Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Abuja, Nigeria — The National Identity Management Commission (NIMC) has given its diaspora National Identification Number (NIN) enrolment partners 48 hours to activate their licences on a newly upgraded platform aimed at delivering more secure and efficient services to Nigerians abroad. In a statement on Monday, NIMC’s Head of Corporate Communications, Kayode Adegoke, said the…
Abuja, Nigeria — The National Bureau of Statistics (NBS) has reported a significant 84.6 percent year-on-year increase in Value Added Tax (VAT) revenue, which rose to N6.72 trillion in 2024 from N3.64 trillion in 2023. Quarter-on-quarter data from the NBS VAT report reveals steady growth throughout 2024. VAT collections grew by 9.09 percent from N1.43…
Lagos, Nigeria — The Transmission Company of Nigeria (TCN) has confirmed that it has spent more than ₦88 billion on repairing vandalized power infrastructure nationwide from 2021 to date. At a recent public sensitization event held at the Odogunyan 132kV Transmission Substation in Ikorodu, TCN’s Principal Manager for Lines, Engr. Seyi Onabajo, highlighted the financial…
Lagos, Nigeria — In a landmark move to redefine its corporate identity and market positioning, 9mobile has officially rebranded to “T2,” signalling the start of a new era for the telecommunications giant. The announcement was made on Friday during a high-profile relaunch event in Lagos, attended by Obafemi Banigbe, Chief Executive Officer of T2; Dr….
Abuja, Nigeria — The Nigerian Navy discloses its Special Forces deactivated no fewer than 70 illegal refinery sites and confiscated over 400,000 litres of stolen crude oil across the Niger Delta in July 2025 alone. This is contained in a monthly operational update issued on Friday by the Director of Naval Information, Commodore Ayiwuyor Adams-Aliu,…
Abuja, Nigeria— The Nigerian currency, Naira, ended the week on a positive trajectory, strengthening slightly against the U.S. dollar at the official market, according to the Central Bank of Nigeria (CBN). The CBN’s latest data released on Friday showed the Naira trading at N1,534.72 per dollar, reflecting a gain of 4.52 kobo or 0.05 per…
Bauchi, Nigeria— The National Youth Service Corps (NYSC) has emphasized the critical role of corps employers in enhancing service delivery through proactive support for corps members’ welfare. This appeal was made by Brigadier General Olakunle Nafiu, Director General of NYSC, during the 2025 NYSC/Corps Employers’ Workshop held in Bauchi. The DG, represented by Agatha Banki,…
Abuja, Nigeria— The Federal High Court in Abuja has granted bail to two detained promoters of the collapsed Crypto Bridge Exchange (CBEX), a digital investment platform under investigation for alleged large-scale financial fraud. The decision, delivered on Monday by Justice Mohammed Umar, granted ₦10 million bail each to Avwerosuo Otorudo and Chukwuebuka Ehirim, with two…
Washington, D.C.— The United States Department of Agriculture (USDA) has taken decisive action to strengthen national security by terminating approximately 70 foreign researchers, most of whom were Chinese nationals. The move follows a sweeping national security review initiated to protect the integrity of the country’s agricultural sector from potential threats linked to nations such as China,…
Lisbon, Portugal — Despite the widespread belief that European travel is costly, new insights reveal that several countries across the continent offer surprisingly affordable experiences for tourists. This observation was drawn from current travel reports emphasizing that beyond expensive hubs like Paris, London, and Zurich, lie destinations where history, culture, and adventure are available at…
As firms expect borrowing rates to rise …Nigerians finger energy, 2 others as top inflation drivers …Anticipate slight increase in price next months The Industry and Agriculture sectors have expressed highest optimism in the nation’s macroeconomy in the next six months with a doubling confidence index of 48.3 and 42.8 points respectively. The Central Bank…
Abuja, Nigeria — A new fiscal review has raised fresh concerns over the financial health of Nigerian states, as twelve sub-national governments failed to meet their 2025 first-quarter revenue targets despite collectively spending over N117 billion on debt servicing. This was revealed through Q1 budget implementation reports obtained from state portals and the Open Nigerian…
Addis Ababa, Ethiopia— The Africa Minerals Strategy Group (AMSG) has taken a decisive step toward harmonizing the continent’s mineral resource management by unanimously endorsing the Pan-African Resources Reporting Code (PARC). The announcement was made by Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, at the sixth AMSG inter-ministerial meeting, with the group’s Secretariat releasing…
Lagos – The Special Adviser to the Governor on Transportation, Mr Sola Giwa, says the Lagos State Traffic Management Authority (LASTMA) will unveil an ambitious 20-year strategic blueprint for traffic management in the state. Giwa said this at a news conference on Wednesday in Lagos in commemoration of LASTMA’s 25th anniversary. According to Giwa, the…
US/Nigeria – Barely a day after the United States halted the issuance of multiple visa entries to some categories of Nigerian travellers, the United Arab Emirates (UAE) has also amended its visa policy to affect Nigerians. The UAE restriction comes 10 months after the UAE amended its visa policy for Nigerians, further restricting the country’s…
Abuja, Nigeria — The Corporate Affairs Commission (CAC) has launched an Artificial Intelligence (AI)-powered registration portal as part of its bold drive to revolutionize business registration processes in Nigeria. The announcement was made by the Registrar-General and Chief Executive Officer of CAC, Mr. Hussaini Ishaq Magaji, during the Commission’s 2025 stakeholders’ forum. According to Magaji,…
Washington, D.C., USA — The International Monetary Fund (IMF) has called on the Federal Government of Nigeria to revise its 2025 budget of N54.99 trillion in response to lower-than-expected global oil prices. This recommendation was detailed in the IMF’s Article IV Consultation Report on Nigeria, released yesterday in Washington, D.C. The IMF projects Nigeria’s economy…
Abuja, Nigeria — The House of Representatives has initiated a comprehensive inquiry into the rollout of Nigeria’s Compressed Natural Gas (CNG) Policy, with a focus on assessing its operational impact, regulatory integrity, and alignment with national sustainability goals. The move was officially announced during the inauguration of the House Ad Hoc Committee on the CNG…
Abuja, Nigeria—In response to Nigeria’s deepening food security challenges, the Federal Ministry of Agriculture and Food Security has called for a series of prayer and fasting sessions, urging staff to seek divine intervention for national development and protection. The directive was issued through an internal circular dated June 11, 2025, signed by Mrs. Adedayo Modupe…
Nigeria – Nestlé Nigeria Plc has announced an ongoing collaboration with the Federal Ministry of Livestock Development to launch a dairy technical skills development program aimed at enhancing the quality and volume of milk production in Nigeria. A statement by Victoria Uwadoka, Corporate Communications, Public Affairs and Sustainability Lead, Nestlé Nigeria, said the initiative has…
Lagos — The Nigerian capital market is poised for a significant boost as Dangote Petrochemicals prepares for its highly anticipated listing on the Nigerian Exchange (NGX), a move expected to elevate market performance and attract fresh investment into the nation’s bourse. Chairman of the NGX Group, Dr. Umaru Kwairanga, shared optimism over the development, noting…
Abuja, Nigeria—The Peoples Democratic Party (PDP) has called on President Bola Tinubu to urgently review and reverse economic policies burdening Nigerians, particularly high fuel prices, electricity tariffs, and charges on essential services. In a statement issued Friday by its National Publicity Secretary, Debo Ologunagba, the PDP urged the government to use the Eid-el-Kabir season to…
Lagos, Nigeria — In a bid to ease travel access for Nigerian citizens, several European countries have maintained visa fees below ₦150,000, making tourism, education, business, and family visits more accessible. While visa processing and documentation remain critical aspects of travel, affordability has emerged as a deciding factor for many Nigerians looking to explore Europe….
Abuja, Nigeria — Ram sellers across major Nigerian cities have lamented poor patronage as prices of rams surge ahead of the Eid-el-Kabir celebrations, attributing the spike to insecurity, inflation, and supply chain disruptions. In Abuja, livestock traders at the Dei-Dei market blamed the drastic price increase on reduced supply from the Northwest and neighboring countries,…
NIGERIA – Oil prices rebounded more than $1 a barrel yesterday after the Organisation of Petroleum Exporting Countries (OPEC) decided to increase output in July by the same amount as it did in each of the prior two months. Coming as a relief to those who expected a bigger increase, Brent crude futures climbed $1.46,…
Lagos, Nigeria — Africa’s largest oil refinery, the Dangote Refinery, is now fully capable of meeting the fuel needs of Nigeria and the wider West African region, according to its founder and industrialist, Aliko Dangote. He made the declaration during a high-level visit by ECOWAS Commission President, Dr. Omar Alieu Touray, to the world-class facility…
Abuja, Nigeria — The International Monetary Fund (IMF) and financial analysts have raised alarms over Nigeria’s mounting public debt levels as the federal government advances plans to secure nearly $26 billion in new loans to support its 2025–2026 fiscal agenda. The warning follows President Bola Tinubu’s recent $21.5 billion loan request to the National Assembly…
Abuja, Nigeria — Former Nigerian President Muhammadu Buhari has commended Dr. Akinwumi Adesina for what he described as an exceptional and historic tenure at the African Development Bank (AfDB), marking the end of Adesina’s two-term leadership of the continental financial institution. In a message of goodwill, Buhari expressed satisfaction with Adesina’s achievements, praising his transformative…
NIGERIA – President Bola Tinubu on Wednesday acknowledged the great feat the Economic Community of West African States, ECOWAS, has achieved, saying for nearly five decades, the bloc has remained a pillar of regional development, cooperation, and solidarity. He reaffirmed that Nigeria will remain committed to the idea of establishing the regional bloc, emphasising the country’s…
Nigeria – Minister of Interior, Olubunmi Tunji-Ojo, has announced that the Federal Government has cleared over 200,000 unprocessed passport applications and paid off ₦28 billion in legacy debts — all without additional government funding. Tunji-Ojo disclosed this while delivering a keynote address at the Access Bank Guest Lecture Series held in Lagos on Monday. Themed “Dare…
United States – Pope Leo XIV on Monday received United States Vice President JD Vance and Secretary of State Marco Rubio at the Vatican, a day after his inauguration mass. Vance’s spokesperson said the audience with the pontiff lasted 45 minutes. The Vatican, in a statement, said Vance then met with the Holy See’s secretary for…
