Author: Gift Ifeanyi

In a powerful show of support for Nigeria’s next generation of agricultural innovators, Heifer International has awarded a total of $40,000 to five youth-led agritech startups at the AYuTe Africa Challenge Nigeria 2025 Grand Finale, held in Abuja. The initiative marks a significant step in transforming the face of agriculture in Nigeria—one driven by youthful ingenuity and cutting-edge technology. With over 1,000 applications received from passionate young minds across the country, the competition spotlighted creative tech-based solutions designed to address some of the most pressing challenges in Nigeria’s agricultural sector. From this highly competitive pool, just 50 applicants advanced to…

In a bold stride toward transforming food production in Nigeria, FarmXic, an innovative agritech startup, has unveiled a range of soilless urban farming systems tailored for households, entrepreneurs, and large-scale growers. Combining hydroponics with climate-smart automation, FarmXic’s solutions are designed to make year-round farming not only possible—but accessible to everyone, regardless of their location or farming experience. With FarmXic’s technology, users can grow leafy greens, herbs, and vegetables using up to 80% less water, while enjoying faster harvest cycles. These compact, plug-and-play kits require minimal training, making them ideal for beginners and professionals alike. Each unit also comes with after-sales…

Trailblazing entrepreneur Onwuka Jennifer Ifeanyi, founder of Jenny Iconic Lounge, is setting the stage for a bold transformation in Nigeria’s fashion landscape. With a vision rooted in innovation, empowerment, and cultural pride, Jennifer is leading a movement to reshape the industry from the inside out. Known for its elegant fusion of modern and traditional styles, Jenny Iconic Lounge is more than just a fashion brand—it’s a platform for change. Jennifer’s next chapter? Building a fully Nigerian production team that designs and crafts bespoke pieces exclusively for the Jenny Iconic brand. Empowering Local Talent, Redefining Fashion By investing in homegrown tailors,…

Seleem Adegunwa, the dynamic Managing Director and CEO of Rite Foods Limited, delivered a powerful message to students of the Nigerian University of Technology and Management (NUTM), urging them to embrace the wealth of opportunities Nigeria has to offer. Speaking during a visit to the university’s Apapa campus on May 7, 2025, Adegunwa encouraged the students to believe in their potential, stay focused on their goals, and approach their futures with boldness and determination. He was accompanied by top executives from Rite Foods, all of whom came to share insights on building success in a challenging yet promising environment. “Be…

Palykspalm, a dynamic real estate firm founded by Peter Palmer (formerly Ekpe Peter Unajohwofia), has announced its strategic entry into the Nigerian property market. With its headquarters in Marrakesh, Morocco, the company is driven by a coalition of Nigerian and Moroccan entrepreneurs focused on bridging markets and creating sustainable investment opportunities across borders. Strengthening Ties Between Nigeria and Morocco The expansion comes as Palykspalm looks to deepen cross-border integration in real estate between Nigeria and Morocco, two emerging markets rich in opportunity and ripe for innovation. The firm believes that globalization is reshaping property investment, and it intends to be…

In a bold move to transform agriculture and empower a new generation of agritech innovators, the Nigerian government has unveiled its ambition to grow the country’s livestock industry from $32 billion to $74 billion by 2035. This announcement was made by the Minister of Livestock Development, Idi Muktar Maiha, during the grand finale of the AYuTe Africa Challenge Nigeria 2025 held in Abuja. The event, organized by Heifer International, showcases groundbreaking agricultural solutions by young Nigerian entrepreneurs. A National Strategy for Livestock Transformation The minister revealed that the National Livestock Growth Strategy has just been approved to accelerate the modernization…

Lagos, Nigeria — A profound transformation is unfolding in Nigeria’s oil sector, as indigenous companies step up to claim control of the nation’s energy assets, reshaping a landscape long dominated by international giants. Heirs Energies, under the leadership of CEO Osayande Igiehon, is among the local firms leading this charge. Raised in the heart of Nigeria’s oil-rich regions and once an executive at Shell, Igiehon believes this local insight gives Heirs a unique edge in an industry undergoing radical change. “The former operators lost their connection with host communities,” Igiehon noted. “We’ve built meaningful relationships that let us operate freely…

Nigeria’s capital market is witnessing a significant shift, as 11 companies listed on the Nigerian Exchange (NGX) have now crossed the $1 billion valuation mark, signaling a strong surge in investor confidence and market performance. This milestone, reached by the end of April 2025, reflects a sustained rally that has elevated some of the country’s largest and most influential companies—popularly referred to as SWOOTs (Stocks Worth Over One Trillion Naira). At an average exchange rate of ₦1,550 to $1, each of these companies now exceeds ₦1.55 trillion in market capitalization, marking a rise from nine such firms a year ago.…

Nairobi, Kenya — Africa’s wealthiest man, Aliko Dangote, has entered Kenya’s tourism industry with a high-profile investment in Pollman’s Tours and Safaris, the country’s oldest and most iconic tour operator. The acquisition was made through Alterra Capital, a private equity firm backed jointly by Dangote and American billionaire David Rubenstein, marking a bold move into one of Kenya’s most vital economic sectors. The investment is part of a broader stake in ARP Africa Travel Group, which owns Pollman’s. The deal, finalized in February 2025, signals growing investor confidence in East Africa’s booming travel and hospitality market. No Market Disruption, Jobs…

Abuja, Nigeria The federal government, under the leadership of President Bola Tinubu, has unveiled plans to launch a bold overhaul of Nigeria’s electricity distribution sector, beginning with a pilot intervention targeting two of the nation’s underperforming Distribution Companies (DisCos). The initiative, scheduled to kick off between May and August 2025, will focus on one DisCo in the northern region and another in the south, marking a significant shift in the government’s approach to tackling long-standing inefficiencies in power distribution. Announcing the development, Minister of Power, Adebayo Adelabu, revealed that a comprehensive evaluation had exposed major flaws within the DisCos —…

Abuja, Nigeria — Vice President Kashim Shettima has declared that the administration of President Bola Tinubu is forging a new digital future designed to carry Micro, Small, and Medium Enterprises (MSMEs) beyond national borders into the expansive African market. Speaking at the inauguration of the oversight committee for Nigeria’s hosting of the upcoming 4th African Union MSME Forum, Shettima emphasized that the government is laying “digital bridges and highways” to boost cross-border trade and innovation-driven growth for Nigerian entrepreneurs. The forum is scheduled to take place June 23–27 in Abuja, bringing together stakeholders from across Africa to chart a path…

The Pan-African Payment and Settlement System (PAPSS) has applauded the Central Bank of Nigeria (CBN) for introducing a streamlined transaction policy that promises to simplify and accelerate trade payments across Africa. The move is seen as a major step forward in boosting Nigeria’s participation in the African Continental Free Trade Area (AfCFTA), particularly for Small and Medium Enterprises (SMEs). In a circular issued on April 28, 2025, the CBN outlined a new framework that reduces documentation requirements for PAPSS transactions. This policy significantly lowers barriers for individuals and businesses, enabling quicker, more affordable cross-border payments within the African continent. Under…

As global cocoa prices soar to $9,187 per ton on the New York Commodity Exchange, Nigeria is seizing the opportunity to pivot from its heavy dependence on oil revenues toward agricultural exports—particularly cocoa. With investors turning their focus to cocoa amid tightening global supply, Nigeria is doubling down on its position in the global market. According to data from the United Nations Food and Agriculture Organization (FAO), Nigeria ranked as the seventh-largest cocoa producer in 2023, yielding over 280,000 metric tons. Now, with a bold target of 500,000 metric tons set for the 2024–2025 season, the country hopes to climb…

The Central Bank of Nigeria (CBN) recorded a steep drop in income from its overdraft arrangement with the Federal Government, earning just N3.1 billion in 2024, a dramatic fall from N1.6 trillion the previous year. This income stems from the Ways and Means facility—an emergency overdraft extended by the CBN to the government during fiscal shortfalls. The earnings were listed under “loans and receivables” in the apex bank’s newly released audited financial report. According to the CBN, the interest charged on the overdraft is calculated using the Monetary Policy Rate (MPR) plus three percent. The 99.8% year-over-year decrease in earnings…

Nigeria is intensifying diplomatic efforts to recover a $75 million gas debt owed by Ghana, while also pushing for stronger collaboration on a major regional energy project—the Atlantic Gas Pipeline. During a recent West African Gas Pipeline (WAGP) Committee of Ministers gathering in Accra, Nigeria’s Minister of State for Petroleum Resources, Ekpo Ekperipe, held strategic talks with Ghanaian President John Dramani Mahama to address the long-standing financial dispute. The Nigerian minister emphasized that the debt, which stems from natural gas supplied months ago under the WAGP framework, remains unpaid due to administrative bottlenecks, particularly unresolved documentation. Ekperipe called for prompt…

First Asset Management Limited has reaffirmed its commitment to advancing Nigeria’s financial sector as it crosses a major milestone—over ₦1 trillion in assets under management (AUM). Managing Director Ike Onyia described the achievement as a testament to the company’s unwavering dedication to delivering top-tier investment performance and unparalleled client service. “This accomplishment reflects the deep confidence our clients and partners have in our vision and capability. It highlights our consistent ability to achieve strong investment results while fulfilling our core mission,” Onyia said. A Legacy of Trust and Growth Onyia attributed the firm’s success to the continued support of its…

The Lagos Chamber of Commerce and Industry (LCCI) has emphasized the importance of aligning Nigeria’s newly adopted Nigeria First Policy with regional and continental trade frameworks, particularly the African Continental Free Trade Area (AfCFTA). In a statement signed by Chinyere Almona, Director General of LCCI, the Chamber commended the policy’s vision but warned that its implementation must prioritize strategic diplomacy and global competitiveness—not protectionism. Balancing National Priorities with Continental Commitments Approved by the Federal Executive Council (FEC), the Nigeria First Policy aims to boost local production, reduce import dependency, and empower domestic businesses. According to LCCI, the policy has the…

President Bola Ahmed Tinubu has extended heartfelt birthday wishes to Chief Dipo Eludoyin, a prominent entrepreneur and close ally, as he turns 77. Eludoyin, a respected prince from Ile-Ife, Osun State, and the Chief Executive Officer of Paragon Holdings Limited, was praised by the President for his lasting impact on business, society, and national development. In a statement issued on Sunday by Presidential aide Bayo Onanuga, Tinubu acknowledged Eludoyin’s significant contributions to Nigeria’s economic landscape, as well as his philanthropic endeavors and employment creation through Paragon Holdings and other ventures. “Through his enterprises, Chief Eludoyin has not only transformed physical…

In a dynamic showcase of culture and enterprise, the second annual Naija Trade Fair drew a diverse crowd in Winnipeg, highlighting the entrepreneurial spirit of the African and Nigerian communities in Canada. Organized by Nigerians of Winnipeg in collaboration with the Canada Naija Business Hub, the event brought together nearly 100 Black, African, and Nigerian-owned small businesses. Participants exhibited a variety of handcrafted goods, traditional foods, artwork, fashion, and other locally-made products, creating a lively cultural marketplace. A Fusion of Heritage and Enterprise For Toludare Toluwalope, a 43-year-old ceramic artist and recent Canadian citizen, the event was both personal and…

A new industry report, “Project Insight – Global Road Construction Projects (Q1 2025),” has been released by ResearchAndMarkets.com, offering a comprehensive assessment of road infrastructure developments around the world. The report estimates the total value of global road construction projects at an impressive $3.8 trillion, highlighting a robust pipeline of developments across multiple regions. Regional Highlights North-East Asia leads globally, accounting for the largest share with ongoing and planned projects worth $1 trillion. South Asia follows with a project pipeline totaling $571 billion, narrowly ahead of South-East Asia at $502 billion. North America records $405 billion worth of road construction…