Author: Gift Ifeanyi

Lagos, Nigeria – Internet Service Providers (ISPs) in Nigeria have recorded a 6% decline in active subscribers, dropping from 307,946 in Q3 2024 to 289,369 in Q1 2025, as customers react to recent price increases approved by the Nigerian Communications Commission (NCC). Key Findings  Market Contraction: Top 3 ISPs (Spectranet, Starlink, FibreOne) lost 22,000+ combined subscribers. Starlink’s first decline: Dropped 6,055 users after raising monthly fees to ₦57,000 (from ₦38,000). FibreOne hardest hit: Lost 14,000 customers (42% decline).  Why It’s Happening: 50% tariff hikes make ISPs less competitive vs. mobile networks (MTN/Airtel 5G). Economic pressures: 28% inflation forces households to cut discretionary spending. Top 10 ISPs in Nigeria (Q1 2025) Rank ISP Active…

LAGOS, Nigeria – MTN Nigeria has boldly declared its Dabengwa Data Centre and cloud services as competitive alternatives to global hyperscalers like AWS, Microsoft Azure, and Google Cloud. But with Nigerians questioning MTN’s reliability in connectivity, can the telecom giant truly deliver a world-class cloud platform? Key Features of MTN’s Dabengwa Data Centre  Tier III Certified: 99.982% uptime (45 mins max downtime/year) Modular Design: 96 pre-fab units, scalable from 4.5MW to 20MW Current Capacity: 780 server racks (thousands of virtual machines) Self-Service Cloud: Developers can deploy apps without MTN’s intervention Local Data Sovereignty: Keeps Nigerian data within borders Lynda Saint-Nwafor (MTN Enterprise Chief): “We’re not…

Lagos, Nigeria – In a major push to develop Nigeria’s creative economy, Embroidery Chief, in partnership with Chinese manufacturers Dahao and Futong, is establishing 10 innovation hubs nationwide to train young Nigerians in embroidery and fashion design. Key Highlights of the Initiative  10 State-of-the-Art Hubs – Launching in Lagos, Kano, and eight other states 50 Machines per Hub – High-tech embroidery equipment at subsidized rates 3-Phase Training Program – Covering design, machine operation, and repairs Job Creation Goal – Equipping youth with skills to start profitable fashion businesses Why This Matters  Unlocking Creativity – Many young Nigerians have design talent but lack technical skills. Boosting Local Fashion – Reducing reliance on imported embroidered…

New York, USA – Nigerian entrepreneurs made a dazzling debut at the first-ever NaijaBrandChick Trade Fair and Exhibitions in New York, showcasing the country’s vibrant SME sector to a global audience. The event, which also held in Houston, Texas, attracted buyers from across the U.S. and North America, reinforcing Nigeria’s growing reputation as a hub of innovation and creativity. Key Highlights  Diaspora Engagement – Aligns with President Tinubu’s diaspora economic strategy Women-Led Dominance – 70% of exhibitors were female-founded brands Sector Diversity – Fashion, beauty, tech, food, and crafts on display Government Backing – Nigerian Consul-General Amb. Abubakar Jidda hailed the initiative Standout Moments  Consul-General’s Tour – Jidda praised exhibitors for embodying…

Lagos, Nigeria – What began as a personal struggle with inaccessible, overpriced hair extensions has blossomed into The Fort Brand Limited, one of West Africa’s fastest-growing beauty empires. Founded by Ogunmosu Olusola Comfort, the company has evolved from a modest 2020 side hustle into a multi-brand conglomerate, redefining African beauty standards, affordability, and global representation. The Genesis: A Problem Turned Opportunity  The Spark: Frustrated by the lack of quality, affordable hair extensions tailored for African women, Comfort launched Extensionbyfort from a small Lagos space. Early Hurdles: Bootstrapped with no external funding, relying on word-of-mouth, manual inventory, and personal deliveries. Breakthrough: Viral social media buzz and loyal customers transformed the…

Abuja, Nigeria – At the 2025 Nigeria Oil and Gas Conference, Shell Nigeria Exploration and Production Company (SNEPCo) pledged continued investment in Nigeria’s energy sector, balancing hydrocarbon expansion with a transition to low-carbon solutions. Key Announcements from Shell  Bonga Field Expansion – Increased stake and planned investments in Bonga North, Bonga Southwest, and HI projects (though FID timelines remain undisclosed). Energy Abundance Vision – Aligning with Nigeria’s dual goals of energy security (for 230M+ people) and net-zero emissions by 2050. Powering Progress Strategy – Shell’s roadmap to low-carbon transition by the early 2030s, emphasizing gas as a bridge fuel. Ronald Adams, SNEPCo MD: “We’re pushing the envelope—optimizing hydrocarbons while accelerating renewables.…

Lagos, Nigeria – Two years into President Bola Tinubu’s administration, Nigeria’s economy is caught in a paradox: while political elites enjoy unprecedented financial windfalls from subsidy removal and naira devaluation, ordinary citizens grapple with historic inflation, plummeting purchasing power, and a collapse in living standards. The Harsh Reality of Tinubunomics  GDP Per Capita Crash: 2015: $2,728 2024: $824 (a 70% decline) Nigeria now ranks as the 12th poorest country globally (178/189), behind Zimbabwe ($2,030) and war-torn Libya ($6,465).  Consumer Crisis: N2.14 trillion worth of unsold goods (MAN report) – an 87.5% YoY spike. Families forced to buy expired food and second-hand goods (Daily Trust investigation). Minimum wage (₦70,000 ≈ $50) is 5x below the living…

Lagos, Nigeria – In a major win for Nigerian consumers, United Bank for Africa (UBA) and Wema Bank have reactivated international transactions on naira debit cards—ending a five-year embargo that crippled online shopping, subscriptions, and travel spending. What’s Changing?  UBA Premium Cards (Gold, Platinum, World) can now be used for: Online payments (Amazon, Netflix, Spotify) Global POS/ATM withdrawals Cross-border e-commerce  Wema Bank Naira Mastercard now supports dollar payments on: AliExpress, eBay, YouTube Premium International hotel bookings, flight tickets  No more forced dollar card requests – Customers can transact directly with naira balances (converted at prevailing FX rates). Why Was It Banned Before?  2020–2024 FX Crisis: Banks blocked…

Lagos, Nigeria | July 5, 2025 – The Nigerian naira is on the cusp of breaking the critical ₦1,500/$ resistance level, trading at ₦1,528/$ in the official market Friday, buoyed by renewed confidence in Nigeria’s monetary policies and the resumption of international transactions on naira debit cards. Key Developments Driving Naira’s Rally  Banks Reopen International Spending: GTBank, UBA, Wema Bank, and Stanbic IBTC now allow naira cards for global transactions. Spending limits: $1,000 quarterly for online/POS, $500 for ATM withdrawals abroad.  IMF Endorses CBN’s Tight Monetary Policy: Praised 27.5% MPR hold and 50% CRR as “necessary” to curb inflation. Supported CBN’s halt to fiscal deficit monetization, a key inflation driver.  Dollar…

Lagos, Nigeria – Taiwo Oyedele, Chairman of Nigeria’s Presidential Tax Reform Committee, has called for urgent adjustments to the country’s tax framework, including lower corporate rates and reduced regulatory hurdles, to attract investment and stabilize the naira. Key Unfinished Reforms  Corporate Tax Cuts: Current 30% rate risks “taxing capital, not profit” amid high inflation. Proposal: Reduce rates to match regional peers (e.g., Kenya’s 24%, South Africa’s 27%).  Tariff Overhaul: Raw material tariffs double Sub-Saharan Africa’s average. Reform could act as a de facto tax waiver for manufacturers.  FX Policy Alignment: Allow tax payments in naira to reduce dollar demand pressure. Limit discretionary forex allocations distorting the market.  Digitalization & Transparency: Implement tax intelligence systems to curb corruption. Enforce beneficial…

Lagos, Nigeria – Gone are the days when a university degree guaranteed a lucrative oil job or civil service position. Today’s Nigerian graduates are navigating a transformed economy—one where side hustles outshine salaries, tech skills trump traditional credentials, and creativity pays more than corporate ladders. The Decline of Old Pathways Oil & Gas Fade: Once contributed 9% of GDP; now just 6%. Jobs shrinking due to automation, divestment, and renewable energy shifts.  Public Sector Gloom: Prestigious government jobs are scarce, underpaid, or politicized. Example: NYSC allowances still stuck at ₦33,000/month ($22) despite inflation.  Professions Under Pressure: Law and engineering jobs outsourced to AI or cheaper global talent. Junior lawyers…

𝗟𝗮𝗴𝗼𝘀, 𝗡𝗶𝗴𝗲𝗿𝗶𝗮-Lagos Angel Network (LAN) is proud to announce its latest investments in two pioneering startups at the forefront of Africa’s creative renaissance: KKLS – Awari App and Laudr. These companies represent a bold new wave of African innovation—deeply rooted in culture, powered by technology, and built by visionary local founders. 🎧 Laudr, founded by Soji Akinlabi, is building Africa’s podcasting future. The platform serves as an end-to-end ecosystem for audio content—offering recording tools, distribution, monetization pathways, and analytics designed for African creators. With a growing library of diverse voices across genres and languages, Laudr is redefining how African stories…

Lagos/London – July 2025 – In a landmark move for Nigeria’s financial sector, Guaranty Trust Holding Company (GTCO) Plc will commence trading on the London Stock Exchange (LSE) on July 9, becoming the first Nigerian bank to directly list all its shares internationally. Key Highlights of the Listing  $100 Million Capital Raise – Through an accelerated bookbuild managed by Citigroup Full Share Listing – Replaces Global Depositary Receipts (GDRs) with ordinary shares Dual Listing Structure – Shares will trade on NGX (as GTCO) and LSE (initially as GTHC, later GTCO) Regulatory Compliance – Moves GTBank closer to N500B capital requirement for international banks Why This Listing Matters  Global Investor Access – Opens doors for international institutional investors Naira-Dollar Flexibility –…

Top government officials, investors, and business leaders from Nigeria and Canada will gather in Ottawa later this year for the Nigeria-Canada Partnerships, Trade, and Investment Conference (NCPTIC 2025). The high-profile event, taking place October 29–31 at the Fairmont Château Laurier, aims to strengthen economic ties and foster sustainable growth between the two nations. According to Wale Adesanya, President of NCPTIC, the conference will focus on practical strategies to enhance trade, attract investments, and build cross-border partnerships. With the theme “Strengthening Bilateral Trade and Investment for Sustainable Economic Growth,” the summit is expected to be a pivotal moment for business and government collaboration. “Nigeria, as Africa’s largest economy,…

Lagos, Nigeria – The continent’s most influential blockchain innovators, entrepreneurs, and investors are set to gather at the Civic Centre, Victoria Island, this Saturday, July 5th, for Decentralized Nigeria 2025—a conference poised to shape Africa’s digital revolution. Backed by industry giants like Busha, cNGN, and Blok AI, the event has quickly become the most anticipated Web3 gathering of the year, drawing international speakers and local pioneers under the theme: “Igniting Africa’s Web3 Revolution.” A Vision for Africa’s Digital Leap Nova Phoenix, co-convener and Lyfeblood CEO, traveled from the U.S. to spearhead the initiative, driven by a mission to empower African talent. “Nigeria’s innovation potential is unmatched,” Phoenix emphasized. “This isn’t…

Madrid, Spain – Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has reinforced the country’s dedication to financial inclusion, economic empowerment, and global financial transparency during the Fourth International Conference on Financing for Development (FFD4) in Spain. Speaking on behalf of President Bola Ahmed Tinubu, Tuggar outlined Nigeria’s strategic initiatives to strengthen development finance, combat illicit financial flows, and implement progressive tax reforms—key pillars in the nation’s economic transformation agenda. Empowering MSMEs and Tackling Illicit Financial Flows The Minister highlighted Nigeria’s efforts to expand access to funding for micro, small, and medium-sized enterprises (MSMEs), particularly those led by women and youth, through institutions like the Bank of Industry and Bank…

Lagos, Nigeria – The 14th Emir of Kano, Khalifa Muhammad Sanusi II, will deliver the keynote address at the 19th International Business Law Conference, organized by the Nigerian Bar Association Section on Business Law (NBA-SBL). The high-profile event, themed “Future of Business Law in an Intelligent Age,” will take place today, Wednesday, July 2, 2025, at Harbour Point, Victoria Island, Lagos. Global Gathering of Legal and Business Minds Over 1,000 legal professionals, business leaders, and policymakers from across the world are expected to attend the conference, which will explore: ✔ AI and Legal Practice – How artificial intelligence is reshaping contracts, compliance, and dispute resolution. ✔ Regulating Emerging Tech – Blockchain, fintech, and data…

Lagos, Nigeria – Top aviation executives, financial experts, and policymakers will converge at The Providence Hotel, GRA Ikeja, on August 7, 2025, for the 29th League of Airport and Aviation Correspondents (LAAC) Conference. With the theme “Aviation Financing in Nigeria: Risks, Opportunities, and Prospects,” the event aims to address critical funding gaps and unlock investment potential in the country’s aviation sector. Key Participants & Agenda Chairman: Gbenga Alade (MD/CEO, AMCON) – Bringing expertise in financial restructuring Keynote Speaker: Gabriel Gbenga Olowo (Aviation Economist & Sabre Central/West Africa Chairman) – To analyze airline economics and sustainable financing Special Guest of Honour: Festus Keyamo (Minister of Aviation & Aerospace Development) – Highlighting government commitments…

Abuja, Nigeria – In a major move to strengthen its oil sector, the Federal Government has approved 37 new crude oil evacuation routes nationwide as part of sweeping reforms to enhance production, curb theft, and attract investment. The announcement was made by Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during his keynote at the 24th Nigeria Oil and Gas (NOG) Energy Week 2025 conference in Abuja. Key Reforms & Milestones ✔ 37 New Evacuation Routes – Secured with military collaboration to reduce theft and improve accountability. ✔ Production Surge – Output rose from 1.46 million bpd to 1.7 million bpd, targeting 2.5 million bpd by 2026. ✔ Rig Count Boom –…

The Paradox of Potential Nigeria stands at a crossroads. With: 200+ million people (60% under 25) 37 billion barrels of oil reserves $1 trillion GDP potential by 2030 (PwC) Yet it struggles with: ✖ 63% multidimensional poverty (UNDP) ✖ 33% unemployment (Q1 2025) ✖ 40% post-harvest food losses The Root Cause: Extractive vs. Enabling Governance Extractive State Enabling State Taxes before value creation Invests first, taxes later 87 overlapping taxes/levies Singapore: 5 core taxes 8-yr avg for infrastructure ROI Rwanda: 2-yr project cycles 147th in Rule of Law Index UAE: 23rd globally 3 Strategic Shifts Needed Tax Revolution Replace 87…