Author: Gift Ifeanyi

In a major move to restore fiscal discipline and transparency, President Bola Ahmed Tinubu has presented a ₦43.56 trillion ($29.96 billion) “Repeal and Re-enactment” bill to the National Assembly. This legislative maneuver aims to collapse the current fragmented budgeting system into a single, cohesive framework that will run through December 2025. The move is a direct response to legislative and public criticism regarding the government’s recent practice of rolling over capital budgets, which has seen the 2024 spending cycle extended multiple times, creating a “multiple budget” scenario that muddled planning and accountability. A “Clean Slate” Strategy The primary objective of…

In the largest single military aviation purchase in West African history, the Nigerian government has finalized a €1.2 billion agreement to acquire 24 M-346FA light fighter aircraft from the Italian aerospace conglomerate, Leonardo S.p.A. This acquisition is the cornerstone of Nigeria’s aggressive military modernization program, designed to transition the Nigerian Air Force (NAF) from aging platforms to a state-of-the-art precision strike fleet. Strategic Combat Capabilities The M-346FA (Fighter Attack) is a highly versatile platform that serves dual roles as an advanced trainer and a capable combat jet. Security officials emphasize that these aircraft will provide: Precision Strikes: Advanced munitions and…

Aliko Dangote has revealed a surprising roadblock stalling his ambitious 4,000-truck CNG fleet: a simple security seal. Despite an astronomical investment in gas-powered logistics, hundreds of trucks remain stationary at the Lekki refinery because the specialized sealing mechanisms required to prevent driver theft haven’t arrived from overseas. The Vulnerability of the Open Road The delay highlights a gritty reality of the Nigerian downstream sector—product diversion. Dangote explained that without these high-security seals, drivers often “help themselves” to the fuel during transit. “The main issue and the problem that we have is that those seals are not yet here… otherwise, the…

In a high-level pitch to the international financial community, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, declared that Nigeria is entering an era of “rules-based” economic management.1 Speaking at the US-Nigeria Executive Business Roundtable in Washington, DC, Cardoso emphasized that the nation’s focus has shifted toward transparent markets and predictable policy frameworks to win back global investor trust. The roundtable, organized by the US Chamber of Commerce, served as a critical platform for Nigeria to compete for capital in an environment of high global interest rates and tightening financial conditions.3 The Pillars of the New Economic…

The United States government has announced a significant expansion of its travel restrictions, placing Nigeria under a “partial travel ban” effective January 1, 2026.1 This move, detailed in a new presidential proclamation, targets the most common visa categories used by Nigerians, effectively suspending the issuance of new visas for business, tourism, and education. The decision is rooted in a stated need to enhance national security and address high visa overstay rates, marking a major shift in U.S.-Nigeria diplomatic and migration relations. Impacted Visa Categories The restrictions specifically target immigrant visas (permanent residency) and several key non-immigrant categories that account for…

Nigeria’s largest industrial investment, the Dangote Refinery, is locked in a fierce dispute with the nation’s energy regulators, with owner Aliko Dangote publicly accusing them of policies that favor foreign industry over domestic capacity. Dangote stated that the continuation of cheap fuel imports, facilitated by current regulations, is actively being used “to checkmate domestic potential,” threatening jobs, investment, and the country’s long-term energy security. Speaking at the 650,000-barrel-per-day facility in Lagos, Dangote lamented that Nigeria—Africa’s biggest oil producer—continues to rely heavily on imports, creating jobs abroad while hindering local industrialization efforts. Dispute Over Capacity and Crude Supply The core of…

In Nigeria’s volatile economy, where capital access is paramount, a single piece of paper—the Certificate of Occupancy (C-of-O)—has become the ultimate gatekeeper, turning tangible wealth into economically dormant assets. The story of 52-year-old Ogun State poultry farmer, Ayo Ijaoye, powerfully illustrates this bureaucratic bottleneck. Ijaoye’s thriving 13.5-acre farm, which he had painstakingly nurtured, was poised for a major expansion with a much-needed N30 million loan from the Bank of Industry (BoI). He had cleared every hurdle—feasibility studies, audited accounts, financial statements—only to be stopped at the last step: a required bank guarantee. Assets Locked Out of the System To issue…

The Code of Conduct Bureau (CCB) has clarified the strict rules governing public servants in Nigeria, framing public office as a “sacred trust” that demands uncompromised commitment and integrity. CCB Chairman Dr. Abubakar Bello explained that these rules are essential legal instruments designed to eliminate conflicts of interest and curb corruption within the system. Prohibitions for Integrity and Focus Dr. Bello provided the foundational reasoning for two of the most critical prohibitions: Forbidding Private Business: Public servants are strictly forbidden from combining government work with private business activities. “When a civil servant runs a business alongside official duties, questions naturally…

Jesufemi Adeogun, CEO of New Chip Technology Limited, has issued a sharp critique of current economic policies, arguing that they fail to address the core infrastructural challenges that are systematically eroding the profitability of Small and Medium-scale Enterprises (SMEs) in Nigeria. Adeogun emphasized that in major economic hubs like Ikeja Computer Village and Alaba International Market, the lack of reliable public infrastructure forces business owners to shoulder massive, hidden operational costs. The Power and Telecom Drain The most damaging challenges cited are the chronic failures in power and telecommunications: Power Crisis: Business owners are forced to rely on expensive diesel…

Nigerian billionaire Abdul Samad Rabiu, Chairman and CEO of BUA Group, capped off a spectacular year of personal and corporate growth by distributing $20.7 million in bonuses and awards to nearly 1,800 long-serving employees. The rewards were announced at the annual BUA Night of Excellence Long Service Awards on December 13, 2025, in Lagos. The generous payout, which benefited 1,768 employees ranging from frontline staff to senior executives, reinforces Rabiu’s reputation for prioritizing the livelihoods of his workforce, moving beyond just factory and infrastructure investment. An Unprecedented Year of Wealth Surge The massive bonus pool follows a year of extraordinary…

Nigeria’s foreign trade sector demonstrated robust growth in the first nine months of 2025 (9M’25), with the nation’s trade balance surging by 43.8 per cent year-on-year (YoY) to N19.32 trillion (up from N13.43 trillion in 9M’24). This positive surplus indicates that the value of exports significantly outpaced imports during the period. Analysis of the National Bureau of Statistics (NBS) data shows the overall merchandise trade reached N122.99 trillion in 9M’25, representing a 21 per cent YoY increase. Key Data Highlights (9M’25) Metric Value (9M’25) YoY Growth Trend Total Exports N66.16 trillion 15.3% Overtook imports Total Imports N46.84 trillion 6.45% Grew…

The Federal Government has unveiled a sweeping reform of Nigeria’s tax framework, signaling a major policy shift away from a “punitive and complex” system toward one designed for fairness, household purchasing power, and business growth. The plan, which takes effect from January next year, is set to directly benefit low- and middle-income workers while significantly easing the corporate tax burden. Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, described the current system as “taxing poverty,” lamenting that Nigerians struggling to meet basic needs are forced to pay tax. The People’s Relief: Boosting Take-Home Pay…

A crucial dialogue focused on the power of local enterprise, themed “Building Businesses that Build Better Communities,” was recently held in Yaba, Lagos, drawing participants from across the state, including members of the prestigious Mandela Washington Fellows program.3 The US Consulate joined the event as part of its 2025 outreach, underscoring the international significance of Nigeria’s SME sector. Riase Dukas, the US Consulate Representative, spoke at the event, emphasizing the indispensable role of small-scale businesses in driving the Nigerian economy. The Engine of Economic Growth Dukas highlighted that entrepreneurship is critical everywhere, serving as the engine for progress by: Driving…

At the 10th-year anniversary and new business complex opening for Purch Gadgets & Electronics Ltd., Leo Stan Ekeh, Chairman of Zinox Group, delivered a keynote focused on the non-financial assets essential for entrepreneurial success: unyielding belief and trust. Ekeh, sharing his own story of humble beginnings—including sleeping in a small store upon returning from London—emphasized that every successful business encounters tough times. He stressed that breakthroughs only come when founders refuse to give up and maintain a resilient mindset. “Some of you think some of us were born in wealth… but when you are in business the challenges would be…

Women entrepreneurs in Jigawa State are receiving a major boost in their efforts to access international markets, thanks to a two-day sensitization exercise organized by the Nigerian Export Promotion Council (NEPC). The initiative is a commitment to empowering women, strengthening the local economy, and expanding the horizon of businesses owned and led by women. Abdulkadir Aliyu, the NEPC Coordinating Officer in the state, stated that the exercise is specifically designed to: Build Capacity: Equip women business owners with knowledge on export opportunities. Provide Support: Connect them with business support services, trade networks, and financing opportunities. Encourage Participation: Drive women’s involvement…

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), marking two decades of existence, is undergoing a strategic expansion to ensure that businesses across all of Nigeria’s six geo-political zones can benefit from crucial insolvency and business restructuring options. In an interview, BRIPAN President Mr. Ihekweazu, fresh from attending international events and hosting a Summit in Owerri, Imo State (the Association’s first in the Southeast), detailed this major organizational shift. Decentralizing Expertise for Economic Growth The decision to host the Southeast Summit marks a significant achievement in fulfilling a core promise made by Mr. Ihekweazu upon assuming leadership in…

 The Nigerian Communications Commission (NCC) has confirmed that telecom service quality is declining across parts of the Federal Capital Territory (FCT), Abuja, due to a severe vulnerability in the nation’s critical infrastructure chain: reliance on diesel fuel. The disruptions are directly linked to ongoing actions by the National Oil and Gas Suppliers Association, which have interfered with the delivery of diesel to essential telecom sites, including those managed by major infrastructure providers like IHS Nigeria Limited. The Domino Effect on Connectivity Nigeria’s telecom infrastructure, comprising cell towers and network facilities, relies heavily on diesel-powered generators to maintain uninterrupted operations in…

As the deadline of January 1, 2026, approaches, Nigerian businesses are scrambling to digitalize their financial processes to comply with the Federal Inland Revenue Service (FIRS)’s new tax reforms. This mandate is fundamentally reshaping how transactions are recorded and taxed across the nation. To ease this critical transition, Afri Invoice, a leading SaaS platform for digital invoicing, tax compliance, and payment tracking, is offering incentives to businesses that become early adopters of their technology. The Imperative for Digital Transformation Afri Invoice Founder and CEO Mark Odenore emphasized the platform’s role in helping businesses avoid pitfalls associated with manual processes. “At…

The Ajegunle Business School (ABS) recently hosted a dual celebration, graduating 17 certified entrepreneurs while simultaneously honoring 14 resilient business innovators at its annual entrepreneurship awards ceremony. The event served as a platform to redefine the core mission of an entrepreneur—a philosophy that is driving the school’s impact in the face of national economic challenges. Alfred Konaughe, Founder/CEO of ABS, emphasized that the awards celebrate those who have been “resilient and innovative” in their approach, recognizing achievements across various fields from ‘Start-up of the Year’ to ‘CEO of the Year.’ He noted that true entrepreneurs, like the historical greats, are…

Nigeria boasts one of the world’s most dynamic female entrepreneurial communities, with an astonishing 83 per cent of Nigerian women identifying as business owners, according to a 2025 Mastercard report. This robust participation, spanning manufacturing, tech, and the creative economy, signals major economic change. Yet, it masks a crippling structural flaw: only about 23 per cent of these women-owned firms have access to formal credit, contributing to Africa’s estimated $42 billion gender financing gap. The 2025 Women in Business Initiative (WIBI) Summit, hosted by FSDH Merchant Bank in Lagos, focused not just on the problem, but on the evolving architecture…