FG, Manufacturers Seek Cheaper Industrial Financing
The Federal Government and industry stakeholders have launched the Lagos Industrial Finance Compact to address the high cost of capital facing Nigerian manufacturers. The initiative aims to provide affordable, long-term financing and make local production more competitive than imports.
Minister of State for Industry, John Enoh, said borrowing costs of around 27–30 per cent were discouraging investment in manufacturing. Stakeholders agreed to develop practical financing solutions with clear 30-, 60- and 90-day implementation targets.
Samsung Launches Galaxy S26 FE in Nigeria
Samsung Electronics has introduced the Galaxy S26 FE as a more affordable entry point into its flagship S-series. The company said the device targets consumers who want premium features without purchasing the higher-priced Ultra models.
Key features include AI-powered photo editing and video reframing, aimed particularly at content creators and everyday users.
MTN Foundation Invests N34bn in Social Projects
The MTN Nigeria Foundation says it has invested more than N34 billion in over 54 social projects, reaching more than 33 million people across 3,500 communities.
The foundation also disclosed that its MTN-SAIL Teachers Fellowship has impacted more than 8,000 teachers through training in digital teaching, artificial intelligence, and modern classroom techniques.
Piggyvest Opens Dangote Refinery IPO to Millions
Piggyvest has partnered with Chapel Hill Denham to give its more than 6.6 million users access to the Dangote Refinery IPO.
The offer runs from September 14 to October 13, 2026, with shares priced at N525 each and a minimum subscription of 10 shares. The offering is expected to raise about N2.15 trillion.
Access Bank Raises Womenpreneur Grant to N7m
Access Bank has increased the top grant under its Womenpreneur Programme to N7 million as it launches the eighth edition.
The programme, which has trained more than 1,100 women across 10 African countries, will provide participants with business training, mentorship and access to funding.
African Beverage Brands Turn to Culture and Innovation
Industry leaders at the New Pour Summit in Nairobi called for African beverage brands to place culture, consumer insights and innovation at the centre of their growth strategies.
Speakers highlighted trends including wellness, premium local drinks, authenticity, technology and sustainable production as key drivers of the continent’s beverage industry.
LEKOIL Targets 100,000 Barrels Per Day
Oil and gas company LEKOIL Nigeria has unveiled plans to progressively develop its Nigerian assets towards a long-term production target of 100,000 barrels per day.
The company said it would focus on production, gas commercialisation, exploration and strategic partnerships to unlock value from its portfolio.
Mutual Benefits Targets Market Expansion
Mutual Benefits Assurance plans to use its stronger capital position following recapitalisation to expand market share, improve technology and product offerings, and increase underwriting capacity.
The insurer said its priority is sustainable growth and delivering greater value and convenience to customers.
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FirstBank Urges SMEs to Focus on Profit and Customer Retention
FirstBank has advised small businesses to look beyond sales volume and focus on profitability, customer acquisition, pricing, inventory management and retention.
Business experts at the bank’s SMEConnect webinar stressed that understanding target customers and maintaining healthy cash flow are essential for sustainable growth.
FG Plans 500 More CNG Stations
Transport unions have backed the Federal Government’s plan to establish 500 additional CNG stations nationwide, saying wider access to compressed natural gas could reduce transport fares and inflation.
They cautioned, however, that the stations must remain adequately supplied and operational for Nigerians to feel the impact.
Customs Stakeholders Back Post-Clearance Audit
Maritime stakeholders have supported the Nigeria Customs Service’s Post-Clearance Audit reforms, describing the initiative as a tool for improving transparency, voluntary compliance and revenue collection.
Customs said the programme would remain a continuous engagement with businesses and would be expanded to other parts of the country.
Lagos Records 92% Increase in Individual Tax Filings
The Lagos State Internal Revenue Service reported a 92 per cent increase in individual tax filings between 2025 and 2026, while corporate filings rose by 11 per cent.
LIRS also recorded a 29 per cent increase in overall tax revenue in the first half of 2026. Business leaders, however, urged government to broaden the tax base rather than place additional pressure on existing taxpayers.
FMBN Launches N100m Diaspora Mortgage Scheme
The Federal Mortgage Bank of Nigeria has launched a diaspora mortgage scheme offering eligible Nigerians abroad up to N100 million at nine per cent interest, with repayment of up to 10 years.
The scheme allows applications and NHF contributions to be completed digitally, making it easier for Nigerians abroad to finance homes in Nigeria.
FG Seeks Chinese Investment in Power Sector
The Federal Government is engaging Chinese engineering firms and financial institutions to accelerate power projects and attract investment into Nigeria’s electricity sector.
The government is seeking partnerships covering generation, transmission, hydropower and industrial power projects to improve electricity supply and support economic growth.
Free Educational Data to Begin October 1
The Federal Government has announced that Nigerian students will begin receiving 100MB of free daily data to access approved educational platforms from October 1, 2026.
The initiative will initially target senior secondary and tertiary students. The government also plans to introduce measures regulating internet access for children under 16.
