Economy
Grooming Start-ups To Survive Nigerian Ecosystem
By Olukayode Kolawole
Starting a business in Nigeria, like many other countries, usually comes with many road bumps. It is not just enough to have a brilliant idea that can be built into a mega business; more is required than just a good thought process.
More often than not, entrepreneurs would always believe that raising enough capital to run a business is the most important factor.
After all, we all at a time attended that Economics class where we were taught that money is the most important element to drive a business to success.
At Jumia Travel, we believe there are other elements that are as important as capital for a business to grow.
Some of these will include, but not limited to, creating a comfortable environment for start-up owners and investors to relate, providing essential support to ensure that the business survives and caters to the socio-economic environment by creating jobs, providing substantial dose of mentorship, business advisory supports, peer learning network and enriching the development process for these start-ups.
There are a number of platforms created by individuals and some by a group of individuals who are committed to helping others grow their businesses.
These platforms have been created to provide necessary expert support in different areas that are affected by the businesses i.e. marketing, innovation, customer service, branding etc.
To mention but a few, Lagos Start-up, Start-up Friday, IC-Cube Start-up Conference & Exhibition, Nigeria Small Business Summit and Start-up Lagos Conference are some of the platforms that have provided start-ups with the needed intellectual infrastructure supports.
Just last week, the second edition of the Lagos Start-up Week was held at Oriental Hotel Lagos. It was a weeklong of activities – from paper presentation to panel discussions and Q&A sessions.
As a supporter of SMEs, Jumia Travel was among the many sponsors of the event.
As a form of recognition of its leadership position in the ecommerce industry, the company’s Managing Director in Nigeria Kushal Dutta was invited as a panellist to speak on the “The Future of Ecommerce, Retail and Payments in Nigeria”.
During the panel discussion, Kushal made some interesting revelations about digital penetration.
For instance, he made a distinction between internet penetration and e-commerce penetration.
According to Kushal, these two are often misconstrued to be same.
The success of e-commerce largely depends on internet penetration because if people don’t have access to the internet, it becomes impossible for them to transact on any ecommerce platform.
He stressed that because of the high penetration of the internet, it’s profitable to spend money on online promotions as it has the potential to impact ROI measurably through online sales.
A comparative look at the internet users in Nigeria between 2015 and 2016 clearly shows that the country is ripe for ecommerce businesses to thrive, if we were to judge by access to the internet.
As at July 1, 2016, there were about 86,219,965 internet users in Nigeria which is about 46.1% of the entire population.
The percentage is expected to grow by 2.63% by 2017 whereas there were only about 82,094,998 internet users in 2015 which represented 45.1% of the population.
A lot of aspiring entrepreneurs should look at venturing into ecommerce business as it’s evident that internet penetration in the country is growing astronomically.
Kushal also advised the participants against looking for investors when the business idea has not been properly thought through and no scalable model is already in place with a well-defined market.
This, he said, might prevent investors from investing their capital in the business.
He made reference to MTN’s involvement in Jumia’s business as a result of the scalable business plan that the organization has put in place. MTN was able to key into the vision after it saw its profitability circle as a business.
Even though the current climate of the Nigerian economy has been quite unconducive due to a number of reasons but top on the list the recession, aspiring entrepreneurs should be encouraged and groomed into becoming successful business owners.
True, there are platforms cropping up every day to cater to these needs. Yet, more and more collaboration still needs to be done. At least, that’s what we believe at Jumia Travel.
Olukayode Kolawole is the Head of PR & Marketing at Jumia Travel NG.
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By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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