Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
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…
Lagos, Nigeria — The Federal Government has announced that tertiary institutions with fewer than 2,000 enrolled students will no longer be eligible for funding from the Tertiary Education Trust Fund (TETFund). This was disclosed by the Minister of Education, Mr. Tunji Alausa, during a one-day strategic engagement with institutional heads, bursars, and procurement officers held…
Abuja, Nigeria— The World Bank has raised concerns over the Nigerian National Petroleum Company Limited’s (NNPCL) partial remittance of revenue gains following the removal of the Premium Motor Spirit (PMS) subsidy. This observation was detailed in the World Bank’s latest Nigeria Development Update (NDU), released in May 2025. The report indicates that despite the official…
Ibadan, Nigeria — The Oyo State Government has launched a range of export-ready, value-added food products in a bid to accelerate agro-industrialisation and strengthen the state’s participation in regional and continental markets. The initiative was spearheaded by the Agricultural Exporting Farmers Multipurpose Cooperative Society, which unveiled processed and packaged yam, cassava, and plantain flour…
ABUJA – The Nigeria Youth Forum (NYF) has expressed concern over Nigeria’s escalating security crisis, revealing that at least 3,610 Nigerians were killed by bandits and Boko Haram insurgents between January and March 2025. The group called on the Federal Government to act decisively, warning that the country is drifting dangerously toward anarchy. In…
Abuja, Nigeria — Nigeria has intensified efforts to address the persistent scarcity of aviation fuel and promote sustainable alternatives by hosting a high-level regional workshop focused on Sustainable Aviation Fuel (SAF) production. The two-day workshop, held under the Assistance, Capacity-building, and Training for Sustainable Aviation Fuels (ACT-SAF) Africa–India project, was organized by the Nigeria Civil…
Ondo, Nigeria — The Ondo State Government has assured Akure residents that the 7.8km Oda Road project will be ready for inauguration in June 2025. It stated that it is committed to improving infrastructural development across the 18 local government areas. The Senior Special Assistant to the Governor on Infrastructure, Lands, and Housing, Olawoye Abiola…
BORNO – Gov. Babagana Zulum of Borno has directed the immediate ban on the sale of petrol in filling stations across Bama Local Government Area, including Bama town and Banki. The directive followed consultations with security agencies as part of ongoing efforts to address security challenges in the area. Malam Dauda Iliya, the governor’s Special…
