Author: Gift Ifeanyi

In recent years, an increasing number of Nigerians have turned to cocoa farming, driven by a surge in cocoa prices and the promise of lucrative returns. Thousands are leaving their traditional careers to join the thriving cocoa sector, drawn by the fortunes made by farmers in cocoa-producing regions like Ikom, in Cross River State. One such individual is Anyoghe Akwa, a 47-year-old civil engineer from Ikom. Once hopeful for a career in construction, Akwa shifted his focus to cocoa farming after hearing about the soaring prices in 2023. “We saw young people in their twenties, with no formal education, earning…

Business leaders in Nigeria have outlined key strategies for startups to remain resilient and sustainable as they navigate the challenges of the current economic climate. These insights were shared at an Executive Mixer hosted by Spacefinish and Campus HQ at Flutterwave’s headquarters in Lagos. The event brought together prominent leaders from the tech and financial sectors to discuss practical solutions that can help startups stay afloat amid economic volatility, currency fluctuations, policy changes, and increasing investor scrutiny. Building Strong Relationships with Regulators Oluwafunmilayo Olaniyi, Senior Vice President of Business Development at Flutterwave, advised startups to establish and maintain strong relationships…

The federal government of Nigeria, alongside Dangote Industries Limited, has called for a renewed focus on localized production and patient capital as essential drivers for unlocking Africa’s vast economic potential. This call to action was underscored during the African Private Capital Association (AVCA) Week held in Lagos, a pivotal gathering of global investors, fund managers, policymakers, and business leaders. The event, themed “Bold Moves: Powering 10x in Africa,” explored investment opportunities and tackled the continent’s economic transformation challenges. Keynote speeches from Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, and Aliko Dangote, Founder and CEO of Dangote Industries,…

Aliko Dangote, President of Dangote Group, has lauded President Bola Ahmed Tinubu for assembling a highly capable leadership team at the Nigerian National Petroleum Company (NNPC) Limited. The team includes Mr. Bashir Bayo Ojulari as Group Chief Executive Officer and Mr. Ahmadu Musa Kida as Non-Executive Chairman. The commendation was shared in a statement issued by Anthony Chiejina, the Chief Corporate Communications Officer of Dangote Group. Dangote expressed his admiration for President Tinubu’s leadership, noting that the appointments of Ojulari and Kida were pivotal in revitalising the oil and gas sector, and helping to steer NNPC Limited towards greater operational…

Nigeria is facing a dual macroeconomic challenge as Brent crude prices plunge below $60 per barrel, threatening to destabilize the country’s fragile exchange rate and deepen an already widening fiscal deficit. The dramatic decline in oil prices, fueled by increased OPEC+ supply and diminishing global demand, has raised alarms among government officials and investors alike. The primary concern lies with Nigeria’s 2025 federal budget, which was based on assumptions of $75 per barrel oil prices and a daily production target of 2.06 million barrels. As of March 2025, both of these projections are proving overly optimistic. Brent crude prices have…

With the recent Central Bank of Nigeria (CBN) reforms, Nigerians are turning to digital banks and payment platforms for fee-free transfers, zero maintenance charges, and clear pricing. These fintech solutions are designed to offer real-time alerts, budgeting tools, and loyalty rewards, making it easier for users to take control of their finances while sidestepping hidden bank fees. From no-cost peer-to-peer transfers to goal-based savings and virtual cards for international spending, these apps are helping Nigerians stretch their naira further and simplify everyday transactions. Here are the top 10 fintech apps making a difference: Kuda Often referred to as “the bank…

Amid Nigeria’s harsh economic climate, snack manufacturer Fastizers is making tough operational shifts—ranging from product downsizing to entering new markets—in order to weather rising production costs and shrinking consumer purchasing power. “It’s incredibly difficult right now. The terrain is extremely tough,” said Debby Lawson, founder of Fastizers, in a recent conversation with How We Made It in Africa. Over the past two years, Nigeria has faced severe economic headwinds. Inflation soared above 30% in 2024, and the naira’s depreciation against the US dollar has further strained business operations. While the exchange rate has recently stabilized and inflation is easing slightly,…

President Bola Tinubu is set to convene a critical meeting with heads of Nigeria’s electricity generation companies (GenCos) in an urgent bid to resolve a crippling debt crisis that threatens the country’s already fragile power sector. The discussion, announced by Minister of Power Adebayo Adelabu through his media adviser Bolaji Tunji, is aimed at addressing the over N4 trillion owed to GenCos by the Federal Government. Stakeholders warn that if left unresolved, the debt burden could lead to a collapse of power generation in Nigeria. Adelabu stressed that the Federal Government recognizes the dire financial strain on GenCos and is…

In a strategic move to strengthen entrepreneurship and small business development, the Lagos State Employment Trust Fund (LSETF) and Junior Chamber International (JCI) Nigeria have signed a Memorandum of Understanding (MoU) aimed at boosting support for small and medium-sized enterprises (SMEs) across the country. The signing ceremony took place at the LSETF headquarters in Lagos, drawing stakeholders from both organisations and highlighting the nationwide significance of the agreement. Representing the Lagos State Government, Feyisayo Alayande, Executive Secretary of LSETF, signed the MoU, while Oluwatoyin Atanda, JCI Nigeria’s 2025 National President, represented the youth-led nonprofit. Also present at the event was…

The Niger Delta, once rich in natural beauty and biodiversity, has become a shadow of its former self due to decades of unchecked oil extraction by major Western oil firms. Widespread contamination of land and waterways has devastated the region, wiping out farming and fishing livelihoods, polluting the air with constant gas flaring, and leaving entire communities without clean water. Foreign Oil Giants Abandon Ship Now, many of these multinational corporations are offloading their aging infrastructure to local Nigerian firms. The motivation is clear: these assets are no longer profitable and come with mounting risks—both environmental and legal. By selling…

The Central Bank of Nigeria (CBN) has posted a staggering loss of ₦498.2 billion for 2024, with a colossal ₦9.4 trillion foreign exchange revaluation loss wiping out the institution’s operating income for the year. According to the CBN’s audited financials, the sharp depreciation of the naira significantly inflated the cost of servicing foreign liabilities, overshadowing all revenue gains from interest and fee-based income. This marked one of the worst financial outcomes in the bank’s recent history. FX Pressures Overwhelm Earnings The central bank’s interest income climbed to ₦2.87 trillion, and fee and commission earnings added another ₦1.39 trillion. However, these…

Nigeria’s petroleum industry is reeling from another high-profile corruption crisis as the misappropriation of nearly $3 billion in refinery rehabilitation funds sparks national outrage and demands for accountability. The scandal, currently under active investigation by the Economic and Financial Crimes Commission (EFCC), has led to the arrest of several former executives of the government-run refineries in Port Harcourt, Warri, and Kaduna. Among those in custody are Ibrahim Onoja, the former managing director of the Port Harcourt Refining Company, and Efifia Chu, previously in charge of the Warri Refining and Petrochemical Company. Billions Disbursed, Nothing to Show The EFCC probe centers…

Artificial intelligence is poised to play a transformative role in Nigeria’s economic future, potentially contributing up to $58 billion to the nation’s GDP by 2030, according to Microsoft’s regional head, Ola Williams. In a recent analysis, Williams, who leads Microsoft operations in Nigeria and Ghana, said Nigeria is uniquely positioned to harness nearly half of the $136 billion in AI-driven economic value projected for Sub-Saharan Africa over the next decade. Learning from the Mobile Money Boom Drawing parallels to Nigeria’s rapid rise in mobile money adoption, Williams argued that AI can similarly reshape the country’s economic landscape—if guided by the…

Bankole Oloruntoba, CEO of the Nigeria Climate Innovation Centre (NCIC) and Finland’s Honourary Consul in Lagos, shares his journey from a small-town entrepreneur’s son to one of Nigeria’s most influential voices in climate innovation. In this exclusive interview, he discusses his career evolution, the state of Nigeria’s innovation ecosystem, and why policies are not Nigeria’s core problem. Early Inspirations and Career Beginnings Growing up in Zaria, Kaduna State, Oloruntoba spent countless hours in his father’s electronics store, observing trade and the dynamics of small-scale business. That early exposure planted the seeds of curiosity about how businesses function and thrive. While…

Prince Afolabi Andu, a Nigerian entrepreneur based in the United Kingdom, has called on Nigerian students to harness the power of digital technology to reach their professional goals and drive transformation in their communities. Andu, who serves as the CEO of Global Africa Investments Limited, delivered this message during the second edition of the Nigerian Technology Ignited Conference, themed “The Young Nigerians Innovation Conference.” The conference, which took place on Saturday at the University of Ibadan’s International Conference Centre in Oyo State, served as a convergence point for young innovators and seasoned tech professionals from across the country. Addressing the…

Lagos, Nigeria’s vibrant metropolis, is synonymous with energy, ambition, and grandeur. It’s no surprise, then, that The Real Housewives of Lagos (RHOLagos) has evolved beyond a typical reality TV show into a cultural powerhouse that is influencing not only pop culture but also the entrepreneurial landscape within Nigeria and across the globe. At its core, RHOLagos offers an immersive experience into the city’s exhilarating lifestyle, often referred to as “faaji”—a dynamic mix of luxury, fun, and revelry that is the heartbeat of Lagos life. Through the show’s lens, viewers are taken on a journey through extravagant parties, elite fashion moments,…

Yahaya Maikori, a seasoned Nigerian attorney and businessman, has made significant strides across various sectors including gaming, sports, technology, media, and e-commerce throughout Africa. As the founder of Law Allianz, established in 2008, and co-founder of the renowned record label Chocolate City, Maikori’s expertise spans a diverse range of industries. He is a graduate of Obafemi Awolowo University and the University of London, and he was called to the Nigerian Bar in 1994. In 2013, Maikori became a member of the Law Society of England and Wales. His professional journey has been marked by notable achievements, especially in mergers and…

In light of Nigeria’s challenging economic conditions and the persistent high energy costs faced by Small and Medium-sized Enterprises (SMEs), a new study has highlighted the potential of green financing initiatives. The study calls for active backing from financial institutions such as the Bank of Industry (BOI), the African Development Bank (AfDB), and the Nigerian Export-Import Bank (NEXIM) to help SMEs thrive despite these obstacles. This finding comes from a recent study by Nigerian researcher Mr. Oghenevwire Okugbere, titled “Access to Sustainable Finance in Stimulating SME Growth and Economic Resilience in the United States for Overall Economic Growth and Development,”…

The recent launch of the PowerHer774 initiative by the Nigerian Consumer Credit Corporation (CREDICORP), in collaboration with the Ministry of Women Affairs, has garnered commendation. This program sends a powerful message that President Bola Ahmed Tinubu’s administration is genuinely committed to fulfilling one of its core promises under the Renewed Hope agenda: ensuring access to credit for economic inclusion, particularly for marginalized groups. PowerHer774 aims to reach a significant milestone by providing three million women across Nigeria’s 774 Local Government Areas (LGAs) with access to clean energy solutions, supported by structured consumer credit. This endeavor is both timely and visionary,…

Kenneth Imasuagbon, a former governorship hopeful in Edo State, has decried the worsening state of insecurity and economic hardship in Nigeria, warning that the nation’s global image is rapidly deteriorating. In a statement released Saturday from Benin City, Imasuagbon expressed frustration over what he described as Nigeria’s declining status on the world stage, attributing it to ongoing violence and the government’s failure to tackle deep-rooted problems. “Our reputation is eroding,” he said. “Across international media, Nigeria is being portrayed as unstable and unsafe. This perception makes us look like a nation in disarray, where human life is increasingly devalued.” Imasuagbon…