The Nigerian Communications Commission (NCC) and the Nigeria Security and Civil Defence Corps (NSCDC) have warned against fibre-optic cable damage during road construction and related civil works across the country as the rising incidents of avoidable fibre cuts resulting from negligence will no longer be excused, noting that offenders risk prosecution as the act constitutes a crime. NCC and NSCDC stressed that fibre optic cables are critical national assets that power Nigeria’s digital economy, enable seamless communication, support emergency services, connect businesses, and facilitate government operations. They said their destruction, whether through negligence, lack of coordination, or wilful actions, poses…
Author: Elvis Eromosele
The Central Bank of Nigeria (CBN) has released its first comprehensive Fintech Report, openly acknowledging that regulatory bottlenecks, high compliance costs, and slow approval processes are holding back innovation in Nigeria’s fast-growing digital finance sector. Titled CBN Fintech Report: Shaping the Future of Fintech in Nigeria – Innovation, Inclusion and Integrity, the report provides the most detailed assessment yet of the country’s fintech ecosystem and sets out a roadmap to unlock its next phase of growth while preserving financial stability and consumer protection. In a rare admission, the apex bank said regulatory processes have not kept pace with the…
The Federal Government is targeting a $1 trillion economy by 2030, aiming to boost per capita income to $33,000 and attract $100 billion in annual private-sector investment, with agribusiness central to this plan. Speaking at the Nigeria Agribusiness Group 2026 Presidential Agricultural Policy Dialogue in Abuja, Minister of Budget and Economic Planning Senator Abubakar Bagudu highlighted agriculture, livestock, fisheries, and agro-processing as key sectors for economic diversification and private-sector growth. Bagudu noted that the government is combining Agenda 2050, a long-term national framework, with the Renewed Hope Agenda to create the right environment for investors and producers, supporting opportunities…
Despite easing inflation, Nigerians are cutting back on dining out, with restaurant and fast-food visits falling 28 per cent in 2025 as more households cook at home, according to Shoppoint Rewards’ Invisible Economy Report. The report, analysing 3 million verified receipts from over 85,000 shoppers across 10 states, shows that while discretionary spending is down, grocery purchases remain strong, accounting for 36 per cent of receipts (~N18.7 billion). Rising price sensitivity is evident: 67–72 per cent of shoppers compared prices before buying, and 45 per cent switched household brands once prices exceeded N5,000. Weekend shopping dominates, with households consolidating trips…
The African Development Bank (AfDB) has approved $3.9 million in technical assistance to expand electricity access across 13 African countries, supporting the Mission 300 goal to electrify 300 million people by 2030. The two-year AESTAP Mission 300 Phase II will help governments turn national energy plans into real power connections. Participating countries include Nigeria, Kenya, Ethiopia, Tanzania, DRC, Uganda, Lesotho, Madagascar, Namibia, Gabon, Mauritania, Malawi, and Chad. The program focuses on regulatory reforms, strengthening utilities, improving data and research, and embedding experts within national energy units to coordinate implementation and track progress. Phase II builds on Phase I, which…
Elon Musk has extended his lead as the world’s richest individual after a landmark merger between two of his companies pushed his net worth to an estimated $852 billion, according to Forbes. Musk’s wealth surged following the acquisition of artificial intelligence and social media company xAI by his rocket firm SpaceX, a deal announced on Monday that values the combined entity at about $1.25 trillion. Forbes estimates the transaction added roughly $84 billion to Musk’s personal fortune, giving him an unprecedented margin over every other billionaire globally. Before the acquisition, SpaceX was valued at around $800 billion after a…
The National Examinations Council (NECO) has released the results of the 2025 Senior School Certificate Examination (SSCE) External, recording a 71.63 per cent pass rate for candidates who obtained at least five credits, including English Language and Mathematics. The announcement was made on Wednesday by NECO’s Registrar and Chief Executive, Prof. Dantani Ibrahim-Wushishi, during a press briefing at the council’s headquarters in Minna, Niger State. The examination was conducted between November 26 and December 13, 2025, while the marking exercise took place from January 5 to January 21, 2026. According to the Registrar, 96,979 candidates registered for the examination,…
Global payments giant PayPal has appointed Enrique Lores as its next President and Chief Executive Officer, effective March 1, 2026, replacing Alex Chriss, as the company grapples with slowing growth and missed earnings expectations. The leadership change was announced on Tuesday, the same day PayPal released its fourth-quarter 2025 results, which fell short of market forecasts across key performance metrics. PayPal reported Q4 revenue of $8.68 billion, below analysts’ expectations of $8.79 billion, underscoring mounting pressure on the company to accelerate execution amid intensifying competition in the global payments space. In a statement, PayPal said the decision reflected the…
About 55.4 per cent of Lagos State remains without 5G coverage despite steady improvements in deployment, according to new data from the Nigerian Communications Commission (NCC). The disclosure is contained in the NCC’s Industry Performance Report for Q4 2025, released recently, which shows that more than half of Africa’s largest city by population is yet to benefit from 5G services. The report comes nearly three years after MTN launched Nigeria’s first 5G network, followed by Airtel and Mafab Communications, highlighting persistent coverage gaps even in major urban centres such as Lagos and Abuja. Presenting the report, Edoyemi Ogoh, Director…
Nigeria’s financial markets began 2026 under intense strain as the Central Bank of Nigeria (CBN) withdrew more than ₦15 trillion from the banking system in January, reinforcing its tight monetary stance amid stubborn inflation and persistent foreign exchange pressures. Data from the CBN and insights from market operators show that the aggressive liquidity mop-up signals the apex bank’s determination to prioritise macroeconomic stability over near-term liquidity relief, keeping borrowing costs elevated and investor sentiment cautious. Although headline system liquidity improved slightly from December levels, analysts say the marginal recovery masked the scale of cash sterilisation carried out during the…