Author: Gift Ifeanyi

As Nigeria targets a $1 trillion economy by 2030, Eze Anaba, Editor of Vanguard Newspaper, has urged Deposit Money Banks (DMBs) to step up and prioritize lending to the real sectors of the economy, particularly agriculture, manufacturing, small and medium enterprises (SMEs), and infrastructure. Anaba made the call during the 36th Central Bank of Nigeria (CBN) Seminar for Finance Correspondents and Business Editors in Abuja, emphasizing the need for banks to stop sidelining these crucial sectors and provide the funding necessary for their growth. Banks Need to Support the Heart of Nigeria’s Economy Anaba expressed frustration that despite Nigeria’s ambition…

The Central Bank of Nigeria (CBN) has granted an official operating license to Ascensia Finance Company Limited, marking a significant step towards enhancing financial inclusion and supporting small and medium-sized enterprises (SMEs) across Nigeria. The approval, confirmed through a letter signed by Dr. Abubakar Shebe, representing the Director of the Financial Policy and Regulation Department of the CBN, aligns with the regulations set forth by the Central Bank of Nigeria Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020. Ascensia Finance Company is now set to play a pivotal role in bridging financing gaps for SMEs, self-employed…

The Governor of Lagos State, Babajide Sanwo-Olu, has once again pledged the state government’s unwavering support for micro, small, and medium enterprises (MSMEs), emphasizing the importance of creating a conducive environment for businesses to thrive. Idris Aregbe, the Special Adviser to Governor Sanwo-Olu on Tourism, Arts, and Culture, made this commitment during the third day of the Lagos Tourism NBC Trade Fair, held from April 11 to April 13, 2025. The event, which was a collaboration between the Lagos State Government and Naija Brand Chicks (NBC), focused on promoting and empowering small businesses, particularly those led by women and youth.…

In a bid to foster sustainable growth for small and medium enterprises (SMEs), the Securities and Exchange Commission (SEC) has partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to launch nationwide campaigns aimed at financing SMEs through the capital market. The announcement was made during a meeting in Abuja, where Dr. Emomotimi Agama, the Director-General of the SEC, revealed plans for joint sensitisation campaigns to help SMEs tap into capital market opportunities. These efforts will include co-branded financial literacy content and the creation of SME investment-readiness toolkits. A Strategic Collaboration for SME Growth Dr. Agama explained…

At a spectacular event in Lagos, the Nigerian-American Chamber of Commerce (NACC) marked its 65th anniversary and inaugurated its 20th president, Sheriff Balogun. The grand ceremony, which attracted leaders from both the public and private sectors, underscored the chamber’s vital role in fostering bilateral economic ties between Nigeria and the U.S.. A Vision for Growth: $10 Billion Trade Target In his inaugural address, Sheriff Balogun shared his ambitious vision to enhance the trade relationship between the two nations. He set a bold target of surpassing $10 billion in trade volume and unlocking the full potential of Nigerian exports in the…

The Tinubu Media Support Group (TMSG) has hailed the inclusion of four Nigerian entrepreneurs on the prestigious 2025 Forbes list of Africa’s 22 wealthiest individuals, calling it a clear testament to the economic prosperity in Nigeria. Nigeria’s Wealth Growing Stronger In a statement to the News Agency of Nigeria (NAN), Mr. Emeka Nwankpa, Chairman of the group, emphasized the significance of this achievement. He pointed out that the success of Dangote Refinery was a key factor in Aliko Dangote’s continued position as Africa’s richest man, marking his 14th consecutive year at the top. Notable Nigerian Billionaires Four Nigerian billionaires made…

Entrepreneurs across Nigeria’s southwest are lauding First City Monument Bank (FCMB) for its Business Empowerment, Sustainability, and Training (BEST) Masterclass programme, which has proven to be a game-changer for their businesses. The latest phase of the initiative concluded in March 2025, offering practical insights that participants believe have transformed their approach to business. Training Across Five States From March 12 to 21, 2025, FCMB delivered a comprehensive training programme aimed at enhancing key business skills, including financial management, digital marketing, business planning, and sustainable growth practices. The BEST Masterclass touched entrepreneurs in Ogun, Oyo, Osun, Ondo, and Kwara states, providing…

Hanu Agbodje, the Nigerian-born tech entrepreneur and pioneer in the cryptocurrency space, has revealed an inspiring moment from his recent visit to Necker Island. The encounter with British billionaire and Virgin Group co-founder Sir Richard Branson left Agbodje with a powerful challenge: to write a book chronicling his entrepreneurial journey. The revelation came in a statement Agbodje shared on Sunday, where he reflected on the life-changing week spent with Branson, who is renowned for his bold business ventures and innovative spirit. The two engaged in deep conversations about entrepreneurship, resilience, and innovation, with Branson urging Agbodje to document his experiences.…

Oluwatomi Solanke exemplifies the essence of a serial entrepreneur. Over the past decade, he has founded three companies, raising over $2 million to fund them. However, when labeled a “serial entrepreneur,” Solanke hesitates before acknowledging the title with a modest smile. “People throw that term around too easily,” he says, “You just run some random things, and they call you a serial entrepreneur.” The Early Hustle Solanke’s entrepreneurial journey began as a first-year student at the University of Lagos, where he sold everything from derivatives and insurance to video games, always looking for a way to make money. “In secondary…

In a groundbreaking partnership, Junior Achievement Nigeria (JAN) has teamed up with Boeing to launch the STEMpreneurship Quest Program, a transformative initiative aimed at empowering 600 girls across five Nigerian states. This program seeks to inspire secondary school girls by introducing them to entrepreneurship through science, technology, engineering, and mathematics (STEM) education. Ugonna Achebe, Executive Director of Junior Achievement Nigeria, expressed the initiative’s goals: “Through the STEMpreneurship Quest Program, we are encouraging young girls to dream big and create bold solutions using the tools of STEM and entrepreneurship. Thanks to Boeing’s support, we are breaking down barriers and unlocking the…

In a major boost for Nigeria’s small business landscape, over 827,000 Micro, Small, and Medium Enterprises (MSMEs) have benefitted from federal government initiatives in 2024 alone. This was revealed by Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, during a conference in Abuja. The announcement came at the 2025 International Women’s Day event hosted by the Nigerian Association of Small and Medium Enterprises (NASME) under the theme “Accelerate Action” and the sub-theme “Step-Up, Impact Her, Change the World.” The event brought together women entrepreneurs, policymakers, business leaders, and development partners to explore practical steps…

Despite rising global tensions and recent U.S. tariff measures, Nigeria has reaffirmed its unwavering commitment to a robust and strategic partnership with the United States. This reassurance came from Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, during the 65th Anniversary Celebration of the Nigerian-American Chamber of Commerce (NACC), which also marked the inauguration of its new president, Sheriff Balogun. A Deep and Enduring Relationship Speaking at the event, Dr. Oduwole emphasized the long-standing economic and human ties between the two nations. “The relationship between Nigeria and the United States is not only historic but deeply strategic. Even…

In a landmark move to bolster Africa-wide trade, Nigeria has officially signed and submitted the ECOWAS Tariff Offer under the African Continental Free Trade Area (AfCFTA), effectively establishing zero duties on 90% of goods traded within Africa. Driving Africa’s Economic Integration This bold step was announced by the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, via her official X (formerly Twitter) handle. She hailed the development as a critical milestone in deepening Nigeria’s role in shaping the future of African trade, while unlocking a wealth of opportunities for Nigerian exporters and businesses. Speaking at the Conference of African…

Nigeria’s power generation companies (GenCos) have issued a grave warning over the looming collapse of the national electricity supply, citing a crippling N4 trillion debt owed by the federal government as the cause. In a statement released on Monday by Colonel Sani Bello (rtd.), Chairman of the Board of Trustees of the Association of Power Generation Companies (APGC), the GenCos revealed that they are currently owed N2 trillion for electricity supplied in 2024, in addition to N1.9 trillion in legacy debt from previous years. Only 30% of Monthly Invoices Paid The GenCos disclosed that they currently receive less than 30%…

Artificial Intelligence (AI) agents are quickly becoming essential tools for businesses—especially in Nigeria—by handling repetitive tasks, improving efficiency, and supporting growth. These intelligent systems are not just rule-followers; they learn, adapt, and become more efficient with time. For small and medium-sized enterprises (SMEs), AI agents offer a reliable way to cut costs, increase productivity, and deliver better customer service without the need for constant updates or manual oversight. Solving Real Problems in the Nigerian Business Landscape In a country where frequent power outages, unstable internet, and workforce shortages pose daily challenges, AI agents offer much-needed resilience. They keep operations running…

Over a decade after the 2013 privatization of Nigeria’s power sector,a new era is unfolding—one where the country’s most influential billionaires are firmly taking charge. These power players are rapidly replacing the original investors in both electricity generation and distribution, reshaping the sector and creating a billionaire-led energy empire. Today, wealthy Nigerians control over 75% of Nigeria’s electricity generation, with major stakes in distribution companies (DisCos) as well. The only part of the power supply chain still under government control is the Transmission Company of Nigeria (TCN). The Billionaire Power Club At the forefront is Aliko Dangote, Africa’s richest man,…

Dubai, UAE — April 14, 2025 — Nigerian marketing powerhouse Ayodeji Razaq has etched his name on the global stage as he emerged the winner in the Marketing & Communications category at the prestigious Forty Under 40 Global Awards 2025. Held on April 12 in Dubai, the ceremony honored visionary leaders from around the world under the theme “Connecting Global Champions.” Dressed in a rich burgundy agbada and red cap, Razaq stood tall as he received his award from Mike Tankel, symbolizing a powerful moment of pride for Africa’s growing marketing and communications industry. As Group CEO of RED and…

Abuja, Nigeria — April 2025 — Nigeria’s financial stability is facing fresh threats as crude oil production continues to slide, hitting its lowest level yet this year and placig significant pressure on dollar earnings and national budget funding. According to the latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), oil production — including crude, blended, and unblended condensates — dropped by 68,177 barrels per day (bpd) in March, dipping to 1.60 million bpd from February’s 1.67 million bpd. A closer breakdown reveals that crude oil output was 1.4 million bpd, with condensates accounting for 202,993 bpd (55,827 blended…

Abuja, Nigeria — April 2025 — The Federal Government is in the process of securing $2.3 billion to transform Nigeria’s fragile transmission infrastructure, according to the Minister of Power, Adebayo Adelabu. In a statement released on Sunday, Adelabu revealed that the funds will be used to significantly boost the power sector’s transmission capacity through critical upgrades—most notably under the Presidential Power Initiative (PPI), also known as the Siemens Project. The initiative is part of a broader strategy to stabilize Nigeria’s energy supply and improve access across both urban and underserved communities. “The government of Germany has been instrumental in facilitating…

Lagos, Nigeria — April 2025 — Former Nigerian Bar Association (NBA) President, Dr. Olisa Agbakoba (SAN), has called for a complete overhaul of Nigeria’s political and economic strategy, saying only a “disruptive development plan” can unlock the nation’s potential to achieve a ₦500 trillion national budget by 2027. Speaking on ARISE NEWS during a segment discussing his newly released report, “Governance and Economic Analysis and Forecast 2025,” Agbakoba stressed that traditional development plans have failed to produce meaningful results for decades. “It might sound ridiculous, but Nigeria can hit a ₦500 trillion budget target. We just have to stop doing…