Author: Gift Ifeanyi

The Osun State Government has reaffirmed its strong commitment to supporting micro, small, and medium-scale enterprises (MSMEs), recognizing their central role in driving economic development and job creation. Speaking to journalists in Osogbo, the State Commissioner for Commerce and Industry, Reverend ‘Bunmi Jenyo, emphasized that Governor Ademola Adeleke’s administration has placed small businesses at the heart of its industrialization policy. “Reviving the state’s economy was a major assignment given to our Ministry. We designed a comprehensive policy for industrial development which has served as our roadmap since inception,” Jenyo stated. Key Industrial Partnerships and Investment Prospects Jenyo highlighted several initiatives…

Africa must embrace a new financing model tailored to its unique economic landscape if it hopes to empower small and medium enterprises (SMEs) and drive true continental growth. This was the resounding message from stakeholders, policy advocates, and financial experts at the 10th SME Conference organised by Wider Perspectives Limited (WPL), held in Port Harcourt, Rivers State. Delivering the keynote address, Ebiekure Jasper Eradiri, President of the All Africa SMEs and a pioneer figure in continental SME advocacy, emphasized that SMEs represent 80% of Africa’s economy, yet continue to be stifled by outdated, colonial-era lending models. He stressed the need…

Global index provider MSCI Inc. has announced it will require additional time to evaluate Nigeria’s foreign exchange (FX) reforms, delaying any potential reclassification of the country’s market status. This means Nigeria is unlikely to regain its position in the MSCI Frontier Markets Index during the upcoming annual classification review slated for June 24. MSCI acknowledged improvements in Nigeria’s FX liquidity due to recent operational changes but emphasized that uncertainties remain. The company stated in its annual market accessibility report that while reforms have been introduced, “more time is needed to assess the impact of these changes.” Nigeria was removed from…

Former Labour Party presidential candidate Peter Obi has strongly condemned the Nigerian National Petroleum Company Limited (NNPC Ltd) following revelations of alleged financial irregularities totaling N210 trillion, uncovered in a recent Senate audit report spanning 2017 to 2023. In a statement shared via X (formerly Twitter) on Friday, Obi described the scale of the financial discrepancies as “staggering and shameful,” asserting that Nigeria has become a “crime scene” of systemic corruption and impunity. “How else does one explain the recent revelation by the Senate, which uncovered N210 trillion in financial irregularities? N103 trillion in so-called ‘accrued expenses’ and another N107…

Nigerians may soon experience a notable reduction in petrol pump prices, thanks to the growing impact of the Dangote Refinery and broader shifts in the nation’s energy sector. This projection was made by Ifeayi Ubah, Head of Investment Research at Comercio Partners Limited, during an interview on ARISE TV. Ubah attributed the expected price drop to Dangote’s alignment with global crude price trends, noting that recent reductions in Dangote’s prices mirrored dips in international markets. “The refinery is responding to global prices. When international prices fell, Dangote adjusted accordingly,” he said. Nigeria’s energy landscape is undergoing a transformation as the…

Global logistics leader DHL Group has announced a major investment of €500 million (approximately US$575 million) over the next five years to scale up its healthcare and logistics infrastructure across Africa and the Middle East. The move signals DHL’s intensified focus on strengthening supply chains for critical medical shipments while positioning the region as a central player in global commerce. The ambitious expansion plan—part of DHL’s broader €2 billion global healthcare investment strategy—will target key markets such as South Africa, Egypt, Kenya, the United Arab Emirates, and Saudi Arabia. The initiative is set to enhance the handling of essential and…

As global tech platform Glovo celebrates a decade of innovation, the spotlight is turning to Nigeria—a key market fueling the company’s next wave of expansion and impact. Since entering the Nigerian market in 2021, Glovo has become a critical enabler of digital commerce, entrepreneurship, and economic inclusion, cementing its role as more than just a delivery app. In its newly released Yellow Effect Report, Glovo details how its presence in Nigeria has reshaped local business dynamics, contributed to the country’s booming Q-Commerce sector, and driven widespread adoption of digital tools. The report reveals that between 2021 and 2024, Nigerian merchants…

Despite mounting macroeconomic pressures, Nigeria’s largest corporations demonstrated resilience in 2024 by sustaining high employment levels and investing heavily in their workforce. The top ten employers listed on the Nigerian Exchange (NGX) collectively provided jobs for 84,491 people, reflecting their critical role in bolstering employment across the country. According to financial data compiled by Nairametrics Research, these corporations—operating in sectors such as banking, consumer goods, and industrial manufacturing—spent a combined ₦1.695 trillion on salaries in 2024 alone. The figures highlight the importance of large enterprises in supporting Nigeria’s labor market, especially at a time when the nation’s youth face considerable…

What began as a 40th birthday celebration for Dr. Obichi Obiajunwa quickly transformed into a platform for national reflection, thought leadership, and calls for purposeful innovation. Themed “Purpose, Innovation, and Posterity,” the Abuja event gathered academics, entrepreneurs, policymakers, and mentees for an evening that went beyond festivity to address Nigeria’s future in a meaningful way. In his keynote speech, Dr. Obiajunwa reflected on the significance of turning 40, describing it not merely as a personal milestone but as a “symbolic moment to recommit to the nation’s most pressing needs.” “We must become a generation that builds not for applause, but…

 On June 19, 2025, Paga Group unveiled Doroki, a powerful cloud-based platform designed to revolutionise business operations for Nigeria’s small and medium enterprises (SMEs). The launch event, held at Radisson Blu Hotel, Victoria Island, introduced Doroki as a one-stop solution for SMEs seeking efficiency, growth, and digital transformation. Doroki streamlines order management, inventory tracking, payments, and customer engagement—all within a single, user-friendly interface. The platform targets operationally mature businesses in sectors such as retail, food service, salons, and grocery, enabling them to overcome common challenges like stock inconsistencies, payment reconciliation, and customer retention. “Doroki simplifies operations, provides actionable insights, and…

In a significant step towards improving Nigeria’s business and legal environment, the Ernest Shonekan Centre for Legislative Reforms and Economic Development (ESC) and the Nigerian Bar Association Section on Business Law (NBA-SBL) have officially signed a Memorandum of Understanding (MoU) in Lagos to formalise their strategic partnership. The two organisations have been collaborating informally since 2016, when they contributed to the Comprehensive Review of Institutional, Regulatory, Legislative, and Associated Instruments Affecting Businesses in Nigeria, conducted under the UK-DFID ENABLE2 and GEMS3 projects and led by Professor Paul Idornigie, SAN. Chairman of ESC, Kyari Bukar, described the formal agreement as a…

Nigerian banks are facing a significant financial challenge as Eurobond obligations totaling approximately $2.35 billion come due between the fourth quarter of 2025 and 2026. This debt burden, spread across five major banks, comes at a time of heightened capital pressures driven by currency devaluation, regulatory tightening, and ongoing recapitalization efforts. The earliest maturity is First Bank of Nigeria’s $350 million Senior Unsecured Eurobond, set to mature in October 2025. Issued in 2020, this was the first Eurobond from a Nigerian lender since 2017. Next is Ecobank Nigeria’s $300 million Senior Unsecured facility maturing in February 2026. The bank has…

Nigeria is set to welcome over 50 African countries as it hosts the 4th African Union (AU) Micro, Small, and Medium Enterprises (MSME) Forum in Abuja from June 23 to 27, 2025. The high-profile event will convene government officials, entrepreneurs, policymakers, and investors to address key challenges facing small businesses across the continent—including limited access to finance, digital transformation, and barriers to market expansion. Organised by the African Union Commission, the forum aims to bolster the role of MSMEs in driving intra-African trade, strengthening value chains, and accelerating the continent’s economic growth. Speaking at a press briefing at the State…

In a groundbreaking moment for African creatives in the diaspora, Nigerian entrepreneur Bukky Asehinde, founder of Bellafricana and CEO of TALES Global, has received official backing from Westminster City Council for TALES 2025—a bold showcase of African craftsmanship and innovation in the heart of London. The endorsement, supported by both the City of Westminster and the New West End Company, signifies a powerful shift toward global recognition of African talent. It ensures TALES 2025 will gain prime visibility through major UK marketing channels, including Oxford Street’s official platforms, marking a significant milestone in cultural representation. Asehinde emphasized the event’s importance:…

In a major boost to Nigeria’s tech and startup landscape, the National Information Technology Development Agency (NITDA) has unveiled plans for an $11.2 million innovation hub in Abuja. Spearheaded by NITDA’s Director-General, Mallam Kashifu Inuwa Abdullahi, the project is a strategic collaboration between Nigeria and the Japan International Cooperation Agency (JICA), with implementation support from a consortium of Japanese consulting firms—Oriental Consultants Global Co. Ltd., Intem Consulting Inc., and Yachiyo Engineering Co. Ltd. The hub, funded entirely by a JICA grant, will serve as a dynamic platform for technological advancement, entrepreneurship, and innovation. It will provide infrastructure, mentorship, and resources…

Adeyemo Olufunke, a passionate educator, counselor, and social development advocate, is leading transformative initiatives that are improving lives across Nigeria. With a Master’s in Social Work and a B.Ed in Guidance and Counseling/Communication and Language Arts from the University of Ibadan, her work spans education, health, agriculture, and entrepreneurship—driving sustainable development in both rural and urban communities. One of her most impactful collaborations with Life Builders mobilized 500 women and youth in rural Nigeria to cultivate nutrient-rich crops like Moringa Oleifera, Ugwu, and other green vegetables. This initiative not only enhanced food security and nutrition but also created income-generating opportunities.…

A Nigerian entrepreneur recently shared a troubling account: when seeking a loan to expand her business, her bank demanded both her home as collateral and 30% of the loan amount in cash—despite her property’s value far exceeding the loan. With interest rates on overdrafts as high as 33%, she’s given up on scaling. This is not an isolated case, but a reflection of the harsh financial climate facing many African businesses. Behind this lies a deeper issue: global media narratives that reinforce outdated stereotypes about Africa—portraying it as a land of risk, conflict, and instability. These perceptions, though largely inaccurate,…

In a major shift for Nigeria’s digital financial ecosystem, thirteen commercial banks have fully settled their outstanding debts for Unstructured Supplementary Service Data (USSD) services owed to Mobile Network Operators (MNOs). The remaining three banks are close to finalizing their payments, having cleared over 95% of their dues. This resolution sets the stage for the nationwide adoption of a new billing model that charges customers directly from their airtime balance. This was disclosed by Engineer Gbenga Adebayo, Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), during an ‘ASK the Exec’ virtual session hosted by MTN Nigeria. The…

The Bank Customers Association of Nigeria (BCAN) has raised fresh concerns over unauthorized deductions from customer accounts, revealing that it has formally petitioned the Central Bank of Nigeria (CBN) to intervene. The disclosure was made by BCAN President, Uju Ogubunka, at the 2025 Artificial Intelligence Conference hosted by SuperNews under the theme “Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience.” Ogubunka criticized the ongoing migration to the end-user billing model for unstructured supplementary service data (USSD), stating that the deductions fall outside the scope of CBN-approved bank charges. He stressed that if the central bank…

The 28th St. Petersburg International Economic Forum (SPIEF 2025) has emerged as a pivotal moment for Russia-Africa relations, as high-level African delegations joined over 20,000 global participants in a powerful display of economic dialogue, partnership-building, and multilateral cooperation under the theme: “Shared Values: The Foundation of Growth in a Multipolar World.” Held in Russia’s second-largest city, SPIEF 2025 offered African leaders, entrepreneurs, and innovators an influential platform to explore trade opportunities, deepen bilateral ties, and contribute to shaping a new global economic order. The forum underscored Russia’s ambition to position itself as a reliable partner for African nations amid shifting…