Author: Gift Ifeanyi

Dr. Simeon Agwale has revealed a major breakthrough in the fight against Lassa fever, as a vaccine developed by a Nigerian scientist has demonstrated complete protection in preclinical trials involving mice and non-human primates. Dr. Agwale, Chief Executive Officer of Innovative Biotech, disclosed this during an interview in Abuja, expressing optimism that this advancement could mark a turning point in controlling the deadly virus, which continues to affect parts of Nigeria. The vaccine, licensed from the University of Melbourne to Pac-Man Biologics, showed exceptional results—providing 100% protection during animal trials. Agwale emphasized that this is the first vaccine to prove…

A visionary banker John Obaro took a bold leap in the early 1990s leaving a stable banking career to pioneer local technology in Nigeria. At a time when foreign software dominated the market and skepticism about indigenous innovation ran high, Obaro’s belief in homegrown solutions laid the foundation for SystemSpecs and, ultimately, Remita. Today, Remita stands not just as a product, but as a core part of Nigeria’s financial framework—facilitating secure transactions for government institutions, businesses, and individuals across the country. Beneath this trusted platform is a story of resilience, scale, and national innovation. Engineering a Nigerian Solution for Nigerian…

Wage increases offered by UK employers saw a modest dip in the three months leading up to April, even though the recent rise in the national minimum wage led to notable gains for some lower-paid workers. This shift is likely to be seen as positive news by the Bank of England, which has projected a significant slowdown in earnings growth this year as part of its strategy to bring inflation back down to its 2% target. New figures from Incomes Data Research (IDR) show that the typical private-sector pay rise dropped slightly to 3.4%, compared to 3.5% in the previous…

The Nigerian Association of Energy Correspondents (NAEC) has announced plans to unveil a detailed report examining Nigeria’s energy investment climate, suggesting reforms to regulatory policies, establishing a stakeholder engagement platform, and outlining major investment prospects at its upcoming 2025 annual energy conference. Scheduled for October 9, 2025, at Eko Hotel & Suites in Lagos, the hybrid event—offering both physical and virtual attendance—will be held under the theme “Nigeria’s Energy Future: Exploring Opportunities, Addressing Risks for Sustainable Growth.” According to a statement issued by NAEC Chairman, Ugo Amadi, this year’s edition is designed to be especially comprehensive, capturing recent trends and…

Young Nigerians are being called upon to actively equip themselves for leadership responsibilities in both political and business landscapes, as part of a broader effort to shape the country’s future. This message was delivered during a press briefing ahead of the upcoming “Freedom 2025” youth leadership training conference, set to take place on June 12 at the Redeemed Christian Church of God (RCCG), City of David, Trinity Towers, Victoria Island, Lagos. Pastor Samuel Olaniyan, the RCCG Region 52 Overseer, emphasized that the conference seeks to energize Nigerian youths to participate meaningfully in the nation’s democratic process and reject the growing…

Key stakeholders in Nigeria’s maritime industry have called for the adoption of legislation aligned with international standards to promote gender equality, inclusivity, and equal professional opportunities for women. They argue that such reforms are essential for sustainable development and economic advancement. At the fourth Women in Maritime and Shipping Conference, hosted by the Nigerian Chamber of Shipping (NCS) under the theme “Charting New Waters: Women Steering Progress in Maritime and Shipping,” participants stressed the urgent need for Nigeria to implement African Union protocols that advocate for women’s empowerment, including the enforcement of recruitment quotas for women in the sector. Speakers…

Nigeria’s most capitalised non-financial companies are grappling with a steep rise in debt as economic headwinds intensify. In the first quarter of 2025 alone, the collective debt of 12 of the country’s leading firms surged by 30 percent, climbing from N4.8 trillion in Q1 2024 to N6.2 trillion, according to a BusinessDay analysis. The increase is largely driven by persistent inflation and a significantly weakened naira, forcing companies to borrow more to manage escalating operational costs. This elite group includes prominent names such as BUA Foods, Dangote Cement, MTN Nigeria, Seplat Energy, Geregu Power, BUA Cement, Transcorp Power, Nigerian Breweries,…

Twenty-seven years after its inception, the Nigeria-Indonesia Chamber of Commerce and Industry (NICCI) has not only elevated bilateral trade but has also significantly reshaped how Indonesians perceive Nigerians. Speaking during an interactive session held on Thursday, June 5, 2025, at the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), NICCI President Ishmael Balogun described the transformation that has occurred over the years. The event was organized by Chinyere Nwoga, the first female president of PHCCIMA, and brought together stakeholders from both chambers. Balogun, widely recognized as a key figure in fostering trade relations between Nigeria and Indonesia, highlighted…

 Citi’s Global Head of International, recently visited Nigeria to underscore the growing strategic relevance of Africa in the evolving global trade environment. Cantú, who assumed his role in September 2023 following a major organizational restructuring at Citi, shared insights on how Nigeria and the wider African continent can capitalize on shifting trade patterns, digital innovation, and economic reforms. Navigating Volatility, Seizing Opportunity Global trade dynamics are undergoing seismic shifts, particularly due to increasing protectionism and supply chain realignments. According to Cantú, these disruptions—while creating uncertainty—are opening new pathways for growth. In regions like Africa, where intra-regional trade and digital infrastructure…

As of December 2024, the combined debt of Nigerian state and local governments to banks and the Central Bank of Nigeria (CBN) stood at N4.09 trillion. This marks a modest decrease of N112 billion or 2.7% from the N4.20 trillion reported at the end of 2023, indicating a slight improvement in their overall debt profile. According to the Central Bank’s latest quarterly statistical bulletin, commercial and merchant banks were the largest creditors, with N2.41 trillion in outstanding loans—58.9% of the total debt. This represents a reduction from the N2.64 trillion recorded in December 2023, highlighting a N233 billion year-on-year decline…

PalmPay, has introduced a new corporate social responsibility (CSR) initiative aimed at fostering financial independence among women entrepreneurs in northern Nigeria. The initiative, titled “Passing the Baton,” officially launched across Kano and Kaduna states, underscores the company’s commitment to grassroots financial inclusion and gender equity. In a statement released on Sunday, PalmPay announced that the programme will deliver financial literacy training and micro-business branding support to 5,000 women-led enterprises in the region. Speaking on the initiative, PalmPay Managing Director Chika Nwosu stated, “Real financial inclusion must reach the grassroots. Through this CSR programme, we’re advancing gender equity by providing women…

The Minister of State for Industry, Senator John Enoh, has announced that the Bank of Industry (BOI) has released a total of ₦1.3 trillion in funding to micro, small, and medium enterprises (MSMEs) across the country. This strategic initiative aims to strengthen business operations and reinforce their vital role in Nigeria’s job market, where MSMEs are responsible for roughly 84% of total employment. According to a release from the Federal Ministry of Industry, Trade and Investment, Enoh made this announcement while attending the 2025 Global Entrepreneurship Congress and the high-level Startup Nations Ministerial in Indianapolis, USA. During his address at…

Union Bank of Nigeria has reaffirmed its dedication to entrepreneurship and the empowerment of women and youth through its alpher initiative by sponsoring the second cohort of the Nigerian-British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) programme. This strategic partnership has culminated in the graduation of 125 entrepreneurs who received hands-on training and access to business grants, equipping them with the skills and resources needed to thrive in Nigeria’s competitive business landscape. According to recent statistics, small and medium-sized enterprises (SMEs) are the backbone of Nigeria’s economy, contributing nearly 48% to the nation’s GDP and providing…

The Senate Committee on Local Content, under the leadership of Senator Joel-Onowakpo Thomas, has pledged firm support for the Nigerian Content Development and Monitoring Board (NCDMB) in advancing local participation across the oil and gas industry. During a recent oversight visit to the NCDMB headquarters in Yenagoa, Bayelsa State, the committee reviewed ongoing initiatives, including a site inspection of the nearly completed Nigerian Oil and Gas Park Scheme (NOGaPS) in Emeyal I, Ogbia Local Government Area. The industrial park, which is already partially operational, is expected to serve as a hub for local enterprises in the sector. Senator Thomas emphasized…

After a period of intense public scrutiny over a contentious ₦225 billion judgment debt and allegations of insider trading, Fidelity Bank has re-emerged with renewed momentum, boosted by a recent upgrade from global credit rating agency, Fitch Ratings. Fitch affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B’ and elevated its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’. The rating agency cited strengthened capital buffers and improved profitability as key drivers of the upgrade, signalling positive investor sentiment and renewed confidence in the bank’s trajectory. Defying Headwinds Fidelity Bank recently addressed speculation surrounding its financial health, following a Supreme…

There are around 30 places globally named “London,” a legacy of the British capital’s historical influence. About 18 of these—including three significant cities—are in the United States. Even in Nigeria, the fascination with London runs deep: Abiriba in Abia State is affectionately nicknamed “Small London,” and a town in Delta State, 117km from Asaba, bears the name without irony. London holds an almost mythical status in the Nigerian psyche. It represents aspiration, luxury, and escape. Nigerians dream of it, live in it, invest in it, and sometimes die with chunks of it in their names. The city drips with Nigerian…

Despite being Africa’s top oil producer and home to over 228 million people, Nigeria continues to rely heavily on imported crude—sourcing a substantial portion from the United States, thousands of miles away. In a striking development this year, the Dangote refinery, situated on the outskirts of Lagos, acquired nearly one-third of its crude oil from the U.S., particularly from the Midland oil fields in West Texas. This represents a significant increase from its first year of operation in 2024, according to Bloomberg’s ship tracking data, and underscores Nigeria’s ongoing challenges in meeting its refining needs with domestically produced crude. The…

Nigeria’s fashion industry, valued between $2.5 billion and $6 billion annually, stands as a dynamic and rapidly expanding sector of the national economy. Yet, this market is far from monolithic. It is a mosaic of varied consumer groups and sellers, ranging from informal thrift traders and local tailors to upscale boutiques and luxury labels. Each segment’s fashion preferences are shaped by factors such as income, cultural identity, and access to diverse retail channels. Despite robust demand, much of Nigeria’s fashion market remains informal and underfunded, leaving considerable growth potential untapped. Drawing from recent research on undercapitalized growth sectors, this overview…

The Nigerian Exchange Group (NGX) is actively gearing up for the imminent listing of Dangote Petrochemicals, a strategic development anticipated to significantly enhance Nigeria’s market capitalization and deepen the country’s capital markets. In a recent statement, NGX Group Chairman Dr. Umaru Kwairanga underscored that this listing aligns closely with President Bola Tinubu’s economic vision, which targets expanding Nigeria’s Gross Domestic Product (GDP) to $1 trillion by the year 2030. Kwairanga pointed out that major listings in the oil and gas sector, including the planned public offerings of stakes in NNPC Ltd. and Dangote Petrochemicals, will be crucial pillars in driving…

In May 2025, Nigerian businesses across various sectors exhibited notable optimism about the country’s macroeconomic outlook, according to the latest survey by the Central Bank of Nigeria (CBN). Among all sectors, agriculture recorded the highest confidence levels for the month, signaling growing trust in its stability and performance. Meanwhile, the mining and quarrying sector alongside the electricity, gas, and water supply sector revealed the most ambitious plans for business expansion as the country heads into June 2025. Surveyed firms also anticipate an appreciation of the Naira over the upcoming periods. The agriculture sector stood out with the highest capacity utilization…