A new report from the Sea Empowerment and Research Center (SEREC) reveals that Nigeria may have lost up to N509 billion in trade and customs revenue between 2015 and 2021 due to the arrest of vessels for maritime crimes. The Nigerian Navy arrested 333 vessels during this period, but SEREC argues that without more detailed information on these seizures, it’s impossible to know the full extent of the economic damage. According to SEREC, a lack of transparency makes it difficult to quantify losses. The group used three scenarios to estimate the potential cost, with the high-impact scenario, involving large vessels…
Author: Elvis Eromosele
…Says banks raised N2.5tn new capital in H1 2025 Nigeria’s rebased Gross Domestic Product needs 21.95 per cent growth at N1,500 per dollar exchange rate to achieve $1tn economy target by 2031, Afrinvest West Africa Limited has predicted. In its 20th Nigeria Banking Sector Report 2025 entitled ‘ACT-BOLD: Beyond a Trillion Dollar Economy’ released in Lagos, Afrinvest explained that at rebased GDP nominal size of N372.8tn, Nigeria requires a minimum yearly growth rate of 21.9 per cent to attain $1tn economy valuation by 2031. At the event, which marked Afrinvest’s 30 years of operations, an exchange rate of N1,500/$1 or a much…
Nigeria’s government has officially published its new tax reform laws, a major step toward overhauling the country’s fiscal system. The four new laws, which were signed in June 2025, are designed to modernize the tax framework, improve compliance, and make the business environment more friendly. According to Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the new legislation includes significant changes to support small businesses. Companies with less than N100 million in annual turnover are now completely exempt from corporate tax. The laws also allow businesses to pay taxes on foreign currency transactions in…
Nigerian businesses, particularly small and medium-sized enterprises (SMEs), are struggling under the weight of commercial bank loan rates that have climbed as high as 36 per cent. This financial pressure is hampering economic growth, investment, and job creation across the country. According to bank officials and analysts, the high rates are a result of several factors, including high inflation, the risk of loan defaults, and the Central Bank of Nigeria’s (CBN) tight monetary policy. The CBN has raised its benchmark interest rate to 27.50 per cent and requires banks to hold 50 per cent of their deposits, reducing the funds…
Nigerians are experiencing widespread power outages today as the national electricity grid’s supply dropped to less than 200 megawatts (MW). Data from the Nigerian System Operator’s portal showed that the distribution load profile fell to just 120 MW as of 1 p.m. on Wednesday. The blackout has affected major cities across the country, including Lagos, Abuja, and Kano. The Abuja Electricity Distribution Company (DisCo) confirmed the loss of supply, stating that the outage began at 11:23 a.m. and affects all of its franchise areas. The company apologized for the inconvenience and is working with relevant authorities to restore power as…
By Elvis Eromosele Afrinvest has, over the last three decades, carved a niche for itself as a trailblazer in Africa’s investment landscape. With a reputation for driving impact, shaping policy, and delivering cutting-edge solutions to the Nigerian economy and indeed across Africa, the firm has consistently demonstrated vision and leadership. It is therefore fitting that as Afrinvest marks its 30th anniversary, the celebrations are anchored on high-level conversations with key players across critical sectors of the economy. The milestone event not only commemorates Afrinvest’s remarkable journey but also sets the stage for the unveiling of the 2025 Banking Sector Report…
Cristiano Ronaldo has etched his name into the history books once again, scoring a penalty for Portugal in their thrilling 3-2 victory over Hungary during a 2026 World Cup qualifying match. The goal marked Ronaldo’s 39th in World Cup qualifying, tying the all-time record set by Guatemala’s Carlos Ruiz. He also extended his international scoring record to 141 goals in 223 appearances for Portugal. The 40-year-old striker’s late-game penalty in the 58th minute was a crucial point in the match that saw Portugal take the lead after Hungary’s early goal. The game was a nail-biter, with Hungary equalizing in the…
In a major move to expand its Starlink satellite network, Elon Musk’s SpaceX has acquired key spectrum licenses from EchoStar Corp for $17 billion. The deal, which includes $8.5 billion in cash and $8.5 billion in stock, will accelerate the development of Starlink’s direct-to-device service, allowing smartphones to connect directly to satellites without relying on traditional cell towers. According to Hamid Akhavan, EchoStar’s CEO, the partnership will help them achieve their vision of direct-to-cell connectivity in a more efficient way. SpaceX COO Gwynne Shotwell stated that the acquisition aligns with Starlink’s goal of eliminating mobile dead zones, even in remote…
By Elvis Eromosele Experts say that the world is more interconnected today than at any point in human history. Appreciation for this rests squarely on mobile phones. Those small portable devices have transcended their role as communication tools. They now serve as the most pivotal entry point into the digital economy. In Nigeria, with its dynamic population and rapid internet adoption, smartphones are the linchpin of financial access, entrepreneurship, education, and health. According to the Nigerian Communications Commission (NCC), active mobile subscriptions stood at approximately 169.33 million as of July 2025, with teledensity hovering around 78.11 per cent. The commission…
If NUPENG launches an industrial action tomorrow, it will underscore the need for Nigeria to pass Antitrust acts. Dangote flooding the roads with enough CNG trucks appears legitimate, but so are other moves big money can make to wipe off competition. The general public is usually not sensitive to this but the government must always be alert to it. We cannot allow big money to dominate everywhere and block off competition. The most famous antitrust initiatives in modern times began with the attempt of Microsoft to shut out other browsers from its Windows. I think it was Windows 7 back…