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Ecobank Nigeria has reaffirmed its commitment to supporting the growth of Small and Medium Enterprises across various sectors of the economy. Ms Omoboye Odu, Head of SME, Partnerships and Collaboration, Ecobank, made this known on Friday during the second edition of the “Oja Oge” marketplace. The three-day event focuses on supporting SMEs in the fashion, ...
By Seun Ibiyemi The Managing Director and Chief Executive Officer of the Nigerian Railway Corporation (NRC), Dr Kayode Opeifa, has expressed confidence that the Federal Government will complete the reconstruction of the Eastern Railway line before the end of President Bola Tinubu’s first term in 2027. Dr Opeifa shared this view during his familiarisation visit ...
By Seun Ibiyemi The Vice President of Nigeria, Senator Kashim Shettima, has urged Ministries, Departments, and Agencies (MDAs) across the Federal Government to enhance cooperation and alignment with the Presidential Enabling Business Environment Council (PEBEC) in order to cultivate a more business-friendly environment in the country. Speaking on Wednesday during the closing session of the ...
By Matthew Denis, Abuja The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reiterated the Federal Government’s dedication to achieving food security, while advocating for a more adaptive and resilient framework in agricultural policy and planning. Speaking in Abuja at the inaugural meeting of the Agricultural Sector Working Group (ASWG), ...
Nigeria and South Africa have formalised a new partnership aimed at revitalising mining cooperation between both countries, with a strong focus on investment, technical expertise, and technology transfer. The agreement, set out in a Memorandum of Understanding (MoU), was signed on Wednesday in Abuja by Dr Dele Alake, Nigeria’s Minister of Solid Minerals Development, and ...
By Matthew Denis Following the successful rollout of its Unified Customs Management System (UCMS), codenamed B’odogwu, the Nigeria Customs Service (NCS) has ramped up strategic consultations with key industry players to consolidate progress and push towards full integration of the new digital platform across the trade and financial ecosystems. In a recent virtual session, NCS ...
The Minister of State for Industry, Trade and Investment, Senator John Owan-Enoh, has described the ¦ 200 billion intervention fund for Micro, Small and Medium Enterprises (MSMEs) as a vital financial conduit designed to empower businesses and stimulate grassroots enterprise. Speaking at a town hall meeting on the presidential grant and loan scheme for MSMEs ...
The Nigeria Sovereign Investment Authority (NSIA) has announced a record-breaking net return of ¦ 1.88 trillion for the 2024 financial year, up from ¦ 1.18 trillion in 2023. Speaking at a media engagement held on Wednesday in Abuja, NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, attributed the Authority’s impressive financial performance to a ...
...As qualified applicants set to access up to $25m By Seun Ibiyemi The Federal Government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the long-overdue disbursement of the $350 million Cabotage Vessel Financing Fund (CVFF). The order, issued by the Minister of Marine and Blue Economy, Adegboyega Isiaka Oyetola, marks a ...
By Matthew Denis, Abuja A total of N1.578 trillion, representing the March 2025 Federation Account Revenue, has been distributed to the Federal Government, States, and Local Government Councils. The allocation was made at the April 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja on Tuesday. The distributable revenue of N1.578 trillion included N931.325 ...
By Seun Ibiyemi The House Committee on Midstream has summoned petroleum depots that failed to meet regulatory standards, instructing them to present comprehensive working documents in Abuja within seven days. This announcement was made on Tuesday through the official X, formerly Twitter, handle of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The summons ...
…Naira dips as foreign investors pull out …Cost of living rises again as price pressures return …Economists warn of looming CBN monetary policy respons By Seun Ibiyemi and Matthew Denis The cost of living in Nigeria continues its upward trajectory, with the inflation rate reaching 24.23% in March 2025, according to the latest Consumer Price ...
The Tinubu Media Support Group (TMSG) says the presence of four Nigerian entrepreneurs on the 2025 Forbes list of Africa’s 22 wealthiest individuals is proof of prosperity in the country. Mr Emeka Nwankpa, Chairman of the group, said this in a statement made available to the News Men in Abuja on Tuesday. Nwankpa noted that ...
Banks in Nigeria have appealed to the Federal Government to introduce tax incentives and reliefs for financial institutions that fund infrastructure and mining projects, similar to practices in countries like China and Brazil. Chairman of the Body of Banks’ Chief Executive Officers and Group Managing Director of United Bank for Africa (UBA) Plc, Mr. Oliver ...
The African Export-Import Bank (Afreximbank) has reported a net income of 973.5 million US dollars for the 2024 financial year, representing a 29 per cent rise from its 2023 earnings. The development underscores the bank’s resilience and strategic performance despite a volatile global economic environment. The figures were announced in a statement released by Vincent ...
...As Sanwo-Olu applauds Avon Medical …Calls for more private investment in Nigeria’s health sector By Seun Ibiyemi Avon Medical has officially opened its state-of-the-art medical facility in Lagos, a major step forward in its mission to improve healthcare access and standards across Nigeria. The launch marks a significant milestone for the company, which has steadily ...
By Seun Ibiyemi Power Generation Companies (GenCos) in Nigeria have issued a stark warning that electricity production may grind to a halt unless the federal government urgently settles outstanding debts amounting to over ¦ 4 trillion. In a statement released on Monday in Abuja, the Chairman of the GenCos Board of Trustees, Colonel Sani Bello ...
The Federal Government has announced plans to inaugurate a de-risking fund in May, aimed at improving access to affordable financing for Micro, Small and Medium Enterprises (MSMEs) across the country. Temitola Adekunle-Johnson, Special Adviser to the President on Job Creation and MSMEs, made the announcement during the 2025 International Women’s Day event organised by the ...
The Japan International Cooperation Agency (JICA) and the Federal Government of Nigeria have signed a $30 million grant agreement to establish Start-Up Hubs in Abuja. This landmark initiative underlines Japan’s ongoing commitment to economic cooperation and sustainable development across Africa. The project consists of two main components. The first is the development of a state-of-the-art ...
Africa’s Global Bank, United Bank for Africa () Plc, has unveiled its Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empowering small and Medium Scale Enterprises across Africa. The upgraded platforms form part of the bank’s ongoing campaign with the theme: Innovation for Progress: ...
Africa’s real Gross Domestic Product (GDP) is projected to grow by 4.0 per cent in 2025, in spite global economic fragility, says Afreximbank Research Report. The 2025 African Trade and Economic Outlook (ATEO) Report, a research by Afreximbank, said Africa’s real GDP is projected to reach 4.1 per cent in 2026 and 4.2 per cent ...
Fitch Ratings has upgraded Nigeria’s Long-Term Foreign-Currency Issuer Default Rating from ‘B-’ to ‘B’ and assigned a stable outlook to the country. According to Fitch Ratings’ assessment published on its website on Friday, the upgrade reflects growing confidence in Nigeria’s commitment to broad policy reforms initiated since the shift to orthodox economic policies in June ...
The Minister of State for Industry, Trade and Investment, John Enoh, has reaffirmed the federal government’s unwavering dedication to breathing new life into Nigeria’s Cotton, Textile and Garment (CTG) sector. The sector, he projected, has the potential to generate up to $4 billion annually while significantly cutting the nation’s reliance on imported clothing. Speaking at ...
