Economy
Lagos Ranks Best State for Business Operations in Nigeria
By Adedapo Adesanya
Lagos remains Nigeria’s top-performing state for ease of doing business, according to a new report by the Presidential Enabling Business Environment Council (PEBEC).
PEBEC in its Subnational Ease Of Doing Business Report 2025, which analyses the business environment across Nigeria’s 36 states and the Federal Capital Territory (FCT), noted that five states stood out as the strongest performers: Lagos, Kaduna, Oyo, the FCT and Ogun.
Lagos with 85.6 per cent stood out particularly for infrastructure such as roads and logistics, land administration, regulatory digital transformation, and digital literacy. It also continues to serve as the country’s tech hub and logistics gateway. Others include Kaduna (65.1 per cent), Oyo (62.7 per cent), the FCT (61.0 per cent) and Ogun (59.9 per cent).
Meanwhile, states such as Benue, Borno, and Zamfara remain at the bottom of the ranking as years of prolonged conflict and terrorism continue to make business operations challenging.
“Lagos state demonstrates strong market access, supported by efficient one-stop shops and clearly published incentives. Streamlined regulatory procedures and coordinated institutional support enable businesses to enter and expand operations with minimal delays, fostering investor confidence and enhancing the state’s attractiveness for new investment,” it said.
While Lagos ranks ahead of its peers, critical gaps include touting and loitering, investor aftercare, and digital connectivity.
PEBEC warned that “the presence of unauthorized individuals loitering around key business and logistics touchpoints creates an environmental nuisance and introduces significant security and safety concerns for commercial operators and the public.”
On digital connectivity, PEBEC said with network coverage concentrated in urban centres, limiting businesses to city clusters and restricting e-commerce adoption in inner towns and communities, and curtailing digital economic gains, adding that poor performance in investor aftercare signals gaps in post-entry support.
“The absence of a dedicated desk or poorly functioning departments results in delayed responses, inconsistent engagement, and limited guidance for investors, reducing Lagos state’s ability to retain existing investments and attract new capital.”
PEBEC noted that the Lagos State government must launch a high-capacity, dedicated Investor Aftercare Service to provide white-glove support for existing investors.
In the medium term, it advised that the state to prioritize enhanced security measures and regulatory enforcement by integrating real-time surveillance at key street corners and business corridors, coupled with deploying dedicated special task forces to physically remove loitering individuals.
“Crucially, the state should also pass an anti-loitering law to provide the legal framework necessary for sustained enforcement.”
On tackling its long term challenges, Lagos needs to upgrade digital infrastructure by extending fiber optic networks and incentivising last-mile connectivity.
“This will make high-speed internet more reliable, cut operational friction, and help businesses access markets easier,” PEBEC said.
By Adedapo Adesanya
The seasonal foreign exchange (FX) demand pressure further dealt a blow on the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 11, weakening its value against the US Dollar by 69 Kobo or 0.05 per cent to N1,456.07/$1 from the N1,455.38/$1 it ended a day earlier.
The Nigerian currency also performed poorly against the Pound Sterling and the Euro in the same market window during the trading session.
It lost N12.85 against the British currency to close at N1,950.11/£1 versus the preceding session’s N1,937.26/£1 and declined against the European nation’s currency by N13.60 to settle at N1,692.76/€1 compared with the previous day’s N1,706.36/€1.
At the GTBank forex counter, the domestic currency crashed against the US Dollar by N3 yesterday to sell at N1,463/$1 versus the N1,460/$1 it was exchanged a day earlier, and closed flat in the parallel market at N1,470/$1.
The local currency facing pressures defied the Central Bank of Nigeria (CBN) FX interventions amidst rising foreign payments, reflecting the absence of significant inflows from foreign investors, exporters and non-bank corporate players. This suggests that the FX market is trading at the band caused by seasonal pressures.
Yet, the Naira is expected to trade within a range, with increased Dollar sales by the central bank and steady remittance inflows offsetting seasonal demand for imports.
“All indicators point to range-bound trading for the week ahead, with the Naira likely within the range of between 1,445 and 1,460 to the dollar,” a trader told Reuters.
In the cryptocurrency market, benchmarked currencies appreciated as traders digested the Federal Reserve’s decision to trim its fed funds rate range by 25 basis points.
Solana (SOL) jumped by 6.0 per cent to $131.06, Litecoin (LTC) increased by 2.6 per cent to $83.45, Bitcoin (BTC) gained 2.4 per cent to close at $92,539.49, Binance Coin (BNB) also improved by 2.4 per cent to $892.03, Dogecoin (DOGE) expanded by 1.6 per cent to $0.1408, Ethereum (ETH) rose by 1.6 per cent to $3,254.61, and Ripple (XRP) grew by 1.4 per cent to $2.03.
However, Cardano (ADA) depreciated by 1.1 per cent to $0.4262, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Aduragbemi Omiyale
The Nigerian National Petroleum Company (NNPC) Limited has confirmed that the Escravos–Lagos pipeline experienced an explosion on Wednesday evening.
It was gathered that an explosion happened on the oil facility at a few minutes before 6pm on Wednesday, December 10, 2025.
It precisely occurred near Tebijor, Okpele, and Ikpopo communities in Gbaramatu Kingdom, Delta State.
The Chief Corporate Communications Officer of the NNPC, Mr Andy Odeh, in a statement on Thursday, disclosed that, “Initial observations indicate a pressure drop consistent with a loss of containment on an NNPC Gas Infrastructure Company (NGIC) pipeline.
“The cause of the explosion is still unknown but would be confirmed after a detailed investigation has been concluded. Our priority at this time is the safety of nearby communities and the protection of the environment.”
He noted that, “Emergency response procedures have been activated, and we are working closely with relevant authorities and community leaders to ensure a coordinated approach to mitigate impact.”
“NNPC Limited remains committed to the highest safety and environmental standards.
“Further updates will be provided as more confirmed information becomes available,” he added.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited bounced back into the green zone on Thursday after it closed higher by 0.74 per cent.
This growth was triggered by the gains recorded in three of the six key sectors of the local stock market, after the banking and the energy indices shed 0.35 per cent and 0.03 per cent apiece, with the commodity space closing flat.
Business Post reports that the insurance counter expanded by 2.99 per cent, the consumer goods index appreciated by 1.15 per cent, and the industrial goods counter marginal grew by 0.01 per cent.
At the close of business, the All-Share Index (ASI) was up by 1,088.58 points to 147,950.59 points from 146,862.01 points and the market capitalisation jumped by N694 billion to N94.319 trillion from N93.625 trillion.
During the trading day, 31 stocks ended on the advancers’ chart and 24 stocks finished on the laggards’ log, showing a positive market breadth index and bullish investor sentiment.
Japaul gained 9.88 per cent to sell for N2.78, Berger Paints also appreciated by 9.88 per cent to N40.05, Morison improved by 9.77 per cent to N4.27, PZ Cussons advanced by 9.36 per cent to N45.00, and Legend Internet soared by 8.91 per cent to N5.50.
Conversely, John Holt lost 9.26 per cent to trade at N4.90, Champion Breweries depreciated by 7.86 per cent to N12.90, Eterna dipped by 5.48 per cent to N30.20, VFD Group shed 5.07 per cent to N10.30, and The Initiates contracted by 4.80 per cent to N11.90.
Yesterday, the trading volume, value, and number of deals went down by 29.10 per cent, 0.81 per cent, and 5.23 per cent, respectively.
This was because traders traded 529.7 million equities for N12.3 billion in 18,159 deals compared with the 747.1 million equities worth N12.4 billion transacted in 19,161 deals on Wednesday.
On top of the activity chart was Access Holdings with a turnover of 156.3 million units worth N3.2 billion, FCMB exchanged 74.5 million units valued at N819.5 million, Fidelity Bank sold 42.9 million units for N812.7 million, Japaul transacted 41.2 million units worth N106.0 million, and Zenith Bank traded 20.3 million units valued at N1.3 billion.
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