Author: Gift Ifeanyi

Across Nigeria’s dynamic markets, a unique form of innovation thrives—constraint-driven innovation. Unlike Silicon Valley start-ups, which benefit from abundant capital and infrastructure, Nigerian entrepreneurs have learned to transform obstacles into competitive advantages. Take Blessing, for instance, who launched a design studio in Lagos. Faced with unreliable electricity, she didn’t just buy a generator or wait for better infrastructure. Instead, she restructured her business model, creating a distributed team where designers in different neighborhoods collaborated based on power availability. What started as a survival tactic evolved into a scalable advantage, enabling her business to expand across three countries while competitors remained…

The Tony Elumelu Foundation (TEF) has announced a $15 million grant to empower 3,000 young entrepreneurs across 52 African countries, reinforcing its commitment to fostering economic growth on the continent. The announcement was made by Tony Elumelu, the Founder of TEF and Chairman of Heirs Holdings, Transcorp, and UBA, during the unveiling of the 2025 cohort of the TEF Entrepreneurship Programme in Abuja. Empowering Africa’s Next Generation of Entrepreneurs Each selected entrepreneur will receive a $5,000 seed grant to launch or expand their business. Speaking at the event, Elumelu emphasized that the foundation’s mission is to democratize opportunities for African…

Nigerian-born entrepreneur Tade Oyerinde has successfully raised $46 million in Series B funding for his community college startup, Campus, a venture revolutionizing higher education accessibility in the United States. The funding round, led by General Catalyst, was announced on March 20, pushing Campus’ total funding beyond $100 million—a testament to growing interest in alternative, tech-driven educational models. Campus: Making Higher Education Affordable and Accessible Campus is on a mission to provide affordable, high-quality online education, offering associate degrees and certifications in fields such as business administration, medical assisting, and applied artificial intelligence. This approach directly addresses rising student debt and…

The 8th edition of the Nigeria Small and Medium Enterprises Summit and Awards (Nigeria SME Awards) is set to take place in Lagos for the first time, marking a significant milestone for this prestigious event. Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the resilience, innovation, and entrepreneurial spirit driving Nigeria’s economy, especially amid global challenges such as inflation, geopolitical instability, and economic downturns. Recognizing SME Champions This year’s event will recognize not just outstanding entrepreneurs but also state governors who have implemented transformative policies to support local businesses. Governors from Zamfara,…

Achieving Nigeria’s ambitious $1 trillion economy target requires a strategic focus on small and medium-sized enterprises (SMEs), which already play a vital role in the nation’s economic landscape. President Bola Tinubu has repeatedly emphasized this goal, envisioning a $1 trillion economy within three years and a $3 trillion economy by 2030. To turn this vision into reality, experts suggest key reforms to empower SMEs and enhance their contribution to Nigeria’s Gross Domestic Product (GDP). Creating an Enabling Regulatory Environment Anthony Chinwe, CEO of De-SME Facilitators Limited, emphasizes that an enabling regulatory framework is essential for SMEs to thrive. The government…

Demola, an economics graduate, sits behind a desk in a Lagos banking hall, attending to customers with the professionalism expected of a full-time employee. His crisp shirt and tie blend seamlessly into the corporate environment, but beneath this polished image lies a harsh reality—he is a contract staff member, earning significantly less than his full-time colleagues despite doing the same job. “I work from 8 a.m. to 6 p.m., sometimes even later, yet my salary barely covers my transportation and feeding,” he lamented. “The worst part? The company pays double my salary for my role, but the outsourcing firm takes…

For the first time in its history, the prestigious Nigeria Small and Medium Enterprises (SMEs) Summit and Awards will be held in the heart of Lagos, marking a new chapter in the celebration of entrepreneurship and economic resilience in Nigeria. Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), this annual event has become a key highlight on the nation’s entrepreneurial calendar. It recognizes outstanding individuals and institutions that contribute to the growth and sustainability of the SME sector, which remains a vital pillar of Nigeria’s economy. Recognizing Resilience Amid Global Challenges Despite economic hardships fueled by…

A coalition of female entrepreneurs is urging the government and financial institutions to eliminate barriers that hinder women’s economic participation, calling for urgent reforms to boost financial inclusion and business opportunities. During a virtual Women’s Economic Empowerment Media Conversation, organized by Gatefield, a non-governmental organization, speakers highlighted major challenges such as gender-insensitive policies, restrictive loan conditions, limited access to property, and a lack of awareness about available financial opportunities. The discussion was inspired by a recent report from the Bill & Melinda Gates Foundation, where women expressed their aspirations for financial independence and greater economic influence. Gender Bias and Financial…

In Nigeria, the transition from education to employment remains a significant challenge for new graduates. With an increasing number of young people entering the job market, it is imperative for the government to implement policies that ensure meaningful employment opportunities. Additionally, fostering small and medium-sized enterprises (SMEs) and supporting emerging entrepreneurs are crucial steps toward economic growth and stability. Here are key strategies to achieve these goals. Enhancing Education and Skill Development To bridge the gap between academic training and employment, the government must focus on improving education and skill development. Aligning school curricula with market demands and industry standards…

Nigeria’s indigenous pharmaceutical companies are expanding their production capacity to fill the void left by departing multinationals, meeting both domestic and regional drug demands despite persistent regulatory and economic hurdles. Leading the expansion are firms like Emzor Pharmaceuticals Industries, which has invested in new plants, and Fidson Healthcare, which has leveraged government incentives and research collaborations to increase the production of essential medicines. Green Life Pharmaceuticals has also achieved a significant milestone by launching Nigeria’s first WHO pre-qualified antiretroviral drug manufacturing plant, positioning the country as a key player in Africa’s pharmaceutical industry under the African Continental Free Trade Agreement…

Baobab Nigeria, a leading microfinance bank, has announced that it has disbursed nearly N500 billion in loans to micro, small, and medium-sized enterprises (MSMEs), reinforcing its commitment to financial inclusion and business growth across Nigeria. The bank made this announcement in a statement on Friday, emphasizing its ongoing efforts to support small businesses with accessible financial solutions. Since its inception, Baobab Nigeria has successfully served almost 300,000 clients, helping entrepreneurs expand their operations and improve their economic prospects. “With close to N500 billion disbursed in loans to micro, small, and medium-sized businesses, Baobab Nigeria has consistently played a crucial role…

A 35-year-old Nigerian man is facing a potential 20-year prison sentence after pleading guilty to orchestrating a fraudulent scheme that cost a Plattsburgh produce importer nearly $160,000. United States Attorney John A. Sarcone III, along with Erin Keegan, Special Agent in Charge of the Buffalo Field Office of Homeland Security Investigations (HSI), announced the guilty plea on Thursday. Lotenna Chisom Umeadi admitted to two counts of wire fraud after gaining unauthorized access to email accounts belonging to employees of a Sri Lankan produce exporter. Umeadi purchased access to a webpage from a hacker, enabling him to obtain email passwords. Using…

The Nigerian insurance industry is experiencing significant growth, as seven publicly listed insurance firms reported a 45% increase in their net assets in 2024. This surge highlights the sector’s improved financial strength and its ability to meet obligations, boosting investor confidence. According to findings by BusinessDay, AIICO Insurance, AXA Mansard Insurance, Cornerstone Insurance, NEM Insurance, Coronation Insurance, Linkage Assurance, and Consolidated Hallmark Holdings collectively recorded a net asset value of N343.3 billion in 2024. This marks a substantial increase from N236.4 billion in 2023. Leading the Market AIICO Insurance topped the list with a net asset of N64.7 billion, closely…

The future of Nigerian sports, particularly football, depends heavily on clubs fostering a passionate and dedicated fan base. Experts at the BusinessDay Sports Conference 2025 highlighted that a lack of fan engagement, unqualified administrators, and inadequate funding are key barriers preventing the growth of sports in Nigeria. Renowned sports broadcaster Mozez Praiz stressed the importance of fan loyalty in strengthening clubs financially and competitively. “To build a successful club, the foundation is a strong and loyal fan base. Fans should feel a sense of ownership in the team,” Praiz stated. “Until we bridge the gap between club managers and supporters,…

Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, has emphasized the transformative power of public relations in driving economic development, investment promotion, and leadership transformation. Speaking at the Experiencing PR 2025 Conference, hosted by Nigerian Women in Public Relations, she stated, “Public relations is more than storytelling; it is a strategic pillar for economic transformation.” The Role of PR in National Development Addressing delegates, she highlighted how PR has been instrumental in improving Nigeria’s business climate. “Nigeria’s PR industry has the potential to contribute significantly to our expanding services sector, attract investment, and enhance our global reputation,” she noted.…

The highly anticipated Herconomy Conference 2025: Wealth Building Summit is set to return for its sixth edition, continuing its mission to equip women with the knowledge, tools, and opportunities needed for financial success. A Platform for Economic Empowerment Under the theme “For All Women and Girls: Rights. Equality. Empowerment,” this year’s summit aligns with the United Nations’ International Women’s Day focus on gender equality and financial inclusion. Scheduled for March 28, 2025, at 10 AM, the conference will be held in a hybrid format, featuring an exclusive in-person venue for registered participants. Over 1,000 professionals, entrepreneurs, investors, and industry leaders…

The Ambassador of the Republic of Korea to Nigeria, Mr. Kim Pankyu, has pledged to strengthen and sustain the partnership between the two nations for mutual benefit. Speaking at a press conference in Abuja organized by the Korean Embassy and the Korean Cultural Centre in Nigeria (KCCN) to mark the 45th anniversary of diplomatic relations between Nigeria and South Korea, Ambassador Pankyu highlighted the growing ties between both countries since his appointment a year ago. Strengthening Diplomatic and Economic Partnerships Reflecting on recent milestones, he stated, “One of the most significant achievements was the first-ever Korea-Africa Summit last June, where…

Access Bank, a leading financial institution dedicated to promoting gender equality and empowering women, is set to honor the distinguished Power of 100 awardees at its upcoming International Women’s Day (IWD) Conference. Scheduled for March 28, 2025, this prestigious event will recognize exceptional women who have demonstrated outstanding leadership, innovation, and impact across various industries in Africa. Recognizing Women Driving Change The Power of 100 initiative is part of Access Bank’s ongoing commitment to celebrating women who are breaking barriers, driving change, and creating opportunities for others. These remarkable individuals have made significant contributions to business, entrepreneurship, social development, and…

Nigeria continues to be a major player in the global cryptocurrency space, boasting one of the highest adoption rates worldwide. However, the government’s stance on digital assets remains complex, balancing regulatory control with an openness to crypto businesses. Despite the ongoing legal battle with Binance and the detention of one of its executives, Tigran Gambaryan, Nigerian officials reaffirm that cryptocurrency operations are still welcome within the country—provided they adhere to regulations. According to Nigeria’s Minister of Information, Mohammed Idris, various crypto businesses legally operate without facing litigation. “This is part of our efforts to strengthen laws, not to stifle innovation.…

In the heart of Ikoyi, Lagos, an impactful discussion unfolded—not about stock markets or corporate profits, but about the financial realities Nigerian women face. The annual Piggyvest Finance Roundtable, held in February 2025, became a platform for candid conversations about the persistent gender wealth gap and the challenges women encounter in achieving financial independence. Statistics from the Piggyvest 2024 Savings Report painted a revealing picture. The report, based on a survey of over 10,000 Nigerians, highlighted that men are far more likely to earn over one million naira monthly. While women demonstrate strong entrepreneurial spirit, often leading in business ownership,…