Author: Gift Ifeanyi

The Federal Government has unveiled critical elements of its proposed tax reform agenda, which is expected to ease the cost of living and increase the financial well-being of Nigerian workers once implemented. Dr. Taiwo Oyedele, who chairs the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted that the newly proposed tax measures are focused on putting more money into workers’ pockets while strengthening the economy’s foundation. According to Oyedele, under the proposed framework, individuals earning up to ₦1.3 million annually (just over ₦100,000 monthly) would no longer be required to pay Pay As You Earn (PAYE) tax. This exemption…

Business activity in Nigeria’s private sector surged to its highest level in 15 months this April, according to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, compiled by S&P Global. The data reflects a positive shift in economic momentum as firms benefited from stronger consumer demand and improved output. The PMI stood at 54.2 in April, nearly matching March’s 54.3, indicating continued robust growth. A reading above 50 signals expansion, while anything below suggests contraction. Output and Employment on the Rise April marked a notable increase in output across all major sectors of the economy, with the services industry…

Nigeria is bearing a heavy financial burden from illicit financial flows (IFFs), losing nearly $17.7 billion each year—representing around 20% of Africa’s total losses in this category, according to the Federal Ministry of Finance. This alarming figure was presented at a recent session at the United Nations Headquarters in New York, as part of preparatory talks ahead of the Fourth International Conference on Financing for Development (FfD4) set to hold in Seville. Speaking to global finance leaders, Minister of State for Finance, Doris Uzoka-Anite, said the massive capital flight is crippling Nigeria’s developmental prospects, denying millions access to quality infrastructure,…

Toyin Akaninyene Udoabba, popularly known as NaijaSalesmaker, is transforming how aspiring entrepreneurs across Africa learn to build and grow successful online businesses. As the founder of the Life Changing Sales Academy, Udoabba has empowered over 53,000 individuals—many of whom now generate monthly incomes reaching into the seven figures. In a recent interview, Udoabba described herself as “an entrepreneur, business consultant, real estate investor, digital marketer, and sales coach,” all rolled into one. Her journey began back in 2004, fueled by a determination to rise above poverty and forge her own path. While employed at a firm that offered advertising support…

As Wema Bank celebrates 80 years of continuous service in Nigeria’s financial sector, First Lady Senator Oluremi Tinubu has commended the institution for its enduring presence and commitment to inclusive economic development. Speaking through the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, at the bank’s anniversary event in Lagos, the First Lady recognized Wema Bank’s vital contributions to empowering women, youth, and entrepreneurs—key pillars of national development. According to a statement from the Minister’s media aide, Mr. Jonathan Eze, Mrs. Tinubu emphasized that few organizations manage to maintain relevance across decades, let alone thrive. “Sustaining operations for eight decades in…

The Nomfro Technologies Entrepreneurship Empowerment Project (NTEEP) has unveiled the fifth installment of its acclaimed startup development initiative, with plans to support more than 2,000 early-stage ventures across Africa through free, high-impact training. Set to run from May 12 to May 30, 2025, NTEEP 5.0 promises a fully online, borderless experience designed to equip budding entrepreneurs with essential skills, digital solutions, and mentorship. The program includes interactive classes and expert-driven presentations focused on building sustainable, scalable businesses across the continent. Founded in 2020 by Nigerian tech innovator Adams John Smart, also known as A.J. Smart, the program was originally conceived…

Ike Chioke, the Group Managing Director of Afrinvest, has paid tribute to the late Nigerian businessman and entrepreneur, Pascal Dozie, describing him as a humble man who quietly reshaped the resources and lives around him. Dozie passed away on April 8, 2025, just a day before his 86th birthday. In a statement issued on Friday, Chioke praised Dozie as a person who embodied “calm and peace at the summit,” quoting William Shakespeare’s Julius Caesar to describe his serene and impactful presence. Dozie was well-known for his leadership roles, including as the former chairman of MTN Nigeria, founder of Diamond Bank…

Amid the technological transformation sweeping through Africa’s most populous country, Nigeria has played a pivotal role in reshaping Microsoft’s global strategy. As the company commemorates its 50th anniversary, Nigeria emerges as a standout market—one that has not only embraced Microsoft’s products but has also influenced its global approach to innovation. I sat down with Ola Williams, Managing Director of Microsoft Nigeria and Ghana, to explore how Nigerian consumer behavior and entrepreneurial ingenuity have impacted Microsoft’s trajectory over the past quarter-century. 25 Years of Significant Engagement Reflecting on the company’s deep-rooted presence in Nigeria, Williams shares, “We’ve been in Nigeria for…

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) is set to host its highly anticipated 2025 Annual National Conference, where real estate professionals and industry stakeholders will gather to explore key topics surrounding real estate investment, transformation, and success in the sector. This year’s conference will delve into strategies for optimizing real estate finance and taxation, offering sustainable solutions for the industry’s growth and future development. According to Victor Adekunle Alonge, National Conference President and Chairman of Council, NIESV, the event will bring together estate surveyors, valuers, and other prominent figures from the Nigerian real estate industry, as well…

A select group of eight countries within the Organisation of the Petroleum Exporting Countries (OPEC+) has moved forward their policy meeting by two days, now scheduled for May 3 instead of May 5. This adjustment is expected to accommodate oil ministers who had scheduling conflicts. The countries involved in this meeting include Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Oman, and Kazakhstan. The purpose of the meeting is to discuss and determine crude production targets for the month of June. The decision to expedite the meeting comes after the eight countries agreed in early April to accelerate plans to…

The AfricArena Lagos Fintech, Mobility, and Logistics Summit came to a successful conclusion at the Eko Hotel and Suites on Victoria Island in Lagos, Nigeria, marking a significant milestone in the growth of West Africa’s fintech, mobility, and logistics sectors. The event saw five start-ups and one investor emerge as the standout performers. Organized in collaboration with AWS Startups, GIZ, Redington, VonTech Group, and Methys, the summit showcased the incredible potential of West Africa’s digital ecosystem, highlighting the region’s ability to nurture world-class talent. Held alongside the 21st AVCA Conference and VC Summit, the AfricArena event gathered top global venture…

In a bid to strengthen the nation’s economic backbone, the Nigerian government has allocated N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State. This disbursement is part of the broader N200 billion loan scheme designed to bolster MSMEs and manufacturing businesses nationwide. The announcement was made at a town hall meeting in Gombe on Friday, organized by the Bank of Industry (BoI), which is overseeing the distribution of the funds on behalf of the government. During the event, the Managing Director and CEO of BoI, Dr. Olasupo Olusi, represented by Mr. Mohammed Maina, the North…

Lendsqr, a Nigerian lending software startup, is pioneering an artificial intelligence model that could redefine credit access for millions. By analyzing borrowers’ voices and facial expressions, the AI aims to determine creditworthiness—offering a lifeline to Nigerians who lack formal financial documentation. Currently 76% accurate, the model is designed to support small loans between ₦30,000 ($18) and ₦50,000 ($31), bridging a critical gap for underserved Nigerians. Rethinking the Lending Playbook Traditional lenders typically assess borrowers using the “five Cs”—character, capacity, capital, collateral, and conditions. But for many in Nigeria’s mass market, producing documents to prove these traits is nearly impossible. That’s…

The Development Bank of Nigeria (DBN) has approved a ₦5.83 billion dividend payout for the 2024 financial year, signaling strong performance and shareholder confidence. This equates to ₦58.35 kobo per share. At its 8th Annual General Meeting (AGM) held in Abuja, DBN shareholders also gave the green light for a $2.5 million (₦equivalent) equity investment in the proposed Youth Entrepreneurship Investment Bank (YEIB)—a strategic move to support youth-driven enterprises across Nigeria. Record-Breaking Financial Growth Independent Non-Executive Director, Mr. Kyari Bukar, highlighted DBN’s impressive financial growth in 2024. Profit Before Tax (PBT) soared to ₦38.8 billion—up 60% from ₦24.5 billion in…

President Bola Ahmed Tinubu has extended warm appreciation to Nigerian workers in celebration of Workers’ Day, acknowledging their pivotal role in driving the nation’s economy and development. In a message shared on his official X (formerly Twitter) account, the President praised workers as the “engine of our economy” and the “secret to our nation’s growth.” “Happy Workers’ Day. You are the engine of our economy and the secret to our nation’s growth. Our administration has and will continue to prioritise workers’ welfare. Together, we will make Nigeria great again,” Tinubu wrote. Honouring Contributions Across All Sectors Tinubu’s message struck a…

Nigeria will require a staggering $410 billion in investments to achieve its clean energy goals and reach net-zero carbon emissions by 2060, according to the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu. Speaking during the Global South Peer Learning Workshop on Country Platforms for Climate Action and Just Energy Transition, organized by the Africa Policy Research Institute (APRI), Bagudu emphasized the critical need for collaboration and strategic investment to drive Nigeria’s energy transition. Unlocking $23 Billion in Clean Energy Opportunities The Minister revealed that Nigeria has already identified $23 billion in investment-ready opportunities across key areas such…

Nestlé Nigeria Plc has kicked off 2025 on a strong note, posting its best quarterly performance to date. The food and beverage giant reported N294.88 billion in revenue and a pre-tax profit of N51.15 billion in the first quarter, marking a dramatic turnaround from the N196.09 billion loss recorded in Q1 2024. This resurgence builds on the company’s return to profitability in Q4 2024 and signals growing financial stability. Key Q1 2025 Financial Highlights (YoY): Revenue: N294.88 billion (+60.71%) Cost of Sales: N175.16 billion (+30.31%) Gross Profit: N119.72 billion (+144%) Marketing & Distribution Expenses: N34.86 billion (+76.6%) Administrative Expenses: N11…

Nigeria’s stock market soared in 2024, but most Nigerians remain on the sidelines. The Nigerian Exchange (NGX) posted an impressive 37.65% return in 2024, closing the year at 102,926.40 points, up from 74,773.98 at the beginning of the year. This bull run added ₦15.41 trillion in capital gains for investors, fueled by robust earnings from listed companies and policy reforms. Yet, for the average Nigerian, the boom means little. Why Nigerians Aren’t Investing Despite Market Gains While the market’s performance paints a picture of prosperity, actual participation tells a different story. Out of over 5 million Central Securities Clearing System…

The African Development Bank (AfDB) has unveiled a new five-year Country Strategy Paper (CSP) for Nigeria, pledging an average of $650 million annually from 2025 to 2030 to spur economic transformation, tackle infrastructure challenges, and promote inclusive, sustainable growth. In a statement on its official website, the Bank said it plans to invest $2.95 billion over the first four years, with an additional $3.21 billion anticipated from international partners through co-financing agreements. Two Main Focus Areas of the Strategy The newly approved strategy is built around two key pillars: Sustainable, climate-smart infrastructure – aimed at strengthening Nigeria’s competitiveness and boosting…

My-ACE China, an entrepreneurial expert and real estate innovator popularly known as the Mayor of Housing, has called on the African Union (AU) to establish clear frameworks and tools for identifying and supporting authentic entrepreneurs and high-performing brands across Africa. According to him, such initiatives would spur continental innovation, generate employment, and elevate Africa’s global competitiveness by challenging entrepreneurs to deliver value beyond local boundaries. Call for Action: AU Must Recognize True Performers Speaking during a recognition event where prominent African figures such as Aliko Dangote and Seyi Tinubu were also honored, China—who was named among Africa’s 100 most influential…