Author: Gift Ifeanyi

In a bold move to empower small businesses and energize the creative economy, Ecobank Nigeria is taking the lead with its vibrant “Oja Oge by Ecobank” initiative—a dynamic pop-up marketplace designed to showcase and support fashion, beauty, wellness, and lifestyle entrepreneurs. Following the resounding success of its inaugural edition, the bank has announced the return of Oja Oge, with the second edition scheduled to hold at the ultra-modern Ecobank Pan African Centre (EPAC) in Lagos from April 18–20, 2025.  Empowering Creatives and SMEs Oja Oge is not just an event—it’s a platform for discovery, networking, and growth. It is expected…

The National Association of Nigerian Travel Agencies (NANTA) is gearing up to tackle the issues that have hindered the growth of Nigeria’s travel market. As part of its 49th Annual General Meeting (AGM), the association will discuss the emerging challenges and seek effective measures to protect the interests of stakeholders in the travel industry. Themed “Collective Prosperity Through Market Protection,” the AGM will take place on April 9th, 2025. During the event, Yinka Folami, the President of NANTA, emphasized the importance of creating protective measures against the emerging forces impacting the sector.  Deliberating on Solutions for Market Growth In an…

The ongoing volatility in Nigeria’s foreign exchange (FX) market is severely impacting small and medium-sized enterprises (SMEs), particularly those reliant on imported raw materials. The depreciation of the naira has driven up import costs, eroded profit margins, and disrupted business operations, leaving many SMEs in a dire situation.  The Impact on Importers Recent fluctuations in the naira have escalated import costs due to factors such as declining oil prices, inflation, and other market dynamics. Despite measures implemented by the Central Bank of Nigeria (CBN), including forex restrictions and multiple exchange rates, the stability of the naira remains uncertain, with mixed…

The Association of African Startups (TAAS) has called for greater inclusion of entrepreneurs in policy-making decisions, emphasizing that this would significantly boost the development of the sector in Africa. Just Omomo Ibe, the President of TAAS, stressed that policies affecting entrepreneurship in Nigeria and Africa at large should not be finalized without consulting top-tier industry players. According to Ibe, these entrepreneurs bring crucial market-driven insights that are necessary for the growth of the sector and the wider economy. Ibe made these remarks at the Build Initiative event in Lagos, themed ‘Building Profitable and Thriving Businesses in Africa’. She pointed out…

Pascal Dozie, a Nigerian entrepreneur renowned for his influential role in shaping Nigeria’s banking and telecommunications industries, has passed away at the age of 85. The news of his death was shared in a family statement by his son, Uzoma Dozie, on April 8. Uzoma described his father as a “devoted husband, father, grandfather, and a man of unwavering Catholic faith.” “With deep sorrow, but with gratitude to God for a life well spent, we announce the passing of our beloved father,” Uzoma said, highlighting his father’s lifelong service to God, family, and country. Legacy in Banking and Telecommunications Mr.…

The United States Trade Representative (USTR) has criticized Nigeria for imposing an import ban on 25 different product categories, which it claims are adversely impacting American exporters. The ban comes amid escalating trade tensions globally, with the USTR listing Nigeria’s actions as one of the 10 unfair trade practices that various nations are engaging in, restricting U.S. market access. Impact on U.S. Exporters The USTR highlighted that Nigeria’s import ban covers a range of products, including beef, pork, poultry, fruit juices, medicaments, and spirits. These restrictions limit U.S. market opportunities, especially in sectors such as agriculture, pharmaceuticals, beverages, and consumer…

In the evolving landscape of global commerce, small and medium-sized enterprises (SMEs) remain the bedrock of economic growth. But for many of these businesses, outdated payment systems silently erode their potential. Enter Fajimokun Moses Kolawole, Nigeria’s renowned digital payment strategist, whose groundbreaking work is reshaping the future of SME transactions across continents. A Vision Rooted in Innovation and Experience With over 16 years of experience in digital finance, Kolawole currently serves as the Vice President of Offline Distribution at Moniepoint Inc., where his forward-thinking frameworks are saving SMEs billions monthly. From his early work designing bespoke Point of Sale (POS)…

Nigeria’s tech ecosystem faced a major setback in 2024, with six local startups among the eleven African companies that shut down, hibernated, or entered administration, according to the Startup Graveyard report. This trend not only underscores the persistent challenges facing Nigerian startups but also paints a broader picture of Africa’s volatile startup landscape. Who’s Affected? The Nigerian startups that shut down include: ThePeer HerRyde Chopnownow Cova BuyCoins Pro Quizac These closures join a list of others across the continent, such as GroIntelligence, CopiaGlobal, RejaReja, and iProcure (all from Kenya), and LetsChat, which operated in multiple countries. What Went Wrong? While…

At the 36th Enugu International Trade Fair, Governor Peter Mbah reaffirmed his administration’s dedication to creating a thriving business climate in Enugu State, with a strong focus on small and medium-sized enterprises (SMEs). Represented by Deputy Governor Barr. Ifeanyi Ossai, Mbah emphasized efforts to boost the Ease of Doing Business, strengthen infrastructure, and build partnerships that will spur long-term economic growth. Held under the theme “Developing Nigeria’s Industrial Sector/SMEs for Economic Advancement and Global Recognition,” the event brought together stakeholders across industries, commerce, and governance. Commitment to Business-Friendly Reforms Governor Mbah highlighted several key initiatives aimed at improving the business…

The Federal Capital Territory (FCT) has officially commissioned the first phase of the Kugbo International Market, a landmark project poised to revolutionize trade, support small businesses, and enhance job creation within Abuja and beyond. Unveiled by Dr. Mariya Mahmoud, Minister of State for the FCT, the market was developed under a public-private partnership and is set to play a vital role in advancing economic development while aligning with President Bola Tinubu’s Renewed Hope Agenda. A Hub for Entrepreneurial Empowerment Constructed through a Build-Operate-Transfer (BOT) model between the Abuja Investment Company Limited (AICL) and Mesotho Group, the market features: Over 1,600…

A Nigerian court has postponed the tax evasion trial involving global cryptocurrency exchange Binance and two of its executives until April 30, giving the Federal Inland Revenue Service (FIRS) time to respond to a legal challenge filed by the company. Binance’s legal counsel, Chukwuka Ikwuazom, argued that the court’s earlier February 11 order allowing court documents to be served via email was invalid. He noted that the tax authority failed to obtain court approval to serve legal documents on a foreign entity—Binance being registered and based in the Cayman Islands with no physical office in Nigeria. “The order for substituted…

In a surprising twist, Nigerians are witnessing an increase in fuel prices despite a significant fall in global crude oil prices. This paradox, experts say, is being driven by foreign exchange complications, logistics costs, and policy decisions by the Nigerian National Petroleum Company (NNPC) Limited. Global Prices Down, Local Prices Up Global crude oil recently dropped to $65 per barrel, its lowest since 2021, largely due to Donald Trump’s tariff moves and an OPEC+ supply increase. This sharp drop should have lowered petrol costs in Nigeria, a crude-importing country. However, the ex-depot petrol price in Lagos rose by ₦40, moving…

Nigeria’s aviation sector is in crisis, with 80% of the country’s airports operating at a loss and only a handful contributing meaningfully to the national economy. Despite being home to over 30 airports, only four are economically viable—Lagos, Abuja, Kano, and Port Harcourt—highlighting deep-rooted structural and financial issues plaguing the industry. FAAN’s Financial Burden and Underutilized Airports The Federal Airports Authority of Nigeria (FAAN), which oversees 22 federal airports, is struggling to stay afloat. While the agency lists 1,922 employees on its LinkedIn page, some reports suggest the workforce may exceed 10,000 when including contracted staff. Yet, many airports under…

Dangote Industries Limited has reaffirmed its commitment to developing ancillary industries and deepening Nigeria’s self-sufficiency across critical sectors, including petroleum refining, agriculture, cement production, and mining. At the ongoing 36th Enugu International Trade Fair, Dr. Abayomi Shittu, Regional Sales Director for Southeast Dangote Cement, spoke with the News Agency of Nigeria (NAN), stressing that the Dangote Petroleum Refinery will not only serve as a vital source of refined fuels but also as a catalyst for industrial development across the nation. Driving Growth Through Ancillary Industries Ancillary industries—such as pipeline infrastructure, petrochemical plants, fuel retailing, and transportation logistics—are poised to flourish…

In a heartwarming moment that caught the attention of fans and industry watchers alike, Cameroonian football legend Samuel Eto’o gifted Nigerian billionaire and philanthropist Tony Elumelu an exclusive red Hermès tie, sparking both admiration and debate across social media. An Unforgettable Exchange Between Two African Icons The surprise unfolded during a recent private meeting between the two influential figures. Captured on camera and widely circulated online, the footage showcased a relaxed and friendly atmosphere as Eto’o presented the luxurious gift. The gesture was seen by many as a meaningful symbol of camaraderie and mutual respect between two of Africa’s most…

Seyi Tinubu, a distinguished entrepreneur and philanthropist, has been honored as the Personality of the Year by the Face of Africa Leadership Award, an esteemed recognition organized by Triangle News International. The prestigious award ceremony will take place on Saturday, May 10, 2025, at 12:00 PM at the RHB 300 Hall of Goldsmiths, University of London, located at Lewisham Way, New Cross, London, SE14 6NW. This honor highlights Seyi Tinubu’s steadfast dedication to entrepreneurship, social impact, and youth empowerment in Nigeria and across the continent. As the CEO of Loatsad Promomedia, a leading digital outdoor advertising company based in Lagos,…

On April 8, 2025, the US Department of Government Efficiency (DOGE) announced the cancellation of a $84,059 grant intended to support a business incubator for spa and wellness entrepreneurs in Nigeria. This funding was initially approved by the United States African Development Foundation (USADF), an agency dedicated to investing in grassroots African enterprises and social entrepreneurs. The USADF operates in 21 African countries and has made investments across 40 nations, aiming to promote economic growth and empowerment. In a statement released on Monday, DOGE confirmed the termination of the grant, which was part of their broader mission to support small…

Nigeria’s billionaires are transforming the business landscape, rewriting the rules of wealth generation across the African continent. Amid challenges like fluctuating currency values, regulatory hurdles, and infrastructure deficits, these moguls are thriving—driving not only their own fortunes but also contributing to the economic growth of the nation. Unlike the previous reliance on oil booms and governmental patronage, today’s Nigerian billionaires are diversified. They are reshaping industries like energy, telecommunications, power, and infrastructure, while tackling Nigeria’s most pressing issues with locally driven solutions. At the forefront of this new wave are figures like Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad…

When Odutope Macauley-Okoro moved to Halifax from Nigeria, she sought a comforting taste of home. When she couldn’t find those nostalgic flavors, she decided to start her own food business with the help of the Specialized Program in Cooking Entrepreneurship (SPICE) through the Centre for Women in Business. Macauley-Okoro immigrated from Nigeria to Halifax in 2018. During the COVID-19 lockdown, she began making her favorite childhood snack, chinchin—a fried, cookie-like snack—and sharing it with friends. “When I couldn’t find it in stores, I realized I had all the ingredients I needed right at home. So, I started making it for…

The Minister of Information and National Orientation, Alhaji Mohammed Idris, is currently leading a high-level Nigerian delegation to the 2025 National Association of Broadcasters (NAB) Conference and Workshop taking place in Las Vegas, United States. The prestigious event, themed “The Technology, The Trend, The Future,” spans from Saturday to Wednesday, drawing media professionals, broadcasters, and tech innovators from around the globe. The aim is to foster international broadcast collaborations and explore strategic alliances that can transform the broadcasting industry. According to the News Agency of Nigeria (NAN), the conference covers key areas such as: Artificial Intelligence in broadcasting Cloud visualization…