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
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
