Author: Gift Ifeanyi

In a bold move to drive technological innovation, job creation, and economic diversification, the National Information Technology Development Agency (NITDA) has announced the nationwide expansion of its flagship iHatch initiative. The initiative, originally piloted in Abuja, will now reach all 36 states and the Federal Capital Territory (FCT), aiming to empower local startups, enhance regional innovation ecosystems, and create sustainable job opportunities across Nigeria. Nationwide Impact: Building Innovation Beyond Lagos and Abuja The announcement was made by NITDA’s Director-General, Mallam Kashifu Abdullahi, during the iHatch Cohort 4 Onsite Training for Hub Managers. The program, held in Abuja, was organized in…

The Tony Elumelu Foundation (TEF) is set to unveil the 11th cohort of its transformative Entrepreneurship Programme on Saturday, March 22, 2025. This year’s announcement comes at a critical time, as African entrepreneurs navigate financial constraints and global economic challenges. Over the years, the TEF Entrepreneurship Programme has proven to be a game-changer, empowering thousands of African businesses with funding, mentorship, and business training. Since its inception, the programme has helped create 1.5 million jobs, generated $4.2 billion in revenue, and lifted over two million Africans out of poverty. Empowering Africa’s Entrepreneurs Each selected entrepreneur will receive a $5,000 non-refundable…

In a bold move to empower Nigeria’s entrepreneurial landscape, The Next Titan Nigeria has raised its grand prize to a staggering ₦50 million, setting the stage for a transformative season that promises to inspire and uplift emerging business leaders. This monumental prize is designed to fuel the growth of new businesses, generate employment opportunities, and drive economic expansion across multiple sectors. As one of the country’s most prestigious entrepreneurial reality TV shows, The Next Titan has consistently championed innovation, creativity, and business acumen, and its latest season aims to do even more. With auditions set to take place nationwide, the…

Nigeria remains optimistic about securing a seat in the upcoming International Maritime Organization (IMO) Council Category-C elections, despite three unsuccessful attempts in recent years. Speaking at the maiden African Strategic Summit on Shipping Decarbonisation in Abuja, the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, reaffirmed Nigeria’s commitment to the bid. The summit was hosted by the Ministry in collaboration with the Bartlett Energy Institute of University College London (UCL). Why Nigeria is Seeking Category-C Membership IMO’s Category-C consists of 20 member states with significant interests in maritime transport and navigation. It ensures regional representation and a broader geographical…

AfCFTA Has the Potential to Boost Employment and Strengthen Africa’s Global Competitiveness Africans are often quick to criticize their own leadership, economies, and even cultural nuances. However, the continent continues to make significant strides, particularly in intra-African trade. Decades ago, African countries rarely engaged in commerce with one another, but today, the story is changing. According to Afreximbank, intra-African trade grew by 7.2% year-on-year in 2023, reaching $192 billion and accounting for 15% of total African trade, up from 13.6% the previous year. While this marks a notable achievement, African business leaders remain determined to push for deeper trade integration,…

Nestlé Nigeria Plc has officially launched its latest innovation, Golden Morn 3-in-1, in a grand unveiling event held in Lagos on March 17, 2025. The new product, designed to offer a nutritious and convenient breakfast solution, underscores the company’s commitment to providing wholesome and accessible nutrition for Nigerians. Speaking at the event, Nestlé Nigeria’s Managing Director and Chief Executive Officer, Mr. Wassim Elhusseini, highlighted the significance of the launch, emphasizing the brand’s continuous effort to meet evolving consumer needs. The press conference brought together top executives of Nestlé Nigeria, including: Mr. Boladale Odunlami, Commercial Manager Ms. Omofasa Orhiunu, Category Manager…

As the marketing communications industry undergoes a radical shift powered by Artificial Intelligence (AI) and creative innovation, MediaFuse-Dentsu Nigeria is taking the lead in redefining strategies for success. With a strong commitment to sustainability and digital transformation, the agency is positioning itself at the forefront of this evolution. At the recently concluded 2025 Management Strategy Conference held in Lagos, the theme “MediaFuse-Dentsu: Driving Through a Sustainable Data and Technology Strategy” set the stage for thought-provoking discussions on the future of marketing communications. Speaking at the event, Emeka Chris Okeke, Group Chief Executive Officer of MediaFuse-Dentsu Nigeria, emphasized the urgent need…

As Nigeria continues to embrace the power of strategic communication, Nigerian Women in Public Relations (NGWIPR) is at the forefront, leveraging PR as a tool for business and leadership transformation. With great anticipation building, the 2025 edition of its flagship event, the Experiencing PR Conference, is set to make a significant impact. Slated for March 19, 2025, at the Civic Centre in Lagos, this year’s conference carries the theme: “PR for Results: Innovative Strategies for Business and Leadership Transformation.” The event will unite industry pioneers, business leaders, and communication experts to explore how PR can fuel innovation, drive growth, and…

Nigeria’s tax system is undergoing major changes with the introduction of four new tax bills: the Nigeria Tax Bill (NTB), Nigeria Tax Administration Bill (NTAB), Joint Revenue Board (Establishment) Bill (JRBEB), and Nigeria Revenue Service (Establishment) Bill (NRSEB). These reforms aim to simplify tax administration, eliminate ambiguities, consolidate existing laws, expand the tax base, and reduce the number of taxes to a single-digit structure. The use of technology for fiscalization and automation of tax processes will ensure greater compliance for both residents and non-residents, including individuals, corporate entities, and trustees. A Non-Resident Company (NRC) refers to any business incorporated outside…

Nigeria’s annual inflation rate dropped for the second consecutive month, fueling optimism that price pressures are easing and could continue to decline. According to the National Bureau of Statistics (NBS), consumer prices rose 23.2% in February, down from 24.5% in January. Food inflation slowed to 23.5% from 26.1%, while core inflation edged up to 23% from 22.6%. This cooling inflation trend may encourage the Central Bank of Nigeria (CBN) to maintain interest rates when policymakers meet in May. In its last meeting, the CBN held its benchmark rate at 27.5%, pausing its aggressive tightening cycle aimed at stabilizing the naira…

The Dangote Group, led by Alhaji Aliko Dangote, has revealed plans to establish Nigeria’s largest port within the Olokola Free Trade Zone in Ogun State. The announcement was made on Monday during a visit to Governor Dapo Abiodun in Abeokuta, as reported by the News Agency of Nigeria (NAN). Reviving an Abandoned Investment Dangote explained that the company had previously shelved its investment in the Olokola Free Trade Zone due to certain challenges. However, with improved business conditions, the project is now back on track. “Our factory in Itori was twice demolished, and the second time, even the fence was…

After weeks of continuous depreciation, the naira recorded a 0.95% recovery on Monday as demand for the dollar slowed in the parallel market. During intra-day trading, the naira was exchanged at N1,575 per dollar, marking a N15 appreciation compared to the N1,590 rate recorded last week. Market Conditions Stabilizing Currency traders noted a decline in demand for the dollar from end users, bringing relative calm to the market. Last Friday, the naira hit a low of N1,590 in the parallel market due to a scarcity of dollars—a level it had previously reached on February 16, 2024, according to data from…

For Nigerian businesses seeking to enter global markets, numerous obstacles stand in the way. Limited data access, weak supply chains, poor product standards, and financing difficulties continue to stall the nation’s non-oil export drive. Breaking Into International Markets Urena Iheme, CEO of Fefereti Group, shared her struggles with expanding her business internationally. During a trade fair in Houston, she secured repeat orders for her ‘chin chin’ but found scaling production and maintaining a stable supply chain to be a major challenge. She emphasized that Africa remains her primary target market, but logistical hurdles make regional expansion difficult. “Our biggest consumers…

Nigeria’s spending on arms and ammunition surged to ₦520 billion in 2024, marking the highest expenditure on weapons in four years, according to the latest report from the National Bureau of Statistics (NBS). The Q4 2024 trade data, cited by The Punch, reveals that ₦483.85 billion—nearly the entire year’s spending—was recorded between October and December. This significant increase in arms imports contrasts with recent claims by Minister of State for Defence, Bello Matawalle, that Nigeria had begun exporting weapons to other African nations. However, the NBS report did not provide details on any export destinations. Comparing Arms Imports Over the…

Entrepreneurship is often seen as a path to innovation, financial independence, and self-actualization. However, in Nigeria, it is more of a relentless struggle against systemic obstacles. From unreliable infrastructure to excessive bureaucracy, Nigerian entrepreneurs must rely not only on skill and business acumen but also on resilience and sheer determination to survive. Regulatory Bottlenecks: A Major Roadblock One of the most frustrating hurdles is the bureaucratic red tape surrounding regulatory approvals, particularly from the National Agency for Food and Drug Administration and Control (NAFDAC). For entrepreneurs in the food, beverage, pharmaceutical, and cosmetics industries, securing NAFDAC registration is a fundamental…

Lagos, Nigeria – March 2025 – Innovate, a leading non-governmental organization and an initiative of Crosspoint Church, has announced the third edition of its Pitch & Grant program, aimed at empowering Nigerian entrepreneurs. With Credit Direct as the headline sponsor, this year’s competition will award $2,000 to the most innovative and promising business venture. Building on the success of previous editions, Innovate remains committed to fostering entrepreneurship and innovation among young Nigerians by providing critical financial and mentorship support to startups and small businesses. “Our mission remains steadfast—to empower the next generation of Nigerian entrepreneurs by equipping them with the…

The football industry is witnessing a surge in African investment, with billionaires and entrepreneurs from the continent acquiring stakes in clubs across Africa, Europe, and beyond. Their involvement is transforming football’s business landscape while creating opportunities for African talent on the global stage. From Premier League giants to Portuguese and Nigerian clubs, these visionaries are reshaping the sport through strategic investments and innovative leadership. 1. Nassef Sawiris (Egypt) – Co-owner, Aston Villa (England) Egypt’s richest man, Nassef Sawiris, has played a key role in revitalizing Aston Villa. In 2018, he acquired a 55% controlling stake in the club alongside American…

The Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, has announced that investors, content creators, and entrepreneurs in Nigeria’s creative sector are beginning to reap the rewards of key economic partnerships and policy reforms. Aligning with President Bola Ahmed Tinubu’s vision of a $1 trillion economy, the ministry has forged strategic partnerships to drive growth, boost cultural diplomacy, and increase the creative sector’s GDP contribution. $200 Million Afrexim Bank Partnership for Creative Sector Funding One of the most notable achievements is a $200 million financing facility with Afrexim Bank, set to begin full operations by mid-2025. This…

The Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Sapphital Limited to expand economic opportunities for Nigerian youth, addressing unemployment and fostering entrepreneurship. The agreement was signed by Comrade Ayodele Olawande, Minister of Youth Development, and Nkeiruka Onyejeocha, Minister of State for Labour and Employment. The partnership aims to equip young Nigerians with essential skills, job opportunities, and entrepreneurial resources to thrive in today’s digital economy. Strategic Programs for Youth Empowerment According to Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development, the collaboration will focus on two key initiatives:…

The Covenant Nation 2025 SME Funding Conference is set to provide alternative financing solutions for small and medium-sized enterprises (SMEs) in Nigeria, offering entrepreneurs new ways to access capital beyond traditional bank loans. Obafemi Darabidan, Head of Department at Covenant Capital, highlighted the goal of the conference during a recent media briefing, stating: “The TCN SME Funding Conference 2025 is designed to bridge this gap by providing practical insights, alternative financing options, and direct networking opportunities with funding providers.” Empowering Entrepreneurs with Funding Solutions Covenant Capital, the SME advisory arm of The Covenant Nation, is dedicated to empowering individuals and…