Author: Gift Ifeanyi

Lagos is positioning itself as Africa’s leading trade and investment hub, leveraging strategic policies, industrial growth, and support for small businesses to drive economic transformation. In an exclusive interview, Folasade Ambrose-Medebem, Lagos State’s Commissioner for Commerce, Cooperatives, Trade, and Investment, discusses her vision for economic growth, investment attraction, and entrepreneurship support. A Dynamic Career in Economic Development With over two decades of experience in finance, trade, sustainability, and corporate strategy, Mrs. Ambrose-Medebem has played pivotal roles in multinational corporations such as PwC, Ford, and Guinness Nigeria PLC. Her tenure at Lafarge Africa PLC saw her leading sustainability and corporate responsibility…

The asset finance leasing sector in Nigeria holds immense potential for driving economic development, yet it remains largely untapped. Tayo Adekoya, MD/CEO of Adept Lessor Limited, a Lagos-based asset finance leasing company, sheds light on the industry’s trajectory and opportunities. An Overview of Nigeria’s Finance Leasing and Asset Management Sector The finance lease industry in Nigeria has witnessed steady growth over the years, primarily due to increased financial literacy and awareness campaigns. Industry stakeholders, including Adept Lessor Limited, have played a key role in positioning leasing as a viable alternative to traditional financing. Reports from the Equipment Leasing Association of…

…Kola Oyeneyin Unveils $1 Million Fund to Support Entrepreneurs Nigeria’s food industry holds immense potential, but to truly unlock growth and global competitiveness, experts say entrepreneurs must gain access to affordable credit, embrace innovation, and leverage technology. Speaking at the Nigeria Food Summit 2025, which brought together industry leaders, culinary innovators, and policymakers, experts emphasized the urgent need for financial support and technological advancements to drive the sector forward. “The success of any industry is deeply tied to access to capital,” said Kola Oyeneyin, a seasoned investor and entrepreneur, during his keynote address. “The Nigerian food industry is brimming with…

For the first time in history, the combined wealth of Africa’s billionaires has surpassed the $100 billion mark, driven primarily by the soaring fortunes of Nigerian business magnates. According to the latest Forbes Billionaire List released in March 2025, Africa now boasts 22 billionaires with a collective net worth of $105 billion—an increase from $82.4 billion and 20 billionaires in the previous year. Nigeria’s Billionaire Influence Grows Despite persistent economic challenges across the continent, including currency devaluation and political instability, Nigerian billionaires have maintained strong positions in the rankings, with four representatives on the list. Dangote’s Refinery Fuels Unprecedented Wealth…

In a significant move to modernize Nigeria’s financial landscape, President Bola Ahmed Tinubu has signed the Investment and Securities Act (ISA) 2024 into law. This landmark legislation, which replaces the 2007 Investment and Securities Act, aims to bolster investor confidence, enhance regulatory oversight, and position Nigeria’s capital market for sustainable growth. The Securities and Exchange Commission (SEC), in a statement on Friday, described the new law as a transformative step that reinforces investor protection, improves market transparency, and aligns Nigeria’s financial regulations with international standards. Strengthening Market Regulation and Oversight The ISA 2024 cements the SEC’s role as the apex…

Uche Uzoebo, the Managing Director and Chief Executive Officer of SANEF Limited, is a trailblazer in Nigeria’s financial landscape. With over 20 years of experience in banking and financial services, she brings a wealth of expertise in digital payments, financial inclusion, and gender advocacy. Her mission is clear: to drive economic empowerment by making financial services more accessible to all Nigerians. A Legacy of Leadership in Financial Services Before taking the helm at SANEF, Uzoebo served as the Chief, Distribution & Stakeholder Engagement Officer, playing a pivotal role in expanding digital financial services and enhancing financial literacy. Her strategic leadership…

The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) hosted its quarterly meeting and induction ceremony at the Delborough Hotel, Lagos, bringing together business leaders, government officials, and key stakeholders. Themed “Unlocking Business Opportunities Between Nigeria and Indonesia for the 21st Century,” the event aimed to foster stronger trade and investment collaborations between the two nations. A Platform for Economic Growth NICCI President, Ishmael Balogun, described the chamber as a vital platform for fostering partnerships, shaping impactful policies, and facilitating trade. He highlighted the enormous economic potential between Nigeria and Indonesia, emphasizing the limitless opportunities available for bilateral investment and trade.…

The Nigeria Food Summit 2025 brought together top industry leaders, culinary innovators, and policymakers at the Landmark Centre, Lagos, under the theme “Making Nigeria a Global Food Destination.” This landmark event gathered renowned chefs, food scientists, entrepreneurs, and key stakeholders dedicated to shaping the future of Nigeria’s food industry. The summit featured prominent personalities, including Anjola Awosika, Tolani Tayo-Osikoya (Diary of a Kitchen Lover), Hilda Baci, Ayo Bankole, and The Kitchen Amuse, who provided valuable insights into food business sustainability and cultural representation. Insightful Panel Discussions Attendees engaged in four dynamic panel sessions addressing critical industry topics: “The Past, Present,…

The Bank of Industry (BOI) has unveiled a groundbreaking initiative, the Project Guaranteed Loans for Women (GLOW) Fund, valued at ₦10 billion. This special intervention program aims to support female entrepreneurs across Nigeria, addressing the persistent financial inclusion gap that hinders many women-led businesses. A Bold Step for Women’s Economic Empowerment Announced by BOI’s Managing Director, Dr. Olasupo Olusi, in Lagos, the GLOW Fund seeks to empower women, recognizing their crucial role in Nigeria’s economic landscape. With over 23 million female entrepreneurs making up 41% of the country’s micro-businesses, Nigeria leads the world in women’s entrepreneurial activity. However, access to…

Baobab Nigeria, a leading microfinance institution dedicated to empowering small businesses and individuals, has unveiled an ambitious expansion strategy aimed at deepening financial inclusion across the country. At a high-profile press conference held at the Radisson Blu Anchorage Hotel, Lagos, the bank announced plans to raise fresh capital by April 2025 and expand its branch network from 38 to at least 100 locations by 2030. This bold initiative reflects Baobab Nigeria’s commitment to bridging financial gaps, fostering entrepreneurship, and driving economic growth. A Vision for Financial Inclusion The event gathered key stakeholders, including the Board of Directors, Baobab Group representatives,…

Juliet Ehimuan on DICE 3.0 and Africa’s Digital Future Dr. Juliet Ehimuan, founder of Beyond Limits, shares insights on how DICE 3.0 will empower African businesses to harness innovation for sustainable growth in the digital economy. What is DICE? DICE stands for Digital Innovation and Creative Excellence—an initiative by Beyond Limits that connects key players in Africa’s tech, business, and creative ecosystems. It serves as a collaborative platform for founders, investors, policymakers, and industry leaders to exchange ideas, form strategic partnerships, and drive economic growth. “Unlocking Africa’s digital potential requires a collective effort,” Ehimuan explains. “DICE provides the space for…

Sage Grey Finance Limited and its sister company, Sage Grey Technologies, have reaffirmed their commitment to empowering small and medium-sized enterprises (SMEs) through impact-driven financial and technological solutions. At a press briefing in Lagos on Tuesday, company executives outlined their ongoing initiatives to enhance financial access, drive digital transformation, and contribute to sustainable economic growth—aligning their efforts with the United Nations Sustainable Development Goals (SDGs) and Environmental, Social, and Governance (ESG) frameworks. UN SDG 8 focuses on promoting sustained, inclusive, and sustainable economic growth, fostering productive employment and decent work for all—a goal that Sage Grey is actively supporting through…

Access to reliable electricity remains a major challenge across Africa, with nearly half of Nigeria’s population still lacking access to power, according to the World Bank. To address this, innovative financing solutions are emerging to bridge the energy gap and drive clean energy adoption. One such initiative comes from Nigerian fintech Payhippo, which has rebranded as Rivy and secured $4 million in pre-Series A funding to focus on clean energy financing. The funding round, announced on March 26, was evenly split between $2 million in equity and $2 million in debt. Key Investors:✔ Equity Round: Co-led by EchoVC, through its…

In a strategic pivot, Nigerian fintech Payhippo has rebranded as Rivy, shifting its focus from SME lending to clean energy financing. The company also announced a $4 million pre-Series A funding round to accelerate its new mission, with an even split between $2 million in debt and $2 million in equity. This funding will expand Rivy’s clean energy financing solutions beyond Nigeria, enabling businesses to adopt solar power without the burden of upfront costs. Backing the Clean Energy Shift The investment round was co-led by EchoVC, a Nigerian venture capital firm known for funding 38 African startups, and Shell’s All…

After two decades of inactivity, Nigeria’s Port Harcourt refinery has successfully completed 180 days of uninterrupted operation, signaling a major breakthrough in the country’s efforts to restore its domestic refining capacity. This milestone is expected to reduce Nigeria’s reliance on imported petroleum products, stabilize fuel supply, and enhance the nation’s energy security. A Renewed Push for Self-Sufficiency Nigeria is making significant strides toward revitalizing its refining sector, aiming to become self-sufficient in petroleum product supply. The Federal Government has invested heavily in the rehabilitation of key refineries, including those in Port Harcourt, Warri, and Kaduna, to boost local production. Key…

Nigerian banks are increasingly resorting to high-cost short-term commercial papers (CPs) to navigate severe liquidity pressures as the Central Bank of Nigeria (CBN) tightens cash reserve policies, driving up deposit costs, Bloomberg reports. Access Holdings Plc, Nigeria’s largest bank by assets, alongside at least three other financial institutions, has either issued or is in the process of issuing CPs to shore up liquidity. This shift comes as banks struggle to attract deposits due to rising costs imposed by the CBN’s monetary tightening measures. Liquidity Pressures Intensify as CBN Mops Up Cash The CBN’s aggressive monetary policies have significantly strained banks’…

Advans Nigeria has achieved a major milestone in its digital transformation journey with the successful migration of its banking information system to SBP Core Amplitude by SBS. This transition is part of Advans’ broader AIR+ (Advans Innovation Roadmap) program, reinforcing its commitment to modernizing operations and enhancing financial services. Following similar migrations in Ghana, Tunisia, Côte d’Ivoire, and Cameroon in June 2024, Advans Nigeria officially went live on February 17, 2025, further strengthening its five-year partnership with SBS. A Seamless Transition: Key Phases of Migration Advans Services, a subsidiary of the Advans Group, is increasingly gaining autonomy in managing these…

Abbey Mortgage Bank Plc is solidifying its position as a top performer in Nigeria’s financial industry, standing out as the best-performing mortgage stock on the Nigerian Exchange (NGX). With a 20% year-to-date (YtD) gain as of March 20, 2025, Abbey builds on its impressive 35% return in 2024, reflecting its strong market momentum. Over the past five years, Abbey’s stock has soared by 291%, rising from ₦0.92 in 2019 to ₦3.60 in 2025—a remarkable achievement for the mortgage bank. Strong Returns and Earnings Growth Abbey’s dividend yield currently stands at 1.11% (₦0.04 per share), bringing its total return to 21.11%…

Telecommunications provider 9mobile has dismissed rumors suggesting that it has shut down operations in Nigeria, calling such claims false and misleading. The speculation follows growing complaints from subscribers about deteriorating service quality and difficulties in porting to other networks. 9mobile Denies Porting Restrictions In an official statement on Friday, 9mobile acknowledged the challenges faced by subscribers, particularly regarding Mobile Number Portability (MNP)—a service that allows customers to switch networks while retaining their phone numbers. However, the company denied implementing any porting restrictions, emphasizing its commitment to fair and transparent services: “We categorically refute the false rumors about an alleged shutdown.…

In a strategic move to strengthen Nigeria’s startup ecosystem, the National Information Technology Development Agency (NITDA) is partnering with the Japan International Cooperation Agency (JICA) to launch the Nigeria-Japan Startup Hub Project. Mr. Takao Shimokawa, Director General of JICA’s Economic Development Department, visited NITDA to discuss the initiative, where he was warmly received by Mr. Dejo Olawunmi, Director of IT Infrastructure Solutions at NITDA. Their discussions focused on advancing technological innovation, fostering entrepreneurship, and enhancing venture capital development to support early-stage startups in Nigeria. Unlocking Global Opportunities for Nigerian Startups The Nigeria-Japan Startup Hub Project aims to provide Nigerian entrepreneurs…