Economy
Lagos Empowers 4000 SMEs to Boost Economy
By Dipo Olowookere
No fewer than 4000 small and medium scale businesses have benefited from the N25 billion Employment Trust Fund (ETF) set up by the administration of Governor Akinwunmi Ambode of Lagos State in 2015.
This, according to Mr Ambode, was part of his efforts to boost the economy of the state and turn small enterprises to bigger organisations.
Mr Ambode, while receiving a delegation from Legatum Center for Development and Entrepreneurship, Massachusetts Institute of Technology (MIT) on a courtesy visit at the Lagos House in Ikeja, said deliberate efforts have been made by his administration to aid businesses and encourage budding entrepreneurs in the state.
Alluding to the fact that the State boasts of a burgeoning population of youths, the Governor said that driving entrepreneurship growth was a sure way to engage the youths meaningfully to enable them contribute their quota to the growth of the economy.
“There is no way under this economic recession that we have found ourselves that we can actually employ all the people under that age bracket. So the best thing is to create a framework that would allow them to dissipate their energy and creativity into the things that they would love to do.
“That’s why we set up the Employment Trust Fund with a budget of N25billion to be able to touch those younger ones that would not necessarily have the capital to recreate their skills and so far so good in the last two years we have done almost about 4000 entrepreneurs and we are doing more,” he said.
Welcoming the partnership prospects with MIT, Governor Ambode said he was excited that the Legatum Center had finally discovered the importance of the African continent as a key part of the map to driving innovation as well as entrepreneurship and Lagos as one of its major city partners.
Besides, the Governor said that the setting up of the Ministry of Wealth Creation and Employment was in consonance with the ideals of the Legatum Center, assuring that his administration would do all it can to sustain the partnership beyond entrepreneurship.
“I am committing the State Government that we would continue to support this, we would make sure that we would support this. I am excited that in the next two days, you would be finding new entrepreneurs that can come into this enterprise bracket. We would also like to support in any way that we can promote these younger ones.
“I am happy to see the CEO of Wecyclers, Mrs Billkiss Abiola here; recycling is something that is dear to my heart, even before becoming Governor, I visited the place and I can tell you that I was excited about the skill set brought to bear. We’ve supported a whole lot of entrepreneurs also and we would continue to do that,” the Governor said.
Earlier, in her remarks, Executive Director, MIT, Mrs Georgina Flatter said the team was in Lagos to liaise with entrepreneurs in the State and build sustainable partnerships going forward.
She said the MIT team had spent the last few days touring eco systems and visiting entrepreneurs and ventures across Lagos, describing the experience so far as most inspiring.
“We visited Billlkiss’s recycling site yesterday and saw the amazing job that she’s been doing in the city and how she is bringing huge value to the eco system and this is why we are here, to understand your entrepreneurs and see how we can build partnerships and strengthen this partnership with your entrepreneurs through seeing the great work that people are doing.
“We can start to understand what role we can play to support them. I also like to thank you for the service that you are providing, we can see the good work that this government is doing to support the entrepreneurs,” Mrs Flatter said.
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
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