Food prices across Nigeria remain stubbornly high despite massive government interventions and a surge in imports valued at N7.65 trillion in 2025, raising fresh concerns about the effectiveness of current policy measures. Insights from economic and development experts, alongside official data, reveal a widening disconnect between government spending and real market outcomes, as households continue to grapple with declining food affordability. Data from the National Bureau of Statistics (NBS) show that food and beverage imports have climbed sharply—from N3.83 trillion in 2023 to N6.58 trillion in 2024, and further to N7.65 trillion in 2025. Yet, this increase has not translated…
Author: Elvis Eromosele
Nestlé Nigeria is celebrating 15 years of impact with the graduation of twenty young trainees from the Flowergate Technical Training Centre. This milestone reinforces the company’s long-standing commitment to youth empowerment through the development of technical and vocational skills among young Nigerians. The Nestlé Technical Training Centre is part of Nestlé Needs YOUth, Nestlé’s global youth initiative launched in 2013 to equip young people with skills, experience, and opportunities to access meaningful employment, with a goal of reaching 10 million youths worldwide by 2030. Since its establishment in 2011 at Agbara Factory, the Nestlé Technical Training Centre has equipped 309…
OpenAI has appointed Emmanuel Marill as its first Managing Director for Europe, the Middle East and Africa (EMEA), signalling a major push to strengthen its footprint across the region amid rising scrutiny of U.S.-based artificial intelligence firms. The company announced the appointment on Wednesday, noting that Marill joins from Airbnb, where he previously led regional operations in a similar capacity. Based in Paris, Marill will oversee OpenAI’s operations across EMEA and report directly to Jason Kwon, according to details cited by Bloomberg. In a statement, Kwon said the move reflects the company’s growing global ambitions as demand surges for its…
Google has selected four Nigerian startups, Bani, MasteryHive AI, Regxta and Termii, for the 10th cohort of its Google for Startups Accelerator Africa programme. The tech giant announced the selection on Wednesday, noting that the Nigerian firms emerged from a highly competitive pool of nearly 2,600 applications to make the final list of 15 startups chosen across the continent. According to Google, the less than one per cent acceptance rate underscores the growing sophistication, technical capacity and resilience of Nigeria’s startup ecosystem. The selected companies are leveraging artificial intelligence to address critical challenges in finance and business operations. Bani is…
Nigeria’s debt servicing burden climbed sharply to about ₦16 trillion in 2025, underscoring rising fiscal pressure as borrowing costs continue to escalate. Data from the Debt Management Office (DMO) show the figure represents a 22.9 per cent increase from ₦13.02 trillion recorded in 2024, an additional ₦2.98 trillion within a year. The increase was largely driven by domestic debt obligations, which rose to ₦8.61 trillion in 2025, up from ₦5.87 trillion in the previous year, a jump of 46.6 per cent. Domestic debt now accounts for 53.8 per cent of total debt servicing, making it the biggest contributor to Nigeria’s…
The Federal Government, through the Debt Management Office (DMO), is set to raise N700 billion from the domestic debt market in April 2026, sustaining its borrowing momentum amid rising yields on long-term instruments. Details from the April 2026 FGN Bond Offer Circular show the auction will take place on April 27, with settlement scheduled for April 29. The issuance will be executed through the re-opening of existing bonds across three maturities, underscoring the government’s strategy to deepen liquidity in benchmark instruments rather than introduce new tenors. Under the offer, N300 billion will be raised from the 17.945 per cent FGN…
The Federation Account Allocation Committee (FAAC) has disbursed a total of N2.036 trillion to the Federal Government, 36 states and local government councils as revenue for March 2026. The distribution was approved at the April FAAC meeting held in Abuja, covering earnings from statutory revenue, Value Added Tax (VAT) and augmentation funds. According to the FAAC communiqué, total distributable revenue for the month stood at N2.036 trillion. This comprised N1.320 trillion from statutory revenue, N515.391 billion from VAT, and an additional N200 billion in augmentation. Gross revenue available for March was N2.364 trillion. However, deductions of N81.084 billion for cost…
Real Madrid has retained its position as the world’s most valuable football club, with a valuation of $7.7 billion, according to new rankings by Sportico. The Spanish giant leads a top five dominated by Europe’s elite clubs, with FC Barcelona valued at $6.65 billion, followed by Manchester United at $6.47 billion. Bayern Munich ($5.78 billion) and Liverpool FC ($5.74 billion) complete the top tier. Collectively, the 50 most valuable football clubs are now worth $95.5 billion, an 11 per cent increase year-on-year and the fastest growth since the rankings began. Despite surging valuations, the financial health of many clubs tells…
The Federal Competition and Consumer Protection Commission (FCCPC) has approved five companies to provide airtime and data lending services in Nigeria, following the suspension of such services by major telecom operators. Operators including MTN Nigeria, Airtel Nigeria, Globacom, and 9mobile (now T2) have all stepped back from airtime credit services, citing the need to comply with new consumer lending regulations. In their place, the FCCPC has cleared five firms, Total Tim Nigeria Limited, Rane Interractive Medien CLS Limited, Mode NG Applications Limited, Cloud Interractive Associate Limited, and Coverage Broadband Limited, to operate as licensed airtime and data lenders under the…
Alhaji Lamis Shehu Dikko, chairman of New Nigeria Development Company (NNDC), has reaffirmed the company’s determination to reinvent itself and reposition its operations and its investment portfolio as a holding company. This was contained in his opening remarks at the commencement of a two-day Board/Management retreat which commenced on Wednesday at the Wells Carlton Hotels & Apartments in Abuja. “We will drive a focused and value-driven portfolio strategy anchored by a disciplined capital allocation framework, clarity of direction, discipline in execution and consistency in leadership”, he stressed. He further explained that the retreat was designed to harness the expertise of…