Author: Gift Ifeanyi

As Nigeria navigates the evolving cryptocurrency landscape, the government aims to balance innovation with regulation, fostering a secure and inclusive digital economy. Nigeria has become one of the most active crypto markets in recent years. From tech hubs in Lagos to grassroots communities in smaller cities, many young Nigerians turn to cryptocurrencies as a means to hedge against inflation, access global markets, and participate in a financial system beyond traditional banking constraints. The rise of digital assets, blockchain technology, and cryptocurrency has significantly impacted Nigeria’s economy. These technologies are no longer on the periphery but are becoming integral to financial…

A recent report titled “Cement Market in Nigeria: 2019-2024 Review and Forecast to 2029” provides a comprehensive analysis of the cement industry in Nigeria. The report presents an in-depth examination of supply and demand trends, price fluctuations, and key industry developments over the past five years, with projections extending to 2029. This study serves as a valuable resource for those seeking detailed insights into Nigeria’s cement market. It offers a combination of qualitative analysis, numerical data, and graphical representations to present a clear picture of industry trends. Scope of the Report Evaluation of the current state, historical trends, and future…

First City Monument Bank (FCMB) has equipped 44,278 entrepreneurs with essential skills and strategies to scale and sustain their businesses for long-term success since 2018. In a statement released on Wednesday, the bank highlighted its commitment to supporting small and medium enterprises (SMEs) in Nigeria through its Business Empowerment Sustainability and Training (BEST) Masterclass, a nationwide initiative. The program provides both financial and non-financial support, with a strong focus on women-led businesses. Speaking on the initiative, FCMB Managing Director, Yemisi Edun, stated: “We are fostering sustainable business success in Nigerian communities by bridging entrepreneurial skill gaps. This initiative will drive…

Flutterwave, Africa’s leading payments technology company, has secured approval from the Bank of Ghana to provide inward remittance services in the country. This milestone reinforces Flutterwave’s commitment to enhancing financial accessibility and efficiency across the continent. Ghana’s financial sector continues to grow rapidly, with mobile money at the forefront of digital transactions. Mobile payments account for 60% of foreign exchange inflows, underscoring the significance of fintech-driven financial services. Additionally, emerging sectors like InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are reshaping how financial products are accessed and utilized. The Bank of Ghana’s regulatory framework and the Ghana Digital Agenda…

Entrepreneurship is a lifeline for millions of Nigerians, with many running small businesses as a means of survival amid widespread unemployment. Many young school leavers are turning to crafts such as art, photography, baking, fashion design, and trading to create sustainable livelihoods. These small businesses form a significant part of Nigeria’s informal sector, a vital component of the economy that employs a large percentage of the population. In this interview with Sunday Aborisade, trader and tech entrepreneur Mr. Nwoke Chibuzo discusses the opportunities available to Nigerians in the informal sector and how technology can help small businesses thrive while ensuring…

The Nigeria Export Promotion Council (NEPC) has trained and supported more than 8,000 women entrepreneurs in digitalization, packaging, labeling, and other essential business skills since 2019, aiming to boost trade and global market access. NEPC’s Director-General and Chief Executive Officer, Mrs. Nonye Ayeni, disclosed this on Tuesday in Abuja during the Hershowcase Event, themed “Trade Beyond Borders.” The event was organized in collaboration with the International Trade Centre (ITC) to foster business networking, market connections, and product exhibitions for women-led businesses. Ayeni emphasized the council’s commitment to empowering women entrepreneurs by providing certifications that grant them access to international markets.…

The House of Representatives on Tuesday advanced a bill seeking to establish a Federal College of Entrepreneurship and Skills Acquisition in Ntigha, Isiala Ngwa North, Abia State, as it passed its second reading. The proposed institution aims to address youth unemployment and foster economic self-reliance by equipping young Nigerians with practical skills. Leading the debate, the bill’s sponsor, Hon. Ginger Obinna Onwusibe, emphasized the urgent need to prioritize vocational and entrepreneurial education as a solution to Nigeria’s rising unemployment crisis. “Nigeria faces a growing youth unemployment challenge, largely due to an overreliance on white-collar jobs,” Onwusibe stated. “To tackle this,…

Between 2020 and 2023, “banking the unbanked” became the go-to slogan for Nigerian fintechs during the country’s fintech boom. Many startups pledged to bring financial services to the 28.8 million unbanked adults in Nigeria—about 36% of the population. Yet, few extended their efforts beyond Lagos, the nation’s financial hub. In 2022, Tobi Arowolo, Samuel Ojerinde, and Isaiah Tokunbo launched Fintava Pay, a Banking-as-a-Service (BaaS) platform designed to close this gap—specifically in Northern Nigeria, where financial exclusion is highest. Unlike conventional fintechs that build direct-to-consumer apps, Fintava Pay enables microfinance banks, cooperative societies, and agent networks to create custom financial products…

At nearly all levels of governance, many developmental initiatives have either turned into white elephant projects or been completely abandoned due to the declining purchasing power of annual budgetary allocations. Government officials often boast about the billions and trillions of naira ‘spent’ on various projects, yet the reality on the ground tells a different story. While several factors contribute to project abandonment, one of the most critical is the rapidly diminishing real value of budgetary provisions. The hyperinflationary trend in Nigeria—triggered by the removal of fuel subsidies and the full floatation of the naira, leading to its sharp devaluation—has made…

The Minister of Foreign Affairs, Amb. Yusuf Tuggar, has highlighted Nigeria’s leading role in the fintech and financial services sector, emphasizing its contribution to job creation and economic growth across Africa. During his visit to Moniepoint Inc.’s United Kingdom (UK) offices, Tuggar underscored the importance of fostering global confidence in Nigerian businesses as they expand internationally. “Nigeria holds a strong position in the fintech and financial services sector. With banks and fintech firms operating across Africa, we must continue instilling confidence in Nigerian businesses as they expand globally,” Tuggar stated. He further noted that the growth of the fintech sector…

The Economic and Financial Crimes Commission (EFCC) has raised an alarm over the operations of 58 companies disguising as investment platforms while defrauding unsuspecting Nigerians of their hard-earned money. In a statement, the anti-graft agency reaffirmed its commitment to sanitizing Nigeria’s financial space and providing the public with credible information about illegal Ponzi schemes operating across the country. According to the EFCC, these companies are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC). Both regulators, in separate correspondences, confirmed that the entities are not licensed under their supervision. The commission further disclosed…

As Nigeria aims for a 30% renewable energy contribution by 2030, the country is partnering with the Netherlands to expand solar power and rural electrification. A trade mission between Dutch firms and Nigerian stakeholders is expected to drive new investments, knowledge transfer, and long-term partnerships in the clean energy sector. Rogier Van Tooren, Head of Mission at the Netherlands Ministry of Foreign Affairs, highlighted the Netherlands’ expertise in solar power despite limited sunlight, emphasizing Nigeria’s abundant solar resources as a key advantage. “You have something very special that we envy in the Netherlands: abundant sunshine. The potential is enormous, and…

Nigeria’s Dangote refinery is sourcing crude oil from around the world to supplement domestic deliveries as the massive plant gradually increases production, reshaping the region’s import and export dynamics. Since the start of the month, the refinery has received over three million barrels of American crude. It has also made purchases closer to home, recently importing Angola’s Pazflor grade and Algeria’s Saharan Blend from Glencore Plc. Located near Lagos, the facility has been steadily increasing its processing rates since launching early last year, though it has yet to reach full capacity. However, signs indicate that operations are accelerating. “Crude deliveries…

Dr. Arinze Harris Madueke, born to Chief and Mrs. Madueke from Ukpor, Nnewi South Local Government Area of Anambra State, has established himself as a prominent figure in both business and philanthropy. Coming from humble beginnings, he became a key player in the oil industry by the age of 37, earning recognition as one of Nigeria’s foremost entrepreneurs. Madueke’s influence extends beyond his business achievements. He founded the Zidora Aid Foundation (ZAF), which supports education and healthcare initiatives. The foundation offers scholarships to over 500 students in Nigeria and more than 60 internationally. This commitment to education reflects Madueke’s desire…

LAGOS, March 11 – Nigeria’s state oil company, NNPC Ltd, has initiated discussions with Dangote Oil Refinery to extend its contract for supplying crude oil in naira. This contract, originally set for six months, will conclude later this month and was implemented in October due to local refineries, including the Dangote facility, facing challenges in securing crude supplies. The goal of this initiative was to resolve those supply issues by enabling refineries to purchase crude oil in naira through NNPC Ltd. To date, NNPC Ltd has supplied 48 million barrels of oil to the Dangote Oil Refinery under this arrangement.…

The adoption of cryptocurrency has gained significant traction in Nigeria over the years, serving as a store of value to hedge against inflation and as an investment tool for wealth accumulation. Additionally, it has become a popular medium for international transfers, allowing individuals to send cryptocurrency to family members in Nigeria, who then convert it to local currency. Despite its popularity, the use of cryptocurrency has not been without challenges. In this newsletter, we will examine cryptocurrency regulation in Nigeria and outline the steps businesses must take to operate compliantly within the country.  Crypto Regulation in Nigeria In 2021, the…

A total of 216 Chinese firms recently visited Nigeria to explore investment opportunities, with 74 specifically expressing interest in the country’s oil and gas sector. According to a statement issued by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, Nigeria’s oil and gas industry continues to attract foreign investors, with a significant portion of Chinese enterprises considering investment in this critical sector. Chairman of the House of Representatives Committee on Nigeria-China Relations, Jaafaru Yakubu, highlighted this development during a meeting with NUPRC’s Chief Executive, Gbenga Komolafe. Leading a delegation of committee members to the NUPRC, Yakubu emphasized the Federal…

The Manufacturers Association of Nigeria (MAN) has voiced strong opposition to the new financial charges imposed on private companies by the Financial Reporting Council of Nigeria (FRCN) under the recently amended FRCN Act. In a statement issued by MAN’s Director General, Segun Ajayi-Kabir, these charges threaten the survival of businesses and contradict the government’s agenda to ease the business environment. Ajayi-Kabir described the charges as “astronomical,” especially noting that non-listed manufacturing companies—many of which are MAN members—are now classified as Public Interest Entities (PIEs) and faced with substantial fees. For example, a new section (Section 33) introduced under the FRCN…

The federal government has expressed interest in hosting the COP32 United Nations climate summit, a gathering where representatives from 198 countries that have ratified the UN Framework Convention on Climate Change (UNFCCC) come together to negotiate agreements on climate action. This announcement was made during the visit of Simon Stiell, the head of the UN’s climate arm. If approved, COP32 is set to take place in Lagos in 2027, as reported by Climate Home News. At a symposium attended by Stiell, Nkiruka Maduekwe, head of the country’s climate change council, emphasized that Africa’s most populous city “has what it takes…

Nigeria has made significant progress in boosting its crude oil refining capacity through strategic initiatives aimed at both new refinery projects and the rehabilitation of existing facilities. The country is set to welcome three new refineries, which are expected to collectively add 140,000 barrels per day (BPD) to Nigeria’s refining capacity. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued licenses for the construction of these new refineries, reflecting the government’s broader efforts to reduce reliance on imported petroleum products and enhance domestic refining capabilities. In addition to these new projects, the Nigerian government has been investing in…