In a significant step toward revitalizing Nigeria's steel industry, Chart & Capstone Integrated Ltd has entered a $2.5 billion financial and technical cooperation agreement with China's Sinomach-HE to develop a steel production plant in Kogi… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader New $2.5 billion steel project, digital economy reforms set to unlock major investment opportunities in Nigeria By Abiodun Abdullahi on April 27, 2025 In a significant step toward revitalizing Nigeria's steel industry, Chart & Capstone Integrated Ltd has entered a $2.5 billion financial and technical cooperation agreement with China's Sinomach-HE to develop a steel production plant in Kogi and Delta States. The agreement was signed at Sinomach's headquarters in Deyang, Sichuan Province, China, with Chief Immanuel Abel Edijala, Chairman/CEO of Chart & Capstone, and Lou Xiangdong, Chief of Sinomach-HE's Chengdu Representative Office, formalizing the partnership. The signing ceremony was witnessed by Joseph Tegbe, Director General of the Nigeria-China Strategic Partnership, and Dr. Ilesanmi Abiodun Bakare, Acting Consul General of Nigeria in Shanghai. The project aims to process Nigeria's iron ore into finished steel products locally, reduce reliance on imports, and support industrial growth. Financial closure and groundbreaking are scheduled for the fourth quarter of 2025, with equipment installation set to commence in early 2026. The initiative is expected to create thousands of jobs and drive long-term economic development. Meanwhile, experts at the 'Digital Asset Markets Strategy Masterclass Series' in Lagos have highlighted how Nigeria's Investment and Securities Act (ISA) 2025 positions the country as a major player in the Fourth Industrial Revolution. The landmark legislation empowers the Securities and Exchange Commission (SEC) to regulate digital assets, virtual asset service providers (VASPs), and tokenized securities, providing a clear legal framework for digital finance. Read also Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership, emphasized the potential of leveraging Chinese technology for Nigeria's digital asset market growth. He revealed that Nigeria has secured over $30 billion in investment commitments from Chinese companies in the past five months and is set to sign an agreement enabling direct currency conversion between the Naira and the Chinese Yuan, reducing dependency on the US Dollar. Further, Lagos State Governor Babajide Sanwo-Olu, represented by the Commissioner for Finance, Abayomi Oluyomi, announced plans to raise a green bond and monetize idle assets to fund infrastructure development, positioning Lagos as the first sub-national entity to implement such initiatives. The Masterclass Convener, Dr. Nicholas Okoye, underscored the transformative impact of digital asset markets, predicting they will revolutionize wealth creation and capital market structures across Nigeria and Africa, providing unprecedented opportunities for economic growth and financial inclusion.

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The Nigeria Education Loan Fund (NELFUND) has marked a major milestone, with over 500,000 Nigerian students applying for loans through its portal within the agency's first year of operation. This achievement was disclosed in a statement signed by N… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Nigerian students drive surge in education loan applications as NELFUND records over 500,000 entries By Abiodun Abdullahi on April 27, 2025 The Nigeria Education Loan Fund (NELFUND) has marked a major milestone, with over 500,000 Nigerian students applying for loans through its portal within the agency's first year of operation. This achievement was disclosed in a statement signed by NELFUND's Director of Strategic Communications, Oseyemi Oluwatuyi. According to the Managing Director of NELFUND, Akintunde Sawyerr, the volume of applications recorded in just 11 months underscores the urgent demand for accessible student financing across the country. He noted that it also reflects growing confidence in NELFUND's mission to democratize access to tertiary education. Read also "This is more than just a number; it's a signal of hope for families across Nigeria. We are witnessing a nationwide demand for opportunity, and NELFUND is proud to be at the heart of this transformation," Sawyerr said. He explained that since the launch of the portal, students nationwide have actively participated in the application process for both institutional and upkeep loans. Sawyerr reaffirmed NELFUND's commitment to ensuring transparency, accessibility, and efficiency throughout the loan process and called on all stakeholders to support the vision of making quality education more equitable and accessible to all Nigerians.

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Small businesses and local industries across Kano, Katsina, and Jigawa States are grappling with severe disruptions following a sharp decline in electricity supply from the Kano Electricity Distribution Company (KEDCO). Investigations revealed that i… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Persistent power outages disrupt small businesses in Kano, Katsina, Jigawa By Abiodun Abdullahi on April 27, 2025 Small businesses and local industries across Kano, Katsina, and Jigawa States are grappling with severe disruptions following a sharp decline in electricity supply from the Kano Electricity Distribution Company (KEDCO). Investigations revealed that in recent weeks, power supply in the affected states has dropped to less than two hours daily. The situation worsened during the Easter holiday, leaving many residential areas, particularly Christian communities, in complete darkness during the celebrations. The persistent blackout is occurring at a time when temperatures have soared to 43 degrees Celsius, with residents enduring intense heat from early morning until evening. Small-scale enterprises, particularly dealers in frozen foods, water vendors, and beverage retailers, have been significantly impacted. Many businesses now rely heavily on generators to sustain operations, while others have had to suspend production due to the high cost of fueling alternative power sources. Read also Retailers have resorted to purchasing ice blocks to preserve perishable goods and cool beverages, resulting in additional operational costs and reduced profit margins. Stakeholders noted that the unstable power supply is compounding economic challenges for micro, small and medium-sized enterprises (MSMEs) already battling inflation and rising operational expenses. In response, the Kano Electricity Distribution Company attributed the outages to ongoing upgrades of critical distribution infrastructure and vegetation control efforts across its network. Sani Bala Sani, spokesperson for KEDCO, explained that the upgrades are necessary to prevent network disruptions during the upcoming rainy season. He apologized for the inconvenience and assured the public that the projects would be completed promptly. Despite the assurances, small business owners continue to call for quicker interventions, warning that prolonged power challenges could force many enterprises to scale down or shut operations entirely.

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