Author: Gift Ifeanyi

The Central Bank of Nigeria (CBN) has officially disclosed the country’s Net Foreign Exchange Reserves (NFER), following repeated calls for transparency. As of December 2024, Nigeria’s NFER rose dramatically to $23.11 billion, marking the highest level in over three years. This increase comes after a significant jump from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. Understanding Net External Reserves (NFER) The NFER is a key indicator of Nigeria’s available foreign exchange buffers to meet immediate external obligations. Unlike gross reserves, which include liabilities such as FX swaps and forward contracts, the…

The Federal Government of Nigeria has announced plans to enforce the “drill or drop” provisions of the Petroleum Industry Act (PIA), targeting the takeover of idle oil assets that have been abandoned by oil companies for extended periods. This was disclosed by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during his address at the Cross Industry Group (CIG) Meeting in Florence, Italy. Lokpobiri emphasized that this move is part of the government’s ongoing efforts to boost oil production in Nigeria. Taking Back Idle Assets According to Lokpobiri, the government can no longer afford to allow oil…

The Director-General of the Securities and Exchange Commission (SEC), Mr. Emomotimi Agama, has announced that the newly signed Investment and Securities Act (ISA 2025) now grants the Commission the authority to prosecute Ponzi scheme promoters with a potential sentence of at least 10 years in prison. This statement was made on Tuesday during an interview on Arise TV, where Agama detailed the provisions of the newly enacted law. The law, which was recently signed by President Bola Tinubu, aims to strengthen Nigeria’s financial regulatory framework. Stronger Legal Backing for Prosecution According to Agama, the SEC previously lacked the necessary legal…

Between 2023 and 2025, Nigeria embarked on a series of high-stakes economic reforms, yielding mixed results. The removal of fuel and exchange rate subsidies—while necessary for long-term stability—hit households hard, causing inflation to surge and business confidence to plummet. Rising Inflation, Volatile Currency, and Policy Uncertainty By January 2025, domestic inflation rose from 22.79% (June 2023) to 23.13%, after peaking at 34.80% in December 2024 before a CPI rebasing in 2025. The exchange rate jumped from N623.24/$ in mid-2023 to N1,501.45/$ in early 2025, while the CBN’s Monetary Policy Rate (MPR) skyrocketed from 18.5% to 27.5%. These aggressive policy changes…

Amid Nigeria’s rapid digital transformation, entrepreneur and tech innovator Olayomi Adams has emerged as a key figure reshaping business operations through groundbreaking advancements in artificial intelligence (AI) and digital technologies. Over the past decade, Adams has established himself not just as an innovator but as a thought leader, advocating for the strategic integration of AI to solve persistent operational and customer experience challenges faced by Nigerian businesses. His approach combines cutting-edge AI technologies, user-centered design, and data analytics to create efficient, intuitive, and profitable digital ecosystems. Pioneering AI Solutions in Various Sectors Adams’ recent projects showcase his ability to revolutionize…

The Central Bank of Nigeria (CBN) has reported that Nigeria’s external debt reached N66.14 trillion (equivalent to $43.03 billion) in Q3 2024, accounting for 23.14% of the country’s Gross Domestic Product (GDP). This disclosure came as part of the Fourth Quarter 2024 Economic Report, published on Monday. Increase in External Debt The figure represents a 0.30% increase from $42.90 billion recorded in Q2 2024, reflecting a steady upward trend in Nigeria’s borrowing activities. On a year-on-year (YoY) basis, external debt has risen by 3.40%, up from $41.59 billion in Q3 2023, illustrating the nation’s growing reliance on foreign loans to…

The Job Creation and Micro, Small, and Medium Enterprises (MSMEs) Secretariat, under the Office of the Vice-President, has received over 60,000 applications from entrepreneurs across Nigeria for the 2025 National MSMEs Award. This was disclosed by Mr. Temitola Adekunle-Johnson, Special Adviser to the President on Job Creation and MSMEs, in a statement released on Monday in Abuja. Major Incentives for Winners The overall winner of the 2025 MSMEs Award will receive:A carA houseA shopA cash prize valued at N700 million The portal for applications was officially opened on March 7, following a news conference by the Awards Committee. New Category…

The Nigeria Sovereign Investment Authority (NSIA) has announced a cumulative N3.74 trillion in retained earnings as of 2024, marking over a decade of consistent profitability. These retained earnings represent reinvested profits, strengthening NSIA’s financial position rather than being distributed as dividends. Strong Financial Performance in 2024 According to Joyce Onyegbula, NSIA’s Head of Corporate Communications, the 2024 fiscal year saw a significant rise in earnings:Operating profits surged from N1.17 trillion (2023) to N1.86 trillion (2024)Total Comprehensive Income (TCI) rose 59% to N1.89 trillionCore TCI (excluding FX and derivative gains) soared 148%, reaching N407.9 billion NSIA attributed this success to its…

Nigerian startup 1vault is transforming the way small and medium-sized enterprises (SMEs) manage their businesses by providing an all-in-one digital solution. The platform offers online storefronts, virtual business bank accounts, and social media management tools, helping business owners streamline operations and boost productivity. A One-Stop Platform for SME Growth Founded in 2024, 1vault combines analytics and built-in business services to help SMEs improve efficiency. Its offerings include:E-commerce storefronts for businesses to showcase products onlineVirtual banking services to facilitate seamless transactionsSocial media management to enhance digital visibilityBusiness registration, accounting, bill payments, and legal services to simplify operations Solving Key Challenges for…

LAGOS, NIGERIA – His Excellency Asiwaju Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria, has confirmed his attendance at the 75th FIABCI World Real Estate Congress. A Historic Moment for Africa Under the theme “Global Real Estate Renaissance,” this milestone event marks the first-ever FIABCI World Congress to be hosted on the African continent. The Congress will feature a dynamic professional program with 20 sessions and over 50 distinguished speakers, including:H.E. Prof. Yemi Osinbajo, SAN, GCON – Immediate Past Vice President of NigeriaH.E. Governor Babajide Sanwo-Olu – Governor of Lagos StateArc. Ahmed Dangiwa – Minister of Housing…

Olubunmi Kuku, Managing Director and CEO of the Federal Airports Authority of Nigeria (FAAN), officially took her seat as Regional Adviser for Africa at the recently concluded Airports Council International (ACI) World Governing Board (WGB) meeting in Milan, Italy. Kuku’s nomination for this prestigious role was confirmed during the ACI Africa Conference in Johannesburg in September 2024. At the meeting, Candice McGraw, Chair of the ACI World Governing Board, welcomed Kuku, emphasizing Africa’s growing role in global aviation and commending Nigeria’s leadership in advancing the sector. The gathering was attended by Ali Tounsi, Secretary General of ACI Africa; Justin Erbacci,…

The Conference of Nigeria Political Parties (CNPP) and the Coalition of National Civil Society Organisations (CNCSOs) have called for the immediate resignation of Minister of Power, Adelabu Adebayo, citing his inability to address Nigeria’s chronic electricity challenges. In a joint statement issued in Kaduna, signed by James Ezema, Deputy National Publicity Secretary of CNPP, and Alhaji Ali Abacha, National Secretary of CNCSOs, the groups accused the minister of failing to improve the nation’s power supply. Describing Adelabu as “a round peg in a square hole,” the organisations lamented the state of Nigeria’s power sector, where over 40% of the population…

Nigeria’s net foreign exchange (forex) inflow climbed to $17.39 billion in the fourth quarter of 2024, reflecting a surge in autonomous sources such as foreign investments, remittances, and export earnings. According to the latest Quarterly Economic Report from the Central Bank of Nigeria (CBN), total forex inflows into the economy grew by 20.62% to $27.81 billion in Q4, up from $23.06 billion in Q3. The bulk of this growth was fueled by a 47.55% rise in autonomous inflows, which increased from $11.03 billion to $16.27 billion. However, inflows through the CBN dipped slightly by 4.05%, falling from $12.03 billion in…

Alitheia Capital and Goodwell Investments have announced their successful exit from Baobab Nigeria, marking the first divestment from their joint uMunthu Fund. Baobab Nigeria, a financial institution dedicated to providing inclusive banking services for individuals and MSMEs in underserved regions of sub-Saharan Africa, has experienced remarkable growth over the past 12 years. A Transformative Partnership The exit follows a fruitful partnership that began with an initial investment in Baobab Nigeria, formerly known as MicroCred, in 2012. In 2015, the uMunthu Fund continued its support, driving the bank’s transformation and expansion. What started as a small operation in Kaduna state has…

The Enugu Tech Festival (ETF), set to take place in May this year, has received a significant boost as the Minister of Communication, Innovation, and Digital Economy, Dr. Bosun Tijani, announced plans to elevate the event to a national level. During a working visit to Enugu State, the minister revealed his commitment to personally attending the festival and expanding its reach to attract tech professionals from across the country. The initiative aligns with the broader collaboration between the state and the federal government to advance technological innovation, digital infrastructure, and entrepreneurship in the Southeast region. Dr. Tijani commended Governor Peter…

Nigeria’s job market is set for a significant transformation as HBG Technologies has officially launched the i-Serv App, designed to enhance job creation for artisans across the country. This innovative digital platform aims to streamline service delivery, creating new opportunities for skilled artisans in various fields. According to HBG Technologies, the app provides a solution to connect artisans with consumers, offering a reliable and professional experience for both parties. During the private launch event in Lagos, Ayodele Olawande, Nigeria’s Minister of Youth Development, emphasized the app’s potential for economic empowerment, particularly for the youth. He described i-Serv as more than…

Lagos State Governor, Babajide Sanwo-Olu, has praised Jumia Nigeria, Africa’s leading e-commerce platform, for its remarkable contributions to the growth of Nigeria’s e-commerce sector and its broader economic development. Governor Sanwo-Olu acknowledged Jumia’s rise to prominence, noting that the company’s growth and trajectory have firmly established it as a household name within the country’s e-commerce ecosystem. He encouraged the company not only to maintain its high service standards but also to continually work on improving them. Speaking during a courtesy visit by Jumia Nigeria’s management to the State House in Marina, the governor reiterated the company’s strategic importance to the…

African banks are making remarkable strides, and the latest Brand Finance Global 500 rankings highlight the increasing strength and influence of the continent’s financial sector. In 2025, African banking brands achieved impressive growth, with an average Brand Value increase of 22%. Collectively, these brands generated $15.2 billion in new value, showcasing their growing role in driving a sustainable and inclusive economy across the continent. With an average Brand Strength score of 80.21, Africa holds the highest Brand Strength globally, which means its banking brands typically score AAA, indicating their exceptional market presence and consumer trust. This is a key indicator…

SystemSpecs Holdings Ltd is positioning itself to compete in Nigeria’s rapidly expanding e-commerce market with a strategic rebranding of one of its subsidiaries, Deelaa, which will now be known as Whatadeal. Whatadeal, a platform developed by the tech-driven company, aims to revolutionize digital commerce across the travel, events, and e-commerce sectors. This move follows SystemSpecs’ acquisition of Knit Technologies, further consolidating its industry expertise and cutting-edge innovation. John Obaro, the Group Managing Director (GMD) of SystemSpecs Holdings Limited, emphasized the company’s commitment to technological excellence and customer empowerment. He highlighted that Whatadeal will offer a seamless, intuitive experience, providing unmatched…

UAC of Nigeria Plc has posted its best financial performance in years, recording a remarkable profit before tax of N25.5 billion for the year ended December 31, 2024. This marks a 107% increase compared to the previous year and signifies a major milestone in the company’s transformation. The impressive result is the culmination of years of strategic restructuring following the 2018 takeover by private equity firm Themis Capital. At the time, UAC was struggling with operational inefficiencies, declining revenues, and mounting losses. Fast forward six years, and the company appears to be back on track, with several key business units…