Author: Gift Ifeanyi

Nigeria’s start-up ecosystem is under strain as new business formation continues to decline, according to the latest State of Entrepreneurship Report by Fate Foundation. The data reveals that the country’s “business birth rate” fell to 24% in 2024, a sharp drop from 30% in 2023 and 32% in 2022. Harsh Conditions Stifling Growth The report attributes the decline to inflation, foreign exchange volatility, poor infrastructure, and insecurity, which have raised the cost of doing business and discouraged would-be entrepreneurs. Nigeria’s entrepreneurial index also slid to 0.46 in 2024, down from 0.52 in 2023 and 0.58 in 2022, further underscoring weakening…

Nigeria’s billionaire business titan, Dr. Mike Adenuga, is quietly laying the groundwork for one of the most ambitious succession strategies in Africa’s private sector. Known for building a vast empire spanning telecommunications, oil and gas, real estate, banking, and construction, Adenuga is ensuring that his legacy will extend well beyond his own leadership by deliberately involving his children in the running of his companies. Observers note that this approach mirrors global best practices in family business succession, where founders integrate heirs early into strategic roles to secure continuity and stability. In Nigeria, the practice is seen in leading dynasties such…

Nigeria’s digital economy has taken another bold step forward as Afri Invoice, the country’s first homegrown SaaS invoicing platform, teams up with Kuda Bank, the nation’s leading mobile-first bank. The partnership signals a new era of financial efficiency for Nigerian entrepreneurs and small businesses, blending smart invoicing tools with seamless digital banking. The collaboration directly addresses one of the biggest pain points for local enterprises: staying compliant while managing finances in real time. Afri Invoice, which was developed with Federal Inland Revenue Service (FIRS) e-invoicing and fiscalisation standards in mind, now integrates its platform with Kuda’s ecosystem. This provides SMEs…

Africa’s entrepreneurial landscape is once again in the spotlight as the Africa’s Business Heroes (ABH) Prize Competition, a flagship initiative of Alibaba Philanthropy, announced its Top 10 Finalists for 2025. The announcement follows two days of intensive semi-final pitches held in Dakar, Senegal, from September 10–11. This year’s competition drew nearly 32,000 applications from across the continent, underscoring the growing appetite for entrepreneurship despite economic headwinds. After rigorous interviews, due diligence, and live pitches, 10 standout innovators emerged, representing diverse industries ranging from healthtech and agritech to fintech, foodtech, and digital solutions. A Stage for Africa’s Next Generation Leaders The…

The Ijebu Boys’ (IJ Boys) Association has announced that its inaugural convention will shine a spotlight on local entrepreneurs, brands, and small businesses in Ijebu land, signaling a renewed push to restore the community’s historic commercial prominence. Speaking at a media briefing in Lagos, Mr. Olagbuyi Oduniyi, President of the association, noted that Ijebu Ode, once a hub for industrialists and commerce, has seen its influence wane over the years. The convention, scheduled for June 2–6, 2025, aims to catalyze economic revival by creating opportunities for local businesses to engage with seasoned industry leaders and business moguls. “In the 1970s,…

In Nigeria’s fast-evolving beauty industry, few names command as much attention as Dabota Lawson. More than a model or social media influencer, Dabota has steadily built a reputation as an entrepreneur who understands both the science and the business of beauty. From Runway to Boardroom Dabota first appeared in the spotlight in 2009 when she won Miss Nigeria UK, a title that opened doors in the world of modeling. But rather than settling into the glamour of pageantry, she used the platform as a stepping stone toward something bigger — building a business empire. Her academic background — Financial Economics…

Across Africa, small and medium-sized enterprises face a persistent challenge: traditional banks often fail to meet their needs. High fees, slow processes, and generic solutions leave entrepreneurs, freelancers, and startups struggling to manage finances efficiently. Recognizing this gap, Impact Airelobhegbe, Co-founder and COO of Lenco, set out to reimagine business banking for the continent. From Events to Enterprise Banking Before Lenco, Airelobhegbe co-founded OgaVenue, a platform for booking event spaces online. While building that business, he noticed a common frustration: even thriving entrepreneurs lacked access to effective financial tools. Tracking expenses, managing payroll, obtaining credit — these fundamental tasks were…

As operational costs rise across Africa, small and medium-sized enterprises (SMEs) are seeking practical ways to modernise without breaking the bank. Enter OpTools, an open-source digital toolkit developed by Nigerian business analyst Olachi Sharon Amachukwu, designed to help businesses streamline workflows, automate tasks, and harness data-driven insights—without the hefty price tag of enterprise systems. Bridging the Digital Gap SMEs contribute up to 40% of GDP in emerging economies but often lag in digital adoption, relying on paper records, fragmented spreadsheets, or improvised tools. This limits their ability to track performance, reduce inefficiencies, and scale effectively. “Digitisation is no longer optional;…

Nigeria’s entrepreneurial spirit is undeniable. With nearly 200 million people and a rapidly growing small business sector, the country is full of innovators pushing against the odds. Yet one persistent challenge keeps surfacing—unreliable electricity. For many, especially in energy-intensive sectors like hospitality, power is not just a utility; it is the lifeblood of daily operations. A Business on the Edge of Power Challenges For Anthony Ikemefuna, a hospitality entrepreneur in Calabar, Cross River State, the story is all too familiar. His business—dependent on lighting, cooling systems, kitchens, and event spaces—was constantly held hostage by erratic power supply. “I realised I…

A new report by Fate Foundation has revealed a sharp decline in Nigeria’s business creation rate, with the State of Entrepreneurship (SoE) 2024 Report showing a drop to 24% in 2024, down from 30% in 2023 and 32% in 2022. The slowdown, largely driven by harsh economic conditions, highlights the growing challenges entrepreneurs face in sustaining and scaling ventures. Despite the downturn, the study underscores promising shifts in the ecosystem. Female entrepreneurs now account for nearly half of all new businesses, rising steadily from 43% in 2021 to 48% in 2024, signaling stronger participation of women in enterprise. Similarly, youth-led…

Tolu Okojie — better known as Chef TEE — is redefining what it means to be an entrepreneur in the global culinary space. Once a banker in Nigeria, he traded in spreadsheets for suya skewers and has since built Greelz Inc. in Toronto into a platform that celebrates Nigerian cuisine with a modern Afrofusion twist. But his journey is more than a career change — it’s a blueprint for how passion, culture, and entrepreneurship can drive economic growth across borders. Reinventing Street Food as a Global Business Chef TEE sees Nigerian food as more than sustenance; it’s an exportable cultural…

Bilateral trade between Nigeria and the United States has hit a slowdown, with new figures showing steep declines on both sides. According to the U.S. Census Bureau and the Bureau of Economic Analysis, Nigeria’s exports to the U.S. fell sharply by 41% in July 2025 — dropping from $639 million in June to $379 million. U.S. exports to Nigeria also dipped by over $300 million during the same period. Despite the downturn, the U.S. still maintained a $206 million trade surplus for July, and overall, between January and July 2025, it imported $3.14 billion worth of Nigerian goods while exporting…

When CreditPRO Finance Company Limited first opened its doors in 2019, it was far from the sleek offices and billion-naira loan portfolios it commands today. The founders began in a modest apartment in Lagos with only ₦3 million in equity, chasing a dream many thought was too ambitious — to make financing accessible to Nigeria’s small and medium-sized businesses (SMEs). Fast forward to 2025, that bold vision has translated into more than ₦20 billion disbursed in loans and, most recently, a game-changing license from the Central Bank of Nigeria (CBN). For many, the license is a regulatory milestone. For entrepreneurs,…

In the heart of Lagos, celebrity chef Hilda Baci is once again chasing history — this time with a six-metre-wide custom-built pot and the bold ambition to cook the world’s largest pot of jollof rice. To many, it’s just another Guinness World Record attempt. But for entrepreneurs and professionals, her journey offers a blueprint for building a brand on discipline, creativity, and global relevance. Turning Passion into a Platform Hilda Baci first became a household name in 2023 when she cooked for 93 hours straight, setting a Guinness World Record for the longest cooking marathon. What began as a culinary…

Nigeria’s agricultural sector continues to prove its strength as the world seeks healthier, more natural products — and ginger has emerged as one of the country’s most valuable commodities. Known globally for its superior quality, rich aroma, and potent oil content, Nigerian ginger is not just a spice; it’s a global brand in the making. As the third-largest producer in the world, with annual output of over 160,000 metric tons, Nigeria sits at the heart of a multi-billion-dollar global ginger economy. From culinary use to pharmaceuticals, cosmetics, and wellness products, the opportunities for ginger-based ventures stretch far beyond traditional food…

Women-owned businesses are quietly becoming the backbone of Nigeria’s informal economy, and a new partnership between the Renewed Hope Initiative (RHI) and the Tony Elumelu Foundation is accelerating that trend. In Kogi State, 500 women traders and entrepreneurs have just received ₦50,000 each — not as charity, but as seed capital to expand their businesses, stabilize household incomes, and power local commerce. Unlike traditional welfare programmes, this initiative frames women as drivers of growth. “We want to see women not just survive, but thrive as entrepreneurs,” said Senator Oluremi Tinubu, Nigeria’s First Lady and founder of RHI. A Shift from…

As old trade systems unravel and global markets face increasing instability, Africa is no longer waiting to be invited into the conversation—it is rewriting the script. The continent is emerging as the engine that will shape future economies, and this shift is at the heart of the Global Africa Business Initiative’s flagship conference, Unstoppable Africa 2025, themed “The Big Push: Africa Shapes the Markets.” Speaking at a pre-event briefing, Sanda Ojiambo, UN Assistant Secretary-General and Executive Director of the United Nations Global Compact, described the moment as pivotal: “Africa is unstoppable. The continent is at the centre of so many…

At a time when Nigerians are grappling with economic strain, the call for resilience, faith, and collective effort echoed strongly on Sunday in Ikot Ekpene, Akwa Ibom State, during the Second Plenary Meeting of the Catholic Bishops Conference of Nigeria (CBCN). The event, attended by Senate President Godswill Akpabio, Secretary to the Government of the Federation (SGF) George Akume, Governor Umo Eno, Catholic Bishops, clergy, and faithful across the country, became more than a religious gathering—it transformed into a national reflection on leadership, governance, and the role of faith in shaping Nigeria’s destiny. Akpabio: “Nation-Building Is a Covenant of Partnership”…

Entrepreneurs, nonprofits, researchers, and social innovators have a wide range of grant and funding opportunities this September. From AI-driven projects to grassroots women’s rights initiatives, here are some of the top global opportunities you should not miss: September 2025 Global Grants & Funding Opportunities for Entrepreneurs, NGOs, and Researchers 1. Salesforce Accelerator Salesforce is providing funding support to nonprofits for building custom AI solutions.Deadline: September 10Learn more 2. UNESCO Human Rights Prize The Commission Nationale Française pour l’UNESCO is awarding €70,000 for projects that protect children’s rights and combat exploitation.Deadline: September 14Learn more 3. Vital Impacts Environmental Photography Grants One…

Abia State Governor Alex Otti has reaffirmed his administration’s resolve to prioritise security as the foundation of economic progress, calling on business leaders and stakeholders in Aba to actively support the state’s Security Trust Fund. Speaking at the Aba Stakeholders Security Trust Fund Raising Luncheon on September 11, Otti stressed that no meaningful development can thrive without security. He assured residents and investors that every contribution will be transparently managed and used solely for public good. The governor also revealed ongoing partnerships, including an agreement with Radisson Blu to revive the Enyimba Hotel, and announced that President Bola Tinubu would…