Author: Gift Ifeanyi

The Bank of Industry (BOI) has unveiled a groundbreaking initiative, the Project Guaranteed Loans for Women (GLOW) Fund, valued at ₦10 billion. This special intervention program aims to support female entrepreneurs across Nigeria, addressing the persistent financial inclusion gap that hinders many women-led businesses. A Bold Step for Women’s Economic Empowerment Announced by BOI’s Managing Director, Dr. Olasupo Olusi, in Lagos, the GLOW Fund seeks to empower women, recognizing their crucial role in Nigeria’s economic landscape. With over 23 million female entrepreneurs making up 41% of the country’s micro-businesses, Nigeria leads the world in women’s entrepreneurial activity. However, access to…

Baobab Nigeria, a leading microfinance institution dedicated to empowering small businesses and individuals, has unveiled an ambitious expansion strategy aimed at deepening financial inclusion across the country. At a high-profile press conference held at the Radisson Blu Anchorage Hotel, Lagos, the bank announced plans to raise fresh capital by April 2025 and expand its branch network from 38 to at least 100 locations by 2030. This bold initiative reflects Baobab Nigeria’s commitment to bridging financial gaps, fostering entrepreneurship, and driving economic growth. A Vision for Financial Inclusion The event gathered key stakeholders, including the Board of Directors, Baobab Group representatives,…

Juliet Ehimuan on DICE 3.0 and Africa’s Digital Future Dr. Juliet Ehimuan, founder of Beyond Limits, shares insights on how DICE 3.0 will empower African businesses to harness innovation for sustainable growth in the digital economy. What is DICE? DICE stands for Digital Innovation and Creative Excellence—an initiative by Beyond Limits that connects key players in Africa’s tech, business, and creative ecosystems. It serves as a collaborative platform for founders, investors, policymakers, and industry leaders to exchange ideas, form strategic partnerships, and drive economic growth. “Unlocking Africa’s digital potential requires a collective effort,” Ehimuan explains. “DICE provides the space for…

Sage Grey Finance Limited and its sister company, Sage Grey Technologies, have reaffirmed their commitment to empowering small and medium-sized enterprises (SMEs) through impact-driven financial and technological solutions. At a press briefing in Lagos on Tuesday, company executives outlined their ongoing initiatives to enhance financial access, drive digital transformation, and contribute to sustainable economic growth—aligning their efforts with the United Nations Sustainable Development Goals (SDGs) and Environmental, Social, and Governance (ESG) frameworks. UN SDG 8 focuses on promoting sustained, inclusive, and sustainable economic growth, fostering productive employment and decent work for all—a goal that Sage Grey is actively supporting through…

Access to reliable electricity remains a major challenge across Africa, with nearly half of Nigeria’s population still lacking access to power, according to the World Bank. To address this, innovative financing solutions are emerging to bridge the energy gap and drive clean energy adoption. One such initiative comes from Nigerian fintech Payhippo, which has rebranded as Rivy and secured $4 million in pre-Series A funding to focus on clean energy financing. The funding round, announced on March 26, was evenly split between $2 million in equity and $2 million in debt. Key Investors:✔ Equity Round: Co-led by EchoVC, through its…

In a strategic pivot, Nigerian fintech Payhippo has rebranded as Rivy, shifting its focus from SME lending to clean energy financing. The company also announced a $4 million pre-Series A funding round to accelerate its new mission, with an even split between $2 million in debt and $2 million in equity. This funding will expand Rivy’s clean energy financing solutions beyond Nigeria, enabling businesses to adopt solar power without the burden of upfront costs. Backing the Clean Energy Shift The investment round was co-led by EchoVC, a Nigerian venture capital firm known for funding 38 African startups, and Shell’s All…

After two decades of inactivity, Nigeria’s Port Harcourt refinery has successfully completed 180 days of uninterrupted operation, signaling a major breakthrough in the country’s efforts to restore its domestic refining capacity. This milestone is expected to reduce Nigeria’s reliance on imported petroleum products, stabilize fuel supply, and enhance the nation’s energy security. A Renewed Push for Self-Sufficiency Nigeria is making significant strides toward revitalizing its refining sector, aiming to become self-sufficient in petroleum product supply. The Federal Government has invested heavily in the rehabilitation of key refineries, including those in Port Harcourt, Warri, and Kaduna, to boost local production. Key…

Nigerian banks are increasingly resorting to high-cost short-term commercial papers (CPs) to navigate severe liquidity pressures as the Central Bank of Nigeria (CBN) tightens cash reserve policies, driving up deposit costs, Bloomberg reports. Access Holdings Plc, Nigeria’s largest bank by assets, alongside at least three other financial institutions, has either issued or is in the process of issuing CPs to shore up liquidity. This shift comes as banks struggle to attract deposits due to rising costs imposed by the CBN’s monetary tightening measures. Liquidity Pressures Intensify as CBN Mops Up Cash The CBN’s aggressive monetary policies have significantly strained banks’…

Advans Nigeria has achieved a major milestone in its digital transformation journey with the successful migration of its banking information system to SBP Core Amplitude by SBS. This transition is part of Advans’ broader AIR+ (Advans Innovation Roadmap) program, reinforcing its commitment to modernizing operations and enhancing financial services. Following similar migrations in Ghana, Tunisia, Côte d’Ivoire, and Cameroon in June 2024, Advans Nigeria officially went live on February 17, 2025, further strengthening its five-year partnership with SBS. A Seamless Transition: Key Phases of Migration Advans Services, a subsidiary of the Advans Group, is increasingly gaining autonomy in managing these…

Abbey Mortgage Bank Plc is solidifying its position as a top performer in Nigeria’s financial industry, standing out as the best-performing mortgage stock on the Nigerian Exchange (NGX). With a 20% year-to-date (YtD) gain as of March 20, 2025, Abbey builds on its impressive 35% return in 2024, reflecting its strong market momentum. Over the past five years, Abbey’s stock has soared by 291%, rising from ₦0.92 in 2019 to ₦3.60 in 2025—a remarkable achievement for the mortgage bank. Strong Returns and Earnings Growth Abbey’s dividend yield currently stands at 1.11% (₦0.04 per share), bringing its total return to 21.11%…

Telecommunications provider 9mobile has dismissed rumors suggesting that it has shut down operations in Nigeria, calling such claims false and misleading. The speculation follows growing complaints from subscribers about deteriorating service quality and difficulties in porting to other networks. 9mobile Denies Porting Restrictions In an official statement on Friday, 9mobile acknowledged the challenges faced by subscribers, particularly regarding Mobile Number Portability (MNP)—a service that allows customers to switch networks while retaining their phone numbers. However, the company denied implementing any porting restrictions, emphasizing its commitment to fair and transparent services: “We categorically refute the false rumors about an alleged shutdown.…

In a strategic move to strengthen Nigeria’s startup ecosystem, the National Information Technology Development Agency (NITDA) is partnering with the Japan International Cooperation Agency (JICA) to launch the Nigeria-Japan Startup Hub Project. Mr. Takao Shimokawa, Director General of JICA’s Economic Development Department, visited NITDA to discuss the initiative, where he was warmly received by Mr. Dejo Olawunmi, Director of IT Infrastructure Solutions at NITDA. Their discussions focused on advancing technological innovation, fostering entrepreneurship, and enhancing venture capital development to support early-stage startups in Nigeria. Unlocking Global Opportunities for Nigerian Startups The Nigeria-Japan Startup Hub Project aims to provide Nigerian entrepreneurs…

Nigeria’s youthful population and expanding economy present both opportunities and challenges for graduates entering the workforce. Every year, thousands of graduates flood the labor market, yet traditional employment opportunities remain scarce. With the country’s rising unemployment rate, relying solely on 9-to-5 jobs is no longer a sustainable option. In this reality, entrepreneurship has emerged as a game-changing alternative, offering young Nigerians the chance to create jobs, drive innovation, and contribute to national economic growth. The Harsh Reality of Graduate Unemployment According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate continues to rise, leaving many graduates stranded without jobs.…

Julius Berger Nigeria Plc, the country’s leading engineering and construction giant, has taken a significant step in boosting entrepreneurship and technical expertise with the launch of the Julius Berger Vocational Skills Academy in Abuja. The launch event, which also marked the graduation of the first batch of trainees from the company’s Vocational Skills Support Programme, welcomed 40 new trainees into the academy. A Commitment to Skill Development The ceremony drew key stakeholders, including representatives from the Industrial Training Fund (ITF) and the Council of Registered Builders of Nigeria (CORBON), who praised Julius Berger for its dedication to workforce development and…

Nigeria is taking bold steps toward introducing a Citizenship by Investment (CBI) program, positioning itself as a major player in attracting foreign investors and high-net-worth individuals. If implemented, Nigeria will become the third African country to offer such a program, following Egypt and Mauritius. The proposed initiative aims to boost foreign direct investment (FDI), strengthen the economy, and enhance Nigeria’s appeal as Africa’s largest market. A Game-Changer for Nigeria’s Economy A CBI program allows foreign investors to obtain citizenship in exchange for significant financial contributions. Globally, many countries leverage such programs to attract capital, stimulate economic growth, and encourage foreign…

A nation’s growth and prosperity hinge on the quality of its human capital and investment in skills development. For Nigeria, bridging the gap in education, entrepreneurship, and leadership is crucial to achieving economic progress and global competitiveness. Former World Bank Group President Jim Yong Kim once noted that human capital accounts for about 65% of wealth in high-income countries but only 40% in low-income nations, highlighting the urgent need for skills development in countries like Nigeria. Currently, Nigeria ranks 168th out of 174 countries in human capital development, with a Human Capital Index (HCI) of 0.36 and a Human Development…

The Economic and Financial Crimes Commission (EFCC) has reaffirmed its commitment to combating illegal oil bunkering in Nigeria, stating that its operatives conduct petroleum product testing to safeguard supply integrity and curb illicit activities in the sector. In a statement released on Saturday, the EFCC cautioned petroleum marketers, particularly in Akwa Ibom State, against engaging in unethical practices such as procuring and selling adulterated fuel. This warning was issued by the Uyo Zonal Director of the EFCC, Assistant Commander of the EFCC (ACE 1) Oshodi Johnson, during a courtesy visit by representatives of the Independent Petroleum Marketers Association of Nigeria…

A gas pipeline fire broke out overnight in Rivers State, marking the third such incident in a week in the oil-rich region currently under emergency rule. The blaze occurred along the Soku-Abua-Rumuji right-of-way, according to a statement from Witness Alasia, general secretary of the Soku Kingdom. Local reports, including from Vanguard, suggest the fire may have resulted from an explosion at the facility. This latest incident adds to a growing list of setbacks that threaten oil and gas operations in Nigeria, Africa’s largest crude producer. Just last week, President Bola Tinubu declared a state of emergency in the region after…

Nigeria’s business community is under relentless pressure. In an already difficult economic climate characterized by rising costs, multiple taxation, policy inconsistencies, and dwindling investor confidence, the Financial Reporting Council of Nigeria (FRCN) has added another burden on struggling enterprises. Under the Financial Reporting Council Amendment Act 2023, private firms—many of which are already grappling with high energy and operational costs—now face a drastic surge in regulatory fees, escalating from N1 million to potentially hundreds of millions of naira, depending on their turnover. Meanwhile, listed companies with deeper financial reserves have their fees capped at N25 million. This disparity is striking…

Recognizing the crucial role of female entrepreneurs in shaping Nigeria’s economy, Kolomoni Microfinance Bank (MFB) has stepped forward to support women-led businesses with grants, reinforcing its commitment to economic growth and financial inclusion. According to World Bank data, 41% of Nigeria’s micro-businesses are owned by women, highlighting their significant contribution to the nation’s entrepreneurial landscape. Empowering Women on International Women’s Day To celebrate International Women’s Day (IWD), Kolomoni MFB organized a special event titled “Accelerate Her Growth,” bringing together female business owners to share their experiences, discuss challenges, and compete for financial support. The event served as both a networking…