AfDB: Nigeria Power Crisis Costs Businesses Billions
AfDB report reveals Nigeria's power outages cost firms 3% of sales, with 70.7% relying on generators, urging government to improve electricity and public services.
Category : Business
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Ogun State Rises to Second in 2025 pSPI Ranking
Ogun State achieves second place in the 2025 Phillips Consulting State Performance Index, highlighting infrastructure, industrial growth, and governance reforms under Governor Abiodun.
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Obi Promises 10,000MW Electricity in Four Years
Peter Obi vows to increase Nigeria's electricity generation and distribution to 10,000MW within four years, highlighting power as crucial for economic growth.
CBN Extends PoS Geo-Fencing Deadline to August 1, 2026
The Central Bank of Nigeria has extended the compliance deadline for PoS geo-fencing to August 1, 2026, and increased the operational radius from 10 to 70 metres.
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TCN Alerts Five Nigerian States of Power Outages, Neighbouring Country Affected
Millions in Northern Nigeria face blackouts as TCN shuts down critical transmission line for emergency maintenance, affecting five states and Niger Republic.
Obi Pledges to Raise Power Generation to 10,000MW
Peter Obi, NDC presidential candidate, vows to increase Nigeria's power generation from 4,000MW to 10,000MW by 2027, while Dele Farotimi defends his integrity against political attacks.
Deepening Digital Sovereignty with In-Country Data Centres
Nigeria strengthens digital sovereignty through local data centres like Kasi, reducing reliance on foreign servers and enabling AI growth.
Nigeria Loses N13 Trillion to Floods, 33 States at Risk in 2026
Nigeria suffers N13 trillion in flood damages from 2024-2025, with 33 states predicted to face severe flooding in 2026, prompting calls for urgent interventions.
Flutterwave Promotes 100+ Employees, Global Relief Package
Flutterwave promotes over 100 employees globally, launches cost-of-living adjustments and one-time economic relief payments amid rising living costs.
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Employers Urge Action on Costs Ahead of Minimum Wage Talks
Employers call on FG to address transport, food, and housing costs before minimum wage negotiations, warning that unresolved issues could derail talks.
Cowry Asset Sees 4.03% GDP Growth in Q2 2026
Cowry Asset Management projects Nigeria's Q2 GDP growth between 3.98% and 4.03%, driven by telecoms, agriculture, and services, despite risks like energy costs and insecurity.
Nigeria Moves from Reforms to Growth, Says Oyedele
Finance Minister Taiwo Oyedele says Nigeria is transitioning from economic stabilisation to growth, citing moderating inflation and FX stability.
FG, NISO Seek Lasting Solution to Grid Failures
The Presidential Adviser on Power met with NISO management to find a permanent solution to frequent grid collapses that have plagued Nigeria's electricity sector.
OPay Boosts Financial Inclusion and Jobs in Nigeria
OPay serves over 45 million users in Nigeria, expanding digital payments and creating jobs through agency banking and merchant services, supporting financial inclusion.
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Investors Gain N60 Trillion in Five Months as Capital Market Booms
Nigerian capital market sees N60 trillion gain in five months, driven by strong earnings and liquidity. Analysts warn of possible correction amid rising political risks.
RCCG's Trinity Towers Gets EDGE Green Certification
Trinity Towers, owned by RCCG, has received EDGE certification from IFC, marking a milestone for green building in Nigeria. The mixed-use development in Lagos includes commercial, leisure, and worship spaces.
Contractors drop fixed contracts amid 20% cost surge
Construction costs have risen nearly 20% since December due to geopolitical tensions. Contractors now adopt phase-by-phase contracts to survive.
Nigeria Housing Financing System Hinders Affordable Homeownership
Experts at a housing summit in Abuja identified Nigeria's flawed housing financing system as a major obstacle to affordable homeownership, urging PPP models and regulatory reforms.
Oye Slams FG Energy Reforms as NNPCL Debt Hits N30tr
Dele Oye and NECA criticize Nigeria's energy reforms, citing N30.3 trillion NNPCL debt, high fuel costs, and unreliable power despite government claims of progress.
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AfDB Warns Nigeria, Others on Rising Debt Risks
The African Development Bank warns that rising debt levels across Africa threaten economic stability, with Nigeria, Ghana, and South Africa at high risk.
Stakeholders Urge Risk Management Boost in Engineering
Stakeholders urge stronger risk management in Nigeria's chemical engineering sector to boost GDP and reduce losses, emphasizing skills in oil, gas, manufacturing, and renewable energy.
RusselSmith Formally Transitions to Arridex
RusselSmith Nigeria Limited has changed its name to Arridex, reflecting its expansion beyond oil and gas into multi-sector industrial technology, and will commission West Africa's first additive manufacturing facility in Lagos.
Cooperatives Target Affordable Housing via Digital Finance
Stakeholders at the Cooperative Housing Summit Africa call for digital finance, stronger governance, and innovative funding to boost affordable housing in Nigeria and Africa.
Banking Recapitalisation: Tinubunomics Reform Pillar
Analysis of Nigeria's banking sector recapitalisation under Tinubunomics, examining its necessity, risks, and impact on the $1 trillion economy goal.
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Nigeria's Economic Challenges and Recovery Path
Nigeria faces economic hurdles including inflation and unemployment, but strategic reforms and diversification offer a path to sustainable growth.
Navy Commissions Housing, Golf Clubhouse in Lagos
The Nigerian Navy commissioned a 48-unit apartment block, a golf clubhouse, and 16 flats in Lagos to mark its 70th anniversary, boosting personnel welfare.
Lagos Urges Council Chairmen to Boost Sanitation Participation
Lagos State calls on 57 council chairmen to mobilize residents for monthly sanitation, emphasizing civic duty and environmental sustainability.
Nigeria Coffee Revival Initiative Launched for Revenue Growth
Nigeria launches Coffee Revival Initiative to boost production and exports, targeting a decline from 40,800 to 39,900 bags by 2028, with support from FAO and COCEFAAA.
Linkage Assurance profit surges 748% as insurers benefit
Linkage Assurance Plc reports 748% profit surge to N6.25 billion in Q1 2026, driven by high-yield investments amid economic challenges.
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Cleric Supports 300 Elderly Persons Monthly in Anambra
Rev. Fr. Emmanuel Obimma provides monthly cash and rice to 300 elderly people in Nkwelle-Ezunaka, Anambra, and plans charity visits to prisons and homes for the less privileged.
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