Echotitbits – Nigeria News

Tag: business

  • Giannis Antetokounmpo Launches “FR34K Gummies” Candy Line

    Giannis Antetokounmpo Launches “FR34K Gummies” Candy Line

    In a post shared by @giannis_an34 on Instagram, NBA superstar Giannis Antetokounmpo has officially transitioned from being a candy enthusiast to a “candy man.” The Milwaukee Bucks forward announced the launch of “Giannis FR34K Gummies,” a premium candy line created in partnership with Candy Funhouse, a company he became an owner of in 2023.

    The “Greek Freak” shared that this business move is deeply personal, rooted in his well-documented love for sweets and his desire to create something his children can enjoy. The gummies even feature shapes modeled after his own face, adding a signature touch to the product line that launched this Thursday.

    Giannis revealed that he has been involved in the creative process for a long time, ensuring the flavors and packaging reflected his personality. The product is being released under the “Candy Fun Street” platform, targeting fans who want a piece of the superstar’s lifestyle off the court.

    While Giannis is currently dealing with a minor injury that has kept him out of some recent games, his business portfolio continues to expand. The launch of the gummies marks his latest venture in the consumer goods space, further solidifying his brand as a global entrepreneur.

    * Fox Sports (NBA): “Giannis Antetokounmpo goes from candy fan to candy man… says it means something to him and his family.”

    * AP News (Sports/Business): “Milwaukee Bucks All-Star unveiled the Giannis FR34K Gummies… realization of a long-term dream.”

    Echotitbits take:

    Giannis is following the classic “superstar-to-mogul” blueprint, but with a uniquely playful twist that fits his public persona perfectly. Unlike the more serious tech or real estate investments of his peers, a candy line is approachable and highly marketable to the NBA’s younger demographic. Watch for this to become a staple in stadium concessions and a case study in authentic athlete branding.

    Source: Fox Sports — https://www.foxsports.com/articles/nba/giannis-antetokounmpo-goes-from-candy-fan-to-candy-man-with-his-own-line-of-gummies February 12, 2026

    Photo Credit: MassLive

  • NSDC and NEXIM Partner to Secure $2 Billion Funding for Sugar Industry

    NSDC and NEXIM Partner to Secure $2 Billion Funding for Sugar Industry

    In an update published by The Punch, the National Sugar Development Council (NSDC) and the Nigerian Export-Import Bank (NEXIM) have entered a strategic partnership to revolutionize Nigeria’s sugar sector. The agreement, finalized in Abuja, aims to secure long-term financing through an Engineering, Procurement, Construction, and Financing (EPCF) model. This framework is designed to support commercially viable sugar projects that can meet the domestic demand, currently valued at approximately $2 billion.

    Under the new arrangement, the NSDC will focus on preparing investment-ready projects and assisting with equity raises. Meanwhile, NEXIM Bank will leverage its international network to attract funding from export credit agencies and development finance institutions. The partnership also includes safeguards such as risk insurance and guarantees to protect investors. This move is part of a broader government policy to reduce dependency on imported sugar and boost local production capacity.

    Executive Secretary of the NSDC, Kamar Bakrin, highlighted that the continental sugar market in Africa is nearing $7 billion, presenting a massive export opportunity for Nigeria. He emphasized that the industry requires “sustained, large-scale financing” rather than short-term loans to achieve the goals of the Nigerian Sugar Master Plan. The collaboration is expected to create thousands of jobs and stimulate growth in the agricultural and manufacturing sectors.

    Validating the report, ThisDay noted that “this partnership is a cornerstone of the FG’s industrialization drive,” while Daily Trust quoted a NEXIM official saying, “We are ready to provide the financial buffers needed to make Nigeria a sugar-exporting hub.”

    Echotitbits take: If successful, this could be a game-changer for Nigeria’s balance of trade. The sugar industry has long been under-capitalized despite the existence of a Master Plan. The focus on the EPCF model suggests a more structured approach to infrastructure development in the sector.

    Source: The Cable – https://www.thecable.ng/sugar-council-nexim-partner-on-long-term-financing-to-curb-import-dependence/, February 12, 2026

    Photo credit: The Cable

  • Nigeria’s External Reserves Hit $46.91bn as Naira Closes at N1,366.19

    Nigeria’s External Reserves Hit $46.91bn as Naira Closes at N1,366.19

    According to Daily Post reporting, the Nigerian Naira concluded the week at N1,366.19 against the US Dollar at the official foreign exchange market, marking a slight daily depreciation from its previous standing. Despite this minor dip, the nation’s economic outlook remains bolstered by a significant surge in external reserves, which have now climbed to $46.91 billion as of early February 2026.

    The local currency’s performance showed resilience on a week-on-week basis, gaining approximately N20.36 at the official window. Meanwhile, the parallel market—often referred to as the black market—saw the Naira ending the week with a notable N10 gain, settling at a rate of N1,450 per dollar. This convergence of rates is seen as a positive sign of stabilizing liquidity within the financial system.

    Market analysts note that the steady accumulation of foreign reserves provides the Central Bank of Nigeria (CBN) with a stronger buffer to manage exchange rate volatility. This development was further validated by The Punch, which noted that “the robust reserve level is a testament to improved crude oil receipts and tighter fiscal controls,” while Vanguard added that “the stability in the FX market is increasingly attracting the interest of offshore portfolio investors.”

    Echotitbits take: The climb to $46.91bn in reserves is a major milestone for the Tinubu administration’s economic team. It suggests that the aggressive monetary tightening and FX reforms are finally yielding a “liquidity cushion.” Watch for whether the CBN will use this surplus to intervene more frequently in the retail end of the market to further close the gap between official and parallel rates.

    Source: Daily Post – https://dailypost.ng/2026/02/07/naira-closes-week-at-n1366-19-per-dollar-as-nigerias-external-reserves-hit-46-91bn/, February 7, 2026

    Photo credit: Daily Post

  • Federal Government Sets Ambitious 2.5 Million BPD Oil Target for 2027

    Federal Government Sets Ambitious 2.5 Million BPD Oil Target for 2027

    In an update published by Vanguard, the Federal Government has called on International Oil Companies (IOCs) to take decisive action to ramp up crude oil production. Speaking at the 2026 Nigerian International Energy Summit (NIES) in Abuja, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasized that the country aims to reach a production capacity of 2.5 million barrels per day (bpd) by 2027. This follows a 2025 average of 1.6 million bpd, which fell short of the 2.06 million bpd budget benchmark.

    The Minister stressed that the success of the entire petroleum value chain—from refining to distribution—is fundamentally dependent on the upstream sector’s performance. He reassured investors that the Petroleum Industry Act (PIA) provides a level playing field for both indigenous and foreign operators. The government’s renewed focus comes as the economy seeks to bolster foreign exchange earnings through increased energy exports.

    The Nation and BusinessDay are also tracking these developments from the NIES summit. The Nation noted that “the government is looking to eliminate technical hitches and oil theft that have historically hindered production.” BusinessDay highlighted the private sector’s response, quoting an industry executive who said, “the roadmap is clear, but the infrastructure for evacuation must match the production targets.”

    Echotitbits take:

    Achieving 2.5 million bpd is a tall order considering the aging infrastructure of many onshore assets. However, if the recent divestments by IOCs to local firms lead to more aggressive drilling in marginal fields, we might see a significant uptick. The government must ensure that the “enabling environment” mentioned includes physical security for pipelines to prevent the return of large-scale crude theft.

    Source: Arise – https://www.arise.tv/tinubu-reaffirms-nigerias-3-million-bpd-oil-output-target-by-2030/, February 5, 2026

    Photo credit: Arise

  • Clarivo Refinery Set to Drastically Cut Nigeria’s Fuel Imports

    Clarivo Refinery Set to Drastically Cut Nigeria’s Fuel Imports

    Reporting by Vanguard indicates that the management of Clarivo Refinery has announced a strategic roadmap to significantly reduce Nigeria’s dependence on imported petroleum products by the year 2035. The refinery, which is part of a new wave of private energy investments, aims to scale its production capacity to meet both domestic demand and export requirements. This announcement comes as the federal government continues to encourage private modular and large-scale refineries to stabilize the energy sector.

    The management emphasized that the refinery will focus on high-efficiency output and local value addition, ensuring that crude oil produced in Nigeria is refined within the country. This move is expected to save the nation billions in foreign exchange and create thousands of direct and indirect jobs in the downstream sector. The project is seen as a major win for the “Renewed Hope” economic agenda which prioritizes domestic energy security.

    The development was also validated by The Nation and Leadership. The Nation mentioned that “Clarivo is seeking further partnerships for its petrochemical wing,” while Leadership noted that “the refinery’s first phase is already 60% complete.”

    Echotitbits take:

    With the Dangote Refinery already operational, the addition of Clarivo suggests Nigeria is finally moving toward becoming a net exporter of refined products. Watch for the competition between these private giants to potentially drive down local pump prices through increased supply.

    Source: Vanguard – https://www.vanguardngr.com/2026/01/clarivo-oil-plans-world-class-refinery-in-nigeria-ceo-obidike/, January 31, 2026

    Photo credit: Vanguard

  • Nigeria and Türkiye Partner to Commercialize Scientific Research

    Nigeria and Türkiye Partner to Commercialize Scientific Research

    According to The Punch, high-level discussions between Nigeria and Türkiye have culminated in a new agreement focused on the commercialization of scientific research. The partnership aims to turn laboratory discoveries into viable commercial products, specifically targeting sectors like agriculture, defense, and manufacturing. The initiative is expected to boost Nigeria’s industrial growth by adopting Turkish technological frameworks and manufacturing processes to scale local innovations.

    The agreement includes exchange programs for researchers and the establishment of “innovation hubs” in major Nigerian cities. Officials from both countries noted that the goal is to reduce Nigeria’s reliance on imported finished goods while creating a robust pipeline for “Made in Nigeria” products destined for the international market. This bilateral cooperation is seen as a key component of the federal government’s 2026 economic expansion agenda.

    This development was also highlighted by Leadership and Tribune. Leadership reported that “the partnership will prioritize tech transfer in the defense sector,” while Tribune mentioned that “funding for the first phase of the hubs has already been secured.”

    Echotitbits take:

    Türkiye has become a strategic middle-power partner for Nigeria, especially in tech and defense. This move toward “commercializing research” suggests Nigeria is moving away from purely academic science toward an industrial-military complex model. Watch for the first “Nigeria-Türkiye” joint venture products in the agricultural machinery space.

    Source: The Punch – https://punchng.com/nigeria-advances-research-commercialisation-talks-with-turkiye/, January 31, 2026

    Photo credit: The Punch

  • Massive Cocaine Haul Intercepted at Apapa Port on Marshall Islands Vessel

    Massive Cocaine Haul Intercepted at Apapa Port on Marshall Islands Vessel

    According to The Guardian Nigeria, a joint operation by the Nigerian Customs Service and the NDLEA led to the seizure of 30.1kg of cocaine at the Apapa Port in Lagos. The illicit substance was discovered aboard a vessel flying the flag of the Marshall Islands, hidden within a specialized compartment.

    The interception is being hailed as a major victory in the ongoing war against international drug trafficking syndicates using Nigerian ports as transit hubs. Security agencies have already commenced a deep forensic investigation into the ship’s manifest and the identities of those involved in the logistics chain.

    Vanguard supported this report, highlighting that ‘Customs and NDLEA are stepping up vigilance at maritime gateways’ following several high-profile busts. BusinessDay also cited the development, quoting officials who noted that ‘illicit trade must be shunned’ to protect Nigeria’s international trade reputation.

    Echotitbits take: The use of a foreign-flagged vessel suggests a sophisticated international ring. While the seizure is commendable, the real challenge lies in prosecuting the high-level financiers behind these shipments, who often hide behind layers of corporate shell companies.

    Source: Vanguard — https://www.google.com/amp/s/www.vanguardngr.com/2026/01/customs-ndlea-intercept-30-1kg-cocaine-on-marshall-islands-flagged-vessel-at-lagos-port/amp/
    Vanguard January 3, 2026

    Photo Credit: Vanguard

  • Local investors fear ‘forceful takeover’ by foreigner, against converting dividends to shares

    Local investors fear ‘forceful takeover’ by foreigner, against converting dividends to shares

    Local investors have expressed fear that economic challenge in Nigeria, said to have continued to dampen investment drive and trigger apathy in the Nigerian capital market since the 2016 recession and now fueled by the effect of COVID-19 lockdown may lead to a forceful takeover of investments by foreigners.

    The Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion said if the Federal Government fails to make Forex available to foreign investors to repatriate their dividend, it would not only push local investors away from multinationals operating in Nigeria, it would also increase the quantum of unclaimed dividend in the capital market.

    “If they find it difficult at the Forex market, they may decide to buy more shares with the money and if this happens, Nigerian investors will be short-changed while foreign investors will eventually take over the companies.

    Omordion exercised fear about the unhealthiness of the situation for the market and urged that local investors must be encouraged to participate actively in multinational firms to create more wealth for the country.

    The fear is might be valid as a research by The Guardian revealed that foreign investors constitute a large proportion of unclaimed dividends in multinational firms listed on the Nigerian Stock Exchange (NSE) such as Nestle, Unilever, and Nigerian Breweries, among others.

    It was further reported that shareholding structure of Nestle Plc, the biggest multinational company on the NSE showed that Nestle S.A Switzerland controls 66.50 per cent, while Stanbic IBTC Nominees hold 6.28 percent. Free float (Others) constitute 27 per cent. For Unilever Plc, Unilever Overseas have 75.96 per cent stake Stanbic IBTC Nominees control 5.01 per cent, while 19.03 per cent is free float.

    “The Securities and Exchange Commission (SEC) and NSE have been working hard to reduce the quantum of unclaimed dividend so that people will have access to their return on investment.

    “Government should find a way to make sure that these people have access to Forex, even if they want to invest, it should be a fresh investment. Before now, they find it easy to repatriate their money and that is why they can invest more because they know that they are getting good returns from Nigerian companies” Omordion said.

    Sunny Nwosu, the founder of the Independent Shareholders Association of Nigeria (ISAN), said local investors are ready to sell off their shares to foreign investors at any additional value on the share price.

    “If they add N10 or N20 to the value of shares, Nigerians will sell because there is much hunger in the land, most of these retail shareholders have no money to meet needs of their families.

  • Nigerian Media Monitoring Agency Revamps Audit Reporting

    Nigerian Media Monitoring Agency Revamps Audit Reporting

    As part of measures aimed at enhancing clients’ efficiency, an independent public relations (PR) measurement and evaluation agency, P+ Measurement Services has revamped its Independent public relations(PR) performance audit reporting services.

    This was contained in a statement by the firm’s media representative, Glory Nnabugwu Tuesday, stating that the newly improved audit reporting template will help the agency broaden and maximise its offerings, by providing inference driven PR measurement and performance audit services for stakeholders in the communications industry.

    According to the agency, the revamped performance audit reporting “aims to create an easy-to-read and ready-to-use dashboard for clients and communications analysts, using a multi-platform strategy to incorporate all communications efforts into one dashboard.

    “It also features a multiple view dashboard, inclusive of trends, themes, sentiment, CEOs performance, using qualitative and quantitative data which allows structured analysis and inference”, the statement read.

    The Chief Insight Officer of the Company, Philip Odiakose said. “We have moved fast to come up with a comprehensive audit report that helps PR agencies, media planners, analysts and marketing communications clients make a difference in their business.”

    Odiakose affirmed that the company reviews its audit report annually and upgrade when necessary for clients’ easy implementation into their PR strategy.

    “The organisation upgraded its audit report for easy-to-read, dark-mode feel and valid metric in line with clients PR objectives in eradicating the request for AVE as well as noises from the machine” Odiakose stated.

    The P+ boss pointed out that having the right data, insights and recommendations goes a long way in scaling and analysing communications effort, while an easy-to-read dashboard propagates quick-decision-making for clients.

    “We remain committed to promoting awareness for the Independent media monitoring and measurement market in Nigeria, and by creating world-class structures and standards such as this. We believe we are on the right path to facilitating a balanced communications industry for brands and organisations in the country.

    “The report is valuable to communication and PR professionals wanting to define the value they bring to the brand having return on objective (ROO) in mind rather than AVE that is industry denounced, subjective, inconsistent in delivery value and can be manipulated”, he said.

    The company which celebrated its fifth-year anniversary last month, also celebrated its recently concluded AMEC measurement month as the only AMEC Member in the country.

    As Nigeria’s fast growing media intelligence agency, P+ Measurement Services continues to spur media measurement and evaluation literacy campaign for brands, agencies, non-governmental organisations (NGOs) and government agencies, in a bid to standardise a procedure that enables stakeholders to understand that implementing the right media measurement and evaluation campaign is critical.

  • Sanwo-Olu Identifies Real Estate Business as Key Factor of Lagos Economy

    Sanwo-Olu Identifies Real Estate Business as Key Factor of Lagos Economy

    Lagos State Governor, Babajide Sanwo-Olu, has identified real estate business as a key sector that has the potential of contributing 25 per cent growth to the state’s economy, saying his administration could not afford to miss this opportunity.

    Speaking at the maiden Policy Roundtable Dialogue with the theme: “International Best Practice on Real Estate Regulations,” organised by Lagos State Real Estate Regulatory Authority (LASRERA), Sanwo-Olu charged property developers, investors, real estate lawyers and practitioners to work with his administration to create a home ownership model that would help the state government address the deficits observed in housing market in Lagos State.

    The governor raised concern over the huge gap observed in the provision of mass housing to large number of residents, describing the situation as unacceptable. He said Lagos State Government was ready to bridge the gap by partnering the private sector and working with stakeholders to ensure people have access to viable home services.

    Sanwo-Olu disclosed that his administration had started to identify big players in the real estate sector that would partner with the government to raise housing stock of in the state. He said the government was ready to provide enabling environment for the investors to put their finances in creation of viable housing market for residents.

    According to him, “Public Private Partnership is one of the options we are exploring to realise our objectives of providing viable housing scheme for our citizens. We are at the edge of identifying real big players in the real estate sector to see how well we can leapfrog housing stock in our state. The government is ready to provide enabling environment and remove the bottlenecks that may impede this opportunity.

    “The housing stock deficit that we have in Lagos is not acceptable, but we all know the government cannot provide everything. We certainly need to explore opportunities in private investment to ensure we realise our objective.

    “Real estate business has the potential of contributing 25 per cent growth to the State’s economy and we cannot let this opportunity pass by.”

    Sanwo-Olu said part of the efforts being made by the government to raise the investment level of real estate business is to improve the turnaround time on land transactions. He said the state government had started improvement work on its Geographic Information System (GIS) platform to enable real estate investors have real time information on status of property they are investing in.

    The governor harped on lack of accurate data on real estate investment in the state, pledging that the state would be working with the practitioners to create workable database that would help investors and government. He added that his administration would introduce legislations that would help curb bad behaviors among tenants and property owners.

    He disclosed that his administration would be launching a N5 billion seed capital through Lagos State Employment Trust Fund (LSETF) to support businesses that want to provide succour to citizens in different areas.

    In his remarks, Lagos State Attorney-General and Commissioner for Justice, Moyosore Onigbanjo, SAN, assured the stakeholders that the current administration was ready to regulate business and protect the citizens from abuse and fraudulent transactions.

    Also speaking at the event, Special Adviser to the Governor on Housing, Toke Benson-Awoyinka, said the incumbent administration would not fail in its social responsibility to the people and investors.

    She said: “The reason for the emphasis on registration with the Real Estate Practitioners and Property Developers is to provide protection to citizens from imposters, fraudsters and reduce sharp practices associated with some unauthorised individuals who are not registered members of any professional association in Lagos and the country at large.

    “I urge all stakeholders to join hands with the state government to eliminate dubious individuals in the Real Estate industry and deal with them in accordance with relevant laws of the state.

    “This way, the integrity of the business will be restored and international investment will increase. LASRERA portal will provide local and foreign investors with the relevant data analytics for market transparency and intelligence that will help the growth and development of the real estate sector.”

    Idowu Sowunmi