Author: Gift Ifeanyi

In Nigeria’s fast-growing food and beverage sector, some entrepreneurs follow trends while others define them. Chief Innocent Okwudili Nwosu belongs firmly in the second category. As founder and CEO of Lovebite Foods & Beverages Company Limited, headquartered in Nnobi, Anambra State, he has transformed a modest beginning into a thriving enterprise that blends quality production with social impact. A Journey Shaped by Vision Chief Nwosu’s career began in 2003, not in a factory but in the markets—moving goods, studying demand, and refining his instincts for consumer taste. This early exposure convinced him that true influence in food lies not in…

Lagos, Nigeria – In a powerful and landmark announcement at the Digital Creator Africa Summit/Africa Creative Market, media entrepreneur Chude Jideonwo has pledged to invest £500,000 (approximately 1 billion Naira) of his personal funds into Nigerian and African creators, launching a new initiative called The FourthMainland Creators Fund. The announcement came during Jideonwo’s keynote address titled “Overtaking Is Allowed,” where he passionately described the African creator economy as “the most important socio-economic revolution this continent has seen in a generation.” Marking his 25th anniversary in the media industry, Jideonwo stated he has “never been more hopeful and certain about the…

United Bank for Africa Plc (UBA) has sustained profit growth in the first half of 2025, overcoming surging interest expenses to close the period with improved earnings and a larger payout to shareholders. For the six months ending June 30, the pan-African lender reported profit after tax of ₦335.53 billion (US$222.1 million), representing a 6% rise from ₦316.36 billion (US$208.8 million) recorded in the same period last year. Profit before tax came in at ₦388.41 billion (US$250.5 million). UBA’s topline remained robust, with gross earnings hitting ₦1.608 trillion (US$926.5 million), supported by a surge in interest income to ₦1.334 trillion…

Nigeria is stepping into the spotlight of Africa’s lighting industry after local firms closed over ₦600 million in business agreements at the 2025 International Lighting Exhibition, which wrapped up in Lagos on Friday. The three-day expo, themed “Zero-Carbon Lighting: Supporting Nigeria’s Energy Transition Goals,” drew more than 3,000 professionals and over 100 global companies, showcasing the latest innovations in energy-efficient lighting and smart technology. Organiser Zhongshan Company Ltd. confirmed that major breakthroughs were recorded. Among them, VellMax and Solar-Sunbest Integrated Services Ltd. received intent orders valued at ₦100 million, while six other companies—including MXS Home, Buchi Lighting, Great Future, Cieto…

The Nigerian Association of Small Scale Industrialists (NASSI), Delta State chapter, is intensifying efforts to consolidate its presence and boost opportunities for micro, small, and medium enterprises (MSMEs) across the state. Princewill Ojeh, recently re-elected as Chairman of NASSI Delta, explained that the association—backed by federal law—was established to provide a voice and platform for small-scale industrialists who form the backbone of Nigeria’s production economy. Unlike large corporations such as PZ or SCOA, NASSI caters exclusively to enterprises engaged in grassroots production and processing. “From inception in the 1970s, the law that created NASSI was designed to give ordinary Nigerians…

Five companies on the Nigerian Exchange have released their earnings outlooks for the 2025 financial year, collectively signaling improved performance despite a volatile economic climate. The businesses—AIICO Insurance Plc, Red Star Express Plc, SUNU Assurances Nigeria Plc, Prestige Assurance Plc, and Eterna Plc—expect to achieve a combined revenue of ₦426.36 billion. Alongside this, they project profit after tax to total ₦24.34 billion, supported by an estimated operating cash flow of ₦45.92 billion. These forecasts underscore cautious optimism within the market, where resilient consumer demand, steady service uptake, and targeted financial restructuring appear to be key drivers. The results also highlight…

Shoprite’s Nigerian operator, Retail Supermarkets Nigeria Limited (RSNL), has attracted a new wave of investor support, a move that signals renewed confidence in its long-term prospects and sustained presence in the country’s retail landscape. According to a company disclosure on Monday, the fresh capital will reinforce RSNL’s turnaround agenda and serve as a springboard for the next chapter of growth for the supermarket chain. The firm admitted that recent years have been marked by severe headwinds across the Nigerian retail space, with surging costs and tight liquidity conditions straining operations. Despite these pressures, RSNL explained that it has been steadily…

Nigeria’s natural wealth is often measured in oil and minerals, but its true strength lies in people who dare to innovate against all odds. One such trailblazer is Hajiya Rukayya Khalid, an entrepreneur from Kano who is pushing boundaries by designing and producing electric tricycles entirely from local materials. Her mission: cut transportation costs and reduce environmental impact. As founder of Prestige Tricycle Nigeria Limited, Rukayya shared with SolaceBase that her decision to venture into engineering was fueled by a lifelong passion for building things rather than following conventional business paths. “I’ve always preferred making something with my own hands.…

Few Nigerian entrepreneurs embody the fusion of business excellence and humanitarian service as seamlessly as Chief Kelvin Jombo Onumah. From a childhood marked by hardship to building an international business network and uplifting communities, his story is one of resilience, bold vision, and purposeful giving. Early Life and Education Born on 28 September in Abiriba, Ohafia Local Government Area of Abia State, Onumah’s formative years were shaped by both opportunity and challenge. The passing of his father, Chief Kalu Onumah, introduced him early to life’s uncertainties. Instead of succumbing, he cultivated independence and determination. His education took him across Rivers…

Nigeria’s beauty and lifestyle scene is about to witness a groundbreaking moment as Tacha Akide, media star and entrepreneur, unveils the inaugural Tacha Beauty Festival. The three-day event will run from October 10–12, 2025, at the John Randle Centre for Yoruba Culture & History in Lagos. At the heart of the festival is Tacha’s bold pursuit of a Guinness World Record for the Most Cosmetic Makeovers by an Individual in 24 Hours. She is aiming for 150 transformations in a single day, a feat designed to showcase not only her creativity but also Nigeria’s growing influence in the global beauty…

The Nigerian currency wrapped up the week on a positive note as the Naira strengthened to N1,487.89 per Dollar at the official foreign exchange market on Friday. Data from the Central Bank of Nigeria (CBN) showed that the currency appreciated by N11.08 or 0.7 percent compared to Thursday’s closing rate of N1,498.97. The upbeat close came after a mixed week of trading. The Naira had started Monday with a gain of N4.03, but slipped slightly over the next three sessions, settling at N1,484.13 on Tuesday, N1,494.01 on Wednesday, and N1,498.97 on Thursday. Despite the midweek dips, analysts welcomed the overall…

Nigeria will be represented at the 80th session of the United Nations General Assembly (UNGA) in New York by Vice President Kashim Shettima, who is set to engage in a series of high-level meetings between September 22 and 28, 2025. The week-long gathering, which marks the UN’s 80th anniversary, will bring together world leaders for debates, policy dialogues, and international cooperation. Vice President Shettima will stand in for President Bola Tinubu during Nigeria’s participation. On September 24, Shettima is expected to deliver Nigeria’s address to the UNGA, highlighting the country’s priorities and foreign policy direction. He will also participate in…

Nigeria’s housing finance system remains shallow, with mortgage penetration among the lowest in Africa. While demand for home ownership is strong, structural challenges—from affordability to legal bottlenecks—continue to keep millions locked out of formal housing finance. A closer look at the issues reveals both the obstacles and pathways to reform. Why Mortgages Remain Out of Reach For most Nigerians, securing a mortgage is nearly impossible. Access to formal banking systems is limited, and many cannot meet requirements such as proof of stable income or formal employment. High interest rates—hovering between 18% and 27%—make repayments unaffordable, consuming well over 40% of…

Nigeria’s ambitious refining drive is facing turbulence as disputes intensify between private refinery operators, petroleum marketers, and truck drivers’ unions. What was meant to signal an economic breakthrough is now clouded by battles over market control, pricing, and survival strategies. At the center of the storm is the Dangote Petroleum Refinery, the country’s largest, whose arrival has reshaped Nigeria’s petroleum landscape. Critics accuse the facility of deliberately undercutting rivals, while defenders insist it represents Nigeria’s best chance at breaking free from decades of dependence on imported fuel. The Crude Oil Refiners Association of Nigeria (CORAN) has stepped in, warning that…

Nigeria’s aviation industry is drawing renewed international attention, with China positioning itself as a long-term partner in the sector’s transformation. During a high-level visit to Abuja, Chinese Ambassador to Nigeria, Yu Dunhai, described Nigeria as a “critical hub” in Africa and pledged that Beijing would be a “reliable partner” in its aviation growth. He was accompanied by senior executives from the Commercial Aircraft Corporation of China (COMAC), the state-owned manufacturer seeking to strengthen its footprint across the continent. “Nigeria has the market, and I see the potential. The economy is going to bounce back soon, and China is ready to…

Democracy on the African continent faces an uncertain future, and a recent analysis from the Open Society Foundations suggests the reason lies far beyond electoral politics. According to economist and political scientist Dr. Ndongo Samba Sylla, the survival of democratic systems in Africa depends on tackling entrenched economic injustices. The report identifies two structural weaknesses at the heart of the problem: dependence on the CFA franc — still overseen by the French treasury — and highly unequal patterns of land ownership. Both, it argues, have locked millions into poverty and weakened faith in democratic institutions. “Without control over their currencies,…

In 2012, Affiong Williams returned to Nigeria with a simple idea—introduce dried fruit snacks to a market where they barely existed. What followed was not just the story of a startup, but a case study in how African entrepreneurs navigate broken value chains, skeptical investors, and volatile economies while trying to scale. Demand Doesn’t Exist Until Supply Does For nearly a decade, Williams battled investor doubts. Many insisted Nigeria lacked the demand for dried fruit. The truth, she argues, was the opposite: global buyers were willing to place large orders only if ReelFruit could guarantee industrial-scale supply. Without a factory,…

LAGOS, Nigeria — September 18, 2025.West African businesses are accelerating their digital transformation journey, leveraging artificial intelligence (AI), cloud, and data-driven technologies to compete in a fast-changing global economy. This shift was highlighted at SAP Business Suite Innovation Day in Lagos, where regional leaders, technology experts, and SAP executives explored how AI-powered solutions are reshaping the way businesses operate. Building an AI-Ready Business Foundation Shiraz Khota, Managing Director: Emerging Africa at SAP, emphasized that enterprises in the region are no longer experimenting with digital tools — they are actively embedding AI into their core operations. “From collaborative AI agents solving…

LAGOS, Nigeria – September 2025 – Union Bank of Nigeria has reinforced its reputation for financial discipline with the successful redemption of its Series 2, 15.75% bond, valued at ₦6.314 billion, alongside the final coupon payment on September 3, 2025. The repayment, carried out under the Bank’s ₦100 billion Debt Issuance Programme, was fully settled in line with Securities and Exchange Commission (SEC) regulations, demonstrating the Bank’s consistency in meeting obligations to bondholders. Confidence After Consolidation The move comes at a pivotal time, just weeks after Union Bank’s merger with Titan Trust Bank, a development that has redefined its growth…

Nigeria has just landed a headline-grabbing financial instrument: the Bank of Agriculture (BOA), in partnership with Afreximbank, has secured $1 billion to capitalise what is being called the National Smallholder Farmers Fund. The move follows President Bola Tinubu’s approval for a broader National Food Security Fund — a revolving, state-matched vehicle intended to shore up production, processing and market access across the country. On paper, the goal is simple and powerful: channel patient, affordable capital into the hands of the smallholder farmers who produce over 90% of Nigeria’s food output, helping them buy inputs, mechanise, and plug into formal markets.…