Author: Gift Ifeanyi

A decade after Uber entered Nigeria’s transport market, the ride-hailing giant is touting its contribution to the economy — but the voices of its drivers tell a more complicated story. According to a new study by UK consultancy Public First, Uber’s presence generated an estimated ₦34 billion ($53.6 million) for Nigeria in 2023, equal to about 0.01% of GDP. The company also claims drivers earned an extra ₦6.1 billion ($9.6 million) last year compared to alternative job options, alongside boosts to the tourism and nightlife sectors. Uber reported that riders’ trips added ₦930 million ($1.5 million) to night-time spending at…

Nigerian enterprises seeking international expansion may increasingly find Mauritius a critical bridge to global finance, according to experts at a high-level roundtable in Lagos. The event, Finance Roundtable 1.0, held under the theme “Structuring for Growth: Leveraging Mauritius for Cross-Border Expansion and Financing,” was hosted by law firm Babalakin & Co. in collaboration with Intercontinental Trust Limited (ITL). Delivering remarks, Mabel Okereke, Partner at Babalakin & Co., said the session was designed to demystify international financing pathways for Nigerian entrepreneurs. “The goal is to equip businesses with the right structures to compete globally while sustaining local relevance,” she noted. Azeez…

Nigeria’s major oil unions have strongly opposed a federal proposal to sell off a large portion of the Nigerian National Petroleum Company Limited’s (NNPC Ltd) interests in joint venture (JV) oil assets. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) warned that the policy could destabilize the economy, shrink national revenue, and place workers’ welfare at risk. Union leaders argued that the sale, which would cut government holdings in JVs from the current 55–60% down by as much as 30–35%, amounted to mortgaging the nation’s future…

The Nigerian Exchange has witnessed a reshaping of its leaderboard, as BUA Foods Plc rose to claim the title of the Exchange’s most valuable company within just three years of listing. Its market capitalisation reached ₦11.3 trillion by September 19, 2025, a remarkable leap from its entry valuation and a reflection of sustained investor appetite. The Abioye Effect At the heart of this ascent is Ayodele Abioye, Managing Director of BUA Foods. Abioye stepped into leadership during a period of global uncertainty, when food supply chains were strained and Nigeria’s economy was struggling with post-pandemic shocks. Rather than buckle under…

Nigeria’s telecom landscape is being reshaped by a familiar giant. MTN Nigeria, already the nation’s largest operator, has set new records in the first half of 2025, earning ₦2.38 trillion in revenue. If the momentum holds, the company is on pace to surpass ₦5 trillion in annual turnover—its highest milestone yet. Data Consumption Becomes the Growth Engine The clearest shift in MTN’s trajectory is the surge in data usage. Six years ago, internet services contributed less than one-fifth of its revenue. Today, they account for more than half—₦1.22 trillion, or 52 percent of total earnings. This reflects how social media,…

For the first time since 2020, the Central Bank of Nigeria (CBN) has lowered its benchmark interest rate, signaling a strategic pivot toward boosting growth while keeping inflation risks in check. At the conclusion of its Monetary Policy Committee (MPC) meeting in Abuja, the apex bank announced a 50 basis-point cut in the Monetary Policy Rate (MPR), bringing it down to 27 percent. Governor Olayemi Cardoso described the move as “a response to improving fundamentals and an opportunity to create room for recovery.” A Balancing Act Between Growth and Inflation The MPC paired the rate cut with other liquidity adjustments.…

Abimbola Janet never saw fashion as just a way to make money—it has always been her vision of turning creativity into impact. From a makeshift corner in her father’s Lagos home, she began piecing fabrics into wearable art, often carrying materials in nylon bags across the city just to meet customers. Her persistence didn’t go unnoticed. Abimbola’s inspiring journey recently earned her recognition as one of the inaugural recipients of the PalmPay Hustle Grant—a ₦500,000 support fund designed to empower entrepreneurs who are pushing through challenges to build something greater. For Abimbola, PalmPay isn’t just a financial app—it has been…

MTN Foundation is expanding its flagship ICT and Business Skills Training initiative, announcing plans to equip 6,000 young entrepreneurs and aspiring business owners across seven states and the Federal Capital Territory (FCT) with vital digital and entrepreneurial skills. The programme, now in its seventh edition, is open to Nigerians aged 18–35 who run micro businesses under two years old or have a keen interest in entrepreneurship and digital transformation. Selected participants from Abuja, Bauchi, Bayelsa, Enugu, Ondo, Plateau, Sokoto, and Taraba will undergo intensive training designed to strengthen their business capacity and prepare them for growth. Odunayo Sanya, Executive Director…

Businessman and nightlife promoter Pascal Chibuike Okechukwu, better known as Cubana Chief Priest, has voiced concerns over Nigeria’s healthcare system after what he described as a frustrating hospital visit. Sharing his ordeal on Instagram, the celebrity socialite revealed he had been unwell and decided to undergo medical checks. However, the process, according to him, left much to be desired. Chief Priest said he was disappointed by the indifference of hospital staff and the long wait times, which discouraged him from completing the tests. Instead, he opted to pick up prescribed drugs and leave. Recounting the experience, he noted that one…

After 13 years of Dutch support, the Netherlands has officially transferred ownership and management of the 2Scale agribusiness initiative to Nigerian farmers, entrepreneurs, and academics under the Institute of Agribusiness Management Nigeria (IAMN). The handover ceremony, held at the FCW Milk Bulking Centre in Iseyin, Oyo State, marked the end of direct Dutch funding but the beginning of a fully Nigerian-led chapter for the program. 2Scale, designed as an incubator and accelerator for inclusive agribusiness, has built partnerships that empower smallholder farmers, boost food processing, and expand consumer access to locally produced food. Over its lifespan, the initiative mobilized €30…

Benin City’s Victor Uwaifo Creative Hub came alive with energy as the Edo Fest transformed into more than just a fair — it became a rallying point for entrepreneurship, creativity, and community spirit. The festival brought together an impressive mix of vendors and shoppers, with stalls featuring locally made clothing, food, beauty essentials, and handcrafted art. For many traders, the event was a commercial breakthrough, as strong patronage led to sold-out stands and expanded customer bases. Beyond sales, Edo Fest provided a vital networking and visibility platform for small businesses, offering them opportunities to build long-term partnerships and grow their…

Nigeria’s solid minerals sector has entered another phase of reform as the Federal Government moves to cancel more than 1,200 dormant and defaulting mining licences, in a decisive attempt to sanitise the industry and attract credible investors. The Ministry of Solid Minerals Development, through the Mining Cadastral Office (MCO), confirmed that affected titles include 584 exploration licences, 65 mining leases, 144 quarry licences, and 470 small-scale mining permits. Minister Dele Alake, who authorised the action, stressed that the move is aimed at ending speculative hoarding of mineral titles and opening access to genuine operators. “Nigeria cannot afford a system where…

Sometimes, one small idea can change the course of a lifetime. For software engineer Gbenga Akingbulere, that spark came more than a decade ago in Nigeria. Back in 2010, he experimented with ways to make the internet more affordable for everyday users. Leveraging mobile phone network tweaks and a no-code platform called Ning, he created EduSocial, a hub that connected to Facebook, MySpace, and blogs. The platform drew hundreds of members eager to browse at a lower cost—an achievement that not only solved a problem but also ignited his interest in technology and community-building. Though EduSocial ended when the platform…

Nigeria is entering a decisive era of digital transformation, with analysts projecting the country’s e-commerce sector to top $16 billion by 2030. The forecast was shared during the 35th Annual Conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos, where stakeholders examined the rapid rise of the digital economy. The conference, themed “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance,” featured insights from representatives of the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), major banks, and academics from the Lagos Business School (LBS). A Growing Digital Market Citing the Nigerian Communications…

Nigeria’s lawmakers are signaling confidence in the federal government’s use of loans as a pathway to recovery, with Speaker of the House of Representatives Tajudeen Abbas calling debt a “strategic necessity” for building infrastructure and lifting citizens out of poverty. Speaking in Abuja at the 8th African Network of Parliamentary Budget Offices (AN-PBO) Conference, Abbas argued that every modern economy occasionally leans on credit to accelerate development, and Nigeria should be no exception. Rather than focusing on reports of political disagreement over borrowing, Abbas emphasized outcomes: power projects, new transport corridors, and agricultural investments meant to expand the nation’s revenue…

Access Bank has rolled out the 2025 Womenpreneur Pitch-a-Ton, its flagship empowerment initiative designed to accelerate the growth of women-owned businesses across the continent. The new season, which opened for entries on September 19 and runs until October 3, 2025, promises more than just prize money. It blends business training, mentorship, and networking into a package that aims to build resilient enterprises capable of scaling beyond local markets. At the launch event in Lagos, Nene Kunle-Ogunlusi, Group Head of Women Banking at Access Bank, said the initiative continues to evolve. “Since 2019, we have supported hundreds of women with funding,…

Before becoming a global music sensation, Mr Eazi faced a defining moment that nearly crushed his confidence in business. At just 19, he ventured into diesel supply with hopes of striking a deal with MTN, only to watch ₦19 million vanish when fuel deregulation disrupted the market. Pooling resources from his uncle, aunt, and a family friend, the young Eazi believed he was on the path to early success. Instead, plummeting prices forced him to sell fuel at a loss, leaving investors disappointed and the venture in ruins. Looking back, the Banku Music pioneer doesn’t see that loss as failure…

What if Nigeria’s overflowing plastic waste could dress the world instead of choking its environment? Each year, the country generates an estimated 2.5 million tons of plastic—most of it discarded PET bottles that clog landfills and waterways. But hidden within this crisis is an unmined resource for fashion. Across the globe, sportswear giants like Adidas and Patagonia are spinning used plastics into polyester fibers, reshaping them into sneakers, jerseys, and jackets that both cut emissions and capture eco-conscious consumers. Nigeria has the raw material in abundance, yet its recycling sector remains fragmented, weighed down by small-scale operations, policy inertia, and…

Across Nigeria’s capital city, small and medium-sized enterprises are battling for survival as a wave of economic pressures pushes operating costs to record highs. From energy bills to unpredictable food prices, the daily struggle of traders, artisans, and service providers paints a bleak picture of life under the current policy climate. Many business owners argue that “Tinubunomics”—a mix of subsidy removals, tax reforms, and currency adjustments—has failed to create breathing space for the small business ecosystem. Instead, higher electricity tariffs, soaring fuel prices, and looming new taxes are squeezing already thin margins. For Mrs. Grace Okon, a tailor in Wuse,…

Nigeria’s business community is gearing up for a landmark event as NextMoney, the flagship publication of the Centre for Financial Journalism Limited/Gte, prepares to unveil its list of the nation’s Top 100 Companies. The ceremony, which also doubles as the debut NextMoney Top 100 Companies Awards, is scheduled for October 3 at the Civic Centre, Victoria Island, Lagos. This maiden edition, themed “Nigeria’s Top 100 Companies: Yesterday, Today and the Future,” will spotlight firms that have demonstrated exceptional strength and consistency in key areas of corporate performance. Key industry leaders will headline the event, with Proshare Nigeria’s Chairman, Mr. Olufemi…