Author: Gift Ifeanyi

China has taken a bold step in reinforcing its economic presence in Africa by signing a $1 billion agreement with Nigeria to launch a massive sugarcane cultivation and processing project. The deal, inked between the National Sugar Development Council (NSDC) and Chinese industrial giant SINOMACH, is expected to supercharge Nigeria’s sugar industry while deepening Beijing’s strategic influence on the continent. According to NSDC Executive Secretary, Mr. Kamar Bakrin, the partnership is one of the first fruits of the Nigeria-China Strategic Partnership, spearheaded by President Bola Tinubu. In a chat with the News Agency of Nigeria (NAN), Bakrin confirmed that the…

Nigeria’s currency, the naira, could face another devaluation soon as falling global oil prices strain the country’s finances, according to economists at Goldman Sachs. Andrew Matheny, an economist at Goldman, stated that Nigeria’s budget is now under pressure due to optimistic assumptions that aren’t holding up in the face of weaker oil prices. “The natural policy response to lower oil prices is a depreciation of the naira, as this boosts oil revenues in local currency,” Matheny explained. A Budget Under Pressure Nigeria’s 2024 budget was based on oil selling at $75 per barrel and a production rate of 2 million…

Now more than ever, there’s renewed faith in Nigeria’s future. With abundant human capital, raw talent, and relentless creativity, the country stands at the edge of transformation — and a major force pushing this change is the powerful partnership between the Tertiary Education Trust Fund (TETFund) and Innov8 Hub, an innovation-focused NGO based in Abuja. This collaboration is actively reshaping Nigeria’s research and innovation ecosystem through initiatives like the TETFund Alliance for Innovative Research (TETFAIR) for universities and Research for Impact (R4i) for polytechnics. These programmes empower academics to turn research into real-world solutions, entrepreneurship, and economic impact. R4i Cohort…

Vice President Kashim Shettima has called for deeper collaboration among Nigeria’s Ministries, Departments, and Agencies (MDAs) to create a more efficient and business-friendly environment for Nigerians and investors. Speaking at the close of a high-level retreat in Abuja organized by the Presidential Enabling Business Environment Council (PEBEC), Shettima stressed the need for innovation, synergy, and measurable outcomes in public service delivery.  Trust and Teamwork at the Core “Trust is the most valuable currency in governance. Without it, no reform can endure,” the Vice President said. He encouraged MDAs to work more cohesively through joint planning, shared data, and the adoption…

On April 16, 2025, Chief Oladele Fajemirokun, the esteemed Baba Oba of Ifewara Kingdom, celebrated his 75th birthday, surrounded by family, friends, and admirers who came together to honor a life of purpose, impact, and distinction. Widely regarded as a visionary businessman and philanthropist, Chief Fajemirokun has made significant contributions to Nigeria’s economic landscape and remains a strong pillar in national development efforts.  A Life of Business Excellence Born on April 16, 1950, Chief Fajemirokun’s entrepreneurial journey spans multiple sectors, including: Insurance: Chairman, AIICO Insurance Plc & AIICO Capital Limited Food & Beverages: Stakeholder in Food Concepts & Chicken Republic…

Phillips Nto, Director of the Agribusiness Incubation Centre (ABIC) at Michael Okpara University of Agriculture, Umudike, has raised a red flag over Nigeria’s staggering N14 trillion annual loss to post-harvest mismanagement. He made this known during a courtesy visit by the National Youth Council of Nigeria (Abia State Chapter), led by its Chairman, Smith Silvernus.  Agriculture: A Goldmine for Nigerian Youth Nto described agriculture as one of the most legitimate and untapped pathways for Nigerian youths to become billionaires. He urged them to fully embrace opportunities across the agricultural value chain — from processing and storage to logistics and product…

Union Bank of Nigeria has reaffirmed its dedication to homegrown innovation by rewarding winners of the RISE Business Challenge with substantial cash prizes under its Made-in-Naija initiative. Now in its sixth edition, the Youth Leadership Conference — hosted at the University of Lagos, Akoka — crowned three standout entrepreneurs, awarding: N1 million to the 1st place winner N750,000 to the 2nd place winner N250,000 to the 3rd place winner  RISE to the Challenge: Empowering the Next Generation This year’s event, tagged Turning Point 6.0, featured the Resilience, Innovation, Social Responsibility, and Entrepreneurship (RISE) Challenge — a collaborative effort between Union…

Tokunbo Aruoture, fondly known as Toks, is a UK-based Nigerian entrepreneur redefining luxury in the baby furniture industry. As the founder of The Baby Cot Shop—a premium nursery brand with outlets in Chelsea and the iconic Harrods—Toks has turned personal setbacks into entrepreneurial triumphs. In this exclusive interview with Ime Enang, she shares her inspiring journey, navigating challenges as a Nigerian woman in business, her vision for expansion in Africa, and the resilience that shaped her brand.  From Crisis to Creation: The Birth of The Baby Cot Shop “My journey began at rock bottom,” Toks recalls. After relocating from the…

In a celebration of corporate excellence, Dangote Cement was awarded the prestigious Platinum Award at the second edition of the Corporate Reporting Awards, held at the Nigerian Exchange Limited (NGX) on Tuesday. MTN Nigeria claimed the Gold Award, and Seplat Energy was named the runner-up for their outstanding corporate reporting efforts in 2023. The event, organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited, aims to honor transparency and integrity in corporate reporting among companies listed on the Nigerian Exchange. Recognizing Transparency & Accountability The event celebrated excellence in various categories, with notable winners such…

The Nigerian Exchange (NGX) saw a significant reversal in gains on Wednesday, April 16, as investors witnessed a loss of N445 billion. This decline was largely attributed to a widespread sell-off in banking stocks, particularly Guaranty Trust Holding Company (GTCO) and Zenith Bank, which drove the market into the red. By the close of trading, the All-Share Index had fallen by 708.14 points, representing a 0.68% decline, settling at 103,851.88 points. This drop also caused the overall market capitalization to decrease from N65.7 trillion to N65.3 trillion, resulting in a N445 billion loss in value. Banking Stocks Lead the Decline…

As the Nigerian fashion industry gains traction, stakeholders are optimistic about its rapid growth, with global investors and designers increasingly eyeing the country due to its local labor capacity, cost-effectiveness, and rising technical standards. Bukola Ajani, the President of the Association of Women in Fashion Tech (AWIFT), revealed in an exclusive interview with The PUNCH that Nigeria is rapidly emerging as a prime destination for garment production and fashion technology. She attributed this rise to recent economic shifts and targeted government policies. Connecting Africa to Global Markets After her recent participation in the Afrikan Wedding Fair in Finland this March,…

The Financial Reporting Council (FRC) of Nigeria has raised the alarm over the severe shortage of actuaries in the country, revealing that just 28 qualified professionals are available to serve the entire nation—far below the 2,000 needed to support Nigeria’s growing financial sector. This was revealed by the FRC’s Executive Secretary and CEO, Dr. Rabiu Olowo, during a one-day Nigerian Actuarial Development Programme (NADP) outreach held at Ahmadu Bello University (ABU) in Zaria, Kaduna State. Themed “Building Capacity for Actuarial Excellence in Nigeria,” the session targeted students to inspire the next generation of actuarial leaders. “Nigeria needs at least 2,000…

Following widespread complaints from Nigerians who lost money through the digital asset trading platform CBEX, the Economic and Financial Crimes Commission (EFCC) has launched a full investigation into the suspected Ponzi scheme. The EFCC confirmed to BBC News Pidgin that it is working closely with the International Criminal Police Organisation (Interpol), the Federal Bureau of Investigation (FBI), and other global agencies to identify those behind the CBEX operation and explore ways to recover stolen funds. This development comes after investors reported being unable to withdraw their funds for several days due to suspended withdrawals. Shortly after, the platform suddenly crashed,…

Nigeria has significantly reduced its reliance on imported petrol, thanks to a sharp rise in local production. According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), daily petrol imports dropped by 29.9 million litres over the past eight months. Farouk Ahmed, Chief Executive Officer of NMDPRA, revealed the figures during a briefing by the Presidential Communications Team at the State House, Abuja, on Tuesday. He explained that petrol imports fell from 44.6 million litres per day in August 2024 to just 14.7 million litres as of April 13, 2025. “This reduction is a direct result of increased local…

Access Holdings, Nigeria’s largest financial group, posted a record N4.9 trillion in gross earnings for 2024, marking a major milestone in its 35-year journey. But despite the revenue surge—up 88% from the previous year—profit after tax inched up by just 3.7%, revealing a tough year behind the headline numbers. The bank managed to convert only 13.2% of its earnings into profit, a sharp drop from the previous year’s 24% margin. This stands in stark contrast to its peers in the Big Five, where GTCO, Zenith, UBA, and First Bank posted significantly stronger profit margins—47.4%, 26%, 24.1%, and 21.6%, respectively. What…

In a fast-evolving economy like Nigeria’s, where consumer expectations shift as rapidly as market dynamics, staying ahead demands more than just great products — it requires innovation, agility, and a deep understanding of local needs. BIC, the globally recognized brand behind everyday essentials like pens, razors, and lighters, is rising to the challenge with fresh strategies tailored for Nigeria’s dynamic market. Anthony Amahwe, General Manager of BIC Nigeria, shares insights into how the company continues to evolve, innovate, and create value across the country’s manufacturing and fast-moving consumer goods (FMCG) sectors. Innovation Rooted in Local Insight “For us, innovation is…

As economic shocks and global uncertainties continue to rattle markets, Nigerian businesses are being urged to get serious about Enterprise Risk Management (ERM) — or risk falling behind. This was the central message at a high-level seminar hosted by Kreston Pedabo in Lagos, which brought together industry leaders, regulators, and academics under the theme:“Spreading Business Resilience: Integrating Enterprise Risk Management for Sustainable Growth.” Despite rising awareness, speakers voiced concern that many Nigerian organisations treat risk management as a formality — not a strategic imperative. Risk Management: Still an Afterthought Olanike Olakanle, Head of Audit, Risk & Internal Control at Lafarge…

A game-changing opportunity is here for young Nigerian women — She Leads Africa (SLA) has officially launched the Young Nigeria Works Program, a powerful initiative aimed at equipping women aged 18 to 35 with the skills, resources, and confidence needed to thrive in the workforce or grow successful businesses. In collaboration with The African Talent Company (TATC), training as Jobberman, the program kicks off this April 2025 and promises free access to expert-led courses, live mentorship, job placement support, business development tools, and funding opportunities — all tailored to the unique challenges faced by women in today’s competitive landscape. Breaking…

The Rivers State Government has announced plans to take legal action against the Nigerian Bar Association (NBA) if it fails to refund ₦300 million ($186,000) that was paid to support the hosting of the 2025 NBA Annual General Conference (AGC). According to the state’s Sole Administrator, Ibok-Ete Ibas, the payment was made with the understanding that the conference would be held in Port Harcourt. However, following the NBA’s decision to relocate the event to Enugu, the Rivers government is now demanding a refund. The NBA, in a statement issued on Monday, described the ₦300 million as a gift, not payment…

The African Private Capital Association (AVCA) says investor confidence in Nigeria is making a strong comeback, as the country sees improved macroeconomic indicators and prepares to host the AVCA’s annual conference in Lagos this April. “When we wrapped up our conference in Johannesburg last year and announced Lagos as our next host city, there was skepticism,” said Abi Mustapha-Maduakor, CEO of AVCA. “At the time, Nigeria wasn’t doing particularly well, and deal activity was low. But now, the sentiment has shifted. With macro stability improving, this is the right time to explore Nigeria.” Signs of a Turnaround Nigeria has posed…