. On April 25, the World Bank forecasted that poverty in Nigeria could increase by 3.6 percentage points by 2027, despite the country’s wealth in natural resources. The grim projection also includes the Democratic Republic of Congo. In response, NACCIMA President Dele Oye outlined a 13-point strategy aimed at reversing this trend, urging immediate action through focused stimulus packages, stronger agricultural…

Director General of the National Sports Commission (NSC), Bukola Olopade, has extended heartfelt congratulations to renowned sports investor and entrepreneur Kunle Soname as he marks his 59th birthday. Soname, a philanthropist and business tycoon, is widely celebrated for his transformational role in Nigerian sports. As the owner of Nigeria Professional Football League (NPFL) side Remo Stars, his influence has significantly shaped the country’s sports landscape. In a birthday message, Olopade described Soname as “a brother, friend, and one of Nigeria’s rare sports treasures.” “I want to wish my brother and friend, Kunle Soname, a very fruitful and happy birthday as…

As Otunba Mike Adenuga turns 72 on April 29, the spotlight returns—albeit briefly—to a man who has built an empire with resounding silence and thunderous impact. The reclusive billionaire and founder of Globacom, Nigeria’s fully indigenous telecom giant, remains a fascinating paradox—powerfully present, yet rarely seen or heard. Adenuga is no ordinary businessman. His influence stretches across telecom, oil and gas, banking, real estate, and construction—yet he shuns publicity with a discipline that’s almost mythical. His lifestyle contrasts sharply with his disruptive legacy, particularly in a telecom sector once dominated by inefficiency, outrageous costs, and foreign monopolies. Back in the…

Nigerians are grappling with what many describe as the country’s harshest economic upheaval in recent memory, triggered by a wave of radical reforms under President Bola Ahmed Tinubu. While aimed at long-term fiscal stability, these changes have unleashed immediate economic pain, forcing millions to adapt to a new—and tougher—reality. The reforms, including the removal of fuel subsidies and exchange rate unification, were designed to correct deep-rooted inefficiencies. But instead, they’ve spurred record inflation, a cost-of-living crisis, and a general decline in household purchasing power. Prices of basic goods and services have soared. Transport now consumes a major share of workers’…

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a strong warning to individuals and businesses against transporting more than $10,000 (or its equivalent in any currency) out of Nigeria without proper declaration. According to him, non-compliance with this regulation is a criminal offence that carries severe consequences, including imprisonment, heavy fines, and asset forfeiture. Olukoyede’s message was delivered in Kano on Saturday, April 26, during a joint sensitisation program organized by the EFCC, Nigeria Customs Service (NCS), and Independent Corrupt Practices and Other Related Offences Commission (ICPC). The event aimed to educate the public—especially…

A coordinated global crackdown led by the Federal Bureau of Investigation (FBI)—Operation Artemis—has uncovered a massive sextortion network causing financial losses exceeding $65 million, with 22 Nigerian nationals arrested in connection to the scheme. In a public statement issued on April 24, the FBI revealed that Nigeria served as a central hub for many perpetrators involved in the sextortion of minors across the United States, Canada, and Australia. The operation was launched in response to a sharp 30% increase in sextortion reports gathered by the FBI’s National Threat Operations Center between October 2024 and March 2025. Sextortion—a form of online…

The United States government has raised serious concerns about Nigeria’s trade practices, citing persistent delays in import approvals, widespread corruption at ports, and systemic inefficiencies in customs operations. The findings are detailed in the newly released 2025 National Trade Estimate Report on Foreign Trade Barriers by the Office of the U.S. Trade Representative (USTR). Key Concerns: Import Restrictions and Delays According to the report, Nigeria has consistently failed to approve pending import permits for American agricultural products despite repeated requests dating back to 2019. These delays are described as longstanding trade barriers that limit U.S. access to the Nigerian market.…

The Benue State Government, in collaboration with the World Bank, has launched a major empowerment initiative under the Alia Cares Scheme, offering grants, support services, and infrastructure projects aimed at uplifting thousands of small businesses, farmers, and vulnerable individuals across the state. Over 4,000 Small Businesses Already Funded In a recent interview with the News Agency of Nigeria, Benue State Commissioner for Finance, Michael Oglegba, revealed that more than 4,000 small-scale entrepreneurs have received grants of ₦150,000 each to help grow and stabilize their ventures. In addition, larger enterprises—including salons and other mid-sized businesses—are being supported with grants of up…

The Managing Director/CEO of Fiducia, a digital supply chain finance platform, Mr. Imohimi Aig-Imoukhuede, has unveiled ambitious plans to expand financial inclusion in Africa by focusing on medium enterprises (SMEs) and high-impact sectors. The company aims to provide scalable digital finance solutions that will help businesses grow and overcome current challenges. Speaking at Fiducia’s South-South edition of the Factoring Forum in Port Harcourt, themed “Unlocking Growth: The Power of Factoring for Business Expansion,” Aig-Imoukhuede emphasized that the event highlights the company’s mission to close the financing gap for African businesses, particularly SMEs. Digitizing the Factoring Process to Unlock Capital Aig-Imoukhuede…

The Federal Government has reaffirmed its commitment to enhancing indigenous technology that will enable local manufacturers to produce high-quality products. This move is part of the ongoing efforts to empower Nigerian manufacturers and stimulate local production, reducing the dependency on imported goods. At a strategic focus group meeting on Made-in-Nigeria products held in Ado Ekiti, the Ekiti State capital, Engineer Joseph Oladimeji Alasoluyi, the Deputy Director (Engineering) at the National Agency for Science and Engineering Infrastructure (NASENI), emphasized that Nigerian manufacturers have the necessary capacity, expertise, and resources to create quality goods. He pointed out that the agency is actively…

MEST Africa, a pan-African incubator dedicated to nurturing early-stage tech entrepreneurs, recently hosted its latest Guest Lecture Series, featuring a lineup of alumni, tech executives, and mentors who shared their journeys and insights with current Entrepreneurs in Training (EITs). Held at the MEST campus in Accra, the event reinforced the program’s vital role in driving innovation and entrepreneurship across the continent. Among the speakers was Samuel Darko, a 2009 graduate and current Vice President at an international consulting firm. Darko reflected on his time at MEST, emphasizing, “The most valuable lesson I learned was recognizing that I could compete at…

The Nigerian Veterinary Medical Association (NVMA) has announced that it disbursed over N32 million in grants to young veterinary professionals across Nigeria in 2024, aiming to promote self-sufficiency and entrepreneurship among emerging veterinarians. This was revealed by NVMA President, Dr. Moses Arokoyo, during the 2025 World Veterinary Day celebration held in Enugu. The event, organized in partnership with the Enugu State Ministry of Agriculture and Agro-Industrialisation, highlighted the critical contributions of veterinarians to animal health, public health, and environmental safety. World Veterinary Day is celebrated annually on the last Saturday of April, with this year’s theme being “Animal Health Takes…

The Nigeria Employers’ Consultative Association (NECA) has announced plans to host the 2025 edition of its flagship Micro, Small, and Medium Enterprises (MSME) Fair on Tuesday, May 6, 2025, at NECA House, Alausa, Lagos. In a recent interview, NECA’s Director-General, Mr. Adewale Smatt Oyerinde, stressed the Fair’s role in bolstering Nigeria’s MSME sector. “MSMEs are the engine room of our economy. This Fair is designed to equip them with essential tools, knowledge, and networks for sustainable growth,” he said. This year’s event will feature a keynote address by Mrs. Adenike Adeyemi, Chief Executive Officer of FATE Foundation—one of Nigeria’s foremost…

A recent report by the United Nations Office on Drugs and Crime (UNODC) has raised alarms about the growing influence of organized cybercrime worldwide. According to the UN, East and Southeast Asian scam syndicates are now shifting their operations to Africa, with Nigeria emerging as a primary target for their illicit activities. The UNODC’s report, titled “Inflection Point: Global Implications of Scam Centers, Underground Banking, and Illicit Online Marketplaces in Southeast Asia,” reveals that these transnational crime groups, originally based in Cambodia, Laos, Myanmar, and the Philippines, are expanding their scam networks beyond Asia. This is due to increasing crackdowns…

In a move aimed at boosting the growth of Nigeria’s Micro, Small, and Medium Enterprises (MSMEs), Sage Grey Finance Limited has teamed up with the Bank of Industry (BoI) to provide accessible and affordable financing options to MSMEs across the country. This strategic partnership, unveiled in Lagos, supports the federal government’s MSMEs Fund and is geared toward fostering business expansion, job creation, and economic growth. The collaboration focuses on offering customized financial solutions to businesses, helping them scale and thrive in a challenging economic landscape. The initiative is in line with Sage Grey Finance’s mission to bridge the financing gap…

In recent years, the economic relationship between Nigeria and South Africa has flourished, underscoring the importance of cooperation between these two powerhouse nations of Africa. A report by the Organisation for Economic Co-operation and Development (OECD) reveals that immigrants significantly contribute to South Africa’s economy. Contrary to popular belief, immigration does not diminish job opportunities for native South Africans. On the contrary, certain immigrant groups, including Nigerians, help create jobs and raise the overall employment rate, thereby boosting per capita income. Immigrants also contribute positively to South Africa’s fiscal balance through taxes, and the OECD suggests that improved integration policies…

AVCA (African Private Capital Association) and PEVCA (Private Equity and Venture Capital Association, Nigeria) have announced a landmark strategic merger aimed at enhancing Nigeria’s private capital ecosystem. The partnership seeks to unlock new investment opportunities and promote growth across both the sub-regional and continental levels. The merger combines AVCA’s 20-year legacy in industry advocacy, research, and market intelligence with PEVCA’s extensive local networks and expertise. The combined force of both organizations aims to promote private sector growth and elevate Nigeria’s venture capital (VC) ecosystem, while attracting domestic capital into key sectors such as technology, infrastructure, and agriculture. This merger also…

Eritrea’s Ministry of Agriculture, in collaboration with the Food and Agriculture Organization (FAO), hosted a pivotal National Agri-Business Conference on April 24. Held at the National Confederation of Eritrean Workers (NCEW) conference hall, the event brought together senior government officials, UN representatives, and agriculture experts to discuss key commodities critical to the nation’s food security. Driving Innovation for Sustainable Food SystemsThemed “Enhancing Agri-Business for Sustainable Food Systems,” the conference served as an important platform for dialogue and collaboration among a diverse range of stakeholders. Its goal was to foster innovation and coordinated action across the agri-business value chain, focusing on…