More than 300 women-led businesses in Nigeria’s manufacturing, agribusiness and nutrition sectors have called for financing solutions tailored to their needs, amid concerns that investment-ready enterprises remain largely excluded from formal capital.

The call was made at the third edition of the W.O.M.A.N. Conference organised by Alitheia Capital in Lagos.

The two-day conference brought together entrepreneurs, investors, policymakers and development partners to examine barriers affecting women-led businesses, including access to capital, energy, technology and markets.

Held under the theme, “Scaling Women-Led Manufacturing, Agribusiness & Nutrition MSMEs: Providing Pathways to Capital, Energy, AI and Markets for Business Resilience,” the conference focused on helping women-led enterprises move from survival to sustainable growth.

Lagos Government Calls for Collective Action

Representing Lagos State Governor Babajide Sanwo-Olu, Commissioner for Agriculture and Food Systems, Abisola Olusanya, said women-led businesses continued to face significant barriers to appropriate finance and growth capital.

She said moving viable businesses from survival to sustainable scale required coordinated action from government, financial institutions, private investors, development partners and entrepreneurs.

“Many viable businesses struggle to move from the stage of survival to the stage of sustainable scale. Closing that gap must therefore be a collective responsibility,” Olusanya said.

She also urged entrepreneurs to strengthen governance, transparency, financial discipline and internal systems needed to build sustainable businesses.

Financial Discipline Linked to Access to Capital

Delivering the keynote address, titled From Survival to Scale: Building Investment-Ready Women-Led Enterprises in Nigeria’s Real Economy, Co-Founder of WIMBIZ and Founder and CEO of DO.II Designs Limited, Ifeyinwa Ighodalo, highlighted the importance of financial discipline.

“Financial discipline creates business legibility; business legibility creates credibility, and credibility creates access to capital and opportunities for growth,” Ighodalo said.

The conference also examined regulatory and infrastructure challenges, financing options for small and growing businesses and the use of green manufacturing to reduce operational costs.

Alitheia Capital said its investment-readiness programme equipped participating entrepreneurs with practical knowledge covering financial statements, unit economics, governance and capital structuring.

Alitheia Says Businesses Are Ready for Capital

Alitheia Capital Co-Founder Jumoke Akinwunmi said the conference demonstrated that the readiness of women-led businesses was not necessarily the primary challenge.

“What today showed us is that the theory is not the problem. The businesses are ready. The question is whether the ecosystem around them is ready to respond,” Akinwunmi said.

The Managing Partner and Co-Founder of Alitheia Capital, Tokunboh Ishmael, said more than 300 screened, revenue-generating businesses participated in the programme.

He said the businesses were assessed based on revenue thresholds, formalisation status and demonstrated growth potential, but many had never accessed formal capital.

“That is not a problem of ambition. It is a problem of design,” Ishmael said.

According to him, Alitheia Capital’s investment experience has demonstrated the commercial case for financing structures specifically designed for women-led businesses.

Conference Introduces AI for Business Growth

The second day focused on artificial intelligence, with an AI adoption programme delivered in partnership with Google Hustle Academy.

The programme was designed to help entrepreneurs apply AI to business operations and marketing.

Co-Founder of Nature Sense, Funmilayo Ogunsanya, said the programme provided practical knowledge that could help her business improve its operations.

“Honestly, it was so impactful. I learnt a lot that will help me take Nature Sense to the next level,” Ogunsanya said.

Alitheia to Track Businesses for 12 Months

Alitheia Capital said it would monitor participating businesses over the next 12 months.

The follow-up programme will track their access to capital, revenue growth and application of skills acquired during the conference.

W.O.M.A.N., which stands for Women in Manufacturing, Agribusiness and Nutrition, is Alitheia Capital’s annual programme for high-potential women-led businesses.

The programme combines a two-day conference with a 12-month follow-up initiative.

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Workers of the Nigeria Export Processing Zones Authority (NEPZA), under the Association of Senior Civil Servants of Nigeria (ASCSN), have protested in Abuja over proposed changes to the regulations governing free zones in Nigeria.

The workers described the process as a “backdoor” attempt to alter the regulatory framework without adequate participation from NEPZA, the agency legally responsible for licensing, monitoring and regulating free-zone activities.

They called on President Bola Ahmed Tinubu to intervene and ensure that any review of the regulations involves NEPZA, its unions, management and other relevant stakeholders.

NEPZA Workers Raise Concern Over 28-Page Document

Speaking during the protest, ASCSN Chairperson of the NEPZA chapter, Comrade Amaka Ugwu, said the workers were opposing what they considered an attempt to undermine the agency’s statutory mandate.

Ugwu said NEPZA was established under the Nigeria Export Processing Zones Act 63 of 1992 and is responsible for regulating free-zone activities in Nigeria.

She alleged that a ministerial committee had spent about six months reviewing the regulations without adequately involving NEPZA.

According to her, the controversy centres on a proposed 28-page document containing changes to the regulations and guidelines governing free zones.

Ugwu alleged that NEPZA only became aware of the document after it had been completed and forwarded to the Ministry of Justice for gazetting.

She said the document was later returned to NEPZA, after which the agency was allegedly given only two days to participate in a consolidation exercise.

“What they are doing is not asking for NEPZA’s opinion. They are merely asking NEPZA to append its signature to something that has already been concluded,” Ugwu said.

Workers Demand Fresh Review

The ASCSN chairperson called for the current process to be suspended and restarted through a broader committee.

She said the committee should include NEPZA, its unions and management, as well as other stakeholders involved in the free-zone scheme.

“What we want as an agency is very simple. The Honourable Minister should go back to the drawing board and constitute a proper committee,” she said.

Ugwu warned that changes to incentives available to businesses operating within free zones could affect the attractiveness of the scheme.

She argued that weakening the incentives could discourage businesses from operating within the zones and potentially affect employment and investment.

“If the incentives and benefits that are supposed to come with operating in a free zone are removed, what is the sense of coming into the free zone? You might as well operate in the customs territory,” she said.

Workers Link Reform to Jobs and Investment

Ugwu said the dispute was not only about NEPZA as an institution but also about businesses, workers, investment and Nigeria’s economic diversification efforts.

She said free zones were established to attract investment, create employment and promote non-oil economic activities.

The workers also expressed concern that changes made without adequate stakeholder participation could weaken NEPZA’s mandate and create uncertainty over job security.

“We are calling on the Federal Government, particularly Mr President, President Bola Ahmed Tinubu, to intervene,” Ugwu said.

She added that political appointees could change, but NEPZA and its statutory responsibilities would remain.

Federal Government Gives Different Account of Reform Process

The Federal Government has separately said its review of the economic free-zone framework is intended to restore the export orientation of the zones, address concerns around domestic sales and provide greater certainty for investors.

The Ministry of Industry, Trade and Investment said the reform process began in February 2026 with the inauguration of a Special Economic Zones Legislative and Regulatory Reform Committee.

According to the ministry, NEPZA and the Oil and Gas Free Zones Authority, alongside their respective teams, were included in the committee.

The government has said the reforms are intended to provide greater clarity around the legal and fiscal framework while preserving the incentives designed to attract investment into the zones.

The workers said they would continue their protest until their concerns were addressed.

“Until we achieve our objective. Until we get the desired result,” Ugwu said when asked how long the protest would continue.

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The World Bank has approved a $1.25 billion Development Policy Financing (DPF) loan for Nigeria despite growing public concerns over the country’s rising debt profile, while unveiling a new six-year partnership framework aimed at accelerating private sector-led economic growth and job creation.

The approval was announced on Wednesday following a meeting of the World Bank Board, which endorsed both the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing operation and a new Country Partnership Framework (CPF) covering 2026 to 2032.

The latest facility comes amid widespread criticism from many Nigerians over the government’s increasing reliance on external borrowing and calls for greater accountability in the utilisation of previous World Bank loans.

According to the World Bank, the $1.25 billion loan will support reforms designed to strengthen Nigeria’s economic competitiveness, improve the investment climate, and stimulate private sector-led growth.

The institution said the financing would help deepen Nigeria’s capital markets, modernise regulations governing the digital economy and e-governance, advance power sector reforms, reduce trade barriers under the ECOWAS and African Continental Free Trade Area (AfCFTA) frameworks, improve access to quality agricultural inputs, and strengthen domestic revenue mobilisation.

The bank noted that the financing forms part of a broader package of support combining policy-based lending with investments in energy, digital infrastructure, agriculture, social protection, and private sector development.

Alongside the loan approval, the World Bank launched its new Country Partnership Framework for Nigeria, which will guide its engagement with the country between 2026 and 2032.

Under the strategy, the bank aims to support programmes expected to provide electricity access to 32 million Nigerians, broadband connectivity to 58 million people, improved health and nutrition services for 40 million citizens, and increased agricultural productivity for 9.5 million farmers through better access to quality inputs.

The framework also seeks to strengthen human capital development while expanding investments in digital infrastructure and energy to stimulate economic growth.

World Bank Country Director for Nigeria, Mathew Verghis, said the new partnership framework would focus on creating sustainable employment by enabling private sector investment.

According to him, recent macroeconomic reforms have helped stabilise Nigeria’s economy, but sustained improvements in living standards would require addressing structural constraints limiting business growth and investment.

The World Bank also disclosed that its private sector financing arm, the International Finance Corporation, and its political risk insurance agency, Multilateral Investment Guarantee Agency, would play key roles in mobilising private investment under the new framework.

IFC Divisional Director for Nigeria, Dahlia Khalifa, said Nigeria’s long-term economic prospects depend on its ability to attract investment, improve productivity and unlock private sector job creation.

Similarly, MIGA Vice President and Chief Financial Officer, Ed Mountfield, said the agency would expand the use of guarantees and political risk insurance to encourage investments in critical sectors, including infrastructure and financial services.

The newly approved facility is the second-largest World Bank loan granted to Nigeria under the administration of Bola Ahmed Tinubu, following the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

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Governor of Niger State, Dr. Mohammed Bago, has officially handed over 500 hectares of land to Abuja Steel Mills Limited for the development of a large-scale Solar Farm and the AIG Industrial Park, a move expected to accelerate industrialisation, attract investments, and create thousands of jobs in the state.

The handover took place during a groundbreaking ceremony held in Sabon Wuse, Tafa Local Government Area, where government officials, investors, and industry stakeholders gathered to mark the commencement of the project.

Bago: Project Will Transform Niger State’s Economy

Speaking at the event, Governor Bago described the initiative as a landmark investment that would significantly reshape the economic and industrial landscape of Niger State.

According to him, the project reflects the state’s commitment to becoming a leading destination for investment and sustainable economic growth.

“What we are witnessing today is more than a ceremony. It is a clear declaration of our commitment to transforming Niger State into a preferred investment destination and building a New Niger that delivers opportunities for our people,” Bago said.

The governor noted that the project would leverage the state’s strategic advantages, including access to gas resources from the Ajaokuta-Kaduna-Kano (AKK) Pipeline, vast land resources, and existing power infrastructure.

He highlighted Niger State’s status as home to four major hydropower stations—Kainji, Jebba, Zungeru, and Shiroro Dams—which provide a strong foundation for industrial expansion and renewable energy development.

Bago also commended the management of Abuja Steel Mills and its parent company, African Industries Group (AIG), for choosing Niger State as the location for the ambitious project.

AIG Chairman Describes Land Allocation as Historic

The Group Chairman of African Industries Group, Raj Gupta, described the allocation of 500 hectares as a historic milestone that goes beyond industrial development.

According to Gupta, the project is designed to drive economic empowerment, community development, and employment generation.

“This is not just an opportunity to build industries and create jobs. It is about development, upliftment, and empowering people,” he stated.

He revealed that the proposed solar farm is expected to become the largest solar power installation in Sub-Saharan Africa, further positioning Nigeria as a major player in renewable energy and steel production.

“This project will put Nigeria not only on the global steel map but also on the renewable energy map,” Gupta added.

Power Minister Hails Bago’s Industrial Vision

Minister of Power, Joseph Tegbe, praised Governor Bago for demonstrating what he described as “industrial statesmanship” through the allocation of land for the project.

Tegbe said the initiative would serve as a lasting legacy by attracting significant private-sector investments and stimulating economic activities in Niger State.

“The most enduring legacy of governance is not just physical infrastructure but the industries, investments, and jobs created through strategic decisions,” he said.

The minister assured investors of the Federal Government’s commitment to addressing challenges within the power sector to support industrial growth nationwide.

Steel Development Minister Applauds Investment

Also speaking, Minister of Steel Development, Prince Shuaibu Abubakar, commended the governor’s foresight in making the land available for industrial use.

He praised Raj Gupta for transforming African Industries Group into one of the largest steel manufacturers in Nigeria and West Africa.

According to him, the company has grown from a small enterprise into a major industrial player employing over 10,000 workers and contributing significantly to Nigeria’s steel sector.

Abubakar expressed confidence that the solar farm and industrial park would revolutionise industrial development in Niger State while supporting President Bola Tinubu’s economic growth agenda.

Project Expected to Boost Jobs and Productivity

Minister of State for Industry, Trade and Investment, Senator John Enoh, described the project as a major catalyst for industrialisation and productivity.

He noted that the planned solar farm and industrial park would create new employment opportunities, reduce Nigeria’s dependence on imported industrial products, and strengthen local manufacturing capacity.

“The missing link in our economy is productivity. Projects like this create jobs, stimulate industrial growth, and reduce the nation’s import burden,” Enoh said.

The minister added that collaboration between government and private investors remains essential to unlocking Nigeria’s economic potential and driving sustainable development.

Industrial Hub Set to Drive Economic Growth

The 500-hectare allocation is expected to pave the way for the establishment of one of Nigeria’s largest renewable energy and industrial infrastructure projects.

Stakeholders believe the development will attract additional investments into Niger State, expand manufacturing activities, create thousands of direct and indirect jobs, and strengthen Nigeria’s position in both the steel and renewable energy sectors.

With construction activities set to commence, the Solar Farm and AIG Industrial Park are projected to become key drivers of industrial transformation and economic growth in the North-Central region and across Nigeria.

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Governor Abdullahi Sule of Nasarawa State says Nigeria possesses enough domestic liquidity to bridge its infrastructure deficit if transparent structures are put in place to attract investors.

Sule made the statement on Thursday in Abuja while delivering the keynote address at the 2026 Infrastructure Dialogue themed “Building Nigeria’s Future: The Strategic Role of DFIs and Capital Markets in Infrastructure Financing and Economic Development.”

He argued that Nigeria’s challenge is not lack of funds, but the absence of trust-driven systems capable of mobilising and securing available capital.

Dangote Refinery Cited as Proof of Local Capital Strength

Drawing from his experience as former Group Managing Director of Dangote Refinery, the governor said Nigeria’s private sector holds significant untapped liquidity.

He pointed to the refinery as evidence that large-scale investments could be easily financed domestically if structured transparently.

“Nigeria has so much money. If they decide to sell 30 per cent of a 20-billion-dollar enterprise, that capital will be oversubscribed,” he said.

Sule explained that investors focus more on transparency, trust and returns on investment than physical assets.

Nasarawa’s Economic Transformation Strategy

The governor said Nasarawa State has applied this investment-driven model to reposition its economy from a civil service base to an emerging industrial hub.

He disclosed that an executive order requiring solid mineral companies to process raw materials locally has attracted major lithium processing investments into the state.

According to him, these policies have significantly boosted internally generated revenue, which rose from ₦7 billion in 2019 to about ₦36 billion currently.

Sule also noted that the state avoided foreign loans to reduce exposure to exchange rate risks, focusing instead on blocking leakages and expanding infrastructure to support mining and agriculture.

Experts Highlight $30 Trillion Infrastructure Gap

Convener of the dialogue and Managing Partner of Deutsche Partners Holdings, Dr Onuoha Nnachi, said Nigeria faces an estimated $30.1 trillion infrastructure deficit as of 2024.

He explained that 62 per cent of the gap lies in economic infrastructure, which can be financed by the private sector due to its commercial viability.

Nnachi stressed that government budgets alone are insufficient and recommended that the public sector prioritise social infrastructure such as education and healthcare.

Call for Private Sector-Driven Infrastructure Financing

Participants at the dialogue called for a shift toward blended finance models, green bonds and capital market instruments to close Africa’s infrastructure gap, estimated at $100 billion annually.

Governor Agbu Kefas of Taraba State, represented by Commissioner for Agriculture Prof. Nicholas Namessan, described infrastructure as the backbone of economic and social development.

He emphasized the need for stronger collaboration between government and private investors.

Security Key to Sustainable Development

The Inspector-General of Police, Olatunji Disu, represented by CP Justin Obiora, said insecurity remains a major threat to infrastructure development.

He noted that the Nigeria Police Force is adopting technology-driven policing, including surveillance systems along critical infrastructure corridors, to prevent vandalism and sabotage.

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The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) regulatory forbearance to invest in the planned $50 billion Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE.

The approval provides a special dispensation allowing pension operators to participate in what is expected to become one of Africa’s largest public offerings.

According to PenCom, the decision followed a detailed review of requests seeking permission to invest pension fund assets in the proposed listing.

Dangote Refinery Targets Landmark $50 Billion Valuation

The Dangote Petroleum Refinery is preparing to float about 10 percent equity of its operations to the public in a deal expected to value the refinery at up to $50 billion.

The refinery, located in Lagos with a capacity of 650,000 barrels per day, is already regarded as one of Africa’s most significant industrial assets.

The IPO is also expected to include dollar-denominated dividends, making it attractive to institutional investors, including pension funds.

PenCom Cites Economic Importance and Strong Fundamentals

In its circular to PFAs, PenCom said the refinery’s strategic importance to Nigeria’s economy and its strong growth prospects influenced its decision.

The regulator also referenced the track record of Dangote Industries Limited as a key factor in granting the approval.

PenCom noted that the investment could generate broad economic benefits, particularly in energy security, industrial growth and capital market development.

Regulatory Waiver Comes With Strict Conditions

The circular, signed by A.M. Saleem, Director of the Surveillance Department, stated that PFAs may proceed under a special dispensation from Section 6.2.7.1 (iii) of the investment regulation framework.

This waiver temporarily removes certain restrictions, including profitability and dividend history requirements, but maintains all other regulatory safeguards.

However, PenCom stressed that PFAs must still comply with internal risk management rules and fiduciary responsibilities to pension contributors.

Waiver Described as Exceptional and Non-Precedent Setting

PenCom emphasized that the approval is strictly case-specific and applies only to the Dangote Refinery IPO.

“The regulatory forbearance granted under this Circular is exceptional, one-off, and strictly case-specific,” the commission stated.

It added that the decision should not be interpreted as a precedent for future IPOs or investment transactions.

The circular took immediate effect, with PFAs directed to seek clarification from the Surveillance Department where necessary.

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President Bola Ahmed Tinubu has revealed that Nigeria attracted nearly $20 billion in foreign direct investments (FDI) this year, attributing the inflow to reforms introduced by his administration to improve transparency, efficiency and investor confidence.

Speaking during a panel session at the ongoing Africa CEO Forum, President Tinubu said the government’s economic reforms are gradually positioning Nigeria as a more attractive and competitive destination for investors.

“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent and open for business,” the President said.

Tinubu Pushes Local Value Addition for Mineral Resources

The President stressed that Nigeria would no longer support the export of raw minerals without domestic value addition, noting that the country possesses the capacity to process mineral resources into finished products.

He specifically pointed to opportunities in electric vehicle manufacturing, stating that Nigeria has the resources required to produce batteries and support industrial growth.

“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment,” he said.

Tinubu explained that stronger collaboration between government and investors remains critical to accelerating development across Africa.

President Calls for Full Implementation of AfCFTA

The President also urged African countries to move beyond discussions and fully activate the African Continental Free Trade Area (AfCFTA).

According to him, African nations must work together and maximise the continent’s resources rather than operating in isolation.

“We have the African Continental Free Trade Area—it must not sit on the shelf. It needs to be activated properly through collaboration and effective use of resources,” Tinubu said.

He advocated an “Africa First” development strategy that prioritises local production, processing and manufacturing.

“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” he added.

Dangote Refinery Shows Africa Can Deliver Large Projects

Tinubu cited the success of the Dangote Refinery as evidence that African nations can execute large-scale industrial projects when supported with the right policies.

According to him, Nigeria’s transition from dependence on imported petroleum products to becoming a net exporter demonstrates the impact of strategic government support.

“Today Nigeria is a net exporter of PMS, aviation fuel and other products. Dangote is supplying aviation fuel across Africa and to European airlines,” he said.

Tinubu Calls for African Financial Reforms

The President also questioned Africa’s continued dependence on foreign currencies for trade transactions.

He argued that conducting trade using local currencies would reduce costs and improve economic stability across the continent.

“If you produce in Nigeria, you can trade in naira. Why should African trade depend on dollars? That adds cost and instability,” he said.

Tinubu proposed an African commodity exchange platform that would allow direct trade among African countries.

He further called for the establishment of an African credit rating agency, arguing that many international rating firms do not properly understand African economic realities.

“The big American agencies dominate 95 per cent of the market, but they don’t understand our risks and opportunities,” he stated.

Nigeria Expands Digital Infrastructure

On digital development, Tinubu disclosed that Nigeria is currently laying 19,000 kilometres of fibre optic cables nationwide to improve connectivity and strengthen the digital economy.

He noted that Africa must move beyond basic telecommunications and begin investing in broader digital systems, including artificial intelligence, e-commerce, and data infrastructure.

“We need to fund Africa’s shift from basic telecoms to AI and e-commerce,” he said.

The President expressed optimism that despite current challenges, stronger cooperation and commitment among African nations would eventually drive greater economic integration.

“Pan-Africanism can’t remain a slogan. It has to be lived,” he said.

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The Nigerian Institution of Estate Surveyors and Valuers has outlined strategic pathways for aligning real estate development with infrastructure investment corridors, as part of efforts to drive sustainable urban growth in Nigeria.

The recommendations were made during the institution’s 56th annual conference held in Abia State, where industry experts emphasised the need for data-driven planning, regulatory compliance, and stakeholder collaboration.

Participants noted that large-scale infrastructure projects such as highways, rail lines, airports, and industrial hubs play a critical role in shaping property values and urban expansion.

They stressed that early identification of growth corridors, combined with professional guidance on land acquisition and development timing, could unlock significant economic value while reducing investment risks.

President of NIESV, Victor Alonge, said estate surveyors must bridge the gap between infrastructure provision and real estate development to ensure inclusive and resilient growth.

He explained that the conference theme focused on rethinking real estate development within the context of ongoing infrastructure investments, particularly under the Federal Government’s Renewed Hope Agenda.

According to him, infrastructure corridors have the potential to stimulate economic growth, improve connectivity, and enhance regional integration across the country.

Experts at the conference warned, however, that corridor-based development must be supported by strong institutions and coordinated policy frameworks to prevent unregulated expansion and speculative land practices.

Second Vice President of NIESV, Emmanuel Mark, called for the establishment of a national corridor planning framework backed by legal and institutional support.

He urged the Federal Government to promote integrated planning that aligns transport, energy, and digital infrastructure within designated development corridors.

Mark also advocated for empowering state governments to implement corridor-specific land governance systems, noting that structured planning would help prevent land speculation and ensure orderly development.

On his part, Professor Bankole Awuzie highlighted the broader economic implications of infrastructure-led development, noting that such projects redefine land values and influence regional growth patterns.

He cautioned that while corridor development offers significant opportunities, it also poses risks such as inequality, fragmentation, and weak governance if not properly managed.

Also speaking, estate surveyor Christian Ifediora emphasised the need for sustainability in urban planning, urging governments to adopt green financing tools and strengthen institutional capacity.

He noted that cities like Lagos and Abuja are already experiencing the impact of infrastructure corridors on land use and real estate development.

Stakeholders agreed that integrating infrastructure planning with real estate development could drive inclusive economic growth, improve urban planning outcomes, and create more resilient cities.

However, they stressed that long-term success would depend on innovation, policy consistency, and effective collaboration between government and the private sector.

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One of Nigeria’s youngest corporate dealmakers, Folasope Babasola Aiyesimoju, is set for a major financial boost as UAC of Nigeria Plc (UACN) declared a total dividend payout of N2.93 billion for the 2025 financial year.

Aiyesimoju, who serves as the Chief Executive Officer and largest shareholder of the company, is expected to receive approximately N743.08 million from the payout, reflecting his 25.36 percent stake in the diversified conglomerate.

The dividend announcement underscores UAC’s commitment to rewarding investors, even as the company navigates a complex economic environment marked by inflationary pressures and currency volatility.

Dividend Growth Signals Investor Confidence

The board of UACN recommended a dividend of N1 per share for the 2025 financial year, representing a significant increase from the N0.22 per share paid in the previous year.

The payout, scheduled for June 26, 2026, highlights improved cash flow and operational resilience across the company’s core business segments.

Analysts say the sharp rise in dividend signals strong investor confidence and reflects the company’s ability to generate consistent value despite macroeconomic headwinds.

Strong Revenue Performance Amid Profit Decline

UAC of Nigeria posted mixed financial results for the year, with revenue surging significantly while profitability declined.

The company recorded a 73 percent increase in gross revenue, rising to N340.47 billion from N196.90 billion in the previous year. The growth was driven by strong performance across its key sectors, including food and beverages, logistics, paints, and real estate.

However, profit after tax dropped by 39 percent to N9.91 billion, down from N16.31 billion recorded in the prior year, reflecting rising operational costs and economic pressures.

Diversified Portfolio Driving Growth

UACN operates as a holding company with interests across multiple sectors of the Nigerian economy.

Its portfolio includes:
• UAC Foods Limited, producers of popular products like Gala sausage rolls and fruit juices
• UAC Restaurants Limited, operator of the well-known Mr Bigg’s fast-food chain
• MDS Logistics, a major player in healthcare distribution
• Strategic stakes in Livestock Feeds Plc and Portland Paints Nigeria

This diversified structure has helped the company maintain stability while expanding into high-growth sectors.

Balance Sheet Expansion Signals Aggressive Growth

UAC’s balance sheet showed significant expansion during the period under review.

Total assets rose sharply by 278.5 percent to N597.06 billion, driven by strategic investments and acquisitions aimed at strengthening its market position.

Retained earnings increased to N53.38 billion, while total equity rose modestly by 5 percent to N69.77 billion, indicating sustained value creation for shareholders.

Aiyesimoju’s Leadership Under Spotlight

Under Aiyesimoju’s leadership, UAC has undergone a strategic transformation, focusing on efficiency, diversification, and long-term growth.

His significant equity position—equivalent to over 743 million shares—places him as the largest beneficiary of the company’s dividend payout.

Industry observers say his approach reflects a broader trend of younger executives reshaping legacy companies through innovation and strategic investment.

Outlook for Investors

Despite the dip in profit, UAC’s strong revenue growth and increased dividend payout suggest a positive outlook for investors.

The company’s ability to balance expansion with shareholder returns positions it as one of Nigeria’s more resilient conglomerates in a challenging economic climate.

The post UAC CEO Aiyesimoju to Earn N743m Dividend as Company Declares N2.93bn Payout appeared first on Housing TV Africa.

Lagos State has been ranked as the best state for doing business in Nigeria, reaffirming its position as the country’s economic powerhouse, according to a new nationwide assessment of business environments.

The report was unveiled in Abuja on March 28 during the Reform and Diplomatic Roundtable 2026, organised by the Presidential Enabling Business Environment Council in collaboration with UK International Development and the Nigeria Economic Stability and Transformation Programme.

Top-performing states

Lagos secured the top position due to its strong regulatory framework, infrastructure, and institutional transparency. It was followed by Kaduna State, Oyo State, the Federal Capital Territory, Ogun State, Enugu State, Plateau State, Ekiti State, Kano State, and Nasarawa State.

State-level reforms now critical

The report emphasised that Nigeria’s economic growth is increasingly influenced by how well state governments tackle local business challenges.

With over 39 million Micro, Small and Medium-sized Enterprises (MSMEs) operating nationwide, subnational performance is now a key determinant of economic resilience and long-term growth.

It noted that while federal reforms remain important, the real business climate is shaped at the state level, where companies interact daily with regulatory systems and infrastructure.

How the ranking was determined

The assessment used 16 key indicators, including electricity access, infrastructure, digital connectivity, land administration, taxation, trade logistics, and workforce development.

These were further broken down into 36 sub-indicators tied to administrative data, ensuring that rankings reflect both policy frameworks and actual service delivery.

Why Lagos ranked first

Lagos stood out due to its relatively stable electricity supply, efficient land administration, and functional commercial courts.

The state also benefits from strong market access, a skilled workforce, and critical infrastructure such as airports and rail networks, which support business operations.

However, the report identified areas for improvement, including issues like touting, weak investor aftercare systems, and uneven digital connectivity in less urbanised areas.

Regional performance gaps

A regional breakdown showed uneven performance across Nigeria’s geopolitical zones.

The South-West dominated the top 10 with four states, followed by the North-Central with three. The North-West had two states, while the South-East had only one entry.

Notably, no state from the North-East or South-South regions made the top 10 list.

Spotlight on Enugu

Enugu State, the only South-East state ranked, placed sixth with strengths in digital infrastructure, electricity access, and workforce development.

However, it continues to face challenges related to access to credit and investor support systems.

Key challenges and recommendations

The report highlighted persistent barriers such as slow business registration processes and limited transparency, which discourage many MSMEs from formalising their operations.

To address these issues, it outlined key reforms including digitising land administration, improving access to credit, expanding commercial courts, and strengthening dispute resolution systems.

Other recommendations include improving logistics infrastructure, enhancing digital connectivity, removing interstate trade barriers, and establishing one-stop investment centres.

Outlook

The findings underscore the growing importance of subnational reforms in shaping Nigeria’s business environment.

Analysts say sustained improvements at the state level will be critical to unlocking economic growth, attracting investment, and supporting millions of businesses across the country.

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