Business

Meta’s Exit to Throw 20 million Nigerian MSMEs Out of Business

The Global System for Mobile Communications Association reported that Nigerian MSMEs rely heavily on Facebook and Instagram for sales, customer engagement, and brand visibility.

Published

1 year ago

May 9, 2025

OhiBaba

576 Views

A Digital Marketing Consultant at EssenceMediacom, Olayinka Shobola, believes that a shutdown of Facebook and Instagram operations in Nigeria would deal a serious blow to Nigeria’s digital economy, especially millions of micro, small, and medium enterprises (MSMEs).

The Global System for Mobile Communications Association reported that Nigerian MSMEs rely heavily on Facebook and Instagram for sales, customer engagement, and brand visibility.

“Meta Platforms’ threat to halt operations in Nigeria could devastate 56 percent of the nation’s 39.6 players in the information technology space,” Shobola said, stressing that such an exit would erode tax revenues and force businesses to seek costly alternatives, as a $290 million fine dispute with regulators intensifies.

“Businesses that built their brands on Meta’s platforms would face immediate challenges.

The platforms have become essential tools for business survival and growth in Africa’s largest economy, where SMEs contribute nearly 50 per cent to GDP and represent more than 96 per cent of registered businesses.

“Most likely affected businesses will pivot to platforms like X or TikTok for short-term survival, but long-term, they’ll need to invest in standalone e-commerce or offline channels,” Shobola said.

“Jobs will take a hit; marketers, influencers, and agencies will lose contracts overnight.”

Statista forecasts a $148.2m social media ad market in 2025, with Facebook commanding up to $120m, driven by 38 million ad-reachable users.“My shop practically lives on these platforms, especially Instagram,” Lagos-based baker Fatima Tunde said. “If it’s gone, I’m out of business.”

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Exchange Rates Today, Wednesday 10 June, 2026

Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100

Published

28 minutes ago

June 10, 2026

OCHEFA

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Official CBN Exchange Rates

US Dollar (USD) ₦1,360.55

Great British Pound (GBP) ₦1,823. 00

EURO (EUR) ₦1,873.61

SWISS FRANC (CHF) ₦1,709. 02

JAPANESE YEN (JPN) ₦8.49

CHINESE YUAN (CNY) ₦200.92

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,856. 66

SAUDI RIYAL (SAR) ₦362. 38

SOUTH AFRICAN RAND (ZAR) ₦82.71

Black Market Rates

US Dollar (USD) Buy ₦1,390 Sell ₦1,400

Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875

EURO (EUR) Buy ₦1,000 Sell ₦1, 100

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦180 Sell ₦200

Ghana Cedi (GHS) Buy ₦100 Sell ₦115

West African CFA Buy ₦2,450 Sell ₦2,550

Central African CFA Buy ₦2,320 Sell 2400

Australian Dollar Buy ₦800 Sell ₦900

Credit: CBN I Aboki Forex

Business

Invest in Lagos 3.0 Summit Attracts more than 600 delegates

Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.

Published

4 hours ago

June 10, 2026

OCHEFA

12 Views

• Representatives of government and private sector delegates at the summit

Invest in Lagos 3.0 Summit attracted more than 600 delegates—including global institutions, sovereign wealth funds, development finance institutions and trade networks.

The host governor, Babajide Sanwo-Olu, called for increased private sector investment in rail transport, energy, agriculture, agro-processing and water infrastructure.

He said that addressing transportation challenges would unlock Lagos’ economic potential, reduce travel time, boost productivity and improve returns on investment.

Minister of Finance, Dr. Taiwo Oyedele, assured investors of the Federal Government’s commitment to creating a conducive business environment through ongoing fiscal reforms. He said the new tax law has eliminated multiple taxation, improved compliance and provided relief for small and medium enterprises.

Oyedele added that stamp duty collection has been transferred to state governments and commended states that have adopted harmonised tax systems.

Business

UBA wins 2026 ‘Banker Technology’ award for AI innovation

UBA’s recognition centres on integrating Leo, its AI-powered chatbot, with the Pan-African Payment and Settlement System (PAPSS), enabling customers to send funds across borders in local currencies via a conversational interface.

Published

5 hours ago

June 10, 2026

OCHEFA

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United Bank for Africa (UBA) Plc, has been named the winner of the African category at the 2026 Banker Technology Award

In its assessment of UBA’s winning entry, The Banker noted that “the bank has cemented its status as a leading digital operator by placing technology at the centre of its growth strategy across more than 20 countries, with this approach most visible in its work on cross-border transfers, spanning digital payments, AI-driven engagement, and e-business”

UBA’s Executive Director Designate, Digital Banking, Emmanuel Lamptey, received the award on behalf of the bank.

He emphasised that the bank’s aim to fully digitise banking across the entire continent“.

” Africa’s financial future will not be built on branches or borders. It will be built on intelligence, interoperability, and trust at scale,” Lamptey said.