Author: Gift Ifeanyi

Nigeria is set to thrive in the global digital economy by harnessing its youth population and the increasing demand for digital skills, says Francis Sani, Technical Adviser (Innovation, Entrepreneurship, and Capital) to the Minister of Communications, Innovation, and Digital Economy, Dr. ‘Bosun Tijani. Sani made this statement at the launch of Darey.io and Xterns.ai, alongside their new tech hub, during an event themed “Tech and Tea: Brewing Nigeria’s Technology Innovation Future”, held in Yaba, Lagos on Saturday evening. Unlocking Economic Growth Through Digital Skills Speaking on the critical role of digital skills, Sani emphasized that equipping Nigerians with technical expertise…

The University of Lagos (UNILAG) has announced the launch of its first-ever Spring School in Digital Entrepreneurship and Digital Cultures, a groundbreaking initiative aimed at equipping graduates, professionals, and aspiring entrepreneurs with the essential skills to thrive in Nigeria’s growing digital economy. The programme marks a significant step in UNILAG’s commitment to fostering innovation, empowering youth, and driving economic growth through technology-driven education. It aligns with the university’s ongoing efforts to position itself as a leader in human capital development and tech-based entrepreneurship. Pioneering a Digital Future Speaking on the initiative, Professor Tunde Ope-Davies, Director of the Centre for Digital…

In a significant move to foster innovation and collaboration, the UK and Nigeria have launched the Creative Industries Technical Working Group, a key development under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP). This initiative aims to deepen bilateral ties and establish a solid framework for growth in the creative sectors of both nations. A Milestone for UK-Nigeria Relations The launch of this Working Group, alongside a UK-Nigeria creative industries matchmaking event in London, marks a milestone in strengthening cross-border collaboration. It is designed to boost innovation, enhance commercial alliances, and drive sustainable economic growth within key creative subsectors, including:…

The organizers of the Nigeria Food Summit (NFS) 2025 are set to redefine the nation’s food industry, aiming to position Nigeria as a global culinary destination. Building on the success of its inaugural edition, the summit—convened by renowned culinary expert Gbolabo Adebakin (Chef Gibbs)—seeks to bridge gaps in the food value chain by fostering collaboration among farmers, chefs, food tech innovators, and industry stakeholders. At a virtual press conference in Lagos, Chef Gibbs emphasized that the summit’s theme, “Making Nigeria a Global Food Destination,” underscores the importance of celebrating Nigeria’s diverse food culture while leveraging modern agricultural technology to drive…

Cryptocurrency giant Binance offered Nigeria a $5 million down payment as part of its four-year tax liability in a bid to secure the release of its detained executive, Tigran Gambaryan, last year. However, Nigerian authorities rejected the offer outright, viewing it as inadequate and insincere. The offer was made in August 2024 during frantic negotiations for the release of Gambaryan, Binance’s head of financial crimes compliance. He had been detained on February 26, 2024, after allegedly failing to cooperate with law enforcement investigating how crypto exchanges, including Binance, disrupted Nigeria’s economy and caused significant financial losses. Although Gambaryan was later…

The CEO of MTN Group (MTNJ.J) has expressed confidence that the worst is over for the company as its Nigeria unit begins to recover from the effects of a naira devaluation. The currency depreciation had contributed to an annual pre-tax loss of 4.4 billion rand ($243 million) for the group. Nigeria has been grappling with persistent dollar shortages, prompting authorities to devalue the naira in a bid to stabilize the currency and attract investment. However, the move, combined with high inflation and interest rates, significantly increased costs for businesses. As a result, MTN Nigeria (MTNN.LG) saw its pre-tax loss surge…

Nostalgia for the Good Old Days At a recent corporate training session, attendees were stunned when a facilitator reminisced about purchasing a brand-new Volkswagen Beetle for just ₦3,000 in the late 1970s. Back then, fresh graduates were often offered new cars as part of employment perks. Fast forward to today, and the reality is starkly different. The affordability of new cars has become a distant memory for many Nigerians. Even imported fairly used (Tokunbo) vehicles, once the go-to option for middle-class buyers, are now out of reach. Instead, Nigerian-used cars—pre-owned vehicles that have spent years on local roads—are increasingly becoming…

Nigeria’s foreign trade surged to ₦138.03 trillion in 2024, marking a remarkable 106.56% increase from ₦66.83 trillion recorded in 2023, according to data from the National Bureau of Statistics (NBS). This growth was largely driven by strong export performance and favorable trade balances with key international partners. Key Trade Highlights: Nigeria recorded a trade surplus of ₦16.85 trillion, as total exports (₦77.44 trillion) outpaced imports (₦60.59 trillion). The country’s top ten trading partners accounted for ₦89.47 trillion in total trade, representing 64.81% of overall foreign trade. Europe emerged as Nigeria’s largest trading region, with a trade volume of ₦56.94 trillion,…

The House of Representatives has confirmed that Seplat Production Development Limited and Chorus Energy Limited have remitted a total of N28.7 billion to Nigeria’s Federation Account to clear their outstanding financial obligations. In a statement signed by Rep. Akin Rotimi Jr., Spokesman of the House of Representatives, the Public Accounts Committee (PAC) announced the payments as a major breakthrough in revenue recovery efforts. According to the report, Chorus Energy Limited settled its liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited completed its payment of $18.39 million (N27.6 billion) between March 10…

The World Bank is set to approve up to $1.13bn in loans for Nigeria before the end of March 2025, bolstering efforts to enhance the country’s economic resilience, health security, and education reforms. Key Projects Under Negotiation Three major initiatives are currently in negotiation: Accelerating Nutrition Results in Nigeria 2.0 Programme – Valued at $80m, this project aims to improve nutrition outcomes among vulnerable populations. Approval is expected by March 31, 2025. Community Action for Resilience and Economic Stimulus Programme – With a commitment value of $500m, this initiative is designed to stimulate community-driven economic growth. It is slated for…

Trade between Nigeria and the Niger Republic rebounded strongly in 2024, with Nigerian exports soaring by 77.12% to N82.38 billion, according to the latest National Bureau of Statistics (NBS) data. Total bilateral trade climbed to N91.92 billion in 2024 from N50.48 billion in 2023, despite ongoing diplomatic strains. Export-Driven Trade Growth Nigerian exports to Niger, which accounted for 89.62% of total trade, jumped dramatically from N46.51 billion in 2023 to N82.38 billion in 2024. Imports from Niger also recovered, rising from N3.97 billion to N9.53 billion, signaling a gradual return to economic normalcy. A History of Volatility Trade between the…

Nigeria’s Senate on Wednesday approved a bill to create an asset management company (AMC) designed to absorb non-performing loans and revitalize lending among financial institutions following last year’s $4 billion bailout. Lobbying efforts by the Central Bank of Nigeria have been instrumental in pushing for the AMC. Under the proposed framework, the AMC will purchase bad loans from banks in exchange for government bonds, effectively clearing toxic assets from their balance sheets. “This would effectively take care of and free our banks of the non-performing loans that retard their efficiency,” said Senator Nkechi Nwogu, chairman of the banking committee. Before…

Sycamore, Nigeria’s innovative digital lender with ₦10 billion in assets under management, has secured a fund manager licence from the Securities and Exchange Commission (SEC). This strategic move marks its expansion into asset management—an initiative designed to meet the growing demand for accessible investment options among both retail and institutional investors. A Strategic Pivot Driven by Customer Demand The expansion is fueled by the needs of Sycamore’s 300,000 users, which include freelancers and small to medium-sized enterprises (SMEs). “Securing our SEC license is the culmination of years of building institutional-grade compliance systems,” said CEO Babatunde Akin-Moses. “We’re not pivoting from…

President Bola Tinubu’s economic policies are making waves, with tax reforms designed to boost investor confidence, ease financial burdens on workers, and drive business expansion. A key highlight is the exemption of minimum-wage earners from personal income tax, ensuring relief for low-income Nigerians. Additionally, the proposed VAT increase has been halted at 7.5%, reducing inflationary pressure. Small businesses also benefit, as the tax exemption threshold has been raised from ₦25M to ₦50M in annual turnover, while corporate income tax has been slashed from 30% to 25%, encouraging investment and job creation. Despite opposition from labour unions, analysts argue that these…

First Bank of Nigeria (FBN) Limited has once again reinforced its position as a powerhouse in the banking industry, securing the prestigious titles of Best SME Bank in Nigeria and Best SME Bank in Africa at the 2025 Asian Banker Awards. This marks the second consecutive year the bank has clinched these highly coveted accolades. The Asian Banker Global Excellence in Retail Finance Awards are globally recognized for their rigor, transparency, and prestige, celebrating outstanding achievements in financial services, technology, risk management, and transaction finance. FirstBank’s latest triumph underscores its unwavering commitment to empowering Small and Medium Enterprises (SMEs)—a sector…

Nigeria is on the brink of an economic breakthrough, with inflation expected to decline and industries set to thrive despite ongoing global tariff wars, says the Association of Enterprise Risk Management Professionals (AERMP). Mr. Olayinka Odutola, Director-General and CEO of AERMP, shared this optimistic forecast in an exclusive interview with the News Agency of Nigeria (NAN), highlighting key government reforms driving the nation’s progress. Reforms Fueling Economic Growth Odutola pointed to key policies under President Bola Tinubu’s administration that are already making a significant impact. He cited the drop in food prices—a rarity during the Ramadan period—and increased power generation…

Nigeria’s Economic Paradox: Growth on Paper, Struggles in Reality Nigeria’s economic landscape is caught between two conflicting narratives. On one side, government officials and economic analysts tout impressive progress—exchange rate stabilization, declining inflation, and lower fuel prices. On the other, millions of Nigerians are grappling with rising living costs, weakened purchasing power, and an unrelenting sense of financial hardship. Government’s Optimistic Outlook President Bola Tinubu’s administration has painted a hopeful picture of the economy’s trajectory. Recent policies, they argue, have begun to bear fruit, resulting in a strengthened naira, reductions in fuel costs, and a slight dip in food prices.…

The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have launched a $500 million fund to develop and finance distributed renewable energy (DRE) projects in Nigeria. Objective of the Fund The DRE Nigeria Fund aims to raise financing through tailored financial instruments to attract private sector capital. It seeks to address key challenges such as: Currency volatility Tariff structures Limited availability of local currency financing According to a statement seen by BusinessDay, the fund will support mini-grids, solar home systems, commercial and industrial (C&I) power solutions, embedded generation projects, and innovative…

Arnold Dublin Green, Chief Investment Officer of Cordros Capital, has attributed the recent depreciation of the naira to the exit of foreign portfolio investors (FPIs) from Nigeria’s financial markets. Speaking on the Drinks and Mics podcast hosted by Ugo Obi-Chukwu, CEO of Nairametrics, Green explained that Nigeria’s heavy reliance on foreign portfolio inflows has left the currency vulnerable to external shocks. “Our heavy reliance on foreign portfolio influence is coming to play because we’ve opened up our market to a volatile global environment. Yes, we are in a weaker dollar situation, which is always a risk to the trade ……

Nigerians are earning more from platforms like Spotify, TikTok, YouTube, and X as digital content creation continues to grow in Africa’s most populous nation. According to Spotify’s 2024 Loud & Clear report, Nigerian artists earned over N58 billion in royalties last year—more than double the amount paid in 2023 and five times more than in 2022. Jocelyne Muhutu-Remy, Managing Director for Spotify Africa, attributed this rise to the growing global demand for Nigerian music and Spotify’s commitment to artist support. “Discovery is an essential feature of streaming, and Spotify helps artists reach new audiences worldwide. Whether you’re in Oslo or…