Author: Gift Ifeanyi

What began as a childhood ambition to practice law eventually evolved into a full-blown mission to transform businesses across Africa with artificial intelligence. Ayomide Odukoya, the innovative founder behind Posi Labs, never planned to end up in tech—but every pivot he made built the foundation for what would become one of the continent’s rising AI-powered sales agencies. A Creative Detour That Changed Everything Odukoya once pictured himself donning a wig and gown in a courtroom. But somewhere along the journey through university, a different passion sparked. “Photography was my escape during law school,” he reflects. “It started as a hobby,…

Seleem Adegunwa, CEO of Rite Foods Limited, has called on Nigerian students to harness the wealth of opportunities within the country’s dynamic business landscape. Speaking during a session with students at the Nigerian University of Technology and Management (NUTM), Adegunwa emphasized the importance of aligning entrepreneurial ventures with individual passion and personality. “Entrepreneurship demands commitment. Focus on ventures that suit your strengths and interests,” he advised. “Before diving in, gain real-world experience. Understand how businesses operate. That knowledge will shape your success.” Persistence Over Perfection Adegunwa noted that while young Nigerians possess the talent to thrive in any field, success…

Three young Nigerian entrepreneurs have been awarded a total of ₦5 million for their cutting-edge solutions aimed at tackling post-harvest losses in the agricultural sector. The prizes were presented at the SMEDAN Talent Hunt, an initiative spearheaded by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in partnership with Microvis Microfinance Bank and Baobab Microfinance Bank. The competition gathered young innovators from across the country, each presenting creative and practical ideas to a panel of experts and industry stakeholders. The event showcased the potential of youth-driven innovation to transform Nigeria’s food system and boost economic growth. Meet the…

Nigeria’s expanding presence in the global business scene took center stage at the upcoming Global Entrepreneurship Congress (GEC) 2025, with the country’s delegates gearing up to represent its vibrant entrepreneurial spirit on the international stage. According to Dr. Olawale Anifowose, Managing Director of Global Entrepreneurship Network Nigeria (GEN Nigeria), Nigeria’s participation in the GEC reflects its rising influence in the global innovation ecosystem. “GEC is more than just a summit—it’s a powerful growth platform where Nigerian entrepreneurs get to engage, connect, and compete on a global scale,” Anifowose said. He made these remarks during a pre-congress brunch organized at Tripoint’s…

President Bola Tinubu has officially inaugurated the new board of the Nigerian National Petroleum Company Limited (NNPCL), urging members to leverage their expertise in transforming Nigeria’s economy amid global economic uncertainties. Speaking in Abuja on Thursday, President Tinubu emphasized the importance of looking inward for solutions as global markets remain volatile, stressing that Nigerians are counting on the NNPCL to play a pivotal role in repositioning the country’s oil and gas sector. “I carefully selected this board, and it took some time to find the calibre of individuals you represent. You embody the best in the industry. I have high…

Nigerian autonomous systems startup Terrahaptix has secured a major $1.2 million contract, beating out a competing Israeli firm to provide advanced security solutions at two hydroelectric power plants in Nigeria. The five-year deal, awarded by private security firm Nethawk Solutions, involves deploying Terrahaptix’s cutting-edge AI-powered drones and solar-powered sentry towers to protect the critical infrastructure. Beyond the initial hardware purchase, the contract includes a lucrative recurring six-figure annual software subscription, guaranteeing a steady stream of revenue for the homegrown technology firm. “This is our largest contract to date and marks our entry into the hydroelectric sector,” said Nathan Nwachukwu, CEO…

Aliko Dangote, founder of the Dangote Group, has disclosed that the Nigerian federal government collects 52 kobo in revenue from every N1 generated by Dangote Cement. Speaking at the 2025 Taraba International Investment Summit on May 21, Dangote highlighted the significant fiscal contribution his company makes to the government. “It might surprise you to learn that the federal government, not even the states, earns more than half—52 kobo—of every N1 we generate from our cement business,” he said. Dangote emphasized that governments benefit from both private and public investments by creating a conducive environment for businesses to thrive and generate…

Seamfix Limited, a platinum sponsor of the 2025 Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI) Annual Conference, has reaffirmed its commitment to combating insider fraud and strengthening workforce access control across Nigeria’s financial services sector. This commitment is anchored in its state-of-the-art identity and access management (IAM) solution. The conference, held in Uyo, Akwa Ibom State, gathered Chief Information Security Officers (CISOs), IT executives, and cybersecurity experts from financial institutions nationwide to discuss emerging threats and strategies to enhance resilience in Nigeria’s rapidly evolving digital landscape. At the event, Seamfix’s Group CEO and Co-founder, Chimezie Emewulu,…

The Nigerian government has lauded billionaire industrialist Aliko Dangote for prioritizing national development over potentially lucrative investments in global tech giants. This praise came during a tribute that highlighted the significance of the $19 billion Dangote Refinery—the world’s largest single-train oil refinery. At the Taraba International Investment Summit 2025 in Jalingo, Vice President Kashim Shettima, representing President Tinubu, celebrated Dangote’s visionary choice to invest in Nigeria rather than in international tech companies such as Microsoft, Amazon, or Google. “I want to celebrate the greatest black man in the last 300 years, who single-handedly established the largest single-train refinery in the…

The 2025 edition of the Expatriates Business Awards (TEBA) is scheduled for July 6 at the Grand Ballroom of the Oriental Hotel, Victoria Island, Lagos. The event aims to honor the remarkable impact of expatriates, foreign-owned businesses, and migrant communities on Nigeria’s thriving economy. At a recent press conference, Miss Odunola Abayomi, Director of Awards, highlighted the significance of acknowledging foreign nationals who have chosen Nigeria as their home and investment destination. “Unlike many conventional award platforms focusing primarily on Nigerian nationals, TEBA uniquely celebrates those who, though not born here, have planted roots and watched their investments flourish,” Abayomi…

Nigeria’s ambition to eradicate hunger by 2030 is at serious risk unless the government implements urgent policy reforms and mobilises significant private sector investment in its food systems, experts have cautioned. The warning came during a high-level Nutrition Dialogue held in Abuja, where stakeholders emphasized that achieving food security will require more than just public funding—it will demand a unified, strategic overhaul of Nigeria’s agri-food policies and infrastructure. Investment-Friendly Reforms Are Key Eyram Amovin-Assagba, Programme Officer for Agribusiness and Entrepreneurship at the African Union Development Agency (AUDA-NEPAD), stressed that attracting investments starts with creating the right policy environment. “To reach…

In a strong move to uplift women-led businesses in Nigeria, Dangote Cement Plc has launched a cash grant initiative to support female entrepreneurs in its host communities in Benue State, providing a much-needed boost to local economic activity. The empowerment programme, held in Gboko, saw selected women receive ₦100,000 each to strengthen and grow their businesses. The initiative is part of the company’s broader commitment to social investment and grassroots development. “This financial support is designed to help women expand their businesses by addressing their specific needs—whether it’s restocking inventory or upgrading equipment,” said Mr. Wakeel Olayiwola, Group Head of…

In the heart of Nigeria’s corporate circles—from Lagos to Kano—a powerful transformation is unfolding. Amid soaring inflation, volatile exchange rates, and global tensions, Nigerian business leaders are not shrinking back. Instead, they’re boldly rewriting the rules of growth. Welcome to the era of the reinvented Nigerian CEO. Thriving in Uncertainty: Confidence Beyond the Crisis Despite global instability, 61% of Nigerian CEOs remain optimistic about economic growth over the next year—23 points above the global average. This isn’t naive optimism; it’s a calculated confidence born from decades of navigating economic shocks and policy upheavals. For these leaders, uncertainty isn’t a barrier—it’s…

In just the first four months of 2025, Nigeria has spent a staggering $2.01 billion on external debt servicing—an alarming 50% surge compared to the same period in 2024. This figure now makes up over 77% of the country’s total foreign exchange outflows, revealing a growing strain on Nigeria’s already fragile financial landscape. A Debt Trap in the Making? The Central Bank of Nigeria’s latest international payments report paints a stark picture: between January and April 2025, Nigeria’s total foreign payments—covering debt service, remittances, and letters of credit—reached $2.60 billion. Of that, debt repayments alone consumed $2.01 billion. In comparison,…

At just 25, Oghale Kadiri, the visionary behind Rattan By Sandrah, is one of Nigeria’s rising entrepreneurial stars. Her Lagos-based fashion brand, known for crafting elegant handbags using materials like faux leather, original leather, and traditional fabrics like Aso Oke and Ankara, has made impressive strides—over 12,000 bags produced and more than 5,000 satisfied clients since launching in 2019. Yet, Kadiri’s journey to global recognition hasn’t been without setbacks. From Passion to Product: The Birth of a Brand Driven by a deep love for her country and a belief in the creative potential of Nigerian youth, Kadiri turned her passion…

Meta, the parent company of Facebook, Instagram, and WhatsApp, is facing mounting pressure in Nigeria after being hit with a series of fines totaling $280 million. The penalties, upheld this month by Nigeria’s High Court, have triggered warnings from Meta about a possible shutdown of its services in the country — a move that could disconnect tens of millions of users and spark digital and economic consequences across West Africa. A Breakdown of the Fines In 2023, Nigeria’s regulatory bodies took a hard stance against the tech giant. The Federal Competition and Consumer Protection Commission (FCCPC) fined Meta $220 million…

Nigeria’s private sector leaders have issued strong warnings that the Central Bank’s persistent high interest rate—currently at 27.5%—is undermining local industries and jeopardizing the ‘Nigeria First’ procurement policy. The Manufacturers Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry (LCCI), and other business groups have expressed deep concern over the Central Bank of Nigeria’s (CBN) decision to maintain the Monetary Policy Rate (MPR), saying it cripples industrial productivity and discourages domestic investment. Manufacturers Sound the Alarm Segun Ajayi-Kadir, Director-General of MAN, described the current lending environment as “hostile” for manufacturers, warning that the Nigeria First initiative—designed to prioritize the…

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has introduced a bold new initiative titled ‘GROW Nigerian’, aimed at revitalizing the country’s micro, small, and medium enterprises (MSMEs) by generating employment and increasing business revenue. Unveiled in Abuja by the agency’s Director-General, Mr. Charles Odii, the GROW Nigerian model is structured around four key pillars: Guidance, Resources, Opportunities, and Workforce Support. The framework is designed to offer holistic support that addresses the key barriers holding back small business growth. “This framework represents our vision for real change,” Odii explained. “With the right blend of mentorship, resources, market access,…

In a significant move to strengthen the Micro, Small, and Medium Enterprises (MSME) sector, Fidelity Bank Plc has entered into a strategic alliance with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to provide accessible funding, training, and market opportunities to Nigerian entrepreneurs. This collaboration, sealed through a Memorandum of Understanding (MoU) at Fidelity Bank’s headquarters in Lagos, is designed to offer low-interest loans to MSMEs identified and referred by SMEDAN, while also equipping them with the tools necessary to scale their operations. A Renewed Commitment to Small Businesses Speaking on the bank’s behalf, Dr. Ken Opara, Executive…

Stakeholders in Nigeria’s small and medium enterprise (SME) sector have urged both federal and state governments to put in place more business-friendly policies to help homegrown products flourish, emphasizing that this is essential for achieving economic diversification and sustainable growth. This appeal was made during the Business Engagement Forum and Press Conference for MINE FEST 2025, which took place at the Lagos Chamber of Commerce and Industry (LCCI) in Ikeja, Lagos. The forum served as a platform to promote dialogue on the future of entrepreneurship in Nigeria. Promoting Nigerian-Made Innovation Tito Philips, the event’s convener, along with co-convener Mr. Bunmi…