Author: Gift Ifeanyi

The Federal Government of Nigeria and the Republic of South Korea have officially launched a multi-million dollar bilateral initiative to accelerate technology-driven entrepreneurship, job creation, and economic growth. The program is being driven by the Abuja Centre for Entrepreneurship (ACE) project—a strategic partnership between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Korea International Cooperation Agency (KOICA). The announcement was made on Monday during an inauguration ceremony in Abuja, marking a key milestone in future economic cooperation between the two nations. Building a World-Class Innovation Hub The ACE project is designed to establish a world-class training…

Building solutions provider Lafarge Africa Plc has officially changed its corporate identity and name to HBM Nigeria Plc. The transition follows a $1 billion takeover by Chinese cement manufacturer Huaxin Building Materials (HBM). The structural rebranding was finalized after a majority shareholder vote at the company’s 67th Annual General Meeting (AGM), led by Board Chairman Gbenga Oyebode. The name change marks the formal alignment of the premium-listed construction giant with its new majority ownership structure, following Huaxin’s acquisition of an 83.8% stake in the business. Company executives confirmed that the rollout of the new corporate identity, localized branding assets, and…

Wema Bank Plc has signed a landmark €50 million (approx. ₦78.5 billion) credit facility with EIB Global, the development branch of the European Investment Bank. The agreement, finalized at Wema Bank’s headquarters in Lagos, marks the first-ever transaction between the two financial institutions. The wholesale financing package is designed to lower borrowing costs for small and medium-sized enterprises ($\text{SMEs}$) across Nigeria. Backed by the European Union’s Global Gateway initiative and aligned with Nigeria’s Financial Inclusion Strategy, the credit line has strict allocation rules to ensure the money reaches underserved sectors: Youth-Owned Enterprises: At least 50 percent of the loan portfolio…

Digital financial services provider OPay has officially launched a new regional office in Kaduna State, marking a major step forward in its strategy to deepen financial inclusion across Northern Nigeria. The launch event brought together local merchants, trade group representatives, and members of the fintech firm’s executive leadership team. The new Kaduna facility is designed to serve as a central operational hub for customer experience, merchant onboarding, and strategic business partnerships within the state and its neighboring communities. By establishing a permanent physical presence, the platform aims to provide localized technical support and build closer relationships with the region’s large…

 To break structural gender barriers and reduce long-term maintenance costs for public utility systems, WaterAid Nigeria has partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to formalize an all-female technical network in Lagos State. The initiative focuses on reviewing the impact of the Advancing Inclusive Water, Sanitation, and Hygiene (AI-WASH) project, which equips local women with the engineering skills needed to run, service, and repair vital community water facilities. The collaborative review meeting brought together high-level administrators from the Lagos State Ministry of the Environment and Water Resources, local council representatives, and community leaders from Ikorodu…

LAGOS, NIGERIA — In a major move for West Africa’s capital markets, the Dangote Refinery has appointed Zedcrest Securities as one of the key market operators to manage its upcoming initial public offering (IPO) and planned listing on the Nigerian Exchange (NGX). The proposed transaction is widely anticipated to rank among the largest equity capital market listings in Nigeria’s history. It is expected to attract significant pools of domestic and international institutional capital while drastically increasing the depth, liquidity, and global attractiveness of the local stock exchange. Strategic Milestone Following FirstRand Subsidiary Takeover The selection of Zedcrest Securities on this…

African payments technology giant Paystack has officially launched a major support initiative aimed at helping local merchants survive and scale. The Paystack Small Business Program moves the company beyond pure transaction processing, positioning it as an end-to-end growth partner for the micro, small, and medium enterprise ($\text{SME}$) ecosystem. The program addresses everyday operational hurdles—such as fragmented bookkeeping, expensive digital tools, and complex logistics networks—by providing discounted infrastructure, hands-on growth guidance, and direct equity-free funding. The Three-Part Strategy for SME Growth The program is built on three core initiatives designed to target different stages of a small business’s lifecycle: The Small…

The Lagos State Ministry of Agriculture and Food Systems has called for stronger, structured collaborations across the public and private sectors to unlock the massive financial potential of the country’s culinary ecosystem. The call was made during the 2026 World Gastronomy Day celebration, hosted in partnership with Culinara Group, Tantacom, and the Most Influential People of African Descent ($\text{MIPAD}$) at The Library on Victoria Island. Held under the theme “A Seat at the Table,” the landmark forum brought together high-ranking government officials, creative industry pioneers, global diplomats, and corporate investors to discuss transforming Nigeria’s food culture into a predictable engine…

In an aggressive move to accelerate localized food production and minimize severe post-harvest storage losses, the Lagos State Ministry of Agriculture and Food Systems has officially opened applications for the Lagos Agrithon 2026. The flagship innovation challenge is explicitly designed to identify, fund, and scale high-impact agritech startups, innovation-driven enterprises, and early-stage agribusiness entrepreneurs across Nigeria. The open call for applications follows recent state-level policy shifts—such as the newly launched Lagos State Industrial Policy ($\text{LSIP}$)—aimed at modernizing the sub-national economy and integrating technological infrastructure directly into raw food networks. Vetting Criteria and Target Value Chains The ministry is targeting scalable,…

The intersection of local crop harvesting, culinary tourism, and structural supply chain management took center stage in Lagos as the state moved to formalize its multi-billion Naira food economy. At a landmark gathering at The Library on Victoria Island, the Lagos State Ministry of Agriculture and Food Systems—in partnership with Culinara Group, Tantacom, and the Most Influential People of African Descent (MIPAD)—hosted the World Gastronomy Day celebration under the theme “A Seat at the Table.” The high-profile event brought together top government administrators, private equity investors, and international diplomats, led by the Lagos State Commissioner for Agriculture and Food Systems,…

Removing regional red tape and simplifying corporate compliance has become the primary strategy for sub-national governments looking to capture foreign direct investment. At a high-profile technical workshop in Port Harcourt, the Rivers State Government teamed up with the Presidential Enabling Business Environment Council (PEBEC) and the Rivers State Investment Promotion Agency (RSIPA) to launch a series of structural regulatory updates designed to turn the oil-rich state into a preferred home for non-oil private capital. Opening the summit, Rivers State Governor Siminalayi Fubara—represented by the Secretary to the State Government, Dr. Dagogo Wokoma—emphasized that modern, sustainable economic growth is entirely reliant…

In a major move to tighten corporate oversight and prevent market monopoly, the Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have rolled out a strict new compliance directive. The joint policy mandates that all licensed telecommunications firms in Nigeria must obtain formal regulatory clearance before executing any significant changes in ownership or corporate control. The inter-agency directive, announced in a joint statement issued on Sunday in Abuja by NCC Director of Public Affairs, Mrs. Nnenna Ukoha, and CAC Head of Public Affairs, Mr. Rasheed Mahe, takes immediate effect. The rule establishes a dual-clearance framework designed to scrutinize…

Moving away from short-term humanitarian handouts, international development agencies and private agro-industrial conglomerates are shifting toward market-driven economic models to tackle displacement crises. The United Nations High Commissioner for Refugees (UNHCR) has signed a three-year economic empowerment pact with TGI Group. The project will be executed by TGI’s specialized agribusiness arm, WACOT Limited, across Benue and Cross River states. The joint program will establish localized, high-yield supply chains, directly supporting over 5,000 smallholder farmers and creating 10,000 jobs. The partnership focuses heavily on vulnerable and displacement-affected populations, aiming to benefit between 25,000 and 35,000 individuals—including refugees, internally displaced persons (IDPs),…

Relying solely on formal university degrees without building practical business skills is becoming highly risky for graduates entering the modern African job market. At the 2026 induction ceremony for the Department of Educational Foundations at Nnamdi Azikiwe University (UNIZIK), Awka, students were challenged to break out of traditional academic bubbles and actively combine their studies with trade and manufacturing. The charge was delivered by Chief Anthony Okafor, Chief Executive Officer of TK Foods and Beverages (and a prominent Labour Party chieftain). Speaking on the theme “Foundation for a New Nigeria: Reimagining Education for Innovation and Nation Building,” Okafor delivered a…

FBN Holdings Plc (First HoldCo) has successfully executed the second tranche of its capital restoration programme, raising ₦29.6 billion through a private placement offered at ₦44 per share. The transaction price reflects a strategic discount compared to the stock’s recent closing market price of ₦61 per share on the Nigerian Exchange (NGX). The financial group will inject the newly raised capital directly into its commercial banking arm, First Bank of Nigeria Limited. This move is part of a broader balance sheet strengthening strategy aimed at scaling the group’s total paid-up capital to a target of ₦1 trillion, following shareholder approval…

 Standard Bank Group Limited, Africa’s largest lender by assets, has launched a major expansion strategy across five fast-growing African markets. The bank aims to tap into an estimated $15.4 billion (R250 billion) revenue pool driven by expanding small and medium-sized enterprises ($\text{SMEs}$) and rising cross-border trade. The group’s strategy is led by Bill Blackie, Chief Executive Officer of Standard Bank’s Business and Commercial Banking ($\text{BCB}$) division. Under the plan, the lender will significantly deepen its operations in Nigeria, Ghana, Kenya, Uganda, and Tanzania, while defending its dominant market share in South Africa. Collectively, these five target markets account for roughly…

The sharp funding slowdown hitting Africa’s digital economy has sparked urgent calls for a shift from institutional venture capital firms to early-stage angel investor networks. At the World Business Angels Investors Week 2026 summit in Lagos, international finance experts argued that structured angel syndicates are now essential to protect tech startups from capital shortages and help them expand into global markets. The conference, themed “Entrepreneurship Without Borders: Advancing Partnerships for a Sustainable Future,” highlighted a sobering reality for local tech founders. Data presented by Mrs. Goodness Alabi, Head of Programmes and Trade Missions at the World Trade Centre Abuja, revealed…

The National Youth Entrepreneurship and Empowerment Programme ($\text{YEEP 2026}$) summit concluded its primary deployment cycle in the Federal Capital Territory, resulting in a direct multi-million Naira liquidity injection into Nigeria’s early-stage creative and artisanal retail ecosystems. The initiative, co-organized by the non-profit Activate Success International Foundation (ASIF) and Africa’s payments technology company Flutterwave, targeted a major structural problem: the lack of formal seed capital and machinery that routinely stalls promising young businesses before they can scale up. The high-profile event saw top public officials and private sector leaders work together to disburse over ₦72 million in direct cash grants and…

Easing credit conditions for early-stage and mid-market firms has become a focal point for economic policymakers aiming to buffer sub-Saharan Africa against macroeconomic shocks. While small businesses make up nearly 96% of registered enterprises across Nigeria and provide the bulk of local employment, high interest rates and stiff collateral rules from commercial lenders frequently lock them out of long-term investment capital. To bridge this persistent financing gap, the Development Bank of Nigeria (DBN) has signed a landmark €200 million (approx. $229 million) credit facility with EIB Global, the development arm of the European Investment Bank. The agreement, finalized during a…

Amid tightening profit margins and rising overhead costs within Nigeria’s fast-moving consumer goods ($\text{FMCG}$) sector, consumer food giant Flour Mills of Nigeria Plc ($\text{FMN}$) has launched an aggressive supply chain intervention to protect its downstream distribution channels. At the annual Golden Penny B2C Dealers and Sales Conference held at Balmoral Hall in Ikeja, the company unveiled a ₦45 billion investment package dedicated to redistribution infrastructure. The funding will be used to modernize delivery networks, upgrade secondary sales points, and shield the brand’s independent distributors from rising logistics costs. Strengthening Last-Mile FMCG Networks The structural adjustment program addresses a critical hurdle…