The Federal Government of Nigeria has approved a new Medium-Term National Development Plan for 2026-2030. This new plan, which will be launched in December 2025, is designed to guide economic and social policies across all three tiers of government – federal, state, and local. It will replace the current 2021-2025 plan, which expires at the end of this year. Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, disclosed the approval during a briefing to the media after a meeting of the National Economic Council. He explained that the previous plan failed to achieve its projected 7 per cent growth…
Author: Elvis Eromosele
By Akin Alaka, When I checked this morning, a return ticket from Lagos to Yaoundé costs ₦1,711,928. A round trip from Lagos to London costs ₦1,069,659. London is 5.2 times farther away. For entrepreneurs, this means one thing: it’s cheaper to expand to Dubai than to a neighbouring African market. This pricing paradox reflects deeper infrastructure challenges across the continent. Have you experienced the multiple checkpoints between Lagos and Cotonou? I have, it violates and makes the ECOWAS protocols redundant. The Congo River separates Kinshasa and Brazzaville. Yes, two capital cities across a four-kilometre stretch of water without a single…
The Consumers Value Awards (CVA) has become a major platform for gauging consumer satisfaction in Nigeria. In this interview, Akinte Ekine, Convener of the award, discusses the CVA’s growth, how it’s impacting brands, and the long-term vision for shaping a more consumer-centric marketplace. After three years of CVA, how would you assess the concept and consumer participation? The Consumers Value Awards has grown significantly over the last three editions. What started as a vision to give consumers a voice in rewarding value-driven brands has now become a national movement. Participation has risen steadily each year, both in terms of brands…
The Nigerian Communications Commission (NCC) is firming up a cybersecurity framework for securing digital infrastructure and enhancing online safety for consumers in the Nigerian communications industry. The framework, with likely implementation timeline by telecom licensees set for 2026, will address security challenges arising from the emerging technologies towards creating a more secure digital economy in Nigeria. During the second phase of the cybersecurity framework development meeting with relevant stakeholders, hosted by the Commission in Abuja on Wednesday, following the initial meeting held earlier in the year, Abraham Oshadami, NCC’s Executive Commissioner, Technical Services (ECTS), stressed the need for a water-tight…
The Nigerian government has announced a significant increase in the cost of standard passports. Starting September 1, a 32-page passport with five-year validity will now cost ₦100,000, and a 64-page passport with 10-year validity will be ₦200,000. According to a statement from the Nigeria Immigration Service (NIS), these new fees apply only to applications made within Nigeria. Fees for Nigerians living abroad will remain unchanged at $150 and $230, respectively. The NIS cited the need to maintain the quality and integrity of the Nigerian passport as the reason for the price hike. This is the second time in a year…
The National Pension Commission (PenCom) has successfully recovered N4.57 billion from employers who failed to remit their workers’ pension contributions. This recovery effort took place over five quarters, from the first quarter of 2024 to the first quarter of 2025. According to Mr. Oguche Agudah, the CEO of the Pension Fund Operators Association of Nigeria (PenOp), the recovered amount includes N2.12 billion in outstanding contributions and an additional N2.45 billion in penalties. The funds were recovered from 138 employers who broke the law by not remitting pension contributions as required. Shifting to Proactive Enforcement Agudah stated that PenCom is moving…
The Federal Government has launched a new online portal that allows Nigerians to report fraudulent activities in housing estates. The platform, overseen by the Federal Ministry of Housing and Urban Development (FMHUD), is designed to protect citizens from real estate fraud by providing a safe and easy way to submit complaints. The portal, which can be accessed at https://reports.fmhud.gov.ng, lets users file complaints and upload evidence of fraudulent practices. Once a report is submitted, the Ministry will work with relevant partners, including professional bodies, law enforcement, and the judiciary, to investigate the case. According to Ahmed Musa Dangiwa, Minister of…
Stakeholders in Nigeria’s telecommunications sector are sounding the alarm: up to half of the country’s over 40 licensed Mobile Virtual Network Operators (MVNOs) could fail within the next five years. Experts argue that simply holding a license may not be enough to survive in a market dominated by major players like MTN and Airtel. The key to sustainability, they say, lies in strategic planning, niche market targeting, and a focus on local realities. The Path to Success for MVNOs At the recent Telecoms Sector Sustainability Forum hosted by Business Remarks in Lagos, industry leaders outlined a clear path for MVNOs…
Mr Babatunde Raji Fashola, SAN, Former Minister of Works and Housing, has called for legislation to make facility management and maintenance compulsory for public and private buildings across Nigeria, warning that failure to institutionalise the practice could undermine infrastructure sustainability. Fashola, who delivered the keynote address at the IFMA Global Africa Conference 2025 in Lagos, stressed that sustainable facility management was critical to job creation, climate change adaptation, and efficient use of public resources. According to him, while building construction employs only about 30 per cent of professionals in the industry on a short-term basis, over 70 per cent derive…
The Central Bank of Nigeria (CBN) has set an October 31, 2025, deadline for all banks, mobile money operators, and other financial institutions to fully adopt the new global payment messaging standard, ISO 20022. The directive, issued in a new circular, also mandates that all payment terminals must have geo-tagging capabilities. This move is aimed at creating a more standardised and secure payment system in Nigeria. Starting October 20, 2025, the CBN will begin validation checks to ensure that all domestic and international payment messages are formatted correctly according to the new standard. What the New Rules Mean For Financial…