Business
Top 10 Nigerian states for ease of business revealed
The Federal Government of Nigeria has unveiled the top 10 performing states in Nigeria’s ease of doing business ranking.
Lagos, Kaduna, Oyo, the Federal Capital Territory (FCT), Ogun, Enugu, Plateau, Ekiti, Kano and Nasarawa top the list.
The ranking is contained in the 2025 Subnational Ease of Doing Business Report, which shows that states implementing reforms have recorded up to 40 per cent reduction in business registration timelines, over 30 per cent improvement in land administration efficiency, and notable progress in digital service delivery and dispute resolution.
Speaking on Friday at a roundtable with members of the diplomatic community and strategic partners in Abuja, the Director-General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu, said the results demonstrate that sustained reforms are producing measurable outcomes across the states.
“These achievements are not abstract metrics, they are signals to investors that Nigeria is becoming more predictable, more transparent, and more competitive,” she said.
The event, held in collaboration with the British High Commission, UKAID and other partners, focused on connecting investment capital to the country’s top-performing states.
Audu noted that while progress has been made, the key challenge is ensuring that reforms translate into practical results for investors and businesses.
“As important as progress is, progress alone is not enough. The real question before us is this: can reforms translate into results? Can they deliver faster permitting processes, clearer regulatory pathways, and efficient capital deployment? Because ultimately, capital flows where certainty grows,” she said.
She explained that PEBEC is concentrating on three major areas, including improving the quality and coordination of regulations to ensure policies are practical and transparent, enhancing service delivery through platforms such as ReportGov which allows real-time feedback on business challenges, and deepening reforms at the state level where most business activities take place.
Also speaking, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said Nigeria’s ambition to build a $1 trillion economy will depend largely on the role of states and the private sector.
“We feel confident that with that mindset, led by the private sector, we can create a $1 trillion economy, supported by the response that our economy has experienced to doing what is right,” he said.
Bagudu explained that Nigeria’s federal structure gives states and local governments significant authority, including the ability to enter contracts and operate their own court systems, making their actions critical to attracting investment and driving economic growth.
According to him, competition among states, supported by reforms and development programmes backed by institutions such as the World Bank, has encouraged improved economic performance across the country.
He added that Nigeria’s entrepreneurial population remains a strong advantage, noting that citizens across all states possess similar drive and capacity for innovation and hard work.
In a goodwill message, the Lagos State Commissioner in charge of the Ministry of Commerce, Cooperatives, Trade, and Investment Mrs Folashade Bada, representing Lagos State Governor Babajide Sanwo-Olu, said Lagos’ position among the top performers is the result of deliberate and sustained reforms.
“Our position is not accidental. It is the outcome of sustained institutional reforms, policy discipline, and a clear recognition that capital flows where there is clarity, confidence, and continuity,” she said.
She disclosed that Lagos contributes more than 30 per cent of Nigeria’s Gross Domestic Product and accounts for over 60 per cent of the country’s commercial and industrial activities.
Bada said the state’s long-term development strategy, anchored on the Lagos State Development Plan 2052, is designed to ensure continuity in economic transformation across different administrations.
She added that the Lagos State Industrial Policy 2025–2030, which will soon be launched, is aimed at promoting a production-driven and export-oriented economy.
According to her, reforms in land administration, construction permits and tax systems have improved transparency and reduced delays for businesses. She noted that digital platforms introduced by government agencies have made processes more efficient, with low-risk construction permits now processed within 15 working days.
She said Lagos has also invested heavily in infrastructure, including fibre-optic networks, transport systems and logistics, to support economic activities and attract investors.
Bada further explained that the state has developed a strong public-private partnership framework that ensures projects are structured to international standards, with clear risk-sharing arrangements and predictable processes for investors.
She stressed that Nigeria’s overall investment potential goes beyond any single state, noting that collaboration among reform-driven states is helping to create a more consistent and attractive business environment nationwide.
According to her, efforts by PEBEC and the Nigerian Governors Forum to harmonise regulations across states are expected to reduce fragmentation and improve investor confidence in the country.
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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