Author: Gift Ifeanyi

Moniepoint, PalmPay, OmniRetail, Paga, Termii, and Remedial Health have earned top spots on the Financial Times’ 2024 list of Africa’s Fastest-Growing Companies, highlighting Nigeria’s increasing influence in the continent’s tech and business landscape. Published annually in collaboration with Statista, the FT list evaluates companies based on compound annual growth rate (CAGR) in revenue from 2020 to 2023. It also considers workforce growth and the resilience of these companies amid economic instability, inflation, and currency fluctuations. In last year’s edition, five Nigerian firms—including OmniRetail, Moniepoint, Paga, Thrive Agric, and Zone—made the cut. This year, six have emerged, signaling strong momentum despite…

Taiwo Oyedele, Chair of the Presidential Committee on Fiscal Policy and Tax Reforms, has revealed a troubling reality: Nigeria is capturing just 30% of its potential tax revenue, leaving a 70% shortfall—one of the most severe globally. Speaking at the 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), Oyedele attributed this gap to deeply entrenched inefficiencies within the tax structure. He highlighted flaws such as policy inconsistencies, abuse of exemptions, and weak oversight as key factors undermining revenue performance. One of the major loopholes, he noted, lies in the misuse of import waivers and duty…

The World Bank has stated that while Nigeria has the potential to reach a $1 trillion economy by 2030, achieving that milestone requires a growth rate five times faster than what the country is currently experiencing. This projection was shared during the launch of the May 2025 edition of the Nigeria Development Update (NDU), where the global financial institution emphasized that Nigeria’s recent macroeconomic reforms, although beneficial, are not enough on their own to secure long-term economic expansion. “Reforms in macroeconomic policy are important, but they need to be backed by broader structural changes to produce sustained and inclusive growth,”…

The Dangote oil refinery in Nigeria has called off its planned June maintenance of the gasoline-producing unit after completing necessary repairs during an unexpected outage that occurred from April 7 to May 11, according to industry insights from IIR Energy. Originally, the refinery had scheduled a 30-day maintenance shutdown for its Residue Fluid Catalytic Cracking (RFCC) unit in June. However, this was rendered unnecessary as essential work was carried out during the unplanned downtime. During the period of the outage, the facility shifted its export focus. While shipments of high-value refined fuels such as jet fuel and gasoil declined, exports…

Nigeria’s foreign exchange reserves dipped to their lowest point in eight months at the end of April 2025, mainly due to ongoing debt repayments and active intervention by the Central Bank of Nigeria (CBN) to stabilize the naira. The gross reserves, which had surpassed $40 billion at the close of 2024, declined by $375 million in April alone, settling at $37.9 billion—marking the fourth straight month of decline. So far in 2025, the reserves have dropped by a total of $2.9 billion, reaching levels last seen in August 2024. This downward trend highlights the burden of foreign debt obligations and…

In a strategic push to strengthen Nigeria’s economy through entrepreneurship, Dangote Industries Limited has reaffirmed its commitment to the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country. Speaking at the Dangote Special Day during the 2025 Nasarawa Trade Fair Exhibition in Lafia, Fatima Wali-Abdurrahman, Senior Adviser to the President of Dangote Group, emphasized the company’s dedication to empowering small businesses. Her remarks, delivered by Dr. Shuaibu Abdullahi, the group’s National Assembly Liaison Lead, highlighted key partnerships and ongoing initiatives driving grassroots enterprise development. “Our collaboration with critical economic stakeholders, including the Nigeria Association of Small-Scale Industrialists (NASSI)…

All eyes will be on Lagos, Nigeria, this May as the RegTech Africa Conference and Awards returns on May 22–23, 2025, promising to ignite transformative conversations about Africa’s economic future. Hosted at the prestigious Oriental Hotel, the high-level event aims to unlock Africa’s potential in cross-border payments, trade, and investment through the power of Public-Private Partnerships (PPPs). Carrying the theme “Unlocking Africa’s Cross-Border Payments, Trade, and Investment Opportunities through Public-Private Partnerships,” this year’s conference sets the stage for bold, solution-driven dialogue and strategic collaboration. The event will spotlight innovative solutions, promote inclusive economic growth, and bridge the gap between public…

Retirement—once envisioned as a season of rest, reflection, and reward—is becoming an elusive dream for many Nigerians. In a country battling relentless inflation, rising living costs, and limited pension coverage, the golden years are now steeped in anxiety and uncertainty. As of February 2023, Nigeria’s Contributory Pension Scheme (CPS) assets hit ₦15.45 trillion, a figure that suggests promise. Yet beneath this surface lies a grim reality: for millions, especially those in the informal sector, a secure retirement remains painfully out of reach. Across Africa, the hope for a financially stable retirement has long been cherished. But in today’s Nigeria, that…

In a powerful show of support for Nigeria’s next generation of agricultural innovators, Heifer International has awarded a total of $40,000 to five youth-led agritech startups at the AYuTe Africa Challenge Nigeria 2025 Grand Finale, held in Abuja. The initiative marks a significant step in transforming the face of agriculture in Nigeria—one driven by youthful ingenuity and cutting-edge technology. With over 1,000 applications received from passionate young minds across the country, the competition spotlighted creative tech-based solutions designed to address some of the most pressing challenges in Nigeria’s agricultural sector. From this highly competitive pool, just 50 applicants advanced to…

In a bold stride toward transforming food production in Nigeria, FarmXic, an innovative agritech startup, has unveiled a range of soilless urban farming systems tailored for households, entrepreneurs, and large-scale growers. Combining hydroponics with climate-smart automation, FarmXic’s solutions are designed to make year-round farming not only possible—but accessible to everyone, regardless of their location or farming experience. With FarmXic’s technology, users can grow leafy greens, herbs, and vegetables using up to 80% less water, while enjoying faster harvest cycles. These compact, plug-and-play kits require minimal training, making them ideal for beginners and professionals alike. Each unit also comes with after-sales…

Trailblazing entrepreneur Onwuka Jennifer Ifeanyi, founder of Jenny Iconic Lounge, is setting the stage for a bold transformation in Nigeria’s fashion landscape. With a vision rooted in innovation, empowerment, and cultural pride, Jennifer is leading a movement to reshape the industry from the inside out. Known for its elegant fusion of modern and traditional styles, Jenny Iconic Lounge is more than just a fashion brand—it’s a platform for change. Jennifer’s next chapter? Building a fully Nigerian production team that designs and crafts bespoke pieces exclusively for the Jenny Iconic brand. Empowering Local Talent, Redefining Fashion By investing in homegrown tailors,…

Seleem Adegunwa, the dynamic Managing Director and CEO of Rite Foods Limited, delivered a powerful message to students of the Nigerian University of Technology and Management (NUTM), urging them to embrace the wealth of opportunities Nigeria has to offer. Speaking during a visit to the university’s Apapa campus on May 7, 2025, Adegunwa encouraged the students to believe in their potential, stay focused on their goals, and approach their futures with boldness and determination. He was accompanied by top executives from Rite Foods, all of whom came to share insights on building success in a challenging yet promising environment. “Be…

Palykspalm, a dynamic real estate firm founded by Peter Palmer (formerly Ekpe Peter Unajohwofia), has announced its strategic entry into the Nigerian property market. With its headquarters in Marrakesh, Morocco, the company is driven by a coalition of Nigerian and Moroccan entrepreneurs focused on bridging markets and creating sustainable investment opportunities across borders. Strengthening Ties Between Nigeria and Morocco The expansion comes as Palykspalm looks to deepen cross-border integration in real estate between Nigeria and Morocco, two emerging markets rich in opportunity and ripe for innovation. The firm believes that globalization is reshaping property investment, and it intends to be…

In a bold move to transform agriculture and empower a new generation of agritech innovators, the Nigerian government has unveiled its ambition to grow the country’s livestock industry from $32 billion to $74 billion by 2035. This announcement was made by the Minister of Livestock Development, Idi Muktar Maiha, during the grand finale of the AYuTe Africa Challenge Nigeria 2025 held in Abuja. The event, organized by Heifer International, showcases groundbreaking agricultural solutions by young Nigerian entrepreneurs. A National Strategy for Livestock Transformation The minister revealed that the National Livestock Growth Strategy has just been approved to accelerate the modernization…

Lagos, Nigeria — A profound transformation is unfolding in Nigeria’s oil sector, as indigenous companies step up to claim control of the nation’s energy assets, reshaping a landscape long dominated by international giants. Heirs Energies, under the leadership of CEO Osayande Igiehon, is among the local firms leading this charge. Raised in the heart of Nigeria’s oil-rich regions and once an executive at Shell, Igiehon believes this local insight gives Heirs a unique edge in an industry undergoing radical change. “The former operators lost their connection with host communities,” Igiehon noted. “We’ve built meaningful relationships that let us operate freely…

Nigeria’s capital market is witnessing a significant shift, as 11 companies listed on the Nigerian Exchange (NGX) have now crossed the $1 billion valuation mark, signaling a strong surge in investor confidence and market performance. This milestone, reached by the end of April 2025, reflects a sustained rally that has elevated some of the country’s largest and most influential companies—popularly referred to as SWOOTs (Stocks Worth Over One Trillion Naira). At an average exchange rate of ₦1,550 to $1, each of these companies now exceeds ₦1.55 trillion in market capitalization, marking a rise from nine such firms a year ago.…

Nairobi, Kenya — Africa’s wealthiest man, Aliko Dangote, has entered Kenya’s tourism industry with a high-profile investment in Pollman’s Tours and Safaris, the country’s oldest and most iconic tour operator. The acquisition was made through Alterra Capital, a private equity firm backed jointly by Dangote and American billionaire David Rubenstein, marking a bold move into one of Kenya’s most vital economic sectors. The investment is part of a broader stake in ARP Africa Travel Group, which owns Pollman’s. The deal, finalized in February 2025, signals growing investor confidence in East Africa’s booming travel and hospitality market. No Market Disruption, Jobs…

Abuja, Nigeria The federal government, under the leadership of President Bola Tinubu, has unveiled plans to launch a bold overhaul of Nigeria’s electricity distribution sector, beginning with a pilot intervention targeting two of the nation’s underperforming Distribution Companies (DisCos). The initiative, scheduled to kick off between May and August 2025, will focus on one DisCo in the northern region and another in the south, marking a significant shift in the government’s approach to tackling long-standing inefficiencies in power distribution. Announcing the development, Minister of Power, Adebayo Adelabu, revealed that a comprehensive evaluation had exposed major flaws within the DisCos —…

Abuja, Nigeria — Vice President Kashim Shettima has declared that the administration of President Bola Tinubu is forging a new digital future designed to carry Micro, Small, and Medium Enterprises (MSMEs) beyond national borders into the expansive African market. Speaking at the inauguration of the oversight committee for Nigeria’s hosting of the upcoming 4th African Union MSME Forum, Shettima emphasized that the government is laying “digital bridges and highways” to boost cross-border trade and innovation-driven growth for Nigerian entrepreneurs. The forum is scheduled to take place June 23–27 in Abuja, bringing together stakeholders from across Africa to chart a path…

The Pan-African Payment and Settlement System (PAPSS) has applauded the Central Bank of Nigeria (CBN) for introducing a streamlined transaction policy that promises to simplify and accelerate trade payments across Africa. The move is seen as a major step forward in boosting Nigeria’s participation in the African Continental Free Trade Area (AfCFTA), particularly for Small and Medium Enterprises (SMEs). In a circular issued on April 28, 2025, the CBN outlined a new framework that reduces documentation requirements for PAPSS transactions. This policy significantly lowers barriers for individuals and businesses, enabling quicker, more affordable cross-border payments within the African continent. Under…