Lagos has cemented its position as one of Africa’s top economic hubs, with its GDP reaching $259 billion in 2023. The state experienced significant growth in early 2024 and aims for further expansion in 2025. Despite its booming economy, challenges such as high inflation and revenue mobilization need to be addressed for sustained growth.
Billionaire Tony Elumelu’s fortune has soared to $2.15 billion, reflecting the success of his investments in Transcorp, UBA, and Heirs Holdings. His commitment to Africapitalism and strategic investments continue to drive economic growth and entrepreneurship in Africa.
Federal Executive Council has approved ₦151.9 billion for electric buses, tricycles, and charging infrastructure in North-East Nigeria. This project, funded by the NEDC, aims to promote clean energy transportation, reduce emissions, and enhance mobility in the region.
Transcorp Plc has posted a record-breaking N136.6 billion pre-tax profit for 2024, reflecting a 132.41% increase from the previous year. The company’s total revenue surged by 107.07% to N407.9 billion, with the power sector contributing the largest share.
Dangote Industries Limited has maintained its status as Nigeria’s highest taxpayer, remitting over N402 billion in 2024. Recognized by FIRS for tax compliance, the company remains committed to corporate responsibility and economic development.
Nigeria has replaced Remita with a new Treasury Management and Revenue Assurance System to enhance transparency and efficiency in financial transactions. The transition is happening in two phases, with existing users automatically migrated.
MTN Nigeria has reported a staggering N400 billion loss for 2024, driven by the sharp devaluation of the naira and rising operational costs. Despite the economic challenges, the telecom giant is implementing strategic measures to sustain its market leadership.
Nigerian naira strengthens against the dollar, investors wonder if the rally will last. With inflation adjustments, monetary policy shifts, and FX market dynamics in play, the currency faces a crucial test in the coming weeks.
Microsoft has launched a $1 million AI training initiative in Nigeria, targeting one million participants over two years. While the program aims to boost digital skills, questions remain about its feasibility and impact. Read more about Microsoft's vision for AI in Africa.