Author: Mary Osisanya-Bello

Nigeria’s leading e-commerce platform, Konga, has launched the Naija Shopping Festival, a festive sales event packed with unbeatable discounts and exciting deals. Running from December 1 to December 30, this holiday shopping extravaganza promises to deliver an unforgettable experience for all. With discounts of up to 70% on top-selling products, the Naija Shopping Festival offers an exceptional opportunity to save big this season. It is Konga’s way of spreading festive cheer and ensuring no one misses out, especially those who couldn’t participate in Konga Yakata. The festival features incredible deals across a variety of categories, including mobile phones, electronics, FMCG,…

Nigeria’s latest Eurobond offering, which was oversubscribed at $9.1 billion, marks the country’s successful return to the international bond market after a two-year hiatus, signaling renewed investor confidence in its economy. The funds raised will primarily support Nigeria’s 2024 budget, aimed at addressing persistent fiscal deficits and revenue shortfalls. The offering, which closed on Monday, saw the federal government secure $2.2 billion, despite the high demand. The issuance included $700 million of a 6.5-year Eurobond maturing in 2031 at a coupon rate of 9.625%, and $1.5 billion of a 10-year Eurobond maturing in 2034 at 10.375%. These bonds were made…

The Minister of State for Petroleum Resources, Heineken Lokpobiri, has assured that Nigeria stands to gain from the ongoing divestments by international oil companies (IOCs). Speaking at the Nigerian Content Development and Monitoring Board’s (NCDMB) PNC conference in Yenagoa, Bayelsa State, Lokpobiri stated that the country has nothing to fear from these divestments, as they involve IOCs shifting from onshore to offshore operations rather than leaving the country altogether. He emphasized that the assets vacated by the IOCs are being acquired by local operators, a move that highlights Nigeria’s progress in local content development. “We have nothing to lose. The…

Unilever Nigeria has announced that it achieved plastic neutrality in November 2024, marking a significant milestone in its efforts to combat the country’s plastic waste challenge. In a statement, the company explained that this achievement means it has collected and processed more plastic than it introduced into the environment through the sale and distribution of its products. Tim Kleinebenne, Managing Director of Unilever Nigeria, described the accomplishment as a key part of the company’s commitment to building a circular economy where plastic is reused and kept out of the environment. “Our plastic is our responsibility, and we are committed to…

Zenith Bank Plc has been named ‘Bank of the Year, Nigeria’ at The Banker’s prestigious Bank of the Year Awards 2024, held in London on Wednesday. In a statement, the bank said the award, presented by The Banker Magazine, a part of the Financial Times Group, recognized its strong management, sound business model, and commitment to sustainability and ESG banking practices. The Banker’s ‘Bank of the Year’ recognition is one of the most esteemed awards in the global banking industry. Commenting on the award, Adaora Umeoji, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, expressed her pride, stating, “We…

Coca-Cola has taken a proactive approach in AI innovation, launching an AI-generated Christmas advertisement in 2024, following earlier experiments in 2023. While much of this work is still in its experimental phase, the company’s internal discussions offer insights into how it views the development of generative AI in the near future. Why Coca-Cola’s AI Journey Matters As AI gained significant attention in 2023, Coca-Cola was already exploring its potential, with Global CMO Manolo Arroyo discussing not just the efficiency gains AI could bring, but the larger impact it would have on workplace culture and the importance of employee training. A…

Minister Owan Enoh Vows to Negotiate $2.5B FX Forward Debt with CBN to Support Manufacturers Senator Owan Enoh, the Minister of State for Industry, Trade, and Investment, has pledged to initiate discussions with the Central Bank of Nigeria (CBN) Governor to resolve the $2.5 billion in unsettled FX forward contracts owed to the Manufacturers Association of Nigeria (MAN). Speaking at a Town Hall Meeting in Lagos organized by MAN and the Organized Private Sector (OPS), Enoh responded to concerns raised by MAN President, Mr. Francis Meshioye, regarding the potential closure of companies due to the breach of these contracts by…

The Special Adviser on Information and Strategy to President Bola Tinubu, Mr. Bayo Onanuga, has confirmed that work is actively underway at the 150,000 barrels per day (bpd) plant of the Port Harcourt Refining Company (PHRC) in Rivers State. PHRC operates two plants, including the 60,000bpd facility and the 150,000bpd plant. Onanuga revealed that the 60,000bpd refinery is currently operating at 70% of its installed capacity, with plans to ramp up production soon. Contrary to previous claims about a lack of crude oil, Onanuga assured that the refinery is receiving regular crude supplies. He made these remarks following a fact-finding…

Champion Breweries Plc has obtained shareholder approval to raise N20 billion through bond issuances, aimed at expanding its operations and strengthening its market presence. The approval was granted at the company’s recent extraordinary general meeting, as disclosed in a statement on Thursday. The funding includes the issuance of up to 1,579,058,099 ordinary shares to meet the Nigerian Exchange Limited’s free float requirement, which is expected to enhance market liquidity. The company plans to allocate these funds to key infrastructure projects, boost production capacity, and improve operational efficiency. Additionally, Champion Breweries will launch a N15 billion bond programme, complemented by a…

Further consolidating on its role as a driver of socio-economic empowerment and sustainable development in Nigeria, Dangote Cement Plc has trained and graduated 46 solar energy installers and entrepreneurs. The Plant Director of Dangote Cement Plc, Obajana, Azad Nawabuddin, said in a statement from the firm that the new graduates were ready to “shake up the nation” in the renewable energy sector of Nigeria’s economy. Speaking at the graduation ceremony, which took place at the Dangote Academy, Obajana, Azad said the Group President, Aliko Dangote, was passionate about youth empowerment as it supports the government’s effort in the provision of…

Tony Elumelu, Chairman of Heirs Holdings, UBA, and Transcorp Groups, emphasized the transformative potential of Artificial Intelligence (AI), innovation, and strategic partnerships in unlocking Africa’s socio-economic growth. Speaking at the graduation lecture for the Executive Intelligence Management Course (EIMC) 17 at the National Institute for Security Studies in Bwari, Abuja, Elumelu outlined how embracing emerging technologies could foster inclusive growth, drive sustainable development, and harness the continent’s immense potential. Elumelu discussed how emerging technologies such as AI, biotechnology, and renewable energy are powerful catalysts for socio-economic development, not mere tools of convenience. He praised the role of the Nigerian armed…

CREDICORP, NAMA have signed an MOU on a credit scheme, enabling Nigerians to purchase locally-assembled vehicles on instalment. The Nigerian Consumer Credit Corporation (CREDICORP) and National Automotive Manufacturers Association (NAMA) on Thursday signed a N20 billion memorandum of understanding (MoU) for a consumer credit fund for locally-assembled automobiles. The scheme seeks to provide credit for Nigerians to buy cars without paying cash, provide credit guarantees and nudge locàl automobile manufacturers to make vehicles not only affordable but meet local demands. At the MoU signing ceremony in Abuja on Thursday were representatives of local automakers like Nord, Peugeot Automobile of Nigeria…

The launch of the Electronic Foreign Exchange Matching System (EFEMS) by the Central Bank of Nigeria (CBN) has propelled the naira to notable gains, strengthening to N1,587.29 to the dollar in the official market and N1,640 in the parallel market. EFEMS, which began operations on December 2, has already been credited with improving the naira’s value, with analysts hailing it as a pivotal tool in eliminating market distortions and boosting efficiency in Nigeria’s volatile foreign exchange landscape. At the parallel market, the naira saw a positive trend starting Tuesday, moving from N1,745/$1 to N1,720/$1 after stagnation for over a month.…

The Bank of Industry (BoI) has teamed up with the African Guarantee Fund (AGF) to unlock N75 billion in financing aimed at empowering women entrepreneurs, Micro, Small, and Medium Enterprises (MSMEs), and environmentally sustainable businesses across Nigeria. On Thursday, BoI signed a landmark $50 million portfolio guarantee agreement with AGF to support these sectors, aligning with the Affirmative Finance Action for Women in Africa (AFAWA) initiative launched by the African Development Bank (AfDB). At the signing ceremony, Dr. Olasupo Olusi, Managing Director/CEO of BoI, described the partnership as a transformative step for small businesses, which have long faced challenges in…

The Federal Airports Authority of Nigeria (FAAN) has directed the removal of manual search tables at the screening points of the international terminal at Murtala Muhammed Airport in Lagos, replacing them with advanced, technology-driven screening equipment to enhance efficiency. This move is part of FAAN’s ongoing efforts to streamline passenger processing and improve security measures. Security operatives are now mandated to rely on modern screening technologies rather than manual searches. In addition to the technological upgrade, FAAN has implemented strict measures to combat touting at the airport. Aviation Security (AVSEC) officials are tasked with ensuring that unauthorized individuals are kept…

Aero Contractors has announced Christmas fares starting at N80,000, the lowest in the domestic air travel market. The airline is offering these discounted fares as a gesture of appreciation for its loyal customers. With the average one-hour domestic flight fare around N120,000 during the holiday season, Aero’s N80,000 fare stands out. The airline, Nigeria’s oldest carrier, has also revealed that it has turned a profit of 14% and reduced its liabilities by 33%, marking a significant turnaround after years of financial struggles. Under the leadership of Captain Ado Sanusi, Aero Contractors has rebounded from near collapse in 2017, when its…

This year’s France–Nigeria Investment Forum, a key event during President Bola Tinubu’s visit to France, concluded on a positive and mutually beneficial note for both nations. For those of us who have attended previous editions, this year’s forum stands out as the best from a Nigerian perspective, largely due to the exceptional organization and the selection of accomplished Nigerian entrepreneurs who participated. Although it was a government-to-government initiative, the forum was predominantly driven by the private sector, with experienced foreign moderators facilitating discussions. In the past, Nigerian government representatives would often showcase CEOs of companies that foreign investors found hard…

As President Bola Tinubu prepares to present the 2025 budget to the National Assembly this week, the Senate has approved the 2025–2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper. The approval came on Tuesday following the adoption of a report from the Senate’s joint Committees on Finance, National Planning, and Economic Affairs, led by Senator Sani Musa (APC, Niger East). In addition to the approval, the Senate has mandated its committees on Finance, Petroleum (Upstream), Petroleum (Downstream), and Gas to investigate allegations by the Revenue Mobilisation, Allocation, and Fiscal Responsibility Commission, claiming that the Nigerian National Petroleum Company…

In Nigeria’s evolving job market, many professionals face a tough decision: stick with the stability of a corporate paycheck or take the leap to pursue their passions. As the country wrestles with economic challenges, the tension between financial security and personal fulfillment has never been more pronounced. For many, the lure of a steady income is in direct opposition to the uncertainty of following a passion. Yet, with rising living costs and economic pressures, the question becomes more pressing: Can one balance the need for financial stability with the desire to live a more fulfilling, passion-driven life? This dilemma is…

The Manufacturers Association of Nigeria (MAN) has warned that the country’s industrial sector’s sluggish growth threatens the federal government’s goal of achieving a $1 trillion economy by 2026. In a statement issued on Monday, MAN attributed the underperformance of the industrial sector, as reflected in the third-quarter 2024 GDP report, to rising interest and exchange rates, as well as escalating energy costs. Segun Ajayi-Kadir, MAN’s Director General, pointed out that the industrial sector’s growth rate of 2.18 percent, while an improvement over the 0.46 percent recorded in Q3 2023, remains insufficient to support the government’s ambitious economic targets. Ajayi-Kadir also…