FG maps 500,000 MSMEs to drive industrial growth, competitiveness
…Disburses over N600bn through BoI to support business By Yinka Kolawole The Federal Government has captured more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in a national database as part of efforts to strengthen industrial development, improve policy planning and enhance Nigeria’s competitiveness in regional and global trade. This is even as over N600 billion has […]
UN ranks Nigeria 8th on African industrialisation index, 98th globally
By Yinka Kolawole The United Nations has ranked Nigeria as 8th on the African Industrialisation Index and 98th in the world. Thematic Lead for Oil and Gas at the Nigerian Economic Summit Group (NESG), . Kelvin Emmanuel, stated this in his presentation at a high-level pre-Summit dialogue held in Abuja with the theme, “Unlocking Industrial Growth […]
Foreign investment in manufacturing dips as binding constraints persist
…Down 32% to $129.9m in Q1’25 •It’s manifestation of economic reforms shock — CPPE By Yinka Kolawole The binding constraints bedeviling Nigeria’s manufacturing sector seem to have dampened foreign investors’ interest as foreign direct investment (FDI) in the sector declined by 32.3 percent to $129.92 million in the first quarter of 2025 (Q1’25), compared to $191.92 million […]
Insurance industry comes under pressure from rising cost, claims
…Profit declines 40% in Q1’25 …As claims rise 56%, expenses up 72% ·Experts explain the new development, chart way forward By Rosemary Iwunze At the backdrop of rising cost of doing business Nigeria’s insurance firms are recording significant declines in profits. Financial Vanguard’s findings also reveal that the insurance firms are now battered by rising claims payments. […]
IMG commences N6.39bn Rights Issue to drive growth
Industrial & Medical Gases Nigeria Plc (IMG) has officially launched a Rights Issue valued at N6.39 billion, aimed at reinforcing its market presence and funding strategic expansion initiatives.
eTranzact launches report to boost SMEs’ AI adoption status, growth
By Elizabeth Adegbesan A fintech company, eTranzact International Plc, in partnership with the Enterprise Development Centre at Pan-Atlantic University, has launched a report to improve Small and Medium Enterprises, SMEs, status in the adoption of Artificial Intelligence (AI) to grow their businesses locally and internationally. Speaking on the report titled, “AI Readiness of Nigerian SMEs”, during […]
FIRS extends deadline for transition to e-invoicing by 3mths
By Babajide Komolafe The Federal Inland Revenue Service has extended by three months the deadline for firms to onboard and transit to the National E-Invoicing Solution. Chief of Staff to FIRS’ Executive Chairman, Mr. Tayo Koleosho, disclosed this in Lagos at a 2-Day E-Invoice Post Go-Live workshop. Koleosho who was represented by Director, Change Management at […]
States have received N7.1trn under current administration — Edun
Achieves 37.4 % revenue in H1 Says FG to review revenue collection cost By Emma Ujah, Abuja Bureau Chief in addition to their regular statutory allocations the Federal Government, FG, said the State Governments, SGs, and Local Governments, LGs, are getting more funds under the current administration leading to a surplus of about N7.1 trillion. Minister of Finance […]
CBN Reforms: Banking sector leads as FDI surge raises investors’ confidence
Capital inflows to Nigeria hit $5.6 billion in the first quarter of 2025, the National Bureau of Statistics (NBS) data shows.
Cyber attack hits Customs, disrupts cargo clearance
•Normalcy has been restored, says Spokesman By Godwin Oritse A cyber attack on the Information Communication Technology (ICT) platform of the Nigeria Customs Service (NCS) has caused significant disruptions to cargo clearance operations at ports across the country. Licensed Customs agents are already counting their losses to demurrage charges on their consignments as a result of […]
NAICOM to withdraw insurance licenses over capitalization status
•Constitutes recapitalisation committee By Rosemary Iwunze Following the signing into law of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the National Insurance Commission, NAICOM, has been mandated to cancel registration of any insurance or reinsurance firm that fails to recapitalise within one year. The NIIRA 2025 stipulates that life insurance firms must have capital base of […]
Excise duty on SSBs impacting economy negatively – CIFIAN
By Cynthia Alo The Chartered Institute of Financial and Investment Analysts, Nigeria, CIFIAN, has called on the Federal Government to urgently align its Sugar-Sweetened Beverage (SSB) tax policy with broader public health objectives and Nigeria’s industrial development goals. The Institute warns that steep tax increases, if implemented without a coherent framework, could harm the country’s sugar […]
FG eyes 10m tonnes liquid steel production by 2030 — Tinubu
•To generate 500,000 jobs By Gabriel Ewepu ABUJA – IN a bid to revitalize and position the steel sector and make it a global attraction, President Bola Tinubu, Wednesday, disclosed that the Federal Government, FG, is targeting 10 million tonnes liquid steel production by 2030. Tinubu stated this in his keynote at the inaugural Two-day National […]
Fuel consumption dropped 16% to 1.44bn litres in June — NMDPRA
…as marketers reduce depot prices to N825 per liter By Udeme Akpan, Agams-Emuobe Joy & James Favour The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has said that consumption of Premium Motor Spirit, PMS, otherwise known as petrol, dropped to 1.44 billion litres in June 2025 from 1.76 billion litres in May 2025, indicating a […]
Netzence, university of Sydney establish AI SDN Carbon stack Partnership
Netzence Sustainability Limited, Netzence, has partnered with The University of Sydney to develop an AI SDN Carbon Stack, a technology designed to reduce the carbon footprint of digital infrastructure through the combined use of Artificial Intelligence, AI, and Software Defined Network, SDN. The agreement was finalised during the visit of Netzence’s Founder and CEO, Dr. […]
FIRS partners Customs to drive National Single Window project
The moves by the Federal Government to smoothen its trade facilitation operations got a boost as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) have stepped up collaboration on the National Single Window (NSW) project. The NSE is a landmark trade facilitation initiative expected to transform Nigeria’s import and export processes, improve […]
