Author: Gift Ifeanyi

For Nigeria, the promise of a unified African market has been both exciting and complex. Five years after joining the African Continental Free Trade Area (AfCFTA), the country is still learning how to turn continental trade potential into practical gains for businesses and the economy. A recent government review offers the first comprehensive look at how Nigeria is faring under the Phase I Protocols, which cover Trade in Goods, Trade in Services, and Dispute Settlement. The report, produced by the Federal Ministry of Industry, Trade and Investment with UNDP support, highlights progress in aligning policies and procedures while also exposing…

Ellah Lakes Plc, a leading Nigerian integrated agricultural company, is set to accelerate its growth with a transformative acquisition and a substantial capital raise aimed at scaling its agro-processing operations. The company plans to acquire Agro-Allied Resources & Processing Nigeria Limited (ARPN), adding 10,400 hectares of uncultivated land and new high-demand crops to its portfolio, positioning itself for significant revenue growth in the coming years. To fund this expansion, Ellah Lakes is simultaneously conducting a N235 billion ($162 million) share offer, which opened on 10 November and is due to close tomorrow, 5 December. The company is offering 18.8 billion…

At the ongoing 14th Practical Nigerian Content (PNC) Forum in Yenagoa, industry leaders highlighted Nigeria’s renewed commitment to leveraging local talent and indigenous enterprises to drive competitiveness and growth in the oil and gas sector. Senior officials stressed that recent reforms and strategic investments are transforming the sector into a hub for efficient project execution, job creation, and industrial expansion. During the forum, a key announcement came from the Bank of Industry (BoI), which revealed its partnership with the Nigeria Content Monitoring and Development Board (NCDMB) through a $100 million Nigerian Content Intervention Fund (NCIF) equity investment scheme. The fund…

In a move set to redefine the entrepreneurial landscape in Nigeria, MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have formalized a strategic partnership designed to unlock growth opportunities for small and medium-sized businesses nationwide. The collaboration aims to equip business owners with the tools, knowledge, and financial access necessary to scale operations and compete in a rapidly evolving market. Central to this initiative is mySMEville, a digital platform crafted to support entrepreneurs in securing funding, expanding into new markets, and leveraging modern digital tools to optimize their operations. The platform serves as a one-stop…

Experts at the 2025 BusinessDay SME Conference and Awards in Lagos have highlighted a shift in Nigeria’s small and medium enterprise (SME) funding landscape, with businesses increasingly turning away from traditional bank loans in favor of innovative, flexible financing solutions. These alternative mechanisms, including crowdfunding, venture capital, credit guarantees, factoring, and government-backed funds, are emerging as critical tools for sustaining growth and boosting competitiveness in a rapidly evolving economy. Speaking at the event themed “Driving Nigeria’s Economy, Empowering SMEs for Global Competitiveness,” Femi Egbesola, national president of the Association of Small Business Owners of Nigeria (ASBON), stressed that these new…

The Nigerian government has unveiled a new initiative to support young entrepreneurs and boost agricultural development, the Finance Minister and Coordinating Minister of the Economy, Wale Edun, announced. The program targets Nigerians aged 18 to 35, particularly those managing small and medium-sized enterprises (SMEs), providing critical funding to foster business growth and job creation. In a statement, Edun highlighted that the cabinet had also approved $50 million from the Islamic Development Bank for an integrated agricultural development project in Yobe State, aimed at enhancing food security and improving rural livelihoods. “This funding demonstrates our commitment to empowering young Nigerians and…

Nigeria has officially kicked off its participation in the 2025 Junior Achievement (JA) Africa Company of the Year (COY) competition, a prestigious platform that empowers high school innovators to showcase their entrepreneurial talent and compete for a chance to represent Africa at the Ralph de la Vega Global Entrepreneurship Competition. The 15th edition of the flagship event began on Wednesday in Abuja, bringing together Nigeria’s brightest young minds alongside teams from Eswatini, Ghana, Mauritius, Rwanda, South Africa, Uganda, and Zambia. Designed for students aged 14 to 17 who have completed the JA Company Programme, COY provides a unique stage for…

At the Imo State Economic Summit, business mogul Aliko Dangote, Chairman of Dangote Group, called on Nigerian entrepreneurs to channel their investments into the country, highlighting the untapped opportunities within the domestic economy. Comparing Nigeria to a “scratch card,” Dangote explained that the benefits of the nation’s potential are revealed only when one actively engages with it. He emphasized that those who have committed to investing locally are already reaping the rewards. “Nigeria is like a scratch card; the results are only visible once you scratch it. Many of us who have invested are already seeing the benefits,” Dangote said.…

The Nigeria-Slovenia Chamber of Commerce has urged Nigerian entrepreneurs to explore trade and investment opportunities in Slovenia, describing the Central European nation as a promising business frontier. The call was made during the chamber’s 2025 Last Quarter Business Forum held in Lagos, a regular platform aimed at connecting Nigerian businesses with international markets. Speaking at the event, which drew business leaders and trade regulatory officials, Mr. Uche Udungwor, Director-General of the chamber, emphasized the strong potential for bilateral economic growth between Nigeria and Slovenia. “Our chamber was established to promote, facilitate, and sustain trade and investment activities between both countries.…

Platnova has been officially named one of Nigeria’s Top 100 Fastest Growing SMEs at the SME 100 Awards 2025, marking a major milestone in the fintech company’s expansion journey. The accolade was presented at a high-profile ceremony in Lagos, hosted by BusinessDay Media Limited, a leading authority on business news and economic trends in Nigeria. The recognition highlights Platnova’s rapid growth and its strategic role in promoting financial inclusion across Africa. Evaluated against stringent criteria, the company stood out for its innovative cross-border payment solutions that enable accessible and low-cost international financial transactions for individuals and businesses. Held at the…

The Boeing 737-700 Business Jet formerly listed for sale by the Nigerian government has been withdrawn from the market, according to the marketing firm that handled its listing. The aircraft, which was previously visible on JetHQ’s website, could no longer be found by reporters checking the platform. In an email to The PUNCH, Laurie Barringer, JetHQ’s Manager of Market Research, confirmed that the company had removed the listing and advised that further inquiries be directed to the Nigerian government. “We no longer have the listing on the Boeing. You will need to reach out to the Nigerian Government for information…

Nigeria’s federal government has approved a medium-term fiscal framework for 2026, projecting total expenditure of N54.5 trillion ($37.7 billion), according to the Minister of Budget and Planning, Atiku Bagudu. The plan anticipates federal revenue of N34.33 trillion, leaving a deficit of N20.1 trillion, equivalent to 3.61% of GDP. Debt servicing is expected to consume N15.9 trillion, while non-recurrent debt spending is pegged at N15.27 trillion, highlighting the fiscal pressures facing Africa’s largest economy. Bagudu disclosed that the government has set oil at a benchmark price of $64.85 per barrel, with anticipated production of 1.84 million barrels per day (bpd)—short of…

The Economic and Financial Crimes Commission (EFCC) has brought two Lagos-based businessmen, Fagite Oladipo and Raymond Akintayo, before the Federal High Court over allegations of defrauding Ocean Lord Limited of N1.55 billion. Alongside the men, the EFCC arraigned Cabota Power Company Limited and Cabota Group Limited, which the commission claims were used to receive funds under the false pretense of holding valid foreign-exchange licences. Eight charges have been filed against the defendants, accusing them of fraud, conspiracy, and unlawful conversion of funds, according to EFCC prosecutor Suleiman Suleiman. The accused pleaded not guilty to all counts when read before the…

Bamidele Adewole, the driving force behind PWAN Stars, has earned recognition as one of Nigeria’s 100 Persons of the Year 2025, an accolade presented by 40 Under 40 Nigeria, a premier platform celebrating individuals shaping business, entrepreneurship, and national development. The recognition spotlights leaders who demonstrate impact, innovation, and strategic vision across industries. Established by Amb. Omotayo Salako, 40 Under 40 Nigeria creates avenues for mentorship, networking, and knowledge sharing, aligning with the United Nations’ 2030 Agenda to promote sustainable growth and entrepreneurship. Adewole, an economist and seasoned real estate executive with over two decades of experience, heads PWAN Stars,…

Redtech, the fintech subsidiary of Heirs Holdings, has introduced RedPay, an all-in-one payment platform designed to simplify how businesses accept, track, and manage transactions across multiple channels, signaling its ambition to become a major player in Africa’s payments ecosystem. Introduced at a high-profile event in Lagos on November 26, 2025, RedPay is the result of several years of development within Redtech’s expanding payment ecosystem. The platform combines the RedPay POS and the RedPay Payment Gateway, enabling merchants to collect payments both online and offline seamlessly. The gateway supports multiple payment methods—including cards, bank transfers, USSD, QR codes, payment links, and…

A new leader has emerged in Africa’s fintech innovation scene, as Black Swan, a startup from Mauritius, claimed the top spot at the 2025 MEST Africa Challenge. The announcement followed the competition’s grand finale hosted at Innovation City in Cape Town on November 26, 2025. According to a statement released on Tuesday and cited by Technext, this year’s event centred on fintech companies delivering transformative solutions that expand financial inclusion. Ten finalists competed at the finale, each presenting practical, growth-ready products addressing real issues in payments, credit access, insurance, and trade finance. By securing first place, Black Swan earned a…

Africa’s top young innovators have converged on Abuja as Junior Achievement Africa opens the 15th edition of its prestigious Company of the Year (COY) competition, with Nigeria and seven other countries vying for the continent’s leading student entrepreneurship award. Running from December 3 to 5, 2025, the event brings together standout student-led companies for a chance to win cash prizes, scholarships and long-term venture support—along with the opportunity to represent Africa on the global stage. Teams from Eswatini, Ghana, Mauritius, Nigeria, Rwanda, South Africa, Uganda and Zambia are showcasing climate-centered projects inspired by this year’s theme, “Action for Climate Transformation.”…

A fresh funding window has emerged for Nigerians aiming to start or expand their enterprises, offering entrepreneurs the chance to secure up to $1,000 in flexible financial support through the Business Freedom Grant. According to MSMEonline, the initiative is designed for everyday Nigerians who have practical business ideas, clear execution plans and the determination to take measurable steps toward financial independence. The goal of the grant is simple: remove financial barriers that prevent aspiring founders from turning their ideas into thriving, income-generating ventures. Whether an applicant is launching a new business or scaling an existing one, the programme provides a…

In a major step beyond its traditional payments stronghold, Moniepoint has introduced a new business tool designed to help small and medium-sized enterprises better manage their daily operations. The company has unveiled Moniebook, an all-in-one point-of-sale and bookkeeping platform built for SMEs across Nigeria. Positioned as a central hub for payments, stock management, staff oversight and sales analytics, Moniebook is offered as a subscription add-on to Moniepoint’s existing POS terminals. This development builds on Moniepoint’s broader growth strategy, coming on the heels of its earlier launch of MonieWorld, a remittance service targeted at the Nigerian diaspora. The fintech, which achieved…

Nigeria’s private-sector advocacy group, the Centre for the Promotion of Private Enterprise (CPPE), has warned that the government’s plan to raise taxes on non-alcoholic drinks could place additional pressure on an already struggling economy. In a statement, CPPE’s Director, Dr. Muda Yusuf, explained that the proposed tariff comes at a time when manufacturers, small enterprises, distributors, and retailers are contending with some of the toughest economic conditions in recent years. Businesses, he said, are being squeezed by persistent inflation, rising operational costs, volatile exchange rates, high energy expenses and weakening consumer demand. Yusuf noted that the manufacturing sector—one of the…