Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Abuja, Nigeria — The Federal Government of Nigeria has called on China to ease trade restrictions and strengthen economic collaboration to drive industrialization and diversification. This appeal was made by Ambassador Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs, during a meeting with the Chinese Ambassador to Nigeria, Yu Dunhai, in Abuja. Highlighting over five…
Abuja, Nigeria — The House of Representatives Committee on Public Accounts has opened an investigation into outstanding debts owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and several oil firms. The probe was initiated following concerns raised by the Office of the Auditor General for the Federation, highlighting unresolved financial…
NIGERIA – The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria needs to diversify its economy into non-oil resources to accelerate economic development. Edun said this on Monday in Abuja, at the National Treasury Workshop with the theme, “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives” …
Kano, Nigeria — The Singer Market Development Association (SIMDA) has appealed to the Federal Government to provide enhanced support for farmers, particularly through the provision of improved seeds, to strengthen food security in Nigeria. The appeal was made by SIMDA Chairman, Junaidu Zakari Mohammed, during a media briefing in Kano, where he emphasized the critical…
ABIA, NIGERIA – The National Agency for Food and Drug Administration and Control, NAFDAC, on Friday, uncovered a major operation depot dealing in expired and falsified drugs at Umumeje village, Osisioma Ngwa area of Abia State. The agency, which made the revelation in a statement on X, also disclosed that the illegal operation was being…
Abuja, Nigeria — The Nigerian National Petroleum Company (NNPC) Ltd dismisses allegations in a viral video questioning the quality of its fuel. In a statement issued today by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, the company described the claims as baseless, emphasizing that its fuel is produced to meet the highest industry standards. Soneye…
Abuja, Nigeria — The Federal Government, in collaboration with the UK Foreign, Commonwealth and Development Office (FCDO), is intensifying efforts to enhance rice production through the System of Rice Intensification (SRI), aiming to increase yields, cut greenhouse gas emissions, and boost smallholder farmer incomes. Key agricultural stakeholders gathered at a Propcom+ knowledge-sharing event to assess…
Washington, D.C. — President Donald Trump has directed his administration to explore imposing reciprocal tariffs on key trading partners, intensifying his drive for what he calls fairer trade practices. In a formal directive signed on Thursday, Trump instructed the US Trade Representative and the Commerce Secretary to develop country-specific tariff proposals aimed at addressing trade…
Abuja, Nigeria — The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Tertiary Education Trust Fund (TETFund) have reinforced their commitment to improving tax compliance, transparency, and data accessibility to enhance funding for Nigeria’s education sector. During a courtesy visit by TETFund’s management to NEITI House in Abuja, Executive Secretaries Dr. Orji Ogbonnaya Orji (NEITI)…
Abuja, Nigeria—The Senate Committee on the Capital Market has urged the Minister of Finance, Mr. Wale Edun, to approve a special allocation of N10 billion to enhance literacy and investor confidence in Nigeria’s capital market. The appeal was made during an[ez-toc] interactive session with the Minister of Finance and the Director-General of the Securities and…
Abuja, Nigeria — The Federal Government has commenced a review of the National Monitoring and Evaluation (M&E) Policy to enhance governance, accountability, and the effective implementation of policies under President Bola Tinubu’s Renewed Hope Agenda. Speaking at a stakeholders’ engagement session in Abuja, the Permanent Secretary of the Federal Ministry of Budget and National Planning,…
Lagos, Nigeria — Dangote Petroleum Refinery & Petrochemicals has further reduced the price of diesel, lowering it from ₦1,075 to ₦1,020 per litre in a move aimed at easing costs for businesses and consumers. Since commencing diesel production in January 2024, the refinery has consistently lowered prices, bringing them down from an initial ₦1,700 per…
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has scrapped the three free monthly interbank ATM withdrawals, introducing new charges for customers using other banks’ ATMs. This policy shift, set to take effect from March 1, 2025, was outlined in a circular issued by the CBN on February 10, 2025, and directed to all…
Abuja, Nigeria — The Speaker of the House of Representatives, Dr. Tajudeen Abbas, has reaffirmed the commitment of the National Assembly to advancing President Bola Ahmed Tinubu’s economic reforms, emphasizing their role in boosting national revenue. Speaking while receiving the leadership of the Lagos Chamber of Commerce and Industry (LCCI) on a courtesy visit to…
Abuja, Nigeria — The Nigerian Export Promotion Council (NEPC) has reported a 20.7% surge in the country’s export value, reaching $5.45 billion in 2024, with trade volume hitting 7.2 metric tons. NEPC Executive Director, Dr. Nonye Ayeni, disclosed this during the presentation of the council’s 2025 roadmap, hosted by the Ministry of Industry, Trade, and…
Rabat, Morocco — The Yobe State Government has entered into a strategic collaboration with the Moroccan government to advance agricultural development and enhance local governance. The initiative was formalized during a visit by a Yobe State delegation to Rabat, Morocco, led by the Secretary to the State Government, Baba Malam Wali. Facilitated through the United…
Cape Town, South Africa — Nigeria and Venezuela have announced plans to collaborate on investment opportunities in the mining sector, reinforcing their commitment to economic diversification and sustainable resource development. The agreement was reached following high-level discussions between a Venezuelan delegation led by Deputy Minister of Mining, Alejandro Martinez, and Nigeria’s Minister of Solid Minerals…
Bori, Rivers State — A crucial meeting aimed at discussing the potential resumption of oil exploration in Ogoniland ended in disarray on Saturday, sparking tension and frustration among attendees. The gathering, held at the Peace and Freedom Centre in Bori, Khana Local Government Area, was organized following President Bola Tinubu’s directive for Ogoni leaders to…
Abuja, Nigeria — The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed that ongoing activities at the Warri Refining and Petrochemical Company (WRPC) are part of routine maintenance to enhance efficiency and ensure steady operations. NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, dismissed reports of an explosion at the refinery, clarifying that the…
Cape Town, South Africa — Nigeria is set to launch a strategic roadmap aimed at developing a critical minerals value chain, paving the way for local solar power production and reducing reliance on imports. The initiative, funded by the Global Council for Critical Minerals under the Solid Minerals Development Ministry, seeks to optimize the extraction…
Abuja, Nigeria — Nigeria’s external reserves declined by $1.16 billion in January, even as the naira continued its upward trajectory across both official and parallel markets. According to the latest figures from the Central Bank of Nigeria (CBN), the country’s external reserves fell from $40.883 billion at the start of the year to $39.723 billion…
Ado-Ekiti, Nigeria — The Federal Government has unveiled plans to set up a Pilot Soil Assessment Laboratory in Ekiti State to enhance agricultural productivity and support farmers. This was disclosed by the Ekiti State Commissioner for Agriculture and Food Security, Mr. Ebenezer Boluwade, in a statement issued in Ado-Ekiti. He noted that the facility would…
Nigeria – Nigeria’s economy faces significant challenges as crude oil prices remain volatile, jeopardising the federal government’s ambitious revenue target of N36.35 trillion for 2025. A report has warned of a possible negative impact of unstable global oil prices and its implications for the federal government’s revenue forecast for 2025. According to the report,…
Abuja, Nigeria — The naira continued its upward trend in the parallel market as the Central Bank of Nigeria (CBN) extended foreign exchange sales to Bureau de Change (BDC) operators. From closing at N1,620 per dollar last week, the naira appreciated to N1,610/$ on Monday. The CBN had earlier set January 31, 2025, as the…
NIGERIA – Against the backdrop of sharp rises in cost of procuring products and interest rates in banks petroleum marketers have recorded massive jump in bank borrowing and cost of doing business. Financial Vanguard findings from the financial records of key operators in the sector show they borrowed over N3.0 trillion in the nine…
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has reaffirmed its commitment to empowering young Nigerians by closing financial access gaps, fostering innovation, and promoting their active involvement in economic policy development. CBN Governor, Olayemi Cardoso, made this pledge during a youth engagement workshop themed “The Youths are Here”, held in Abuja on Friday….
Abuja, Nigeria— President Bola Ahmed Tinubu has confirmed the appointment of Abba Abubakar Aliyu as the substantive Managing Director of the Rural Electrification Agency (REA). The appointment, announced by Presidential Spokesman Bayo Onanuga, took effect on January 23, 2025, for an initial tenure of four years. Aliyu, who has been serving as Acting Managing Director…
Kogi State, Nigeria — The Nigerian National Petroleum Company Limited (NNPCL) and its partners have officially launched the construction of five mini-Liquefied Natural Gas (LNG) plants in Ajaokuta, Kogi State. The groundbreaking ceremony marked the commencement of work on NNPC Prime LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete. These projects are part…
Abuja, Nigeria — The Nigerian Communications Commission (NCC) has linked the decline in telecom revenue for 2024 to the inability to auction 5G spectrum licenses. This disclosure was made by Yakubu Gontor, NCC’s Director of Financial Services, and Aminu Maida, the Commission’s Chief Executive Officer and Executive Vice Chairman, during the 2025 budget defence session…
Nigeria – Nigerian workers have announced February 4, 2025, as the date to embark on a nationwide protest against the 50 percent telecommunications services tariff hike in the country. The Nigerian Labour Congress, NLC, disclosed this in a statement on Wednesday. This comes as the Nigerian Communications Commission on January 20, 2025, announced the approval…
Abuja, Nigeria — The naira maintained its upward momentum on the parallel market while depreciating on the official exchange platform amid ongoing forex reforms by the Central Bank of Nigeria (CBN). By the close of trading on Tuesday, the naira appreciated by N10, closing at N1,640 per dollar on the parallel market, compared to N1,650…
