Business

The Tony Elumelu Foundation is set to announce the 12th cohort of beneficiaries of its Entrepreneurship Programme on Sunday, March 22, 2026, following what it described as a record surge in applications from across the continent. In a statement on Friday, the foundation said it received over 265,000 applications from entrepreneurs across all 54 African countries, reflecting growing interest in business development opportunities, particularly in sectors such as artificial intelligence, agriculture and the green economy. The foundation said the announcement of the new cohort will be made virtually at 2:00 p.m. West African Time. The statement read, “In an unprecedented demonstration of Africa’s rising economic empowerment. the Tony Elumelu Foundation is set to unveil the 12th cohort...

Petrol prices have surged sharply across parts of Southeast Asia, with Vietnam recording a spike of more than 20 percent on Friday following a sudden government-approved increase driven by concerns over fuel shortages linked to the ongoing Middle East crisis. Authorities in Vietnam announced late Thursday night that the price of 95-octane gasoline would rise by 20 percent to 30,690 Vietnamese dong ($1.20) per litre. The development highlights the widening global ripple effects of the crisis, as several Southeast Asian nations struggle with escalating energy costs. Diesel prices in Vietnam climbed even higher, rising by nearly 34 percent to 33,420 dong per litre. Overall, petrol and diesel costs in the country have surged by more than 50 percent and 70 percent respectively since th...

Producers of sachet water in Imo State have suspended production for three days, triggering shortages and sharp price increases across Owerri and surrounding areas as concerns grow over rising manufacturing costs. The shutdown, initiated on Monday, March 16, by members of the Association of Table Water Producers, has disrupted supply chains, leaving many residents struggling to access the commonly consumed product. Consumers reported that a bag of sachet water, previously sold for ₦350, now costs around ₦500, while street hawkers who once sold three sachets for ₦100 are now selling a single sachet at the same price. Some producers, speaking anonymously, attributed the situation to escalating production expenses, particularly the rising cost of nylon used for packaging and diesel requ...

The Nigerian Railway Corporation (NRC) has confirmed the full resumption of train operations along the Abuja-Kaduna rail corridor after a disruption on Monday that left 26 passengers injured. The corporation’s Managing Director, Kayode Opeifa, disclosed this on Wednesday, assuring commuters that enhanced safety and operational measures have been put in place. In a post on his 𝕏 account, Opeifa stated that services were restored following the swift intervention of NRC personnel. “After the incident on March 16, 2026, normal train services have been fully reinstated through prompt action by the Nigerian Railway Corporation,” he said. He encouraged passengers to resume travel, noting that improved safety protocols now guarantee more secure and comfortable journeys. Opeifa added...

Uber Technologies said it is committed to dialogue with drivers after a strike by app-based transport operators disrupted ride-hailing services in Lagos, Nigeria’s commercial hub. The industrial action began on Monday, continued on Tuesday, and remains ongoing on Wednesday, affecting platforms including Uber, Bolt, and inDrive. Drivers logged off their apps to protest rising operating costs, low fares, and difficult working conditions. Union leaders have demanded higher fares, reduced commission charges, and improved protections for drivers. The strike has temporarily reduced ride availability across the country’s most populous city. “Drivers are at the heart of our business, and we remain committed to engaging constructively with them through regular roundtable discussions,” Uber...

Nigeria’s crude oil production, including condensates, recorded a decline of nine per cent month-on-month, falling to 1.483 million barrels per day (bpd) in February 2026 from 1.627 million bpd in January. The figures were released in the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which also highlighted an 11 per cent year-on-year drop—from 1.671 million bpd in February 2025 to 1.483 million bpd in the same period this year. According to the commission, combined crude and condensate production fluctuated during the period, reaching a peak of 1.82 million bpd and a low of 1.52 million bpd. It added that the daily average output stood at 1,544,345 barrels per day, comprising 1,421,960 barrels of crude oil and 122,385 barrels of condensate. The...

Chukwuma Soludo has said security has significantly improved in Anambra State, declaring that the long-running sit-at-home order is now effectively over. Soludo made the remarks on Tuesday, March 17, during his inauguration for a second term at Alex Ekwueme Square Awka, in Awka, where several prominent figures were present, including former presidents Goodluck Jonathan and Olusegun Obasanjo, as well as Vice President Kashim Shettima. He said: “The debilitating one-sit-at-home is over, and our schools, markets, businesses, and public servants are back to work. Ndi Anambra says that ours is now the safest, or at least one of the safest states in Nigeria.” Soludo added that Monday activities have resumed across the state, noting: “I’m sure many of you flew into Anambra yesterday, being ...

The Federal Government of Nigeria has approved the acquisition of electric buses for civil servants as part of efforts to promote cleaner transportation and boost local vehicle manufacturing. The development was disclosed in Abuja by Joseph Osanipin, Director-General of the National Automotive Design and Development Council (NADDC). Osanipin said the buses would be sourced from local assemblers to strengthen domestic production and stimulate growth in Nigeria’s automotive sector. He stated: “The initiative is aimed at encouraging the transition to cleaner mobility while creating opportunities for local manufacturers.” According to him, the government has also procured charging infrastructure that will be deployed across parts of the country to support the adoption of electric veh...

Nigeria’s headline inflation rate eased slightly to 15.06 percent in February 2026, according to new data released by the National Bureau of Statistics (NBS). Nigeria Security Updates The latest figure represents a marginal decline of 0.04 percentage points from the 15.10 percent recorded in January, suggesting a gradual moderation in price pressures across the country. Although the drop is modest, the trend is expected to be closely watched by policymakers at the Central Bank of Nigeria (CBN) as they continue efforts to maintain price stability. The report also showed that the Consumer Price Index (CPI) rose to 130.0 in February, up from 127.4 in January, representing a 2.6-point increase within the month. On a year-on-year basis, however, inflation fell significantly. Hea...

According to him, the action followed months of unresolved complaints by drivers over deteriorating working conditions and declining earnings on digital ride-hailing platforms. Drivers operating ride-hailing services in Lagos under the Amalgamated Union of App-Based Transporters of Nigeria (AUATON) have announced a three-day industrial action scheduled to commence on Sunday. Nigerian Political Analysis The union disclosed the planned shutdown during a press briefing in Lagos addressed by its Public Relations Officer, Mr Steven Iwindoye. According to him, the action followed months of unresolved complaints by drivers over deteriorating working conditions and declining earnings on digital ride-hailing platforms. Drivers affiliated with companies such as Uber, Bolt, inDrive...