Author: Gift Ifeanyi

Earlier this May, the Federal Government introduced the ‘Nigeria First’ policy, directing all federal ministries, departments, and agencies (MDAs) to give priority to locally produced goods and services in public procurement. While the initiative sparked optimism, especially among manufacturers and the organized private sector, many industry experts are skeptical—arguing the policy may follow the same fate as previous unfulfilled promises. The policy aims to stimulate domestic manufacturing, reduce import reliance, and instill national pride in Nigerian-made products. However, critics point out that this is not Nigeria’s first attempt at such an initiative. Policies like Buy Nigeria and Executive Orders 001,…

Only between 10% and 19% of Nigerians currently pay taxes — one of the lowest compliance rates in Africa, according to the Federal Inland Revenue Service (FIRS). In a bid to change this narrative, the agency is focusing on the next generation, launching a new educational initiative aimed at children. At a recent event in Abuja, the FIRS unveiled a new book titled “Taxation: Essential Knowledge for Nigerian Children.” Speaking on behalf of FIRS Chairman Dr. Zacch Adedeji, Special Adviser on Research and Statistics, Aisha Hamman, emphasized the long-term importance of early tax education. “When children understand the value of…

In a significant move to combat youth unemployment, Nigeria LNG (NLNG) has provided financial backing of ₦140 million (approximately $90,000) to 28 emerging entrepreneurs in Rivers State. Each participant received ₦5 million to launch or scale their businesses, marking a key milestone in NLNG’s broader push to boost job creation and small business development. This initiative forms part of NLNG’s Vocational Innovation and Business Empowerment Scheme (VIBES), which aims to empower young Nigerians across priority sectors including agriculture, tech, services, and skilled trades. Before securing funding, the beneficiaries completed a month-long training bootcamp that ended with a competitive pitch session.…

In less than a decade, Graemoh Foods Ltd has evolved from a modest startup into a major force in Nigeria’s agricultural sector—thanks to the bold vision and relentless drive of its founder and CEO, David Galadima. What began in 2016 as a one-man operation is now a global agribusiness with exports reaching across West Africa, Europe, and North America. While most agricultural ventures in Nigeria remain small-scale and limited to local markets, Graemoh Foods has defied expectations. At a time when over 70% of Nigerian agribusinesses operate at subsistence level, the company has scaled its operations, developed four unique food…

Abuja, May 26, 2025 – In a major leap toward unlocking the full potential of the African Continental Free Trade Area (AfCFTA) for small businesses, Nigeria’s Federal Ministry of Industry, Trade and Investment (FMITI), in collaboration with the United Nations Development Programme (UNDP), has launched a groundbreaking Market Access Tool tailored for Micro, Small, and Medium Enterprises (MSMEs). Unveiled at the Bank of Industry Tower in Abuja, the launch also introduced Nigeria’s first intra-African air cargo corridor, developed in partnership with Uganda Airlines—together forming a twin breakthrough aimed at placing Nigerian MSMEs at the heart of Africa’s trade transformation. A…

In conversation with PREMIUM TIMES, FATE Foundation’s Executive Director, Adenike Adeyemi, discusses her journey to the top, the gender gap in entrepreneurship, and the real work of creating lasting change for women in business. The Journey from Vision to Impact For over two decades, Adenike Adeyemi has been at the forefront of Africa’s entrepreneurial transformation. From leading change at KPMG Advisory and the Nigeria Leadership Initiative to driving grassroots innovation at FATE Foundation, her path has been shaped by a clear purpose: to close systemic gaps and enable inclusive growth. “I’ve always believed that data, when paired with strategic action,…

In a world where beauty often fails to reflect the diverse faces that use its products, Nigerian-born beauty visionary Oby Jemedafe is leading a quiet revolution—one groundbreaking product at a time. With over 200 trailblazing innovations across skincare, haircare, and makeup to her name, Jemedafe has not only earned more than 30 prestigious global awards—including Allure Best of Beauty, WWD Beauty Inc, and the coveted Oprah’s Favorite Things—she’s rewriting the rules of beauty from Lagos to Los Angeles. From Purpose to Product: A Mission to Represent the Unseen “My journey wasn’t just about entering the beauty industry—it was about creating…

Nigeria’s digital future is set to accelerate as Google unveils a powerful lineup of AI-driven advertising tools, signaling a bold new chapter for the country’s evolving digital economy. Announced at the Google Marketing Live (GML) 2025, these cutting-edge innovations aim to empower businesses across Sub-Saharan Africa, with Nigeria positioned at the heart of this transformation. The tools promise to help companies—particularly small and medium enterprises (SMEs)—harness the potential of artificial intelligence to expand their digital presence and fuel economic growth. Reimagining Online Advertising with AI The GML 2025 showcase highlighted how artificial intelligence is reshaping the global advertising landscape. Key…

As Germany faces a looming workforce crisis, a new international education initiative promises to open doors for Nigerian students to gain global skills—and secure high-demand jobs in Europe. Nexford University and Constructor University have joined forces to launch a transformative academic pathway designed to link Nigeria’s aspiring graduates with real career prospects in Germany and beyond. The partnership aims to address Europe’s growing need for skilled labor while offering Nigerian learners a more accessible route to international qualifications and employment. Bridging Two Worlds Through Hybrid Learning Starting from the 2025/2026 academic year, Nigerian students can begin their academic journey by…

Lagos, Nigeria – In a move aimed at fostering innovation and reducing youth unemployment, Stanbic IBTC Bank has partnered with Orange Corners Nigeria to expand support for young entrepreneurs across the country. Orange Corners Nigeria, a youth-focused business incubation initiative backed by the Kingdom of the Netherlands and locally implemented by FATE Foundation, announced the strategic collaboration at a recent ceremony in Lagos. The partnership will focus on enhancing access to funding, mentorship, and training for youth-led startups—critical areas often lacking in Nigeria’s entrepreneurial ecosystem. “Our mission is to catalyze and empower more young entrepreneurs,” said Wole Adeniyi, Chief Executive…

Lagos, Nigeria — Fidelity Bank Plc has been honored with the prestigious 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category, recognizing its trailblazing financial solutions tailored to empower Micro, Small, and Medium Enterprises (MSMEs). The award celebrates Fidelity Bank’s unwavering dedication to addressing the unique challenges faced by MSMEs — a crucial driver of Nigeria’s economic development. Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, expressed gratitude and renewed commitment, stating, “Innovation lies at the core of our strategy to uplift MSMEs. This award highlights our resolve to deliver scalable, inclusive, and technology-driven…

Affordable funding remains available for registered Nigerian businesses across key sectors Small business operators in Nigeria now have a valuable opportunity to access affordable finance to scale operations, increase production, or invest in growth—thanks to the ongoing Bank of Industry (BOI) SME loan programme offering up to ₦5 million at attractive single-digit interest rates. The programme targets Micro, Small, and Medium Enterprises (MSMEs) in high-impact industries including agriculture, manufacturing, healthcare, ICT, fashion, and the creative economy. Designed to promote ease of access, the loan scheme features flexible repayment plans and, in many cases, does not require collateral. To qualify, businesses…

Top figures from business, government, and development sectors will gather in Kano on June 5, 2025, for the upcoming For The Love of The Country (FLOC) summit, a pivotal event aimed at transforming Nigeria’s economic direction over the next decade. Titled “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Should Be in the Next Decade,” the conference is set to ignite forward-thinking discussions on economic renewal and long-term national growth. According to convener Atinuke Odjenima, Kano was selected deliberately for its historic importance in commerce, agriculture, and enterprise. “Kano’s legacy as an economic powerhouse makes it the ideal location…

Nigerian manufacturers are raising the alarm over what they describe as aggressive tactics by banks regarding unresolved foreign exchange forward contracts facilitated through the Central Bank of Nigeria (CBN). These contracts, remnants of Nigeria’s now-defunct fixed exchange rate system, have left many manufacturers exposed, with the Manufacturers Association of Nigeria (MAN) reporting that members are facing punitive actions such as account freezes due to the unsettled obligations. In a statement, the Lagos-based group decried what it called “unjust and excessive actions” from banks. “Our members continue to encounter unjustified complications and harsh treatment from their lenders,” the association noted. Attempts…

Renaissance Africa has unveiled a major expansion initiative, committing $15 billion toward Nigeria’s oil and gas sector over the next five years. The plan focuses primarily on hydrocarbon operations in the Niger Delta, with 32 projects in the pipeline—22 of which are dedicated to enhancing gas export infrastructure. The company aims to more than double its current gas output, raising production from 4 million cubic meters per day (1.5 billion cubic meters per year) to 8.5 million cubic meters daily (3.1 billion cubic meters per year). This move aligns with Renaissance Africa’s long-term strategy to optimize its energy portfolio—balancing increased…

In a dynamic episode of Drinks and Mics, tech investor Olumide ‘Otunba Sho’ Soyombo joined hosts Ugo Dre, Tunji Andrews, and Arnold Dublin-Green to explore how Nigeria’s startup ecosystem is adapting in the face of recent economic upheavals. Soyombo, co-founder of Bluechip Technologies and a prominent backer of more than 100 startups, shared raw insights into the pressures founders face in today’s climate. The conversation delved into everything from financial discipline to the harsh realities of investor-founder dynamics. No topic was off-limits—from startups using investor funds for extravagant lifestyles to the emotional impact of founder disappointments. Soyombo emphasized that investing…

The International Islamic Trade Finance Corporation (ITFC) and the Trade Development Fund (TDFD) have joined forces with the Oil Sustainability Program (OSP) and BURN Manufacturing to roll out a clean cooking initiative aimed at transforming household energy use in Nigeria. The agreement, signed at the Saudi Ministry of Energy in Riyadh, outlines plans to produce and distribute 20,000 LPG (liquefied petroleum gas) cooking kits to underprivileged households. Each kit includes a gas cylinder, stove, and key accessories, along with user education on safety and sustainability. This multi-year project—spanning eight years—includes direct financial support for household LPG refills, to be sustained…

Vice President Prof. Yemi Osinbajo is set to lead a distinguished lineup of public and private sector leaders at the 2020 Annual Directors’ Conference organized by the Institute of Directors (IoD) Nigeria. The conference, themed “Business Ethics, Leadership & Sustainability as New Frontiers of Corporate Governance,” will run virtually from November 3 to 4, in response to COVID-19-related safety restrictions. The event, as revealed by IoD Nigeria’s Director General, Mr. Bamidele Alimi, will also feature Hon. Femi Gbajabiamila, Speaker of the House of Representatives, as the special guest at the “Business Meets Government Forum,” while the Minister of Industry, Trade…

In a bold move to transform its economic landscape, Enugu State has launched a new Ease-of-Doing-Business Council aimed at attracting private investment and scaling its economy from $4.4 billion to $30 billion over the next eight years. The initiative signals the state’s readiness to eliminate bottlenecks and create a business-friendly environment across key sectors. By streamlining processes and enhancing infrastructure, the government hopes to become a leading destination for investors. Key reforms include the introduction of ENGIS (Enugu State Geographic Information Systems), which simplifies land acquisition, and the creation of a one-stop center for processing permits. These reforms are supported…

For decades, Nigeria has carefully managed the country’s deep ethnic and religious diversity through an unwritten political code: presidential appointments should reflect the country’s pluralism. But critics say that under President Bola Ahmed Tinubu, that balance is under increasing threat. Though Nigeria’s constitution mandates federal character in cabinet-level appointments, previous administrations often extended this principle to other strategic roles in government to promote inclusion and national unity. The concern today? A growing sense of marginalization, especially from northern communities, over what they see as President Tinubu’s disproportionate preference for his Yoruba ethnic group in some of the country’s most powerful…