Lagos, Nigeria — Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the Bank’s commitment to securing macroeconomic stability, fortifying the banking sector, and positioning Nigeria as a top investment destination. During a fireside chat at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos on Saturday, Cardoso highlighted that the recapitalisation…
Abuja, Nigeria — Nigeria’s gas sector achieved a major milestone in July 2025, with daily gas production rising to an average of 7.59 billion standard cubic feet per day (BSCFD), reflecting steady growth over the past three years. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that this output marks an 8.58% increase over the…
Lagos, Nigeria — Aliko Dangote has once more secured his position as Africa’s wealthiest individual, topping Forbes’ Real-Time Billionaires List with an estimated net worth of $24.4 billion, ranking 88th globally. The ranking, released on Saturday, highlights Dangote’s unmatched supremacy in Africa’s wealth hierarchy, far surpassing his fellow Nigerian billionaires. Following him are Abdulsamad Rabiu…
Lagos, Nigeria — Increasingly, Nigerians are seeking legitimate ways to earn in US Dollars as the value of the naira continues to decline, making traditional income sources less sustainable. Experts point to domain flipping as a viable solution for those hoping to tap into the global digital economy without leaving the country or engaging in…
Ibadan, Nigeria — The Economic and Financial Crimes Commission (EFCC) has called on victims of the alleged cryptocurrency scam perpetrated by Crypto Bridge Exchange (CBEX) to report to its Ibadan and Lagos zonal offices to aid ongoing investigations. This was disclosed on Friday in a statement by the commission’s Head of Media and Publicity, Dele…
Abuja, Nigeria — Nigeria is among 53 African countries set to enjoy zero-tariff treatment on all exports to China, an initiative officials say will significantly boost trade and economic cooperation between the two nations. The announcement was made at the 2025 China–Nigeria Culture and Tourism Festival held in Abuja, where Chinese Deputy Ambassador Zhou Hongyou…
Lagos, Nigeria — Efforts to ease the financial burden on accommodation seekers in Lagos State have gained momentum as the House of Assembly considers a new tenancy bill aimed at cutting agency fees on annual rents from 10 per cent to 5 per cent. Speaking on Thursday in Lagos, the Chairman of the House Committee…
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…
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 — 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…
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…
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…
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,…
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 — 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…
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…
Abuja, Nigeria— Social media activist Martins Otse, popularly known as VeryDarkMan (VDM), has been released from the custody of the Economic and Financial Crimes Commission (EFCC) after five days. This was confirmed by his legal representative, Deji Adeyanju, who told our correspondent on Wednesday, “He has been released.” Otse had been in EFCC custody since…
Abuja, Nigeria — The Federal Ministry of Art, Culture, Tourism, and Creative Economy has unveiled the Creative Economy Development Fund (CEDF), a strategic financial initiative aimed at unlocking opportunities for creatives and entrepreneurs across Nigeria. The announcement was made by Ms. Nneka Anibueze, Special Adviser to the Minister of Art, Culture and Creative Economy, Hannatu…
Akure, Nigeria — Ondo State has emerged as the nation’s leading sub-national in fiscal responsibility, recording the sharpest domestic debt reduction across Nigeria’s 36 states. This development was confirmed through fresh statistics released by the Debt Management Office (DMO), which compared states’ debt profiles from 2023 to 2024. The report revealed that Ondo State reduced…
Lagos, Nigeria — The Cherubim and Seraphim Church (Praying Band) has called on the Federal Government to prioritize job creation and youth empowerment as a strategy to curb insecurity and killings across Nigeria. The call was made by His Eminence Ferguson Eneogwe, Supreme Head of the Church, in a statement commemorating the Church’s 100th anniversary,…
Abuja, Nigeria — The Presidential Compressed Natural Gas Initiative (PCNGI) has rolled out a revised transport fare structure for intra-city routes within Nigeria’s Federal Capital Territory (FCT), aimed at easing the economic burden on commuters following the fuel subsidy removal. The update was disclosed by Mr. Michael Oluwagbemi, Programme Director of PCNGI, during a sensitization…
Warri, Delta State — The Nigerian National Petroleum Company Limited (NNPCL) has come under intense criticism from energy stakeholders and industry analysts over the shutdown of the Warri Refining and Petrochemical Company (WRPC), despite a reported $897.6 million overhaul. The refinery, which was declared operational in December 2024 following years of dormancy, ceased operations on…
Abuja, Nigeria — The Debt Management Office (DMO) has raised the alarm over Nigeria’s ballooning public debt, which surged to ₦144.67 trillion ($94.23 billion) as of December 31, 2024, marking a 48.58% increase within one year. In its latest report released on Friday, the DMO disclosed that the sharp rise from ₦97.34 trillion in 2023…
Abuja, Nigeria — The recent announcement of the newly constituted board of the Nigerian National Petroleum Company Limited (NNPCL) by President Bola Ahmed Tinubu has drawn sharp criticism from the Women in Energy Network (WIEN) over glaring gender imbalance. In a statement issued on Friday, WIEN President Eyono Fatai-Williams praised the president’s reorganisation of the…
Abuja, Nigeria — Nigeria’s oil production saw a decline of 50,000 barrels per day (bpd) in March, averaging 1.5 million bpd in line with its designated quota. The drop comes amid delays in loading the Bonny Light crude grade, following a fire outbreak at the Trans-Niger Pipeline. This development coincided with the Organisation of Petroleum…
Abuja, Nigeria — Nigeria is losing an estimated $10 billion annually due to its inability to tap into the lucrative global honey market, a challenge largely attributed to an underdeveloped beekeeping industry. This concern was raised by Gideon Dagundoro, President of the Grassroots Beekeepers Association of Nigeria, in an interview where he urged the federal…
Onitsha, Nigeria — The Federal Government has introduced a specialized workforce development initiative aimed at strengthening Nigeria’s industrial sector, particularly in metallurgy and steel production. Speaking at the inauguration of a Boot Camp Training Programme at the Metallurgical Training Institute (MTI), Onitsha, Dr. Chris Isokpunwu, Permanent Secretary of the Federal Ministry of Steel Development, underscored…
Abuja, Nigeria — The Federal Government has intensified efforts to rejuvenate Nigeria’s steel sector through the Nigerian Metallurgical Industry Bill 2023, aimed at strengthening regulatory oversight and fostering sustainable growth. The Ministry of Steel Development convened a stakeholder meeting to deliberate on the Bill, which is expected to provide a structured legal and regulatory framework…
