Author: Mary Osisanya-Bello

Amo Farm Sieberer Hatchery Ltd., pioneer of the innovative Noiler birds, launches Noiler City to combat soaring food prices. This initiative responds to the National Bureau of Statistics’ report of a 54% increase in egg prices and an additional 50% rise since January 2024. Noiler City aims to provide urban residents with a reliable and affordable source of protein. Dr. Ayoola Oduntan, Group Managing Director, expressed enthusiasm for the project, stating, “We’re excited to launch Noiler City, empowering urban residents to control their food supply and address escalating costs.” The Noiler City Package offers a comprehensive solution for urban poultry…

Between June 2023 and June 2024, Nigeria’s 36 states received a total of N39.62 billion from the Ecological Fund, according to data from the Federation Account Allocation Committee published by the National Bureau of Statistics. The Ecological Fund is a critical component of Nigeria’s federal revenue allocation, aimed at addressing environmental challenges such as erosion, desertification, flooding, oil spills, and drought. Kano State received the highest allocation of N2.1 billion, followed by Borno State with N1.68 billion. Other top recipients include Lagos, Kaduna, and Sokoto. Conversely, Kwara, Bayelsa, and Ondo received the lowest allocations. The Ecological Fund plays a vital…

Seplat Energy plc, an indigenous energy company, has reaffirmed its commitment to sustainable business practices, aiming to end gas flaring by 2025 and expand clean energy solutions. The company seeks to address the dual challenges of ensuring energy security and meeting climate change mitigation targets. At the Society of Petroleum Engineers (SPE) Nigerian Council’s 47th Nigeria Annual International Conference & Exhibition (NAICE), Seplat Energy’s Director of New Energy, Okechukwu Mba, emphasized the company’s resolve to displace diesel with gas and promote clean energy through Liquefied Petroleum Gas (LPG) installations. To achieve its goal of ending routine gas flaring by 2025,…

Portland Gas, a key partner in the federal government’s Compressed Natural Gas (CNG) programme, has hailed the initiative as a transformative move for Nigeria’s transportation sector. At the launch of the Ride Share CNG Conversion Incentive Programme in Abuja, CEO Folajimi Mohammed emphasized the programme’s potential to drive a cleaner, more sustainable energy future. The Presidential CNG Initiative (PCNGi) has paved the way for innovations that will reshape Nigeria’s transportation and energy landscape. The Ride Share CNG Conversion Incentive Programme offers substantial incentives for drivers to convert their vehicles to CNG, reducing emissions and fuel costs. To facilitate the transition,…

FATE Foundation announced the recipients of the FATE Platinum Jubilee Grant: a 70 million Naira (N70,000,000) initiative of FATE Foundation’s Board of Directors and friends of the foundation, celebrating the 70th birthday of its Founder and Chairman, Mr. Fola Adeola, for his commitment to supporting Nigerian entrepreneurs and promoting enterprise development in Nigeria. The grant supported 70 members of the FATE Foundation Alumni Community with 1 million naira each. The call for applications was announced earlier in the year and had over 200 applications. The 70 entrepreneurs were selected from different states across Nigeria, after a rigorous review process of…

OtelaJa Ayanfeoluwa, a student of CMS Grammar School, has been crowned the overall winner of the African Capital Alliance Foundation’s ‘Ethical Living’ Competition. The grand finale, held recently in Lagos, saw Oseni Akorede of Akande Dahunsi Memorial High School and Ogunlowo Ayomide of Boys’ Senior Academy emerge as first and second runners-up, respectively. The competition, which drew 353 participants from 10 selected schools approved by the Lagos State Ministry of Education, challenged students to write essays on ‘My Role as a Youth and the Strategies I Will Deploy in Creating a More Ethical, Just, and Equitable Society’. The winners received…

The Policy and Governance Discussion Platform (PGDP) has urged the Federal Government to implement business reforms to enhance ease of doing business in Nigeria, thereby driving foreign exchange inflows. This recommendation was made in the group’s second-quarter report, released on Friday. The PGDP, led by Dr. Suleyman Ndanusa, former Chairman of the Securities and Exchange Commission, aims to contribute to Nigeria’s development through idea-sharing on governance issues. To boost foreign exchange earnings, the group suggested: – Ensuring transparent and predictable rules and procedures- Developing long-term strategies to increase exports, attract foreign direct investment, and stabilize exchange rates- Reducing consumption of…

The Central Bank of Nigeria’s (CBN) Retail Dutch Auction System saw the real sector emerge as the top beneficiary, with 3,347 firms accessing $876.26m via 26 banks at a cut-off rate of N1,495 per dollar. According to the sales report published by the CBN, businesses in the manufacturing sector benefited from the auction, securing dollars to import raw materials, machinery, and equipment. Prominent companies like Dangote Industries and BUA Group also accessed significant amounts of foreign exchange to facilitate loan repayments and import critical inputs. The auction, initiated to mitigate demand pressures in the foreign exchange market and promote price…

The Federal Government’s N150bn loan initiative has attracted approximately 700,000 manufacturers and micro, small, and medium enterprises (MSMEs) seeking to mitigate the current economic challenges. Minister of Industry, Trade and Investment, Doris Aniete, revealed this in a recent interview, emphasizing the ministry’s efforts to ensure prompt disbursement of funds to eligible businesses. This development follows the Presidential Conditional Grant Scheme, launched in December 2023, which has already benefited 630,797 citizens. The minister’s aide, Terfa Gyado, confirmed that disbursement of the N150bn loans would be done in batches, with the first set to commence soon. To be eligible for MSME loans…

Stakeholders in Nigeria’s tourism and hospitality sector are urging the government to review its visa policies to boost the industry’s growth. At a summit organized by Vertiline Synergy Limited in Lagos, they highlighted the challenges faced by experts in acquiring visas, which has contributed to the sector’s decline. They emphasized that tourism could be a vital alternative source of income for the government. Keynote speaker Sally Okpo, Founder of Suffy Travels Limited, identified infrastructure deficits, economic issues, and stringent visa policies as major challenges facing the sector. She also noted that negative perceptions about Nigeria, often perpetuated by Nigerians themselves,…

Nigeria is struggling to meet the targets of the 2030 Sustainable Development Goals (SDGs), particularly in reducing poverty and hunger, according to analysts. The SDGs, adopted by the United Nations in 2015, aim to eradicate poverty, protect the planet, and ensure peace and prosperity for all by 2030. However, the United Nations Support Plan for the Sahel estimates that Nigeria requires approximately $337 billion to implement the SDGs. As of July 2022, the UN reported that Nigeria’s progress towards achieving the SDGs was unsatisfactory, emphasizing the need for financing to accelerate progress. Specifically, over $300 billion is required to bridge…

Kwara State Government Partners with Amo Byng Nig Limited to Boost Local Soybean Production The Kwara State Government has collaborated with Amo Byng Nig Limited, a leading poultry feed and concentrates producer, to enhance local soybean production and address the shortage impacting poultry feed production in Nigeria. The partnership aims to tackle the soybean shortage, which has led to increased costs in poultry feed production, by supporting local farmers with essential farming inputs and committing to purchase their soybean harvests. As part of the initiative, Amo Byng Nig Limited supplied 300 farmers with inputs to cultivate soybeans on 1,500 hectares…

The Ogun State Government, through the Ministry of Women Affairs and Social Development, has launched a market sensitization campaign to promote fair pricing of goods and services. The government urges traders to adopt realistic pricing strategies, warning against exploiting consumers amidst economic hardship. Commissioner Hon. Adijat Adeleye emphasized the Governor Dapo Abiodun-led administration’s commitment to citizens’ welfare during market visits in Ogun Central and West Senatorial Districts. The government aims to facilitate a fair market environment, prevent consumer exploitation, and reduce hardship on low-income households. Adeleye highlighted the administration’s empowerment programs, such as Oko’Owo Dapo, which provides soft loans and…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to amend the Domestic Crude Supply Obligations Regulations 2023 and review the National Data Repository Regulations. In a notice signed by CEO Gbenga Komolafe, the commission invited stakeholders to provide input within 21 days. The notice, citing Section 216 (1) of the PIA 2021, seeks feedback from lessees, licensees, permit holders, host communities, and other stakeholders in the Nigerian Upstream Petroleum sector. Stakeholders are encouraged to download and review the proposed regulations on the NUPRC website and submit their inputs using the provided format. He enjoined stakeholders to download and…

Dangote Group’s President and CEO, Alhaji Aliko Dangote, has reaffirmed that the $20 billion Dangote Petroleum Refinery was designed to process Nigerian crude oil and add value to it within the country. Despite initial challenges with domestic crude oil supply, Dangote stated that the issues are being resolved and the refinery remains committed to its primary focus. The refinery has already made an impact on crude flows, with dozens of Nigerian cargoes remaining in-country and US WTI Midland being imported to supplement Nigerian supply. This has tightened the light, sweet crude market, with the refinery’s diet consisting of WTI and…

The Grand Challenges Network (GCN) has awarded $5 million to 50 recipients to develop artificial intelligence (AI) health solutions. The funding call aims to promote equitable and responsible AI use, leveraging emerging technologies like machine learning and quantum computing. Building on the success of the Gates Foundation’s Grand Challenges program, the initiative involves partners from Africa, Southeast Asia, and the Americas. The funded projects cover areas like clinical decision support, health systems strengthening, and public health policy-making, aiming to improve healthcare accessibility and address unique challenges in low- and middle-income countries (LMICs). Local innovators will use approaches like Large Language…

Jumia Technologies AG has reported an 8% year-over-year reduction in operating loss to $20.2m, despite economic challenges. The e-commerce platform attributed this progress to strategic cost management and a focus on core strengths. In Q2 2024, Jumia experienced a 17% decline in revenue to $36.5m, but on a constant currency basis, revenue increased by 15%. Gross merchandise value (GMV) grew 35% in constant currency, despite a 5% decrease to $170.1m. Jumia’s efforts to enhance customer value and experience led to a 7% increase in orders and a 31% rise in JumiaPay transactions. The company expanded its logistics network and mitigated…

African enterprises seeking to expand into new markets and develop new capabilities require access to accurate, real-time data on their overall performance. For Arnergy, a leading renewable energy provider in Nigeria, reliance on outdated systems led to inefficiencies that hindered growth. “The value proposition for renewables has significantly strengthened in our market over the past year, creating a substantial opportunity for our business to scale,” says James Fabola Jr, Chief Financial Officer at Arnergy. “However, our existing systems could no longer support accurate and effective decision-making, prompting us to undergo a digital transformation to build new capabilities for future growth.”…

The Central Bank of Nigeria has revealed that the net foreign exchange flows into the country increased to $25.4bn in the first six months of 2024, marking a 55 per cent increase from the figure recorded year-over-year.It stated that the evident progress is a result of its policy measures.This new development comes against the backdrop of its $876m auction to 26 banks to resolve unmet FX demands.A statement from the apex bank on Thursday noted that this growth has been fueled by a rise in capital importation, which reached $6bn in June 2024, and record inflows from diaspora remittances through…

Nigeria’s banking sector has become a hotspot for investment following the Central Bank of Nigeria’s directive to increase the minimum capital base for banks. This move aims to enhance financial stability, resilience, and support economic growth. As a result, 26 banks are actively seeking funds through capital markets and other investment platforms. The Central Bank of Nigeria has set new capital requirements for banks, ranging from N50bn to N500bn, depending on their authorization and scope. Banks must meet these requirements within 24 months, using options such as raising additional capital, mergers and acquisitions, or license changes. Several major banks are…