Author: Mary Osisanya-Bello

Approximately 57 percent, or 600 million people, in sub-Saharan Africa lack access to reliable electricity. To address this issue, USADF’s off-grid energy grants foster market-based solutions that connect underserved populations to power. From 2017 to 2021, we invested over $11 million in grants to more than 100 African enterprises, delivering renewable energy solutions to communities with limited or no access to national grids. In 2023, USADF allocated $6.68 million to support up to 38 off-grid energy projects across 14 countries, aligned with commitments made at the U.S.-Africa Leaders’ Summit in December 2022. As part of the U.S. government-led Power Africa…

United Bank for Africa (UBA) Plc announced its unaudited results for the third quarter (Q3) ending September 30, 2024, showcasing robust growth across all major metrics. This strong performance builds on the Group’s impressive audited half-year results from June 30, 2024. As in previous quarters, UBA maintains a solid balance sheet, with total assets climbing to N31.801 trillion in September 2024, reflecting a remarkable 54% increase from N20.653 trillion at the end of December 2023. The bank’s technology-driven initiatives to enhance customer experience have significantly contributed to this growth, with total deposits rising to N26.50 trillion—a 52.7% increase from…

”For some weeks, bank customers have been struggling to access their funds due to the network disruptions that accompanied the ongoing core banking applications. Many transactions were botched and investment firms saw their operations stalled, JUSTICE OKAMGBA writes”. In an email, Optimus by Afrinvest warned customers that they might experience temporary transaction delays due to Nigeria Inter-Bank Settlement System and some banks’ downtime. The mail partly read, “We would like to inform you about some temporary delays in processing withdrawals. This is due to an issue with NIBSS (Nigeria Inter-Bank Settlement System), as well as downtimes from certain banks, including…

New market research forecasts that Nigeria’s offshore oil and gas production market will grow from $34.18 billion in 2023 to $47.03 billion by 2031. The study, conducted by Research and Markets, indicates a Compound Annual Growth Rate (CAGR) of 4.1% over this period. Research and Markets, headquartered in Dublin, Ireland, was established in 2002 to connect businesses with valuable market insights and analysis, positioning itself as the world’s largest market research provider. According to the report titled “Nigeria Offshore Oil and Gas Production Market Size and Forecast, Regional Share, Trend, and Growth Opportunity Analysis,” Nigeria’s production reached 552.84 million barrels…

OmniRetail, recognized as Africa’s fastest-growing company in the FT Rankings 2024, has announced its acquisition of Traction Apps, a leading provider of payment solutions for small merchants in Nigeria. This acquisition represents a significant advancement in OmniRetail’s mission to strengthen financial services and trade solutions for small and medium-sized enterprises (SMEs) within the fast-moving consumer goods (FMCG) sector across Africa. Since 2019, OmniRetail has been addressing the challenges faced by SMEs in the FMCG space. In 2022, the company launched OmniPay, a seamless payments platform that integrates with 13 financial service providers, facilitating efficient collections and supplier payments. By leveraging…

The International Transport Federation (ITF) has praised Nigeria for achieving a 75.5% compliance score under the International Civil Aviation Organization (ICAO) Cape Town Convention and has committed to collaborating with the country to develop a sustainable aviation industry in Africa. ITF General Secretary Stephen Cotton conveyed this support in a formal email to Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, during the closing session of the 46th ITF Congress in Marrakesh, Morocco, which concluded over the weekend. Founded in 1896, the ITF is a global federation of transport workers’ unions, representing 19.7 million transport workers across 677 member…

Nigerians in the Federal Capital Territory are finding it difficult to locate the sales points for the N40,000 subsidized rice officially launched by the Federal Government last week. On September 5, 2024, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, inaugurated the sale of 30,000 metric tonnes of milled rice at a subsidized rate of N40,000 per 50kg bag. During the launch in Abuja, Kyari emphasized the initiative’s goal, driven by President Bola Tinubu’s commitment to ensuring that “Nigerians do not go to bed hungry.” Kyari acknowledged the challenges contributing to rising food costs, including the impacts of…

The ministerial task force responsible for investigating alleged illegal private charter operations has announced that its probe will commence on Thursday. Vice Chairman Roland Iyayi revealed that the investigation will begin with an interview phase. “We will be inviting them in starting next Thursday for interviews, which will continue throughout the following week. This will help us assess their actions or inactions. Until we engage with the Nigerian Civil Aviation Authority and local operators, we are in the interviewing phase,” he stated. Iyayi noted that formal invitations for the interviews have yet to be sent, but specific entities suspected of…

Dr. Elizabeth Ajibola, Managing Director of Betty Distribution Company, emphasized the critical role of the distribution value chain in delivering goods from manufacturers directly to consumers during the company’s recent 5th anniversary and awards ceremony in Lagos. Ajibola stated that the firm’s primary focus is to ensure consumers receive the food items they need, effectively connecting the entire value chain to meet demand efficiently. She reaffirmed the company’s commitment to bridging distribution gaps across Nigeria and expanding into additional states. She praised the staff for their dedication amid challenging economic conditions, highlighting their contributions as vital to the company’s success.…

Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), emphasized the critical need to triple renewable energy production and double energy efficiency by 2030 to align with the Paris Agreement on climate change. Her remarks came during the recent fifth edition of Trade and Environment Week in Geneva. “We are at a pivotal moment where trade policies can serve as a powerful catalyst for environmental sustainability, providing essential tools for a people-oriented clean energy transition,” Okonjo-Iweala stated. She highlighted that addressing current tariff imbalances favoring high-carbon goods over renewable energy equipment could lower costs and encourage the adoption of…

The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45bn from the World Bank in just 16 months.The amount increased to the new figure following the recent approval of three new loans totalling $1.57bn from the World Bank for various projects in Nigeria and is expected to increase further in the coming months.This was as the international lender approved no fewer than 36 loan requests to the Federal Government, amounting to a substantial total of $24.088bn within five years.These approvals, aimed at financing various development projects nationwide, arrive alongside increasing concerns about the country’s escalating…

The Ministry of Arts, Culture and Creative Economy (FMACCE), has partnered with Google to launch an initiative to empower 2,500 young creatives to scale this number 10,000 across Nigeria through a dedicated training program delivered by the Del York Creative Academy. This collaboration is a significant step in advancing the FMACCE’s Creative Leap Acceleration Programme (CLAP), which aims to drive skills development, innovation, and foster public-private partnerships in Nigeria’s creative sector.CLAP, an initiative by the FMACCE, is being executed through the National Council for Arts and Culture (NCAC). The NCAC as the primary implementing agency, is leveraging its extensive network…

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to eligible Bureau De Change operator across the country.This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr W. J Kanya, on Wednesday.It said the sales will help operators meet retail market demand for eligible invisible transactions.The latest intervention of the central bank comes hours after the Nigerian naira dropped in value against the dollar to N1,658.48 in the Nigerian Autonomous Foreign Exchange on Tuesday.At the parallel market, bureau de change operators sold at…

The World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria.According to a statement released on Monday, the approval is to support the Federal Government in strengthening human capital through better health for women, children and adolescents.It added that the approved projects would also help build resilience to the effects of climate change, such as floods and drought, by improving dam safety and irrigation.The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and…

Nigeria’s stock market has outperformed expectations, posting a 38.27% gain (N15.66 trillion) in capitalisation despite inflation, volatile exchange rates,Amidst turbulent economic challenges, Nigeria’s stock market has demonstrated remarkable resilience, posting impressive gains that underscored investor confidence and market vitality.Precisely, with just one trading day left to the end of the first nine months of 2024, the Nigerian stock market has gained N15.66 trillion as investors continued to invest in blue-chip companies.The double-digit inflation rate, unstable foreign exchange market, soaring Monetary Policy Rate (MPR), among other macroeconomic challenges could not deter investors as they continued to take advantage of the opportunities…

The Chief Executive Officer of 9mobile, Obafemi Banigbe, has emphasized the critical role of Technology, Agriculture, Manufacturing, and Creative sectors in driving Nigeria’s non-oil export growth. Speaking at the 2024 BNI National Business Conference held recently in Abeokuta, Ogun State, Banigbe stressed the importance of diversifying Nigeria’s economy through these key sectors.He said,“Nigeria’s overdependence on oil has made the country highly vulnerable to global economic shocks and recession. It is crucial that we diversify our economy to mitigate these risks. By doing so, we can tap into global opportunities and reduce our susceptibility to economic downturns. The impact of the…

Digital Solutions Company, Globacom, has expressed its readiness to partner with Oyo State on adoption of the company’s digital offerings by tertiary institutions in the state.Its Head of Enterprise Business, Mr Zakari Usman, who made the remark in Ibadan on Thursday at a meeting the company held with representatives of private tertiary institutions in the state, urged the schools to adopt Glo’s digital solutions to improve productivity, security and operational efficiency.Also speaking at the event, Enterprise Business Head, West Region, Globacom, Mr Adeniyi Odejobi, stated that the telecoms company was ready to collaborate with tertiary institutions in Oyo State on…

Festus Osifo provided a detailed analysis of how naira devaluation has driven up the cost of petrol.At a press conference in Lagos on Tuesday, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) addressed the pressing challenges facing the oil and gas industry, with a focus on the devaluation of the naira and its impact on fuel pricing. PENGASSAN president, Festus Osifo, provided a detailed analysis of how devaluation has driven up the cost of petrol, despite government measures, and reiterated the Association’s call for strategic management of the country’s exchange rate.“The real problem is devaluation,” Osifo stated,…

The Federal Government has commenced preparation of the 2025 national budget, with a stern warning to ministries, departments and agencies to input only line items within their mandates.It also urged the MDAs to focus on projects that align with the economic priorities of the current administration.This was disclosed by the Director-General of the Budget Office, Tanimu Yakubu, on Tuesday at an event to commence training on the GIFMIS budget preparation subsystem for ministries, departments and agencies in Abuja.According to him, the quality of our national budget has been a long-standing concern, and the training is part of efforts to sensitize…

Nigeria’s government will continue to bolster the naira against dollar which is part of the amendment to Economic Stabilisation Bill.Nigeria’s federal government will continue to bolster the naira against dollar which is part of the amendment to Economic Stabilisation Bill already submitted to the National Assembly to guide the operations and ensure that payment of all accrued revenues by the Nigerian Maritime Administration and Safety Agency (NIMASA) are henceforth collected in Naira. Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, stated this on Wednesday while briefing newsmen at the State House, Abuja on the components of…