Economy/Business

Economy/Business

Czech Republic to deepen ties with Nigeria in various economic sectors

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The Czech Republic is strategically deepening its bilateral partnership with Nigeria, moving beyond traditional diplomacy to foster direct economic and creative sector collaboration. The newly launched Nigeria-Central Europe Chamber of Commerce (NCECC) serves as a critical platform to connect government and industry leaders, aiming to translate long-standing political ties into concrete strategic partnerships. This initiative highlights a unique, multi-faceted relationship that includes not only corporate investment but also cultural and institutional exchanges, such as religious cooperation. The core value proposition is a structured, high

Economy/Business

NGX Chairman hails BUA workforce

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The Chairman of the Nigerian Exchange Group highlights that BUA Group’s extraordinary rise to a multi-trillion-naira conglomerate is fundamentally driven by its dedicated workforce, not just physical assets. He asserts that honoring long-serving employees is a strategic imperative, as enduring corporate greatness is built daily by committed individuals who execute the founder’s vision. This culture of valuing people secures the organization’s future and serves as a powerful model for institutional success. Consequently, the NGX pledges deeper capital market support, recognizing that

Economy/Business

‎Edo reviews Radisson Hotel deal amid ₦385m monthly debt

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The Edo State government is conducting a forensic review of a ₦25 billion Radisson Hotel project, revealing a critical misalignment: the state bears the full debt burden and services a ₦385 million monthly payment, yet holds only a 20% equity stake while a private partner holds 80% without clear evidence of their financial contribution. This investigation, extending to other major inherited projects, aims to rectify opaque equity structures and the absence of competitive bidding that have exposed the state to significant financial risk.

Economy/Business

OGFZA says 10-year tax exemption key to sustaining $24bn free zone investments

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OGFZA warns that applying Nigeria’s new 2025 tax law to oil and gas free zones risks destabilizing over $24 billion in long-term investments and hundreds of thousands of jobs. The authority advocates for a critical 10-year tax exemption to provide operators a transition period, arguing that policy consistency is essential to maintain investor confidence and the zones’ significant export growth. FIRS acknowledges the reforms aim to modernize the fiscal framework with a focus on compliance for these zones, not taxing profits. Both

Economy/Business

ADC urges transparency in Nigeria–France digital tax deal

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A Nigerian political party is demanding full transparency and legislative scrutiny of a new digital tax agreement with France, citing significant risks to national sovereignty and data security. While the tax authority frames the pact as essential for modernization, critics argue it represents a sensitive, high-stakes business deal negotiated without due process or public oversight. The core controversy highlights the tension between leveraging foreign expertise for administrative reform and safeguarding domestic interests against external influence and cybersecurity threats. This calls for an immediate, independent assessment of the agreement’s terms and

Economy/Business

Youths tasked on creativity, entrepreneurship

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A Nigerian leader champions entrepreneurship as the critical pathway to national economic growth and security, arguing that the era of business globalization allows creative individuals to generate income from anywhere. He urges youth to actively emulate successful entrepreneurs and build productive ventures, rather than waiting for traditional employment, as this activity directly combats poverty and idleness that fuel insecurity. This call to action was underscored by the recognition of a youth-led initiative, The Runway Africa, which was founded to provide the encouragement and platform that young innovators lack.

Economy/Business

Insurance recapitalisation closes solvency gaps, deepens market stability

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Nigeria’s insurance sector is undergoing a transformative recapitalization via the NIIRA 2025 Act, strategically raising capital thresholds to bolster solvency, underwriting capacity, and its role in national economic growth. Insurers are proactively responding with structured, multi-phase capital-raising strategies—such as rights issues and private placements—to meet the new requirements sustainably by the 2026 deadline. This disciplined approach prioritizes long-term stability over rushed compliance, aiming to restore market confidence and enhance policyholder protection

Economy/Business

How logistics costs, fuel, led to 44% increase in Lagos onion prices

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A 44% surge in Lagos onion prices is driven primarily by escalating logistics costs from northern production hubs, compressing profit margins for vendors and straining consumers ahead of the festive season. The price hike reveals a fragile supply chain where transportation inflation directly cripples staple food affordability, disproportionately impacting small-scale businesses. Unique consumer insights highlight a critical market failure: the inability to hedge through bulk buying due to onions’ perishable nature exacerbates household vulnerability to price fluctuations. This situation underscores an unsustainable economic pressure point,

Economy/Business

CARE urges governments to end electricity consumers’ exploitation nationwide

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Twelve years after privatization, Nigeria’s power sector has failed consumers, with private generation and distribution companies proving unwilling or unable to invest adequately in reliable supply, metering, or infrastructure. The core failure stems from a flawed privatisation model, where government interventions are undermined by corruption and distribution companies prioritize revenue collection over their statutory obligations. A decisive, government-led corrective action is urgently required, involving massive public investment managed through a transparent, democratic framework that includes workers and consumers. Ultimately, the sector’s sustainability

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