Author: Gift Ifeanyi

Akure, Nigeria – Marking World MSME Day, SMEDAN’s Ondo State office has reinforced its commitment to empowering local entrepreneurs through its ‘Grow Nigeria’ initiative, while tackling critical challenges like energy costs and funding gaps. Key Announcements  Patronage Push: Campaign to boost demand for Nigerian-made goods Energy Solution: Solar equipment distribution to curb ₦350k/month power costs Alarming Stat: 80% of Nigerian businesses fail within 3 years (Funding/management gaps) Prince Olatomi Ikuomola (SMEDAN Coordinator): “Our entrepreneurs defy economic odds daily. Through solar energy support and local patronage drives, we’re building business resilience.” Entrepreneur Voices  Bunmi Anifowose (Supple Treats Edibles): “SMEDAN’s recognition fuels our motivation, but proactive engagement…

Lagos, Nigeria – As Enactus Nigeria marks its 25th anniversary, the organization has reaffirmed its commitment to nurturing the next generation of problem-solving entrepreneurs through its unique model of social enterprise education. Since its founding in 2000 (as SIFE Nigeria), the nonprofit has equipped over 10,000 students with hands-on entrepreneurial skills, with alumni now leading organizations across tech, agriculture, and business sectors. Milestone Achievements  10,000+ Alumni – Many now hold senior roles at multinationals or run successful startups Global Impact – National competition winners represent Nigeria at Enactus World Cup Innovation Focus – Student teams develop real-world solutions to community challenges Michael Ajayi (Country Director): “We don’t just teach…

Lagos, Nigeria – The ICSS (Inspire, Create, Start, Scale) Entrepreneurship Programme has officially launched its call for applications, offering Nigerian entrepreneurs at all stages a structured pathway to business success. Backed by SMEDAN, CBN, and GIZ, this initiative provides tailored training, mentorship, and growth opportunities for micro and small businesses across Nigeria. Programme Tracks & Benefits  Inspire – For aspiring entrepreneurs exploring business ideas Create – Helps validate and prototype early-stage concepts Start – Guides formal business launch with operational training Scale – Supports existing businesses in expansion and digitization Key Perks: ✔ Free accredited business training ✔ Access to mentors & investor networks ✔ Funding opportunities via…

Katsina, Nigeria – In a major push for grassroots economic development, Katsina State Governor Dikko Umaru Radda has approved a N500 million entrepreneurship fund targeting 7,220 rural women and youths across all 34 LGAs. The initiative, dubbed ‘Dikko Rural Women and Youths Entrepreneurship Support Programme’, combines low-interest loans with business training to combat poverty and unemployment. Key Programme Details  Funding: N500M revolving loan scheme (80% repayment target) Beneficiaries: 7,220 rural women/youths in nano/micro businesses Structure: Loans disbursed through registered cooperatives for accountability Mandatory financial literacy & business management training Digital skills component via new KASEDA Digital Academy Hajiya Aisha Aminu-Malumfashi (KASEDA DG): “This isn’t just cash handouts—we’re building sustainable livelihoods through skills and structured financing.” Double Empowerment Strategy…

Lagos, Nigeria – In a major boost for Nigeria’s entrepreneurial landscape, the Lagos Chamber of Commerce and Industry (LCCI) is set to inaugurate its Innovation Hub on Monday, creating a launchpad for tech startups and SMEs to thrive. What the Hub Offers  Open Access Incubation: No membership required – open to all entrepreneurs Mentorship & Training: Hands-on guidance from industry leaders Corporate-Startup Matchmaking: Blue-chip companies will scout for innovative solutions Market Access: Connections to investors and global opportunities Ladi Smith, LCCI’s Research & Advocacy Chairman, stated: “This is where ideas become businesses. Our hub will nurture startups from conception to commercialization, creating a pipeline for LCCI’s future leaders.” Government…

Abuja, Nigeria – The African Development Bank (AfDB) has forecast 3.2% GDP growth for Nigeria in 2025, moderating slightly from 3.4% in 2024, according to its newly released 2025 Country Focus Report (CFR). Titled “Making Nigeria’s Capital Work Better for Its Development,” the report underscores the need for smarter capital mobilization to overcome structural bottlenecks and global headwinds. Key Insights from the Report 1. Growth Outlook: Cautious Optimism  2025 GDP: 3.2% (vs. 3.4% in 2024) 2026 GDP: 3.1% Drivers: Continued reforms (subsidy removal, FX unification, tax policies) tempered by inflation, low productivity, and oil volatility. 2. The $31.5B Funding Gap Nigeria faces an annual $31.5 billion development financing shortfall. The report urges: ✔ Tax Reforms: Expand…

Lagos, Nigeria – Three Nigerian tech startups—BuyScrap, QiqiFarms, and Ecocyclers—emerged victorious at the 2025 DBN Techpreneur Summit 4.0, securing millions in grants to scale their innovative solutions. Winners & Cash Prizes  1st Place (₦6M): BuyScrap – An e-waste recycling platform digitizing scrap collection and promoting a circular economy. 2nd Place (₦4M): QiqiFarms – An agritech startup leveraging smart farming tech to boost food security. 3rd Place (₦3M): Ecocyclers – An Enugu-based plastic upcycling venture converting waste into reusable materials. The winners were selected by a panel of industry experts after a competitive pitch session featuring seven tech innovators. DBN’s Push for a Tech-Driven Economy At the event themed “CTRL+SHIFT: Tech-Empowered Movement for Naija,” Dr. Tony Okpanachi, Managing Director of Development…

Edo State, Nigeria – The National Cashew Association of Nigeria (NCAN) has launched an ambitious plan to boost cashew production from 580,000 metric tons to 2 million annually, starting with the nursing of 40,000 seedlings in Edo State. Key Highlights of the Project  Nationwide Expansion: 300,000 seedlings already planted in Kogi, Benue, Kwara, Oyo, Osun, Edo, and Enugu. 1 million seedlings targeted across 21 states in partnership with Beyond Farming Collective (BFC), funded by the Bill & Melinda Gates Foundation.  Economic & Social Impact: Job creation for smallholder farmers, women, and youth. Poverty reduction through long-term income from cashew farming. Global market potential: Nigeria’s cashew is among the world’s best in quality.  5-Year Goal: Make Nigeria the #1…

Kano, Nigeria – The nation has lost one of its most revered business leaders and elder statesmen, Alhaji Aminu Dantata, who passed away peacefully at 94 on June 28, 2025. A scion of Nigeria’s legendary Dantata dynasty, he was among the last surviving titans of the country’s first-generation industrialists, leaving behind a legacy that shaped commerce, governance, and philanthropy. 10 Things to Know About Aminu Dantata’s Legacy 1. The Last of Nigeria’s Business Pioneers Born in 1931 in Kano, Dantata inherited the entrepreneurial mantle from his father, Alhassan Dantata—West Africa’s wealthiest trader in the colonial era. He transformed the family’s groundnut and kola nut empire into a diversified conglomerate spanning oil and…

Lagos, Nigeria – Nigeria recorded a $3.73 billion balance of payments (BOP) surplus in the first quarter of 2025, driven by a weaker naira and reduced fuel imports due to the Dangote Refinery’s increased production, according to the Central Bank of Nigeria (CBN). Key Highlights from CBN’s Q1 2025 Report Current Account Surplus: $3.73B (down slightly from $3.80B in Q4 2024 but higher than $3.69B in Q1 2024) Goods Account Balance: $4.16B (up from $2.62B in Q4 2024) Non-Oil Exports: Rose 30.39% to $2.66B Gas Exports: Increased from $2.10B to $2.66B Non-Oil Imports: Fell from $7.37B to $6.77B Petrol Import Bill: Plunged to N1.76 trillion (from N3.81 trillion in Q1 2024) Why Nigeria’s Trade Balance…

Abuja, Nigeria – The African Export-Import Bank (Afreximbank) has appointed Dr. George Elombi as its new President and Chairman of the Board, effective September 2025. He succeeds Prof. Benedict Oramah, who has led the institution since 2015. Key Decisions from Afreximbank’s 32nd AGM New Leadership: Elombi, a Cameroonian legal and financial expert, will steer the bank’s ambitious 10-year plan to grow assets from $42.7B to $250B. Dividend & Funding Approvals: Shareholders approved a $350M dividend, including a $50M donation for a concessional finance window. An additional $700M was pledged for the same initiative. Shareholder Commitment: Class-A shareholders reaffirmed support for Afreximbank’s founding treaty obligations. Elombi’s Vision: Industrializing Africa In his acceptance speech, Elombi—a 29-year veteran of the bank—pledged to: Expand…

Lagos, Nigeria – Rising global oil prices, fueled by escalating tensions in the Middle East, are expected to boost Nigerian energy and banking stocks, according to a new report by investment firm Meristem Securities Limited. Key Projections from Meristem’s Market Outlook  Big Winners: Upstream Oil Firms: Seplat Energy, Geregu Power, Aradel Holdings (higher crude prices = stronger earnings) Commercial Banks: Elevated interest rates to drive net interest income growth, sustaining profitability  Potential Risks: Inflation & High Rates: Could squeeze manufacturing and consumer sectors Nigeria’s Low Oil Output: May limit gains despite high global prices Fuel Price Pressures: Rising crude could spike transport and food inflation (due to deregulated PMS pricing) Why This Matters…

A Continental Game-Changer Nigerian industrialist Aliko Dangote has set an ambitious timeline for Africa to achieve self-sufficiency in fertilizer production—declaring the continent could end imports within the next 40 months. The pledge comes as his $2.5 billion Dangote Fertilizer Plant gears up for a major expansion aimed at transforming Africa’s agricultural landscape. “In 40 months, Africa won’t need to import fertilizer. We’re on track to make Dangote the world’s top urea producer—even surpassing Qatar,” Dangote announced at the Afreximbank Annual Meetings in Abuja. The Current Fertilizer Gap Africa currently imports over 6 million metric tons of fertilizer yearly, leaving farmers vulnerable to global price swings and supply disruptions. While North African nations…

Lagos-based financial technology company Qore is setting its sights on Ethiopia’s burgeoning fintech market after successfully digitizing operations for Akufada Microfinance Institution, a Debre Birhan-based lender. The project marks Qore’s first foray into Ethiopia—a market the company believes holds immense potential for digital financial transformation. A Strategic Market Entry Ethiopia’s recent regulatory reforms, including the National Bank of Ethiopia’s (NBE) decision to open the banking sector to foreign investment, have created new opportunities for fintech innovators. Qore’s Vice President for International Expansion, Martin Muchine, described Ethiopia as a “high-potential market” given its 130 million population and growing demand for foundational…

In a major boost for Africa’s industrial sector, Lagos-based Neveah has been named among the continent’s top-performing companies in the latest Financial Times annual ranking. The commodities upstart outperformed established players to claim the #1 position in metals and mining while breaking into the overall top 25. The recognition comes as Nigeria pushes to diversify its economy beyond crude oil exports. Neveah has emerged as a key player in this transition, building an international trading network for Nigerian mineral resources and agricultural commodities. “This validates our unconventional approach to commodities trading,” said CEO Ibidapo Lawal. “While many focus solely on…

In a major milestone for Africa’s fintech sector, three homegrown companies—Nigeria’s Moniepoint and Flutterwave, along with South Africa’s TymeBank—have been featured in TIME magazine’s 2025 list of the 100 Most Influential Companies. This recognition highlights the continent’s growing impact on global financial innovation. Moniepoint: Empowering Nigeria’s Informal Economy Listed in the “Leaders” category alongside giants like Hyundai and LinkedIn, Moniepoint has been instrumental in bridging the gap for Nigeria’s informal businesses. With over 90% of the country’s 40 million SMEs operating outside formal banking systems, the fintech firm provides digital banking tools, loans, and payment solutions to help them thrive. CEO Tosin Eniolorunda emphasized, “For us, financial inclusion isn’t just a slogan—it’s the…

If you’re looking to start a business with little capital, this article is for you. Here are five viable business ideas that can be launched anywhere in Nigeria with minimal investment. 5 Businesses You Can Start Anywhere in Nigeria with Little to No Capital The global economy is facing challenges, making it increasingly difficult to rely on readily available jobs. Many individuals are struggling to secure their dream positions, even after graduating with excellent grades. This is where entrepreneurship comes into play. You can start your own business from scratch with little to no capital. Below are five brilliant business…

Nigeria’s aspiration to raise $5 billion in startup investments by 2027 is encountering growing uncertainty, as recent data reveals a consistent drop in funding. Despite bold projections set in motion by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, the country’s current trajectory suggests the ambitious goal may be slipping out of reach. Upon assuming office in 2023, Dr. Tijani laid out a vision to progressively increase startup funding by 50% annually, starting from the $1.2 billion recorded in 2022. However, figures from 2023 through the first quarter of 2025 show that the expected momentum has not…

Nigeria’s growing reputation as a hub for tech talent is undeniable. With strategic initiatives like the 3 Million Technical Talent Programme and Broadband Alliance launched by the Federal Ministry of Communications, Innovation, and Digital Economy, the country is positioning itself as a key player in Africa’s digital transformation. This surge in remote digital professionals, especially within Nigeria’s thriving tech ecosystem, is amplifying the need for efficient cross-border payment solutions. As more Nigerian talents plug into the global digital economy, the importance of seamless, borderless financial systems—particularly those powered by stablecoins—is increasingly evident. The Case for Stablecoins in Nigeria Stablecoins offer…

Nigeria’s upstream petroleum sector has witnessed a remarkable resurgence, drawing over $16 billion in investments between 2023 and 2025—a signal that strategic reforms are beginning to yield tangible results. Driven by a policy shift focused on regulatory clarity, operational efficiency, and investor-friendly incentives, the country is positioning itself as one of Africa’s premier energy investment destinations. Reforming the Investment Landscape Recent changes in Nigeria’s petroleum regulatory environment have drastically reduced bureaucratic delays. The average contracting timeline—once stretching up to 36 months—has been trimmed to just six months. This has been accompanied by the rollout of tax incentives for deepwater and…