Economy/Business

Economy/Business

Gov. Otu flags off World Bank-backed maritime upskilling programme

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Cross River State is strategically positioning itself as a national leader in Nigeria’s burgeoning blue economy by launching a World Bank-backed maritime upskilling program. This initiative aims to create a globally competitive workforce to capitalize on the sector’s immense economic potential, which contributed ₦113.5 trillion to GDP in Q3 2025. The state’s commitment is further solidified by a secured $3.5 billion investment for the Bakassi Deep Seaport, awaiting presidential approval, which will serve as critical infrastructure for

Economy/Business

FG approves N6.43tn PPP projects to boost Nigeria’s infrastructure

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The Nigerian government has approved three major Public-Private Partnership (PPP) projects worth over $4.29 billion, signaling a strategic pivot to private capital for national infrastructure development. These projects—two deep seaports and a hydropower plant—are designed to unlock regional economic potential, enhance trade efficiency, and provide reliable power. This approval batch reflects a deliberate policy shift under the Renewed Hope Agenda, leveraging PPPs to drive growth, attract foreign investment, and create jobs without direct federal expenditure.

Economy/Business

DisCos metered 187,000 new electricity consumers in 2 months – NERC

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Nigeria’s electricity distribution companies are accelerating the closure of the national metering gap, adding over 187,000 new meters in two months to raise the national rate to 56.07%. While leaders like Eko and Ikeja DisCos sustain rates above 84%, and Aba Power shows remarkable progress, a significant divide persists with five DisCos still below a 50% metering threshold. This progress directly reduces estimated billing and increases revenue certainty, yet the uneven performance highlights the need for

Economy/Business

FG expands CREDICORP’s YouthCred programme to employed youth 

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The Federal Government is scaling its CREDICORP YouthCred program to provide employed youth (18-39) with affordable, collateral-free credit up to ₦5 million, featuring a low 2% monthly interest rate and a six-month moratorium. This initiative directly counters predatory lenders by offering structured, responsible credit as a tool for economic empowerment and productivity. Having already disbursed over ₦30 billion to 200,000 Nigerians with zero non-performing loans, the program demonstrates a successful model

Economy/Business

Food prices rise in October 2025- NBS

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Nigeria’s October 2025 food price data reveals a significant, broad deflation in staple costs year-on-year, with beans and garri falling over 29%, indicating a potential easing of severe food inflation. However, this positive trend is countered by persistent pressures in proteins and regional disparities, as beef and onion prices rose annually by up to 17%. The report underscores a highly fragmented national market, with price differentials exceeding 100% for items like tomatoes between states like Ebonyi and

Economy/Business

FG to raise N1.23trn in 4 months to clear Gencos and gas debts

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The Nigerian government is launching a N1.23 trillion bond to strategically clear verified, longstanding debts to power generators and gas suppliers, aiming to restore liquidity and confidence in the sector. This initiative is framed not as a bailout but as a critical reset to stabilize operations and enable future investment in power generation. A key insight is that the plan’s success hinges on preventing the re-accumulation of debt, making structural reforms to ensure sector sustainability equally crucial. The high investor participation in the launch indicates significant

Economy/Business

3 startups win 52m at NITDA,JICA tech pitch

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Three Nigerian startups have secured over N52 million in seed funding through the NITDA-JICA iHATCH program, demonstrating the tangible impact of public-private incubation on the nation’s digital economy. The winning ventures—Interface Africa (solar financing), Ahiaoma (food supply chain), and Linia Finance (budgeting banking)—address critical gaps in energy access, agricultural logistics, and personal finance, highlighting a focus on scalable, sector-specific solutions. This outcome validates a deliberate government strategy to build

Economy/Business

LCCI panel sets new strategy priorities

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The Lagos Chamber of Commerce and Industry (LCCI) is launching a strategic modernization plan to combat Nigeria’s economic headwinds—including inflation, insecurity, and global volatility—while facing new competition from niche business groups. Its blueprint prioritizes strengthening governance, enhancing member value through technology and partnerships, and actively engaging emerging business leaders to ensure relevance. The strategy moves beyond traditional advocacy to a data-driven model focused on expanding markets, building capacity, and diversifying revenue, thereby future-proofing the organization.

Economy/Business

Guinea Insurance pledges stronger capital base

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Guinea Insurance Plc is proactively aligning with Nigeria’s new 2025 regulatory reforms by prioritizing capital strengthening to ensure long-term competitiveness and resilience. This strategic move, underscored by high-level engagement with the national regulator, focuses on enhancing operational capacity, customer experience, and transparent compliance. The firm’s leadership explicitly links this capital enhancement to directly improving service for customers, partners, and shareholders. Ultimately, this positions Guinea Insurance to build a more trusted, innovation-led brand while actively contributing to raising industry standards.

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