Author: Gift Ifeanyi

Nigeria’s biscuit makers are reporting a significant decline in sales, attributed to shrinking consumer budgets, inflationary pressures, and factory shutdowns. A 2017 KPMG report estimated the size of the nation’s biscuit industry at N121 billion, with an annual output of 152,490 tons and a compound annual growth rate (CAGR) of 16 percent over five years. As of 2017, annual biscuit demand was estimated to be between 15 and 20 percent; however, industry players now believe this figure may have dropped to below five percent as cash-strapped consumers prioritize spending on food, clothing, and shelter. “The demand for biscuit products is…

Sterling Bank opened an account for Indo Kaduna MRTS JV Nigeria Limited, a joint venture established in 2016 by the Kaduna State Government and several Indian business partners. The bank received billions of naira on behalf of the company before it was legally registered, raising concerns about regulatory lapses in Nigeria’s banking sector. An investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) uncovered an alleged diversion of N1.37 billion from the N11 billion paid by the Kaduna State Government under the previous governor, Nasir El-Rufai. These payments were made for the state’s now-abandoned light rail project.…

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has issued a warning against monopolies and unfair competition in the downstream oil sector, advocating for healthy competition instead. In a statement signed by its National Public Relations Officer, Dr. Joseph Obele, PETROAN urged regulatory authorities to foster a competitive environment and maintain price stability in the country’s downstream petroleum sector to prevent monopolies and support local refineries. “The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) is committed to promoting healthy competition and controlling price fluctuations in the downstream sector,” the statement said. The association expressed concern over…

President Bola Tinubu has stated that the economic reforms implemented by his administration since he took office on May 29, 2025, have contributed to stabilizing the exchange rate of the Naira against the Dollar in the foreign exchange (FX) market. During the inauguration of the Planning Committee for the National Youth Conference at the State House in Abuja on Monday, the President expressed confidence that professionals who left Nigeria due to the economic crisis would consider returning, thanks to improvements in the nation’s economy. He emphasized that the ongoing reforms are designed to benefit the youth, whom he described as…

For six decades, the Defence Industries Corporation of Nigeria (DICON) has been a cornerstone of the country’s pursuit of self-reliance in defense manufacturing. Established in 1964, its mission has been to equip Nigeria’s armed forces with locally produced military hardware, and over the years, it has evolved into a critical component of national security. DICON manufactures a range of equipment, from small arms and ammunition to advanced defense technologies, driving innovation, industrialization, and strategic collaboration. The enactment of the DICON Act 2023 and the unveiling of the DICON Evolution Strategy and Roadmap 2030 represent significant shifts in Nigeria’s defense landscape.…

The Miners Association of Nigeria (MAN), in collaboration with its partners, has announced its readiness to host the 2025 Nigeria Mining Week. This annual gathering is recognized as a catalyst for advancing discussions on the significance of mineral resources in driving national economic growth. Last year, the Nigeria Mining Week attracted over 2,100 mining professionals, featured around 200 sponsors and exhibitors, included representation from more than 40 mining operators, and welcomed over 20 mining exploration companies. Commenting on the upcoming event, Dele Ayanleke, President of MAN, noted that the continuous staging of this event is the result of a strong…

President Bola Tinubu has responded to criticism from the Catholic Bishops’ Conference of Nigeria (CBCN), which warned of a looming national crisis due to rising youth unemployment and growing frustration among citizens. During its first plenary meeting of 2025 in Abuja over the weekend, the CBCN expressed concerns about the state of the economy and governance. In his address, CBCN President Archbishop Lucius Iwejuru highlighted serious issues such as youth unemployment, insecurity, poverty, corruption, and electoral fraud, which require urgent action to prevent the country from drifting into crisis. He stated, “The situation is compounded by mass layoffs resulting from…

Ahmed Idris is the visionary Executive Director of Enovate Lab, a dynamic innovation and impact organization headquartered in Kano, Nigeria. Enovate Lab is dedicated to empowering creative individuals who are tackling local challenges through groundbreaking and innovative solutions. Idris embarked on this journey in 2018, founding Enovate Lab with a modest N50,000 and no dedicated office space. A pivotal moment came when a mentor generously offered to share office space, providing the fledgling organization with a crucial foothold. Today, Enovate Lab boasts a robust team of 12 core members and 17 dedicated volunteers, a testament to its remarkable growth and…

Google Hustle Academy 2025 is Back! The Google Hustle Academy 2025 is returning to provide AI-powered training, mentorship, and business growth strategies to small and medium-sized businesses (SMBs) in Kenya, Nigeria, and South Africa. Empowering Africa’s Entrepreneurs SMBs are crucial to Africa’s economic growth. The Google Hustle Academy program aims to empower these vital businesses by offering essential training and resources to entrepreneurs in Kenya, Nigeria, and South Africa. Hustle Academy 2025: Building on Previous Success with Continued AI Integration Since its inception in 2022, the Hustle Academy has effectively trained over 15,000 SMBs. The 2025 edition will build on…

Nigeria has officially joined the European Bank for Reconstruction and Development (EBRD) as its eighth African member and 77th shareholder. The announcement of Nigeria’s membership was made by the country’s Finance Minister and Economic Coordinator, Wale Edun, during a ceremony where he received the membership certificate from a delegation led by Heike Hamgart in Abuja. This development marks a significant step toward enhancing economic growth and attracting foreign investment. The EBRD finances projects across critical sectors, including energy, financial institutions, and small and medium enterprises (SMEs). As a global financial institution, the EBRD is dedicated to fostering private sector growth…

The Regional Off-Grid Electricity Access Project (ROGEAP), in partnership with Ecobank Nigeria, has announced a three-day Entrepreneurship Business Training Workshop aimed at small and medium enterprises (SMEs) in the solar energy sector. The workshop will take place in Abuja from March 10 to March 12. According to a joint statement from the partners, this training will empower 50 SMEs with the technical, financial, and business management skills needed to thrive in the rapidly growing renewable energy industry. ROGEAP is funded by the World Bank, the Clean Technology Fund, and the Directorate General for International Cooperation of the Netherlands, and it…

The Lagos State government is strengthening its position as a leading hub for innovation to attract startups and small businesses, providing fertile ground for them to commercialize their breakthroughs. Feyisayo Alayande, the Executive Secretary of the Lagos State Employment Trust Fund (LSETF), spoke at the recent Impact Investors Foundation (IIF) supported Enterprise Support Organisation (ESO) event in Lagos. She highlighted the strategic advantages of the state’s location and its supportive environment for businesses. Represented by Gbemisola Ladipo, the Head of Strategy and Product Development at LSETF, Alayande emphasized that the success of startups relies on government-supported infrastructure and assistance frameworks.…

Market research group Kantar’s owners are exploring the sale of its Worldpanel division for £5 billion (€5.96 billion) or more, according to a report by Sky News on Sunday. In a separate report, the Financial Times indicated that Kantar is set to be broken up and sold. Kantar’s owners, Bain Capital and the advertising group WPP, declined to comment on these reports, and Kantar did not respond immediately to requests for comment. The Sky News report suggests that the decision by Bain and WPP to sell Worldpanel, which operates consumer panels globally, has not yet been finalized. If such a…

The challenging economic environment has resulted in the closure of approximately 30 percent of Micro and Small Medium Enterprises (MSMEs) in Nigeria, equating to about 7.2 million of the country’s estimated 24 million MSMEs, according to the Nigerian Economic Summit Group (NESG). This information was shared by Dr. Segun Omisakin, Chief Economist and Director of Research at NESG, during the launch of the 2025 Private Sector Outlook. He highlighted key economic trends, challenges, and opportunities for businesses navigating the evolving Nigerian economy. Omisakin noted that this situation emphasizes Nigeria’s economic vulnerability, adding that the country experienced an estimated loss of…

The IgniteHer Bootcamp, a groundbreaking initiative by the National Information Technology Development Agency (NITDA) in collaboration with the Japan International Cooperation Agency (JICA), concluded on Friday, March 7, after five days of intensive training aimed at empowering women entrepreneurs. The program brought together 90 female entrepreneurs and focused on equipping participants with essential digital skills, business strategies, and mentorship opportunities to help them scale their ventures and contribute to economic growth. Held as part of NITDA’s commitment to promoting gender inclusivity and digital transformation, the bootcamp addressed systemic barriers that often impede women’s participation in entrepreneurship. Through expert-led sessions, hands-on…

Dr. Daere Akobo, the founder of PE Energy and chairman of PANA Holdings, has been honored with the prestigious Global Business Conclave 2025 award by White Page International. The Nigerian entrepreneur, business mentor, and philanthropist was among the global power leaders who attended the Global Business Conclave events held recently in London, United Kingdom. According to White Page International, the Global Business Conclave serves as an interdisciplinary forum for top executives, thought leaders, CEOs, entrepreneurs, and other influential figures from around the world. The event optimizes networking opportunities and fosters revolutionary idea generation through a packed day of transformational talks,…

LAGOS, March 10 (Reuters) – Nigeria’s Economic and Financial Crimes Commission (EFCC) announced that it recovered nearly $500 million in proceeds from criminal activities last year and secured over 4,000 criminal convictions, the highest number since the agency was established more than two decades ago. As Africa’s largest energy producer, Nigeria has faced persistent corruption for decades, which many citizens believe contributes to widespread poverty in the country. In a report released on Monday, the EFCC stated that some of the recovered funds have been reinvested in government projects. Nigeria ranks 140 out of 180 on Transparency International’s most recent…

Nigeria spent an astonishing ₦930 billion on fuel imports in February 2025, even with increased production from local refineries. This situation raises concerns about the country’s ongoing reliance on foreign petroleum products. Official data indicates that oil marketers licensed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) imported 701.75 million liters of petrol and 265.88 million liters of diesel just in February. This is part of a larger trend, with ₦5.5 trillion spent on fuel imports between October 2024 and January 2025. Ogbugo Ukoha, the Executive Director of Distribution, Systems, Storage, and Retailing Infrastructure at NMDPRA, defended the…

Nigeria’s Small and Medium Enterprises (SMEs) have contributed nearly 48 percent to the country’s Gross Domestic Product (GDP) in the last five years, according to reports from the National Bureau of Statistics (NBS) and PwC. Notably, women-led businesses account for only about 33 percent of the total SMEs in Nigeria, a situation that experts have identified as a gender imbalance in the SME sector. Many female entrepreneurs in Nigeria struggle to access digital opportunities that would enable them to be profitable, seize industry chances, and expand their reach. Recognizing this gap, Jiji Africa, in partnership with the Association of Small…

Nigeria is a country rich in opportunity but also faced with complex challenges. For wealthy Nigerians, balancing these two extremes can be difficult. A diverse investment portfolio can help spread risk and create new opportunities, ensuring long-term value. However, many high-net-worth individuals (HNWIs) in Nigeria still face significant barriers to global mobility and opportunity due to the limitations of their passports. Consequently, Nigerian HNWIs are increasingly exploring residency and citizenship options abroad, effectively diversifying not just their assets but also their geographical domicile options. According to Henley & Partners, Nigerians were among the top five nationalities to inquire about investment…