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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 ...
...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 ...
By Seun Ibiyemi The owners of APM Terminals Apapa have reaffirmed their dedication to investing $500 million in the expansion of their operational footprint in Nigeria, a move poised to significantly enhance port infrastructure and boost trade activity. In addition, APM Terminals announced a close partnership with the Nigeria Customs Service to inject a further ...
The Benue Investment and Property Company Limited (BIPC) is planning to set up a mortgage bank to provide accessible and sustainable housing for residents. BIPC Managing Director(MD), Mr Raymond Asemakaha, made the disclosure on Thursday when he received Primary Mortgage Consultants (PMI) team in his office. Asemakaha pledged the readiness of the company to key ...
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, has been granted the prestigious Freedom of the City of London in a distinguished ceremony held at the Mansion House, City of London, on Monday, April 7th, 2025. This esteemed accolade is a recognition of Mr. Ovia’s exceptional contributions to the global financial sector, ...
...As Transcorp reports N94.1bn profit after tax By Seun Ibiyemi The Chairman of Transnational Corporation Plc (Transcorp), Tony Elumelu, has called on key stakeholders within the federal government to show courage and decisiveness in realising President Bola Ahmed Tinubu’s vision for Nigeria’s electricity sector, cautioning that fear and inertia are stalling much-needed progress. Speaking to ...
By Sodiq Adelakun Lagos State Governor, Mr. Babajide Sanwo-Olu, has reiterated his administration’s dedication to strengthening bilateral ties with the Kingdom of Sweden, with a focus on key areas such as information technology, cybersecurity, and infrastructure development, all aimed at benefiting the residents of Lagos. Governor Sanwo-Olu, represented by his deputy, Dr. Obafemi Hamzat, made ...
By Ismail Azeez, Osogbo Governor Ademola Adeleke has called on the United Kingdom government to focus on investing in Nigeria at the sub-national level, particularly in Osun State, which he referred to as the heartland of South-Western Nigeria. The Governor made this statement at the House of Commons in London on Tuesday, during an investment-focused ...
By Seun Ibiyemi The Nigerian Communications Commission (NCC) has announced that telecom consumers will be able to reclaim unused airtime within 12 months of deactivation. This provision is part of the new Draft Guidance aimed at regulating the management of unclaimed and unutilized recharges on deactivated subscriber lines in Nigeria’s telecommunications sector. The announcement was ...
