Author: Gift Ifeanyi

Social media influencer and business strategist, Amaechi Loretta Omijeh, has emphasized the critical role of supporting young entrepreneurs in Nigeria, particularly small businesses, as the cornerstone for the country’s growth and productivity. Omijeh, who holds a degree in Economics from Lagos State University and is currently pursuing Global Business Management at the Ontario College of Business and Technology, believes that the dominance of well-established brands often overshadows the potential of emerging businesses, especially those led by young Nigerians. A Call to Empower Small Businesses In a recent statement, Omijeh, who was honored as the Business Blogger of the Year at…

At the 4th CEO Summit 2025, themed “Positioning for Sustainability in Unpredictable Times,” held recently in Lagos, Dr. Victor Afolabi, a renowned entrepreneur and IT expert, stressed that integrating Artificial Intelligence (AI) and automation is crucial for boosting efficiency, quality, and economic growth in both government and business sectors. According to Afolabi, adopting these technologies is not merely an option—it is a necessity for staying competitive in today’s increasingly digital world. As Founder and CEO of GDM Group, Afolabi explained that many Nigerian businesses and government agencies are still struggling with inefficiencies and outdated practices that drive up operational costs…

At the recent BusinessDay Future of Payment Conference, PalmPay, a leading digital banking platform, reaffirmed its commitment to shaping the future of payments in Nigeria by pushing for the widespread adoption of contactless payment terminals. Themed “Fintech Evolution: Gateway to Payments,” the conference highlighted the critical role fintech innovation plays in transforming the payment landscape. During the event, Frank Aigbogun, Publisher of BusinessDay, emphasized that the future of fintech should focus on not just speed, safety, and simplicity but also trust, inclusion, and accessibility to ensure that the benefits of innovation reach all corners of society. PalmPay’s Role in the…

Despite persistent structural challenges and policy hurdles that many perceive as discouraging, Nigeria’s economy has shown notable endurance. In the midst of these constraints, the organized private sector remains active and forward-thinking, pushing innovation to stimulate investment and economic advancement. In a recent interview, Dele Kelvin Oye, President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), sat down with Onikepo Braithwaite and Jude Igbanoi to discuss NACCIMA’s core mission, its commitment to driving private sector development, economic concerns Nigeria is currently facing, and practical paths forward. Background and Legal Career You’re trained as a lawyer—are…

Delta40, a dynamic venture studio and VC fund committed to backing transformative businesses across Africa, has officially launched its Nigeria hub in Lagos. The milestone event, held on April 30, 2025, signals a powerful new phase in Delta40’s mission to nurture ventures that redefine sectors such as energy, mobility, agriculture, food systems, fintech, and AI. The vibrant Lagos unveiling was hosted in partnership with Nithio—an AI-powered clean energy investment platform and one of Delta40’s strategic allies. Key figures from Nigeria’s business and policy spheres attended the launch, including Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole MFR, and…

Over 50 ambitious entrepreneurs from across Nigeria have been shortlisted to compete for the coveted N50 million grand prize in the 10th season of the reality TV show The Next Titan. Kicking off its nationwide auditions under the bold theme “The Unconventional”, the entrepreneurial talent hunt toured Abuja, Port Harcourt, Enugu, and Lagos in search of Nigeria’s most innovative and driven business minds. Contestants pitched their ventures while showcasing charisma, grit, and leadership—essential qualities for surviving the competition’s 10-week challenge. From the hundreds who auditioned last month, just over 50 were selected to advance to the prestigious boot camp. There,…

Over the last two decades, Nigeria’s federal budgets have painted a troubling picture of escalating expenses, sluggish revenue growth, and a deepening dependence on loans. From Olusegun Obasanjo’s final years in office to Bola Tinubu’s administration in 2025, one pattern remains consistent—spending continues to rise while revenue struggles to keep pace. 2007: Obasanjo’s Era of Borrowing Amid Prosperity In 2007, President Olusegun Obasanjo unveiled an $18.3 billion national budget, supported by projected revenues of $13.3 billion and a $5 billion borrowing plan—about 27% of the total budget. This came at a time when Nigeria was still enjoying the fiscal breathing…

President Bola Tinubu has approved a bold new procurement initiative—the Renewed Hope Nigeria‑First policy—designed to prioritize Nigerian-made products, services, and expertise in all government spending. Announced after Monday’s Federal Executive Council (FEC) meeting in Abuja, the policy will soon be backed by an Executive Order, according to the Minister of Information and National Orientation, Mohammed Idris. “This directive puts Nigeria at the heart of every kobo spent by government,” Idris stated, echoing the nationalist tone of former U.S. President Donald Trump’s “America First” approach. Policy Objectives: Spend Nigerian, Grow Nigerian The core goal of the Nigeria‑First policy is to stimulate…

Nigeria’s path to stronger economic growth doesn’t necessarily lie in raising taxes—but in making the tax system smarter, more transparent, and more rewarding. A major opportunity lies in reimagining how tax incentives and refunds are handled, creating a fairer system that encourages voluntary participation. Despite being Africa’s largest economy, Nigeria’s tax-to-GDP ratio is only 10.6 percent. That means out of every ₦100 the country earns, less than ₦11 comes from taxes. By comparison, South Africa collects 28 percent and Kenya 16 percent. These figures underscore Nigeria’s untapped potential in revenue generation—especially outside the oil sector. Encouragingly, the government aims to…

Under Governor Olayemi Cardoso’s leadership, the Central Bank of Nigeria (CBN) is delivering early wins through bold financial reforms that are reshaping the nation’s economic trajectory. Despite initial hurdles, key policy changes are starting to ease inflation, stabilize the naira, and renew global investor confidence. Cardoso emphasized that while Nigeria’s macroeconomic reforms have been tough, they’re already paying off—particularly in exchange rate stability, reduced inflation, improved sovereign ratings, and an uptick in foreign capital inflows. Reversing Economic Drift Through Firm Monetary Policy Following a period of erratic fiscal trends and monetary looseness, the CBN adopted stricter monetary policies. With inflation…

Nigeria’s path to economic stability hinges on its ability to reform and improve the way taxes are managed—not by imposing higher burdens, but by making the tax system more rewarding, transparent, and accessible. A key strategy to achieve this is the strategic use of tax incentives and ensuring that tax refunds are processed efficiently and fairly. Currently, Nigeria’s tax revenue is relatively low compared to its peers. With a tax-to-GDP ratio of only 10.6%, Nigeria collects less than one-tenth of its earnings through taxes. By comparison, South Africa’s tax-to-GDP ratio is 28%, and Kenya’s stands at 16%. These statistics point…

In recent years, an increasing number of Nigerians have turned to cocoa farming, driven by a surge in cocoa prices and the promise of lucrative returns. Thousands are leaving their traditional careers to join the thriving cocoa sector, drawn by the fortunes made by farmers in cocoa-producing regions like Ikom, in Cross River State. One such individual is Anyoghe Akwa, a 47-year-old civil engineer from Ikom. Once hopeful for a career in construction, Akwa shifted his focus to cocoa farming after hearing about the soaring prices in 2023. “We saw young people in their twenties, with no formal education, earning…

Business leaders in Nigeria have outlined key strategies for startups to remain resilient and sustainable as they navigate the challenges of the current economic climate. These insights were shared at an Executive Mixer hosted by Spacefinish and Campus HQ at Flutterwave’s headquarters in Lagos. The event brought together prominent leaders from the tech and financial sectors to discuss practical solutions that can help startups stay afloat amid economic volatility, currency fluctuations, policy changes, and increasing investor scrutiny. Building Strong Relationships with Regulators Oluwafunmilayo Olaniyi, Senior Vice President of Business Development at Flutterwave, advised startups to establish and maintain strong relationships…

The federal government of Nigeria, alongside Dangote Industries Limited, has called for a renewed focus on localized production and patient capital as essential drivers for unlocking Africa’s vast economic potential. This call to action was underscored during the African Private Capital Association (AVCA) Week held in Lagos, a pivotal gathering of global investors, fund managers, policymakers, and business leaders. The event, themed “Bold Moves: Powering 10x in Africa,” explored investment opportunities and tackled the continent’s economic transformation challenges. Keynote speeches from Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, and Aliko Dangote, Founder and CEO of Dangote Industries,…

Aliko Dangote, President of Dangote Group, has lauded President Bola Ahmed Tinubu for assembling a highly capable leadership team at the Nigerian National Petroleum Company (NNPC) Limited. The team includes Mr. Bashir Bayo Ojulari as Group Chief Executive Officer and Mr. Ahmadu Musa Kida as Non-Executive Chairman. The commendation was shared in a statement issued by Anthony Chiejina, the Chief Corporate Communications Officer of Dangote Group. Dangote expressed his admiration for President Tinubu’s leadership, noting that the appointments of Ojulari and Kida were pivotal in revitalising the oil and gas sector, and helping to steer NNPC Limited towards greater operational…

Nigeria is facing a dual macroeconomic challenge as Brent crude prices plunge below $60 per barrel, threatening to destabilize the country’s fragile exchange rate and deepen an already widening fiscal deficit. The dramatic decline in oil prices, fueled by increased OPEC+ supply and diminishing global demand, has raised alarms among government officials and investors alike. The primary concern lies with Nigeria’s 2025 federal budget, which was based on assumptions of $75 per barrel oil prices and a daily production target of 2.06 million barrels. As of March 2025, both of these projections are proving overly optimistic. Brent crude prices have…

With the recent Central Bank of Nigeria (CBN) reforms, Nigerians are turning to digital banks and payment platforms for fee-free transfers, zero maintenance charges, and clear pricing. These fintech solutions are designed to offer real-time alerts, budgeting tools, and loyalty rewards, making it easier for users to take control of their finances while sidestepping hidden bank fees. From no-cost peer-to-peer transfers to goal-based savings and virtual cards for international spending, these apps are helping Nigerians stretch their naira further and simplify everyday transactions. Here are the top 10 fintech apps making a difference: Kuda Often referred to as “the bank…

Amid Nigeria’s harsh economic climate, snack manufacturer Fastizers is making tough operational shifts—ranging from product downsizing to entering new markets—in order to weather rising production costs and shrinking consumer purchasing power. “It’s incredibly difficult right now. The terrain is extremely tough,” said Debby Lawson, founder of Fastizers, in a recent conversation with How We Made It in Africa. Over the past two years, Nigeria has faced severe economic headwinds. Inflation soared above 30% in 2024, and the naira’s depreciation against the US dollar has further strained business operations. While the exchange rate has recently stabilized and inflation is easing slightly,…

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…