Author: Gift Ifeanyi

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…

Though Nigeria’s local currency recently stabilized at around ₦1,602.18 to the dollar, financial analyst and CFG Advisory CEO, Tilewa Adebajo, insists the naira ought to be performing better—trading under the ₦1,000 mark—if actual economic indicators were accurately reflected. On May 1, 2025, the naira maintained a rate of ₦1,605 to the dollar in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. Yet Adebajo believes current metrics support a significantly stronger naira. In a detailed position paper titled “Is the Naira Undervalued at Over ₦1,000 per Dollar?”, he cited a healthier foreign exchange system, larger reserves, and…

The Federal Government has unveiled critical elements of its proposed tax reform agenda, which is expected to ease the cost of living and increase the financial well-being of Nigerian workers once implemented. Dr. Taiwo Oyedele, who chairs the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted that the newly proposed tax measures are focused on putting more money into workers’ pockets while strengthening the economy’s foundation. According to Oyedele, under the proposed framework, individuals earning up to ₦1.3 million annually (just over ₦100,000 monthly) would no longer be required to pay Pay As You Earn (PAYE) tax. This exemption…

Business activity in Nigeria’s private sector surged to its highest level in 15 months this April, according to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, compiled by S&P Global. The data reflects a positive shift in economic momentum as firms benefited from stronger consumer demand and improved output. The PMI stood at 54.2 in April, nearly matching March’s 54.3, indicating continued robust growth. A reading above 50 signals expansion, while anything below suggests contraction. Output and Employment on the Rise April marked a notable increase in output across all major sectors of the economy, with the services industry…

Nigeria is bearing a heavy financial burden from illicit financial flows (IFFs), losing nearly $17.7 billion each year—representing around 20% of Africa’s total losses in this category, according to the Federal Ministry of Finance. This alarming figure was presented at a recent session at the United Nations Headquarters in New York, as part of preparatory talks ahead of the Fourth International Conference on Financing for Development (FfD4) set to hold in Seville. Speaking to global finance leaders, Minister of State for Finance, Doris Uzoka-Anite, said the massive capital flight is crippling Nigeria’s developmental prospects, denying millions access to quality infrastructure,…

Toyin Akaninyene Udoabba, popularly known as NaijaSalesmaker, is transforming how aspiring entrepreneurs across Africa learn to build and grow successful online businesses. As the founder of the Life Changing Sales Academy, Udoabba has empowered over 53,000 individuals—many of whom now generate monthly incomes reaching into the seven figures. In a recent interview, Udoabba described herself as “an entrepreneur, business consultant, real estate investor, digital marketer, and sales coach,” all rolled into one. Her journey began back in 2004, fueled by a determination to rise above poverty and forge her own path. While employed at a firm that offered advertising support…

As Wema Bank celebrates 80 years of continuous service in Nigeria’s financial sector, First Lady Senator Oluremi Tinubu has commended the institution for its enduring presence and commitment to inclusive economic development. Speaking through the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, at the bank’s anniversary event in Lagos, the First Lady recognized Wema Bank’s vital contributions to empowering women, youth, and entrepreneurs—key pillars of national development. According to a statement from the Minister’s media aide, Mr. Jonathan Eze, Mrs. Tinubu emphasized that few organizations manage to maintain relevance across decades, let alone thrive. “Sustaining operations for eight decades in…

The Nomfro Technologies Entrepreneurship Empowerment Project (NTEEP) has unveiled the fifth installment of its acclaimed startup development initiative, with plans to support more than 2,000 early-stage ventures across Africa through free, high-impact training. Set to run from May 12 to May 30, 2025, NTEEP 5.0 promises a fully online, borderless experience designed to equip budding entrepreneurs with essential skills, digital solutions, and mentorship. The program includes interactive classes and expert-driven presentations focused on building sustainable, scalable businesses across the continent. Founded in 2020 by Nigerian tech innovator Adams John Smart, also known as A.J. Smart, the program was originally conceived…