Author: Gift Ifeanyi

In a major push to improve access to affordable finance, the Federal Government has introduced a consumer credit initiative offering up to ₦2 million interest-free loans, starting with civil servants and later extending to the broader public. The scheme is spearheaded by the Consumer Credit Corporation of Nigeria (Credicorp), established by executive order in April 2024. Structured Credit, Not Free Money Speaking after a briefing with President Bola Tinubu, Credicorp Managing Director Uzoma Nwagba emphasized that the new scheme is not about handing out free funds but about empowering Nigerians to plan better financially and live with dignity. “Rather than…

SINGAPORE — Wilmar International is set to acquire full ownership of Nigeria-based palm oil company PZ Wilmar by purchasing the remaining 50% stake from joint-venture partner PZ Cussons for US$70 million, according to an announcement made on Wednesday, June 18. Once the deal is finalized, Wilmar will hold 100% equity in the palm oil business, marking a strategic expansion of its footprint in Nigeria’s agribusiness sector. Expanding in a High-Potential Market Chairman and CEO Kuok Khoon Hong stated that Nigeria’s growing population of over 200 million offers significant opportunity in food and nutrition, making the country a key investment destination…

As tensions escalate between Israel and Iran, Nigerian economic analysts are sounding the alarm over the potential ripple effects on the nation’s economy. The Centre for the Promotion of Private Enterprise (CPPE) has warned that the unfolding geopolitical crisis could produce a complex mix of economic gains and setbacks for Nigeria, particularly in the energy and monetary sectors. According to Dr. Muda Yusuf, Chief Executive Officer of CPPE, the volatile Middle East situation may trigger a surge in global oil prices—an outcome with both promising and perilous consequences for Africa’s largest oil-producing nation. On one hand, the rise in crude…

Nigeria’s equities market opened the week on a bearish path as the Central Bank of Nigeria’s (CBN) decision to suspend dividend payouts, executive bonuses, and foreign investments by select banks continues to ripple through the financial sector, wiping off N108 billion from the market capitalisation in a single trading day. The All-Share Index (ASI) dropped by 170.77 points or 0.15%, settling at 115,258.77, while total market capitalisation fell to N72.68 trillion. The downturn was primarily driven by selloffs in large and mid-cap stocks, notably Zenith Bank, United Bank for Africa (UBA), Oando, Conoil, and Northern Nigeria Flour Mills (NNFM). Investor…

A U.S.-based Nigerian expert in geoscience and data innovation, Mathew Ogieva, is making remarkable strides in the global advancement of Science, Technology, Engineering, and Mathematics (STEM), using his expertise to shape and inspire the next generation of innovators across continents. Ogieva recently served as a Grand Award Judge at the prestigious 75th Regeneron International Science and Engineering Fair (ISEF), held from May 10 to May 17 in Columbus, Ohio. ISEF, which brings together nearly 1,700 young scientists from more than 60 countries, is recognized as the largest and most esteemed pre-college science competition in the world. Reflecting on the event,…

Ogun State has paid a solemn and heartfelt tribute to one of Nigeria’s most revered industrialists and community leaders, Chief Olatunde Abudu, who passed away at the age of 96 in Abeokuta last week. At the eight-day Fidau prayers held in his honour on Monday, prominent dignitaries, including Governor Dapo Abiodun and former governors Olusegun Osoba and Ibikunle Amosun, gathered to celebrate the life and legacy of a man who left an indelible mark on Egbaland, Ogun State, and the nation at large. Representing Governor Abiodun at the event, Deputy Governor Engr. Noimot Salako-Oyedele described Chief Abudu as a man…

Over the past 25 years, Africa’s oil and gas landscape has undergone a dramatic transformation. Once dominated by a few nations, hydrocarbon discoveries now span nearly 40 of the continent’s 54 countries. While this expansion holds significant economic promise, it also presents a critical question: how can these resources be harnessed to benefit African economies and citizens? One voice gaining continental attention is Simbi Wabote, former Executive Secretary of Nigeria’s Content Development and Monitoring Board (NCDMB), whose seven-year tenure saw Nigeria’s local content participation rise from 18% to 54%. Today, he is helping other African nations build sustainable frameworks for…

At the maiden edition of the Folawiyo Entrepreneurship Centre Annual Lecture and Business Idea Competition, thought leaders and industry experts gathered at Yaba College of Technology, Lagos, to explore entrepreneurship as a cornerstone of sustainable national development. The keynote speaker, Chief Tunde Fanimokun—a former Lagos State Permanent Secretary and Chairman of DSE Foundation—outlined seven major challenges confronting Nigeria’s growth and proposed visionary leadership as the key to unlocking its immense potential. Delivering a lecture titled “Entrepreneurship: The Central Pillar of Accelerated Sustainable Development in Nigeria,” Chief Fanimokun highlighted the chronic issues of mismanaged natural wealth, neglected agricultural development, overreliance on…

Micohype Beauty Hair, a top-tier name in Nigeria’s hair fashion industry, is proving that business success and social transformation can go hand in hand. Consistently ranked among the country’s top five hair brands, the company has woven social responsibility into the very strands of its business model, setting a powerful precedent in ethical entrepreneurship. At the heart of Micohype’s strategy is a commitment to local empowerment. The company sources its premium hair products through partnerships with local artisans and collectors in Nigeria, Ghana, and Ethiopia. This approach not only ensures authenticity and quality but also provides sustainable income opportunities for…

Once a vital contributor to global oil supply, Nigeria’s petroleum sector has faced a severe downturn, with crude production declining by 40% from its 2005 peak to a current level of 1.6 million barrels per day. Following the oil price collapse in 2014, international oil companies (IOCs) began redirecting investments to safer, lower-cost regions, accelerating Nigeria’s production decline. However, under the leadership of President Bola Tinubu, newly elected in 2023, the country is now pushing a bold recovery agenda. A New Era of Reform and Aspiration President Tinubu, serving concurrently as Nigeria’s Minister of Petroleum Resources, has set ambitious national…

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised significant concerns following Dangote Refinery’s recent announcement to begin direct nationwide distribution of premium motor spirit (PMS) and automotive gas oil (AGO). In a statement issued on Monday, PETROAN described the development as a potential threat to thousands of jobs and a move that could foster monopoly in Nigeria’s downstream petroleum sector. Dangote Refinery, one of the largest refineries in sub-Saharan Africa with a capacity of 650,000 barrels per day, declared plans to independently distribute petrol and diesel across the country. While this initiative is expected to boost…

In 2025, Nigeria is witnessing a powerful surge of young billionaires who are reshaping the nation’s economy across multiple sectors. Driven by innovation, grit, and visionary thinking, these wealth creators have emerged from diverse backgrounds to lead groundbreaking ventures in oil, real estate, fintech, media, technology, and hospitality. While estimates of net worth remain private and varied, their economic influence is undeniable. Here’s a spotlight on some of the most prominent young Nigerian billionaires changing the face of modern entrepreneurship. Igho Sanomi: The Silent Titan of Energy and InfrastructureFounder of Taleveras Group, Igho Sanomi commands a formidable presence in Nigeria’s…

When Rahanatu turned her lifelong love for incense into a business, she had no idea it would grow into a multi-state enterprise or make her an online sensation. What started as a survival tactic after years of unemployment has evolved into one of northern Nigeria’s standout entrepreneurial success stories. A Business Born from Necessity, Not Passion After five years of unsuccessful job hunting—even with a master’s degree—Rahanatu decided to try something radically different. She tapped into a personal habit that had always brought her joy: burning incense. “I just told myself, why not sell it?” she recalled. “I’ve always used…

BioDlink Biopharm Co., Ltd. has achieved a major milestone with the approval of its Bevacizumab Injection (Pusintin®) by Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC). This approval opens the gateway to the African market, aligning with BioDlink’s broader strategy to expand globally and provide affordable, high-quality biosimilar therapies to underserved regions. Expanding Global Footprint Through Strategic Collaborations Following successful GMP certifications in Brazil, Colombia, Egypt, Indonesia, and Argentina—countries with rigorous regulatory frameworks—BioDlink has further cemented its global reputation. This approval in Nigeria signals its first major step into Africa, a continent with growing healthcare demands and…

In the early 1990s, when computers were a rarity and indigenous software was widely underestimated, a quiet revolution began. Few could foresee that a small Nigerian firm, founded in an era dominated by typewriters and fax machines, would go on to engineer some of the country’s most impactful technological transformations. More than three decades later, SystemSpecs stands not as a fleeting disruptor, but as a legacy builder—shaping the very foundation of Nigeria’s digital ecosystem through innovation, consistency, and deep local insight. From Humble Beginnings to Software Trailblazer Founded in 1992 by Dr. John Tanimola Obaro, a visionary computer scientist and…

In a notable display of regional diplomacy, Nigeria has extended official invitations to Burkina Faso, Mali, and Niger to attend the upcoming 2025 West Africa Economic Summit, despite the trio’s formal withdrawal from the Economic Community of West African States (ECOWAS) earlier this year. Minister of Foreign Affairs, Ambassador Yusuf Tuggar, made the announcement during a press briefing on Monday, emphasizing that the exit of these nations from ECOWAS did not diminish their importance to West Africa’s collective development goals. Breaking Political Barriers for Economic Unity Burkina Faso, Mali, and Niger finalized their exit from ECOWAS on January 29, 2025,…

Despite recent security concerns and the temporary closure of the Abraka Railway Station, Nigerian Railway Corporation (NRC) consultant Mark Adamu is calling on entrepreneurs and investors to recognize the immense economic potential along the Warri-Itakpe rail corridor, particularly in Delta State. Speaking following the shutdown of the Abraka Station—a key stop along the Warri-Itakpe Train Service (WITS)—Adamu emphasized that while safety remains a priority, the crisis should not deter economic development or investment in the area. Background: Violence Forces Temporary Shutdown The closure of the Abraka Station comes in the wake of a violent clash between Fulani herders and local…

In a fast-paced world where young professionals are navigating career decisions, financial independence, and personal growth, Nigerian-hosted podcasts offer a relatable and impactful resource. These on-demand shows deliver real-life strategies from successful entrepreneurs, financial experts, and mindset coaches—all within a familiar Nigerian context. Whether you’re negotiating your first raise, launching a side hustle, or building mental resilience, these podcasts provide the tools, stories, and insights to help you thrive. 1. The Future Awards Africa Podcast This podcast spotlights rising stars and changemakers across industries, unpacking their career journeys, funding pitches, and leadership milestones. Each episode provides a blueprint for launching…

The Bayelsa State Government has unveiled the Bayelsa E-Commerce Entrepreneurship Program (BEEP 2025)—a transformative initiative aimed at training 500 entrepreneurs to thrive in the fast-growing digital economy. The flagship program is part of the MPOWER500 initiative, which focuses on economic inclusion, youth empowerment, and sustainable development. The official launch is set for June 17, 2025, at the Government House Banquet Hall in Yenagoa, with Governor Douye Diri presiding. Driving Inclusive Prosperity Through E-Commerce Speaking at a press briefing, Ebiowou Kolu-Obiyal, the state’s Commissioner for Information, Orientation and Strategy, emphasized the strategic alignment of BEEP with Bayelsa’s Prosperity Agenda. “BEEP will…

In a powerful collaboration aimed at empowering young Nigerian women, the Anglican Diocese of Lagos West, in partnership with Terra Academy for the Arts (TAFTA) and with support from the Mastercard Foundation, has successfully trained 126 young women in creative arts, business management, and content development. The training, hosted at the Caroline Adebiyi Women Development Centre in Ipaja, Lagos, focused on equipping participants with practical skills in scriptwriting, animation, and creative entrepreneurship—tools essential for thriving in today’s digital and creative economy. More Than Skills: A Mission to Inspire Leadership Dr. (Mrs.) Lydia Odedeji, President of the Diocesan Women’s Organisation and…