Author: Gift Ifeanyi

Barth Nnaji, former Minister of Power and Chairman of Geometric Power Limited, has emphasized that Nigeria needs to generate and deliver at least 100,000 megawatts (MW) of electricity to meet the nation’s industrial and population-driven energy demands. In a recent appearance on Arise TV’s Morning Show, Nnaji described Nigeria’s current electricity generation and transmission capabilities as critically inadequate. He warned that the country cannot achieve lasting economic growth or reliable energy access for its over 200 million people without a dramatic scale-up in power infrastructure. “At present, our transmission systems are incapable of distributing the volume of electricity the country…

The Nigerian naira continued its upward trend on Wednesday at the official foreign exchange (FX) market, following the Central Bank of Nigeria’s (CBN) recent introduction of the Non-Resident Diaspora Bank Verification Number (NRBVN). According to data released by the CBN, the naira appreciated by ₦3.33 against the dollar, settling at ₦1,596.70 at the close of trading. This marks a 0.2% improvement compared to Tuesday’s rate of ₦1,600.03 at the Nigerian Foreign Exchange Market (NFEM). However, the story was different in the informal FX market—commonly called the black market—where the naira dipped slightly by ₦2, trading at ₦1,627 to the dollar,…

Nigeria has entered into discussions with Brazilian energy giant Petrobras over the potential exploration of deep offshore oil blocks, marking a possible return of the company to the Nigerian oil sector after more than a decade of absence. Foreign Affairs Minister Yusuf Tuggar disclosed that Petrobras, though no longer operational in Nigeria, has shown renewed interest in re-entering the country’s oil and gas industry. “They’re eager to come back and have expressed specific interest in deepwater frontier assets,” Tuggar stated, according to a release from the Vice President’s office. Petrobras, Brazil’s state-owned energy corporation, first began operations in Nigeria in…

The Nigerian Capital Development Fund (NCDF) has introduced a $1 billion investment programme aimed at driving inclusive economic progress and promoting sustainable development throughout Nigeria. This large-scale initiative, which has already commenced, is being executed through a mix of public-private collaborations, blended financing models, and diaspora-driven investments. The programme is carefully aligned with Nigeria’s national development goals and the United Nations Sustainable Development Goals (SDGs). According to NCDF, the funding will be directed toward six critical sectors: renewable energy, affordable housing, healthcare, agriculture, financial inclusion, and support for startups and innovation. Executive Chairman of NCDF, Hareter Babatunde Oralusi, emphasized that…

Oando PLC, a major player in Nigeria’s oil sector, has completed repair work on one of its pipelines located in Bayelsa State, following multiple oil spills attributed to acts of sabotage in recent weeks. In a statement issued on Tuesday, the company confirmed that emergency protocols were swiftly activated after each incident. This included shutting down the affected oil wells, suspending crude transport, and initiating measures to contain the spills. Investigations into the spills were carried out collaboratively with regulatory agencies and members of the local community. Oando, which recently took over operations from the former Nigerian Agip Oil Company—a…

In a strategic move to enhance innovation, investment, and global collaboration, the Nigerian government is preparing to open a technology-focused hub in the United States, close to Silicon Valley. The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, announced that the Federal Executive Council has approved the creation of a “Nigerian Start-up House” in San Francisco. This facility will serve as a center for technology exchange and will operate within a Nigerian-owned property already located in the city. Dr. Tijani emphasized that this initiative is part of Nigeria’s broader goal to elevate its presence in the global tech…

Moniepoint, PalmPay, OmniRetail, Paga, Termii, and Remedial Health have earned top spots on the Financial Times’ 2024 list of Africa’s Fastest-Growing Companies, highlighting Nigeria’s increasing influence in the continent’s tech and business landscape. Published annually in collaboration with Statista, the FT list evaluates companies based on compound annual growth rate (CAGR) in revenue from 2020 to 2023. It also considers workforce growth and the resilience of these companies amid economic instability, inflation, and currency fluctuations. In last year’s edition, five Nigerian firms—including OmniRetail, Moniepoint, Paga, Thrive Agric, and Zone—made the cut. This year, six have emerged, signaling strong momentum despite…

Taiwo Oyedele, Chair of the Presidential Committee on Fiscal Policy and Tax Reforms, has revealed a troubling reality: Nigeria is capturing just 30% of its potential tax revenue, leaving a 70% shortfall—one of the most severe globally. Speaking at the 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), Oyedele attributed this gap to deeply entrenched inefficiencies within the tax structure. He highlighted flaws such as policy inconsistencies, abuse of exemptions, and weak oversight as key factors undermining revenue performance. One of the major loopholes, he noted, lies in the misuse of import waivers and duty…

The World Bank has stated that while Nigeria has the potential to reach a $1 trillion economy by 2030, achieving that milestone requires a growth rate five times faster than what the country is currently experiencing. This projection was shared during the launch of the May 2025 edition of the Nigeria Development Update (NDU), where the global financial institution emphasized that Nigeria’s recent macroeconomic reforms, although beneficial, are not enough on their own to secure long-term economic expansion. “Reforms in macroeconomic policy are important, but they need to be backed by broader structural changes to produce sustained and inclusive growth,”…

The Dangote oil refinery in Nigeria has called off its planned June maintenance of the gasoline-producing unit after completing necessary repairs during an unexpected outage that occurred from April 7 to May 11, according to industry insights from IIR Energy. Originally, the refinery had scheduled a 30-day maintenance shutdown for its Residue Fluid Catalytic Cracking (RFCC) unit in June. However, this was rendered unnecessary as essential work was carried out during the unplanned downtime. During the period of the outage, the facility shifted its export focus. While shipments of high-value refined fuels such as jet fuel and gasoil declined, exports…

Nigeria’s foreign exchange reserves dipped to their lowest point in eight months at the end of April 2025, mainly due to ongoing debt repayments and active intervention by the Central Bank of Nigeria (CBN) to stabilize the naira. The gross reserves, which had surpassed $40 billion at the close of 2024, declined by $375 million in April alone, settling at $37.9 billion—marking the fourth straight month of decline. So far in 2025, the reserves have dropped by a total of $2.9 billion, reaching levels last seen in August 2024. This downward trend highlights the burden of foreign debt obligations and…

In a strategic push to strengthen Nigeria’s economy through entrepreneurship, Dangote Industries Limited has reaffirmed its commitment to the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country. Speaking at the Dangote Special Day during the 2025 Nasarawa Trade Fair Exhibition in Lafia, Fatima Wali-Abdurrahman, Senior Adviser to the President of Dangote Group, emphasized the company’s dedication to empowering small businesses. Her remarks, delivered by Dr. Shuaibu Abdullahi, the group’s National Assembly Liaison Lead, highlighted key partnerships and ongoing initiatives driving grassroots enterprise development. “Our collaboration with critical economic stakeholders, including the Nigeria Association of Small-Scale Industrialists (NASSI)…

All eyes will be on Lagos, Nigeria, this May as the RegTech Africa Conference and Awards returns on May 22–23, 2025, promising to ignite transformative conversations about Africa’s economic future. Hosted at the prestigious Oriental Hotel, the high-level event aims to unlock Africa’s potential in cross-border payments, trade, and investment through the power of Public-Private Partnerships (PPPs). Carrying the theme “Unlocking Africa’s Cross-Border Payments, Trade, and Investment Opportunities through Public-Private Partnerships,” this year’s conference sets the stage for bold, solution-driven dialogue and strategic collaboration. The event will spotlight innovative solutions, promote inclusive economic growth, and bridge the gap between public…

Retirement—once envisioned as a season of rest, reflection, and reward—is becoming an elusive dream for many Nigerians. In a country battling relentless inflation, rising living costs, and limited pension coverage, the golden years are now steeped in anxiety and uncertainty. As of February 2023, Nigeria’s Contributory Pension Scheme (CPS) assets hit ₦15.45 trillion, a figure that suggests promise. Yet beneath this surface lies a grim reality: for millions, especially those in the informal sector, a secure retirement remains painfully out of reach. Across Africa, the hope for a financially stable retirement has long been cherished. But in today’s Nigeria, that…

In a powerful show of support for Nigeria’s next generation of agricultural innovators, Heifer International has awarded a total of $40,000 to five youth-led agritech startups at the AYuTe Africa Challenge Nigeria 2025 Grand Finale, held in Abuja. The initiative marks a significant step in transforming the face of agriculture in Nigeria—one driven by youthful ingenuity and cutting-edge technology. With over 1,000 applications received from passionate young minds across the country, the competition spotlighted creative tech-based solutions designed to address some of the most pressing challenges in Nigeria’s agricultural sector. From this highly competitive pool, just 50 applicants advanced to…

In a bold stride toward transforming food production in Nigeria, FarmXic, an innovative agritech startup, has unveiled a range of soilless urban farming systems tailored for households, entrepreneurs, and large-scale growers. Combining hydroponics with climate-smart automation, FarmXic’s solutions are designed to make year-round farming not only possible—but accessible to everyone, regardless of their location or farming experience. With FarmXic’s technology, users can grow leafy greens, herbs, and vegetables using up to 80% less water, while enjoying faster harvest cycles. These compact, plug-and-play kits require minimal training, making them ideal for beginners and professionals alike. Each unit also comes with after-sales…

Trailblazing entrepreneur Onwuka Jennifer Ifeanyi, founder of Jenny Iconic Lounge, is setting the stage for a bold transformation in Nigeria’s fashion landscape. With a vision rooted in innovation, empowerment, and cultural pride, Jennifer is leading a movement to reshape the industry from the inside out. Known for its elegant fusion of modern and traditional styles, Jenny Iconic Lounge is more than just a fashion brand—it’s a platform for change. Jennifer’s next chapter? Building a fully Nigerian production team that designs and crafts bespoke pieces exclusively for the Jenny Iconic brand. Empowering Local Talent, Redefining Fashion By investing in homegrown tailors,…

Seleem Adegunwa, the dynamic Managing Director and CEO of Rite Foods Limited, delivered a powerful message to students of the Nigerian University of Technology and Management (NUTM), urging them to embrace the wealth of opportunities Nigeria has to offer. Speaking during a visit to the university’s Apapa campus on May 7, 2025, Adegunwa encouraged the students to believe in their potential, stay focused on their goals, and approach their futures with boldness and determination. He was accompanied by top executives from Rite Foods, all of whom came to share insights on building success in a challenging yet promising environment. “Be…

Palykspalm, a dynamic real estate firm founded by Peter Palmer (formerly Ekpe Peter Unajohwofia), has announced its strategic entry into the Nigerian property market. With its headquarters in Marrakesh, Morocco, the company is driven by a coalition of Nigerian and Moroccan entrepreneurs focused on bridging markets and creating sustainable investment opportunities across borders. Strengthening Ties Between Nigeria and Morocco The expansion comes as Palykspalm looks to deepen cross-border integration in real estate between Nigeria and Morocco, two emerging markets rich in opportunity and ripe for innovation. The firm believes that globalization is reshaping property investment, and it intends to be…

In a bold move to transform agriculture and empower a new generation of agritech innovators, the Nigerian government has unveiled its ambition to grow the country’s livestock industry from $32 billion to $74 billion by 2035. This announcement was made by the Minister of Livestock Development, Idi Muktar Maiha, during the grand finale of the AYuTe Africa Challenge Nigeria 2025 held in Abuja. The event, organized by Heifer International, showcases groundbreaking agricultural solutions by young Nigerian entrepreneurs. A National Strategy for Livestock Transformation The minister revealed that the National Livestock Growth Strategy has just been approved to accelerate the modernization…