Author: Gift Ifeanyi

The Minister of Foreign Affairs, Amb. Yusuf Tuggar, has highlighted Nigeria’s leading role in the fintech and financial services sector, emphasizing its contribution to job creation and economic growth across Africa. During his visit to Moniepoint Inc.’s United Kingdom (UK) offices, Tuggar underscored the importance of fostering global confidence in Nigerian businesses as they expand internationally. “Nigeria holds a strong position in the fintech and financial services sector. With banks and fintech firms operating across Africa, we must continue instilling confidence in Nigerian businesses as they expand globally,” Tuggar stated. He further noted that the growth of the fintech sector…

The Economic and Financial Crimes Commission (EFCC) has raised an alarm over the operations of 58 companies disguising as investment platforms while defrauding unsuspecting Nigerians of their hard-earned money. In a statement, the anti-graft agency reaffirmed its commitment to sanitizing Nigeria’s financial space and providing the public with credible information about illegal Ponzi schemes operating across the country. According to the EFCC, these companies are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC). Both regulators, in separate correspondences, confirmed that the entities are not licensed under their supervision. The commission further disclosed…

As Nigeria aims for a 30% renewable energy contribution by 2030, the country is partnering with the Netherlands to expand solar power and rural electrification. A trade mission between Dutch firms and Nigerian stakeholders is expected to drive new investments, knowledge transfer, and long-term partnerships in the clean energy sector. Rogier Van Tooren, Head of Mission at the Netherlands Ministry of Foreign Affairs, highlighted the Netherlands’ expertise in solar power despite limited sunlight, emphasizing Nigeria’s abundant solar resources as a key advantage. “You have something very special that we envy in the Netherlands: abundant sunshine. The potential is enormous, and…

Nigeria’s Dangote refinery is sourcing crude oil from around the world to supplement domestic deliveries as the massive plant gradually increases production, reshaping the region’s import and export dynamics. Since the start of the month, the refinery has received over three million barrels of American crude. It has also made purchases closer to home, recently importing Angola’s Pazflor grade and Algeria’s Saharan Blend from Glencore Plc. Located near Lagos, the facility has been steadily increasing its processing rates since launching early last year, though it has yet to reach full capacity. However, signs indicate that operations are accelerating. “Crude deliveries…

Dr. Arinze Harris Madueke, born to Chief and Mrs. Madueke from Ukpor, Nnewi South Local Government Area of Anambra State, has established himself as a prominent figure in both business and philanthropy. Coming from humble beginnings, he became a key player in the oil industry by the age of 37, earning recognition as one of Nigeria’s foremost entrepreneurs. Madueke’s influence extends beyond his business achievements. He founded the Zidora Aid Foundation (ZAF), which supports education and healthcare initiatives. The foundation offers scholarships to over 500 students in Nigeria and more than 60 internationally. This commitment to education reflects Madueke’s desire…

LAGOS, March 11 – Nigeria’s state oil company, NNPC Ltd, has initiated discussions with Dangote Oil Refinery to extend its contract for supplying crude oil in naira. This contract, originally set for six months, will conclude later this month and was implemented in October due to local refineries, including the Dangote facility, facing challenges in securing crude supplies. The goal of this initiative was to resolve those supply issues by enabling refineries to purchase crude oil in naira through NNPC Ltd. To date, NNPC Ltd has supplied 48 million barrels of oil to the Dangote Oil Refinery under this arrangement.…

The adoption of cryptocurrency has gained significant traction in Nigeria over the years, serving as a store of value to hedge against inflation and as an investment tool for wealth accumulation. Additionally, it has become a popular medium for international transfers, allowing individuals to send cryptocurrency to family members in Nigeria, who then convert it to local currency. Despite its popularity, the use of cryptocurrency has not been without challenges. In this newsletter, we will examine cryptocurrency regulation in Nigeria and outline the steps businesses must take to operate compliantly within the country.  Crypto Regulation in Nigeria In 2021, the…

A total of 216 Chinese firms recently visited Nigeria to explore investment opportunities, with 74 specifically expressing interest in the country’s oil and gas sector. According to a statement issued by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, Nigeria’s oil and gas industry continues to attract foreign investors, with a significant portion of Chinese enterprises considering investment in this critical sector. Chairman of the House of Representatives Committee on Nigeria-China Relations, Jaafaru Yakubu, highlighted this development during a meeting with NUPRC’s Chief Executive, Gbenga Komolafe. Leading a delegation of committee members to the NUPRC, Yakubu emphasized the Federal…

The Manufacturers Association of Nigeria (MAN) has voiced strong opposition to the new financial charges imposed on private companies by the Financial Reporting Council of Nigeria (FRCN) under the recently amended FRCN Act. In a statement issued by MAN’s Director General, Segun Ajayi-Kabir, these charges threaten the survival of businesses and contradict the government’s agenda to ease the business environment. Ajayi-Kabir described the charges as “astronomical,” especially noting that non-listed manufacturing companies—many of which are MAN members—are now classified as Public Interest Entities (PIEs) and faced with substantial fees. For example, a new section (Section 33) introduced under the FRCN…

The federal government has expressed interest in hosting the COP32 United Nations climate summit, a gathering where representatives from 198 countries that have ratified the UN Framework Convention on Climate Change (UNFCCC) come together to negotiate agreements on climate action. This announcement was made during the visit of Simon Stiell, the head of the UN’s climate arm. If approved, COP32 is set to take place in Lagos in 2027, as reported by Climate Home News. At a symposium attended by Stiell, Nkiruka Maduekwe, head of the country’s climate change council, emphasized that Africa’s most populous city “has what it takes…

Nigeria has made significant progress in boosting its crude oil refining capacity through strategic initiatives aimed at both new refinery projects and the rehabilitation of existing facilities. The country is set to welcome three new refineries, which are expected to collectively add 140,000 barrels per day (BPD) to Nigeria’s refining capacity. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued licenses for the construction of these new refineries, reflecting the government’s broader efforts to reduce reliance on imported petroleum products and enhance domestic refining capabilities. In addition to these new projects, the Nigerian government has been investing in…

Nigeria’s biscuit makers are reporting a significant decline in sales, attributed to shrinking consumer budgets, inflationary pressures, and factory shutdowns. A 2017 KPMG report estimated the size of the nation’s biscuit industry at N121 billion, with an annual output of 152,490 tons and a compound annual growth rate (CAGR) of 16 percent over five years. As of 2017, annual biscuit demand was estimated to be between 15 and 20 percent; however, industry players now believe this figure may have dropped to below five percent as cash-strapped consumers prioritize spending on food, clothing, and shelter. “The demand for biscuit products is…

Sterling Bank opened an account for Indo Kaduna MRTS JV Nigeria Limited, a joint venture established in 2016 by the Kaduna State Government and several Indian business partners. The bank received billions of naira on behalf of the company before it was legally registered, raising concerns about regulatory lapses in Nigeria’s banking sector. An investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) uncovered an alleged diversion of N1.37 billion from the N11 billion paid by the Kaduna State Government under the previous governor, Nasir El-Rufai. These payments were made for the state’s now-abandoned light rail project.…

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has issued a warning against monopolies and unfair competition in the downstream oil sector, advocating for healthy competition instead. In a statement signed by its National Public Relations Officer, Dr. Joseph Obele, PETROAN urged regulatory authorities to foster a competitive environment and maintain price stability in the country’s downstream petroleum sector to prevent monopolies and support local refineries. “The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) is committed to promoting healthy competition and controlling price fluctuations in the downstream sector,” the statement said. The association expressed concern over…

President Bola Tinubu has stated that the economic reforms implemented by his administration since he took office on May 29, 2025, have contributed to stabilizing the exchange rate of the Naira against the Dollar in the foreign exchange (FX) market. During the inauguration of the Planning Committee for the National Youth Conference at the State House in Abuja on Monday, the President expressed confidence that professionals who left Nigeria due to the economic crisis would consider returning, thanks to improvements in the nation’s economy. He emphasized that the ongoing reforms are designed to benefit the youth, whom he described as…

For six decades, the Defence Industries Corporation of Nigeria (DICON) has been a cornerstone of the country’s pursuit of self-reliance in defense manufacturing. Established in 1964, its mission has been to equip Nigeria’s armed forces with locally produced military hardware, and over the years, it has evolved into a critical component of national security. DICON manufactures a range of equipment, from small arms and ammunition to advanced defense technologies, driving innovation, industrialization, and strategic collaboration. The enactment of the DICON Act 2023 and the unveiling of the DICON Evolution Strategy and Roadmap 2030 represent significant shifts in Nigeria’s defense landscape.…

The Miners Association of Nigeria (MAN), in collaboration with its partners, has announced its readiness to host the 2025 Nigeria Mining Week. This annual gathering is recognized as a catalyst for advancing discussions on the significance of mineral resources in driving national economic growth. Last year, the Nigeria Mining Week attracted over 2,100 mining professionals, featured around 200 sponsors and exhibitors, included representation from more than 40 mining operators, and welcomed over 20 mining exploration companies. Commenting on the upcoming event, Dele Ayanleke, President of MAN, noted that the continuous staging of this event is the result of a strong…

President Bola Tinubu has responded to criticism from the Catholic Bishops’ Conference of Nigeria (CBCN), which warned of a looming national crisis due to rising youth unemployment and growing frustration among citizens. During its first plenary meeting of 2025 in Abuja over the weekend, the CBCN expressed concerns about the state of the economy and governance. In his address, CBCN President Archbishop Lucius Iwejuru highlighted serious issues such as youth unemployment, insecurity, poverty, corruption, and electoral fraud, which require urgent action to prevent the country from drifting into crisis. He stated, “The situation is compounded by mass layoffs resulting from…

Ahmed Idris is the visionary Executive Director of Enovate Lab, a dynamic innovation and impact organization headquartered in Kano, Nigeria. Enovate Lab is dedicated to empowering creative individuals who are tackling local challenges through groundbreaking and innovative solutions. Idris embarked on this journey in 2018, founding Enovate Lab with a modest N50,000 and no dedicated office space. A pivotal moment came when a mentor generously offered to share office space, providing the fledgling organization with a crucial foothold. Today, Enovate Lab boasts a robust team of 12 core members and 17 dedicated volunteers, a testament to its remarkable growth and…

Google Hustle Academy 2025 is Back! The Google Hustle Academy 2025 is returning to provide AI-powered training, mentorship, and business growth strategies to small and medium-sized businesses (SMBs) in Kenya, Nigeria, and South Africa. Empowering Africa’s Entrepreneurs SMBs are crucial to Africa’s economic growth. The Google Hustle Academy program aims to empower these vital businesses by offering essential training and resources to entrepreneurs in Kenya, Nigeria, and South Africa. Hustle Academy 2025: Building on Previous Success with Continued AI Integration Since its inception in 2022, the Hustle Academy has effectively trained over 15,000 SMBs. The 2025 edition will build on…