Power Generation
Nigerian Breweries Plc has received approval to generate 41MW of electricity in Abia, Oyo, and Enugu States, as companies increasingly turn to independent power generation due to ongoing grid issues.
Rail Infrastructure
The China Development Bank has provided Nigeria with a $254.76 million loan to fund the Kaduna-to-Kano rail project, part of China’s Belt and Road Initiative, aimed at improving transportation and security.
2024 Budget Concerns
The National Assembly has criticized the low 25% execution of capital projects in the 2024 budget, urging the government to release more funds for infrastructure development.
Green Business
At the African Women Sustainability Conference, experts encouraged female entrepreneurs to adopt green practices to meet new EU regulations and ensure continued market access.
Sustainable Real Estate
Luxury Prime Properties is focusing on solar-powered homes, combining luxury with sustainability, and offering flexible payment plans to make real estate more accessible.
Investment in Ogun
Ogun State’s Internal Revenue Service is encouraging investors to take advantage of its ‘Ease of Doing Business’ initiative to boost economic growth.
Midoil Refining
Midoil Refining has launched a 300-meter fencing project at its Serenecity Estate in Lagos, with contractors urged to adhere to timelines and specifications.
Nigerian Stock Market Gains N507bn, MTN and Transcorp Lead
The Nigerian Stock Exchange gained N507 billion on Wednesday, with MTN Nigeria and Transcorp rising 10%. Honeywell Flour Mill and AIICO Insurance also saw strong gains, while Sunu Assurances and others lost value. A total of 639.48 million shares worth N20.44 billion were traded, reflecting a 43% drop in volume but a 40% increase in turnover.
Stanbic IBTC Retains Leadership in Retail and SME Banking
Stanbic IBTC Bank has topped the 2024 KPMG West Africa Banking Industry Customer Experience Survey, maintaining its lead in retail and SME banking for the fourth and second consecutive years, respectively. The bank’s commitment to customer experience excellence has reinforced its position in Nigeria’s financial sector.
Oando Appoints New Chairman, Akinrele
Oando PLC has appointed Ademola Akinrele as its new board chairman, following the resignation of Oba Adedotun Gbadebo after 18 years of service. Akinrele, previously a non-executive director, will lead the company’s next phase, supported by the appointment of Cosmas Iwueze as an independent non-executive directors.
Kenya Outpaces Nigeria in Startup Funding Amid Decline
Kenya led African startup funding in 2024, securing $638 million, while Nigeria raised $410 million. Overall, African startups saw a 25% decline in funding, influenced by global economic trends and Nigeria’s economic challenges, including policy instability and currency depreciation.
Customs Modernization to Cut Revenue Leakages by 20%
The Nigeria Customs Service’s Trade Modernization Project (TMP) will reduce revenue leakages by 20% and enhance efficiency in tariff collection and border security. The $5 billion initiative is expected to boost government revenue and support economic diversification.
Navy Destroys Illegal Oil Refineries, Seizes 35,000 Litres of Crude in Ondo
On January 6, 2025, the Nigerian Navy dismantled nine illegal refining sites in Ondo State, seizing 35,000 litres of crude and refined diesel. The operation in Obenla, Ilaje Local Government Area, followed credible intelligence, with suspects fleeing before the Navy’s arrival. The Navy is committed to curbing illegal oil activities in Nigeria.
