Category: Economy

  • Report says FG committed about ₦1.9trn to airport upgrades over two years

    Report says FG committed about ₦1.9trn to airport upgrades over two years

    2025-12-14

    According to The Punch, a report says the Federal Government approved or committed roughly ₦1.9 trillion to airport upgrades over a two-year period, spanning equipment, safety systems and infrastructure improvements.

    The report links the spending to plans to modernise aviation facilities and strengthen safety and operational reliability across airports.

    The Guardian Nigeria reported related approvals around navigation and communication upgrades and described the effort as a comprehensive modernisation drive for air safety.

    BizWatch Nigeria also reported the overhaul and said it is aimed at improving air safety and modernising aviation infrastructure.

    Analysis/Echotitbits take: The real measure isn’t the headline figure but delivery: which airports get what upgrades, whether timelines are met, and whether maintenance capacity is built into procurement. Watch for project breakdowns, independent oversight, and whether upgrades reduce delays, incidents and operating costs for airlines and passengers.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/fg-earmarked-n1-9tn-for-airport-upgrades-in-two-years-report/)

  • Wema Bank sets ₦120m prize pool for Hackaholics 6.0 grand finale

    Wema Bank sets ₦120m prize pool for Hackaholics 6.0 grand finale

    Photo Credit: Wema Bank Logo – The Nation
    2025-12-14

    According to The Nation, Wema Bank has announced a ₦120 million prize pool for the Hackaholics 6.0 grand finale after regional pitches produced finalist teams, positioning the programme as a pipeline for youth-led innovation.

    The initiative is expected to bring finalists into a competitive showcase where ideas are assessed for product readiness and potential market impact.

    Vanguard also reported the ₦120 million prize pool and quoted Wema Bank leadership on the role of young innovators in shaping technology and nation-building.

    Leadership likewise reported the same prize pool and described it as funding support for finalists advancing to the finale.

    Analysis/Echotitbits take: Prize pools are attractive, but the real value is what happens after the finale—mentorship, pilots, distribution and investor access. Watch for the winning solutions, whether they get real-world deployment opportunities, and whether Wema publishes post-programme outcomes that show scaling beyond the event.

    Source: The Nation — 14 Dec 2025 (https://thenationonlineng.net/wema-bank-unveils-n120m-prize-for-hackaholics-grand-finale/)

  • Nigeria’s U.S. crude imports jump sharply as Dangote reshapes supply routes

    Nigeria’s U.S. crude imports jump sharply as Dangote reshapes supply routes

    EIA logo image used by Punch
    2025-12-14

    According to The Punch, Nigeria’s imports of crude oil from the United States surged by 153% in 2025 (February–September), reflecting changing supply economics and refinery demand.

    Punch cited U.S. Energy Information Administration (EIA) trade data showing Nigeria imported 39.99 million barrels over the period, up from 15.79 million barrels in the same window of 2024, with shipments rising month by month.

    Reuters earlier reported that the U.S. became a net exporter of crude to Nigeria for the first time in February and March 2025, a shift linked to changing refinery runs and demand signals connected to the Dangote refinery’s operations.

    TheCable also referenced EIA figures, noting the scale of Nigeria’s U.S. crude inflows and how the pattern departs from Nigeria’s typical position as a crude exporter rather than an importer.

    Analysis/Echotitbits take: The bigger story is market efficiency colliding with domestic supply constraints: if local refineries keep buying competitively priced imported crude, Nigeria’s long-standing “crude exporter, product importer” paradox could morph into a new paradox: importing crude for local refining. Watch for tighter enforcement (or redesign) of domestic crude supply frameworks, and whether lower logistics/contracting frictions can make local crude more reliable for local refineries.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/us-crude-exports-to-nigeria-surge-153/)

  • DisCos added 187,765 meters in two months as national metering rate inches up

    DisCos added 187,765 meters in two months as national metering rate inches up

    Photo: Disco image – ThisDay

    According to The Punch, electricity distribution companies installed meters for 187,765 customers in September and October 2025, as reported by the Nigerian Electricity Regulatory Commission (NERC).

    The report indicated 80,943 customers were metered in September and 106,822 in October, nudging the national metering rate upward from 55.37% to 56.07% and slightly expanding the total metered customer base.

    The Guardian also cited the NERC metering factsheet and highlighted the month-to-month improvement, while pointing out that the overall metering gap remains substantial despite incremental progress.

    Vanguard similarly reported the figures and reiterated NERC’s framing that the factsheet is meant to track DisCo progress in closing Nigeria’s long-running metering deficit.

    Analysis/Echotitbits take: Nigeria’s metering story is now about pace and fairness. The monthly gains are positive, but too slow relative to demand growth and consumer distrust of estimated billing. Watch for: (1) how quickly DisCos meter high-complaint feeders, (2) the availability and financing of meters under MAP/National Mass Metering efforts, and (3) whether dispute resolution improves as metering expands.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/187765-electricity-customers-metered-in-two-months-nerc/)

     

  • FG projects nearly ₦1.9trn from new 4% Development Levy in 2026 budget year

    FG projects nearly ₦1.9trn from new 4% Development Levy in 2026 budget year

    According to The Punch, the Federal Government is projecting about ₦1.899 trillion from the newly introduced 4% Development Levy in 2026, as the levy begins to feature in budget planning following Nigeria’s 2025 tax reforms.

    Punch reported that the levy is structured as a consolidation mechanism, rolling multiple earmarked levies into one charge on assessable profits, with the aim of simplifying compliance and improving collection efficiency.

    Deloitte’s tax update on the reform package described the measure as an “introduction of 4% development levy to replace the Tertiary Education Tax and various levies,” stressing the compliance and administrative simplification angle.

    EY’s highlights of the Nigeria Tax Act 2025 similarly note that Section 59 replaces several earmarked taxes with a unified 4% development levy on assessable profits (with stated exclusions for certain company categories).

    Analysis/Echotitbits take: The test will be whether “consolidation” actually reduces friction for businesses or simply changes the label on compulsory payments. Watch for implementation guidance, agency handovers (who collects what and when), and whether the levy materially affects investment decisions—especially for sectors that previously paid some of the constituent levies at different effective rates.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/fg-eyes-n1-9tn-from-new-2026-development-levy/)

     

    Photo: Twitter/@atikuabagudu

  • ‘Detty December’ rush: Lagos hospitality hits peak as diaspora visitors return

    ‘Detty December’ rush: Lagos hospitality hits peak as diaspora visitors return

    According to Vanguard, Lagos is experiencing peak end‑of‑year demand as ‘Detty December’ draws in visitors, with hotels booked out and major concerts and events driving a visible tourism surge.

    The report described a city-wide cash-and-culture boom: packed venues, higher room rates, and heavy spending around entertainment, food, transport and short‑let apartments.

    A separate AFP story carried by Yahoo similarly captured the build-up, noting that “the hotels are booked” as Lagos prepares for the festival season and returning visitors.

    Other lifestyle reporting has also pointed to the broader economic spillover, including increased informal-sector earnings and a short, intense demand cycle that stresses transport and urban services.

    Analysis/Echotitbits take: Detty December is now an economic season, not just a party label—good for jobs and revenue, but it also exposes Lagos’ infrastructure gaps (traffic, safety, power, pricing abuses). Watch for whether state agencies publish reliable tourism metrics, and whether the private sector starts building year-round products instead of a one-month cash rush.

    Source: Vanguard — 14 Dec 2025 (https://www.vanguardngr.com/2025/12/detty-december-lagos-hotels-events-sold-out-as-fun-seekers-scramble-for-space/amp/)

     

    Photo Credit:The Audience during the AfroFuture Festival in 2023 – RollingStone

  • AfDB Approves €25m Trade Finance Guarantee for Cameroon’s CCA-Bank to Boost SME Lending

    AfDB Approves €25m Trade Finance Guarantee for Cameroon’s CCA-Bank to Boost SME Lending

    ABIDJAN/YAOUNDÉ, December 2, 2025 — The African Development Bank Group has approved a €25 million trade finance facility for Cameroon’s Crédit Communautaire d’Afrique-Bank (CCA-Bank), aimed at expanding support to small and medium-sized enterprises (SMEs) and other businesses across key sectors of the economy.

    The facility, cleared by the Bank’s Board of Directors at a session held on 1 December in Abidjan, will be deployed as a Transaction Guarantee, a risk-sharing instrument that provides cover to eligible African banks for their trade finance operations.

    According to Lamin Drammeh, Head of the Bank Group’s Trade Finance Division, the guarantee will help unlock critical imports needed for Cameroon’s productive sectors.

    “The facility will support Cameroon’s economy by facilitating imports of equipment for the industrial, agro-industrial and telecommunications sectors. It will also enable the African Development Bank to provide up to a 100 percent guarantee to confirming banks, to facilitate the confirmation of letters of credit and other similar trade finance instruments issued by CCA-Bank for the benefit of SMEs in Cameroon,” Drammeh explained.

    Léandre Bassolé, Director General for the Bank’s Central Africa region, noted that the operation aligns with AfDB’s drive to deepen direct interventions in support of the private sector in Cameroon.

    “It will strengthen CCA-Bank’s capacity to support the activities of SMEs, including those owned by women and young people, to boost the local productive sector, facilitate economic growth, and create and maintain thousands of jobs,” he said.

    Welcoming what she described as a strategic milestone, CCA-Bank’s Managing Director, Marguerite Fonkwen Atanga, said the partnership would significantly enhance the bank’s ability to serve smaller businesses and emerging entrepreneurs.

    “We would like to express our gratitude to the African Development Bank Group for this important trade finance facility. This strategic partnership marks a major milestone for our institution and will significantly strengthen our capacity to support small and medium-sized enterprises, women entrepreneurs and start-ups in Cameroon and Africa,” she stated.

    Background: AfDB’s Transaction Guarantee

    The Transaction Guarantee is a trade finance instrument introduced by the African Development Bank in 2021 to support commercial banks operating in Africa. It covers a range of trade-related instruments, including confirmed letters of credit, commercial loans, irrevocable repayment undertakings, endorsed drafts and promissory notes, among others.

    The facility is available to banks registered and operating in Africa that have successfully passed the Bank’s due diligence process, helping them reduce perceived risk from international confirming banks and expand access to trade finance for their clients.

    About the African Development Bank Group

    The African Development Bank Group is Africa’s leading development finance institution, comprising the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With representation in 41 African countries and a field office in Japan, the Bank supports economic development and social progress across its 54 regional member states.

    Source Credit:

    African Development Bank Group (AfDB) – press release distributed by APO Group, 2 December 2025.

  • FG Unveils New Digital Tools for Maritime Operations

    FG Unveils New Digital Tools for Maritime Operations

    The Federal Government has launched the Nigerian Shippers’ Council’s Enterprise Content Management System to digitise document handling in the maritime sector. The Marine and Blue Economy Ministry says it will improve transparency and reduce bottlenecks.

    PUNCH, 11 Dec 2025

  • NLNG: High Gas Prices Forcing Poor Nations Back to Coal

    NLNG: High Gas Prices Forcing Poor Nations Back to Coal

    NLNG MD Philip Mshelbila warns that high global gas prices are pushing many developing countries back to coal, undermining climate goals. He says affordability must be addressed alongside decarbonisation or poorer nations will stay on high-emissions paths.

    PUNCH, 11 Dec 2025

  • Power Sector Gets 450MW Relief

    Power Sector Gets 450MW Relief

    Nigeria’s power sector reportedly recorded a 450MW restoration to the national supply, offering temporary relief amid persistent outages.

    The improvement underscores the need for deeper investment in grid resilience, gas supply stability and distribution efficiency.

    Source: Punch, 2025-12-08