Category: Business

ABUJA, Nigeria — April 17, 2026 (Agency Report) — Nigeria has intensified efforts to bridge an infrastructure deficit estimated at $2.3 trillion between 2020 and 2043, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, said on Thursday.

Speaking on the sidelines of the Global Infrastructure Facility — a G20 initiative — during the Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington, Ewalefoh said Nigeria requires about $100 billion annually over 23 years to meet its infrastructure needs.

He noted that government budgetary allocations remain insufficient to address the funding shortfall, making private sector participation through Public-Private Partnerships (PPPs) essential to nationwide infrastructure development.

According to him, Nigeria’s Infrastructure Master Plan projects that 70% of funding will come from the private sector, underscoring the need to develop bankable project pipelines with support from institutions such as the Global Infrastructure Facility to attract international investors.

Discussions at the forum highlighted the importance of tailoring PPP models to local realities, including investment risks, political considerations and the limited appetite for long-term capital in developing economies, Ewalefoh said.

He added that Nigeria is positioning itself as an attractive investment destination, citing its population of about 250 million and ongoing government reforms aimed at improving the business climate and strengthening investor confidence.

Ewalefoh assured potential investors of robust legal frameworks to safeguard investments, emphasizing the government’s commitment to the rule of law, contract enforcement and policies designed to guarantee returns while mitigating perceived risks.

He identified the energy and transport sectors as priority areas, requiring an estimated $759 billion and $595 billion respectively. Other critical sectors in need of substantial investment include information and communications technology (ICT), agriculture, healthcare and education.

PPPs, he said, offer practical solutions to funding constraints by reducing reliance on limited public budgets and enabling sustainable infrastructure financing through long-term investment recovery mechanisms for private investors.

Ewalefoh expressed confidence that ongoing engagements with global investors and development partners would unlock capital flows, accelerate project delivery and help Nigeria achieve its infrastructure objectives.

He also commended President Bola Tinubu for initiating reforms aimed at creating an enabling environment for PPPs to thrive. (NAN).

LAGOS, Nigeria — April 17, 2026 (Agency Report) — Guinness Nigeria Plc reported a 144% increase in sales to N730.8 billion for an 18-month financial period ending December 2025, following a change in its financial year-end.

The company adjusted its reporting cycle from June to December, resulting in financial statements covering July 2024 through December 2025.

Chairman Prof. Fabian Ajogwu disclosed the results at the company’s 75th Annual General Meeting in Lagos.

Sales rose from N299.5 billion in the previous comparable period to N730.8 billion, driven by an optimized product mix, new product innovations and calibrated price adjustments aimed at mitigating inflationary and cost pressures, Ajogwu said.

All product categories recorded resilient performance during the period, with Ready-to-Drink beverages delivering particularly strong growth.

Gross profit increased by 152%, reflecting improved cost management and pricing strategies, while operating profit rose by 251%, supported by tighter cost controls and more efficient marketing investments.

The company posted a net profit of N41.16 billion for the 18-month period, reversing a loss of N54.77 billion recorded in the 12 months to June 2024.

Operating profit climbed to N89.27 billion from N25.41 billion a year earlier, while profit before tax stood at N68.39 billion, compared with a pre-tax loss of N73.68 billion in the previous period.

After accounting for an income tax expense of N27.23 billion, net profit totaled N41.16 billion. Total comprehensive income also improved to N41.16 billion, compared with a comprehensive loss of N54.77 billion in the prior year.

Shareholders at the meeting approved the appointment of Mayank Kabra as Executive Director, alongside Bola Adesola and Olusola Oworu as Non-Executive Directors.

In separate remarks, shareholder representatives commended the company’s governance structure and performance.

Adetutu Shiyanbola, chairperson of the Highly Favoured Shareholders Association of Nigeria, praised the company for maintaining gender balance on its board.

Sunny Nwosu, national coordinator of the Independent Shareholders Association of Nigeria, urged the company to strengthen support for elderly shareholders beyond dividend payments.

Capital market analyst Nornah Awoh advised the company to consider adopting both interim and final dividend payments to enhance shareholder value, while exploring export opportunities to diversify revenue streams.

LAGOS, Nigeria — 17 April 2026 (Agency Report) — The Commonwealth Business Women Africa (CBW Africa) has urged more women across the continent to take deliberate steps to leverage opportunities under the African Continental Free Trade Area (AfCFTA).

Mrs Ngozi Oyewole, Continental President of CBW Africa, said in a communiqué on Thursday that women must play a central role in driving the AfCFTA vision.

The News Agency of Nigeria (NAN) reports that AfCFTA, established in 2018, seeks to accelerate intra-African trade, creating the world’s largest free trade area by participation and strengthening Africa’s global trade position.

Oyewole described AfCFTA as a transformative platform for economic integration, noting that Africa had moved beyond preparation into the active implementation of a unified market.

She added that the initiative was designed to unlock intra-African trade, eliminate barriers, and create one of the largest single markets globally.

According to her, women must play a central role in driving this vision rather than remaining on the sidelines.

“This is a continental awakening, and Africa is no longer preparing for integration; we are already in it,” she said.

Oyewole noted that CBW Africa was actively contributing to this integration through its e-commerce platform, which connects women entrepreneurs across borders.

She said the platform enhances market access, promotes visibility, and facilitates trade transactions among women-led businesses across African countries.

“We are not just speaking about integration; we are living it.

“We are moving women from informality to structured enterprises, from local markets to continental value chains, and from potential to profitability,” she said.

She added that the organisation was focused on building bankable and investable businesses led by women, as well as fostering credible and well-governed networks.

Oyewole also emphasised the importance of physical networking, describing proximity as a critical factor in unlocking business opportunities under the AfCFTA framework.

She encouraged participants to engage actively, initiate partnerships, and develop clear action plans that translate into business growth and cross-border partnerships.

She called on African women to move beyond participation in AfCFTA to actively dominate trade and enterprise across the continent.

“No woman should be without a concrete plan — not just inspiration, but a clear strategy for execution and collaboration,” she said. (NAN).

LAGOS, Nigeria — 16 April 2026 (NPA) — Nigeria’s inflation rose again in March 2026, according to the National Bureau of Statistics. Prices of everyday goods and services went up by 15.38% compared to last year, slightly higher than the 15.06% recorded in February. This means that, on average, Nigerians are paying more for the same items than they did a year ago.

The Consumer Price Index, which tracks changes in the cost of living, climbed to 135.4 points in March, up from 130.0 in February. Monthly, inflation jumped to 4.18%, showing that prices rose faster in March than they did in February.

Food remains the biggest driver of inflation. Items like yams, cassava, ginger, groundnuts, potatoes, tomatoes, and cassava flour saw noticeable price increases. Restaurants, transport, housing, and healthcare also added to the pressure.

Urban areas recorded inflation of 14.64%, while rural areas were hit harder at 17.22%, showing that people living outside cities are feeling the pinch more severely.

Across the states, Bayelsa, Sokoto, and Bauchi had the highest inflation rates, while Osun, Kano, and Kaduna experienced the lowest. For food prices specifically, Bayelsa, Sokoto, and Adamawa saw the sharpest increases, while Kano, Oyo, and Katsina had the smallest rises.

In simple terms, while inflation has slowed compared to last year’s very high levels, prices are still climbing quickly, especially for food and in rural communities. This means households continue to struggle with higher living costs.