Author: Gift Ifeanyi

Nigeria’s efforts to revive oil production and attract foreign investment are under threat as sabotage disrupts critical crude pipeline infrastructure. For years, pipeline vandalism has plagued the country’s oil sector, but improved security measures had recently led to a 40% increase in production. In January, Nigeria even exceeded its OPEC quota, marking a significant recovery. However, this new wave of sabotage threatens to undo those gains and sends a troubling message to investors. Setback for the Tinubu Government’s Oil Strategy Clementine Wallop, Director for Sub-Saharan Africa at Horizon Engage, highlighted the potential fallout: “This is a blow to the Tinubu…

Abuja, March 19 – Nigerian lawmakers have launched a probe into over a dozen non-profit organizations, demanding they submit tax records and financial statements spanning the past decade. This move has sparked accusations of intimidation and suppression from civil society groups. The organizations under scrutiny include those previously funded by the U.S. Agency for International Development (USAID)—Washington’s primary humanitarian aid agency. This comes at a time when USAID’s activities have been largely frozen for 90 days by the U.S. government for reassessment. What Sparked the Investigation? The probe follows controversial claims made last month by U.S. Congressman Scott Perry, who…

The Central Securities Clearing System (CSCS) PLC is set to host the prestigious Africa and Middle East Depositories Association (AMEDA) Conference in Lagos, Nigeria. This year’s event, themed “Shaping the Future: Financial Markets & Infrastructures as Catalysts for Transforming Economies,” will bring together top industry leaders, policymakers, and financial experts to explore innovative solutions for advancing market infrastructure. A Premier Platform for Market Collaboration The AMEDA Conference has long been recognized as a key gathering for Central Securities Depositories (CSDs) and Clearing Houses across Africa and the Middle East. It serves as a hub for: Knowledge-sharing on industry trends and…

The Lagos Business School (LBS) is taking a bold step in securing the future of family-owned businesses by equipping them with essential strategies for succession planning, governance, and long-term sustainability. As part of this initiative, LBS will host its International Family Business Conference 2025 on March 27, 2025, in Lagos, under the theme “Building a Lasting Legacy for Family Businesses.” Empowering Family Enterprises for Generational Success LBS underscores the importance of transitioning family businesses into legacy-driven institutions, ensuring they not only endure but flourish across generations. “This conference is a crucial platform for sharing insights, fostering connections, and equipping family…

The Lagos State Government has entered a strategic partnership with France to unlock the full potential of Nigeria’s rapidly growing $20 million e-sports market. Speaking at the BusinessDay Sports Conference on Wednesday, Lekan Fatodu, Director General of the Lagos State Sports Commission (LSSC), emphasized the state’s commitment to fostering e-sports infrastructure, talent development, and tournament organization. “Lagos State Sports Commission had a meeting with the French Embassy today (Wednesday) to discuss how to develop e-sports in Lagos,” Fatodu revealed. Why E-Sports? The Fastest Growing Digital Sport. The e-sports industry is witnessing explosive global growth. According to Statista, global e-sports revenues…

The Naira experienced mixed fortunes on Tuesday, maintaining stability in the black market but weakening in the official exchange market. Data from Business Post showed that the Naira traded at N1,585/$1 in the black market, unchanged from the previous session. However, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency depreciated by 0.27% (N4.14), settling at N1,536.12/$1 compared to Monday’s N1,531.98/$1. Naira’s Performance Against Other Currencies Euro (€): Fell by N5.05 to N1,673.50/€1 (from N1,668.46/€1). Pound (£): Strengthened by N34.72 to N1,949.89/£1 (from N1,984.61/£1). Oil Facility Attacks Put Pressure on FX Market The recent attack on oil pipelines…

Despite economic headwinds, Africa’s leading businesses are proving their resilience, with untapped potential for expansion and innovation, writes McKinsey’s Acha Leke. At first glance, the financial outlook for African businesses appears challenging. According to the 500 Business Champions report, released in February, African companies experienced a 3% contraction in dollar revenues. However, this decline is largely attributed to currency devaluation rather than weak business performance. Between 2022 and 2023, African currencies devalued by an average of 27% against the U.S. dollar, pushing up import costs and inflationary pressures. Yet, beneath the surface, many companies—particularly in North, West, and Central Africa—are…

In a groundbreaking collaboration, The Nest Innovation Park, Nigeria, has partnered with Germany’s UnternehmerTUM to provide training, mentorship, and global market access for Nigerian founders and startups. This partnership will focus on equipping Nigeria’s youthful population and burgeoning small and medium-sized enterprise (SME) sector with the skills and resources needed to thrive in the global economy. Driving Innovation Through Africa Meets Bavaria The initiative is part of the Africa Meets Bavaria programme—a two-year project backed by the Bavarian State Chancellery. This initiative is designed to foster innovation, entrepreneurial collaboration, and cross-border market expansion between Bavaria and Africa. Speaking on the…

In a bold move to drive technological innovation, job creation, and economic diversification, the National Information Technology Development Agency (NITDA) has announced the nationwide expansion of its flagship iHatch initiative. The initiative, originally piloted in Abuja, will now reach all 36 states and the Federal Capital Territory (FCT), aiming to empower local startups, enhance regional innovation ecosystems, and create sustainable job opportunities across Nigeria. Nationwide Impact: Building Innovation Beyond Lagos and Abuja The announcement was made by NITDA’s Director-General, Mallam Kashifu Abdullahi, during the iHatch Cohort 4 Onsite Training for Hub Managers. The program, held in Abuja, was organized in…

The Tony Elumelu Foundation (TEF) is set to unveil the 11th cohort of its transformative Entrepreneurship Programme on Saturday, March 22, 2025. This year’s announcement comes at a critical time, as African entrepreneurs navigate financial constraints and global economic challenges. Over the years, the TEF Entrepreneurship Programme has proven to be a game-changer, empowering thousands of African businesses with funding, mentorship, and business training. Since its inception, the programme has helped create 1.5 million jobs, generated $4.2 billion in revenue, and lifted over two million Africans out of poverty. Empowering Africa’s Entrepreneurs Each selected entrepreneur will receive a $5,000 non-refundable…

In a bold move to empower Nigeria’s entrepreneurial landscape, The Next Titan Nigeria has raised its grand prize to a staggering ₦50 million, setting the stage for a transformative season that promises to inspire and uplift emerging business leaders. This monumental prize is designed to fuel the growth of new businesses, generate employment opportunities, and drive economic expansion across multiple sectors. As one of the country’s most prestigious entrepreneurial reality TV shows, The Next Titan has consistently championed innovation, creativity, and business acumen, and its latest season aims to do even more. With auditions set to take place nationwide, the…

Nigeria remains optimistic about securing a seat in the upcoming International Maritime Organization (IMO) Council Category-C elections, despite three unsuccessful attempts in recent years. Speaking at the maiden African Strategic Summit on Shipping Decarbonisation in Abuja, the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, reaffirmed Nigeria’s commitment to the bid. The summit was hosted by the Ministry in collaboration with the Bartlett Energy Institute of University College London (UCL). Why Nigeria is Seeking Category-C Membership IMO’s Category-C consists of 20 member states with significant interests in maritime transport and navigation. It ensures regional representation and a broader geographical…

AfCFTA Has the Potential to Boost Employment and Strengthen Africa’s Global Competitiveness Africans are often quick to criticize their own leadership, economies, and even cultural nuances. However, the continent continues to make significant strides, particularly in intra-African trade. Decades ago, African countries rarely engaged in commerce with one another, but today, the story is changing. According to Afreximbank, intra-African trade grew by 7.2% year-on-year in 2023, reaching $192 billion and accounting for 15% of total African trade, up from 13.6% the previous year. While this marks a notable achievement, African business leaders remain determined to push for deeper trade integration,…

Nestlé Nigeria Plc has officially launched its latest innovation, Golden Morn 3-in-1, in a grand unveiling event held in Lagos on March 17, 2025. The new product, designed to offer a nutritious and convenient breakfast solution, underscores the company’s commitment to providing wholesome and accessible nutrition for Nigerians. Speaking at the event, Nestlé Nigeria’s Managing Director and Chief Executive Officer, Mr. Wassim Elhusseini, highlighted the significance of the launch, emphasizing the brand’s continuous effort to meet evolving consumer needs. The press conference brought together top executives of Nestlé Nigeria, including: Mr. Boladale Odunlami, Commercial Manager Ms. Omofasa Orhiunu, Category Manager…

As the marketing communications industry undergoes a radical shift powered by Artificial Intelligence (AI) and creative innovation, MediaFuse-Dentsu Nigeria is taking the lead in redefining strategies for success. With a strong commitment to sustainability and digital transformation, the agency is positioning itself at the forefront of this evolution. At the recently concluded 2025 Management Strategy Conference held in Lagos, the theme “MediaFuse-Dentsu: Driving Through a Sustainable Data and Technology Strategy” set the stage for thought-provoking discussions on the future of marketing communications. Speaking at the event, Emeka Chris Okeke, Group Chief Executive Officer of MediaFuse-Dentsu Nigeria, emphasized the urgent need…

As Nigeria continues to embrace the power of strategic communication, Nigerian Women in Public Relations (NGWIPR) is at the forefront, leveraging PR as a tool for business and leadership transformation. With great anticipation building, the 2025 edition of its flagship event, the Experiencing PR Conference, is set to make a significant impact. Slated for March 19, 2025, at the Civic Centre in Lagos, this year’s conference carries the theme: “PR for Results: Innovative Strategies for Business and Leadership Transformation.” The event will unite industry pioneers, business leaders, and communication experts to explore how PR can fuel innovation, drive growth, and…

Nigeria’s tax system is undergoing major changes with the introduction of four new tax bills: the Nigeria Tax Bill (NTB), Nigeria Tax Administration Bill (NTAB), Joint Revenue Board (Establishment) Bill (JRBEB), and Nigeria Revenue Service (Establishment) Bill (NRSEB). These reforms aim to simplify tax administration, eliminate ambiguities, consolidate existing laws, expand the tax base, and reduce the number of taxes to a single-digit structure. The use of technology for fiscalization and automation of tax processes will ensure greater compliance for both residents and non-residents, including individuals, corporate entities, and trustees. A Non-Resident Company (NRC) refers to any business incorporated outside…

Nigeria’s annual inflation rate dropped for the second consecutive month, fueling optimism that price pressures are easing and could continue to decline. According to the National Bureau of Statistics (NBS), consumer prices rose 23.2% in February, down from 24.5% in January. Food inflation slowed to 23.5% from 26.1%, while core inflation edged up to 23% from 22.6%. This cooling inflation trend may encourage the Central Bank of Nigeria (CBN) to maintain interest rates when policymakers meet in May. In its last meeting, the CBN held its benchmark rate at 27.5%, pausing its aggressive tightening cycle aimed at stabilizing the naira…

The Dangote Group, led by Alhaji Aliko Dangote, has revealed plans to establish Nigeria’s largest port within the Olokola Free Trade Zone in Ogun State. The announcement was made on Monday during a visit to Governor Dapo Abiodun in Abeokuta, as reported by the News Agency of Nigeria (NAN). Reviving an Abandoned Investment Dangote explained that the company had previously shelved its investment in the Olokola Free Trade Zone due to certain challenges. However, with improved business conditions, the project is now back on track. “Our factory in Itori was twice demolished, and the second time, even the fence was…

After weeks of continuous depreciation, the naira recorded a 0.95% recovery on Monday as demand for the dollar slowed in the parallel market. During intra-day trading, the naira was exchanged at N1,575 per dollar, marking a N15 appreciation compared to the N1,590 rate recorded last week. Market Conditions Stabilizing Currency traders noted a decline in demand for the dollar from end users, bringing relative calm to the market. Last Friday, the naira hit a low of N1,590 in the parallel market due to a scarcity of dollars—a level it had previously reached on February 16, 2024, according to data from…