Latest in
The National Assembly on Thursday passed the N54.9 trillion 2025 Appropriation Bill, following the adoption of the report from the Committee on Appropriations. The report was presented by the Chairman of the Committee, Senator Solomon Adeola (APC-Ogun). The key highlights of the passed 2025 Appropriation Bill indicate a total expenditure of N54.9 trillion, with statutory ...
Nigeria’s fisheries and aquaculture sector holds transformative potential, with the possibility of generating up to N4 trillion in economic output by 2030. Despite the vast aquatic resources that Nigeria has at its disposal, the sector remains largely underdeveloped, with local production unable to meet the growing demand for fish and related products. The annual fish ...
FBN Holdings Plc, one of Africa’s premier financial institutions, has announced a change of its name to First HoldCo Plc. (FirstHoldCo). It said the convention will also be adopted across all its subsidiaries. This strategic transformation and rebranding, the financial institution said, marks a significant milestone in the Company’s journey to redefine its identity, unify ...
By Isaac Olusesi The coincidence of the totality of the youth business convention in Kaduna and this year's global celebration of productive workers would surge huge investment potentials of the youths in the street who have refused to believe that government employ is the ultimate, and creatively build the mind attuned to the incentives of ...
By Seun Ibiyemi Fitch Ratings, a leading provider of credit ratings, commentary and research, has said that Nigerian third-tier banks are more likely to pursue mergers and acquisitions (M&A) or downgrade their licences as they strive to meet the Central Bank of Nigeria’s (CBN) new paid-in capital requirements. In a report released on Wednesday, Fitch ...
By Seun Ibiyemi President Bola Ahmed Tinubu has commended the International Finance Corporation (IFC) for its $50 million equity investment in the Lagos Free Zone, describing it as a strong endorsement of Nigeria’s economic direction under his administration. The investment, aimed at expanding the country’s first deep-sea port-based private special economic zone, is expected to ...
The Registrar-General/CEO, Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, has stated his commitment towards realising the set goals and objectives of the 2025 Roadmap for the Ministry of Industry, Trade, and Investment. Hussaini Ishaq Magaji, SAN gave his commitment shortly after joining his counterparts to sign the 2025 Roadmap Performance Contract. He described the ...
By Seun Ibiyemi Nigerian subscribers are reportedly switching to alternative network providers following a sharp increase in MTN Nigeria’s data and SMS tariffs. The telecommunications giant recently implemented a price adjustment of up to 50 per cent on its data bundles and SMS rates, sparking widespread backlash. Reports from affected users indicate that the 15GB ...
By Seun Ibiyemi The Nigeria Customs Service (NCS) has suspended the implementation of 4% Free-on-Board (FoB) value on imports earlier announced by the service. This is sequel to ongoing consultations with the Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun and other stakeholders. Comptroller-General of Customs, Bashir Adewale Adeniyi, who declared ...
Nigeria is set to take centre stage in Africa's economic growth and development as it officially signed an agreement to host the 2025 Afreximbank Annual Meetings (AAM2025) in Abuja, reinforcing the country’s leadership in African trade and economic development. The signing ceremony took place today at the Federal Ministry of Finance Headquarters Auditorium Abuja, with ...
African Development Bank President, Akinwumi Adesina, has announced that Nigeria will benefit significantly from a $4.4 billion investment to expand Special Agro-Industrial Processing Zones across all 36 states and the FCT. Adesina made this disclosure during an interview with Arise TV on Monday, stating that agricultural transformation is key to driving broader economic growth. Launched ...
The Pan Niger Delta Forum (PANDEF) has appealed to President Bola Tinubu to sign into an Act, the bill for the South-South Development Commission. PANDEF, the apex socio-political body of the South-South geo-political zone, made the call in a communiqué at the end of an emergency meeting of the Board of Trustees (BOT), held in ...
Nigeria's businesses reported enhanced performance in January 2025, signalling an uplift in the business environment and potential improved business performance during the year. According to a report released today by the NESG/StanbicIBTC Business Confidence Monitor, the current Business Performance Index for January 2025 stands at +8.12, reflecting a rise in business activities compared to +0.77 ...
...Say hike will increase smuggling, threaten investments By Seun Ibiyemi The Manufacturers Association of Nigeria (MAN) has expressed concerns over the proposed 15 percent increase in port-related charges by the Nigerian Ports Authority (NPA). This is even as the Nigeria Employers’ Consultative Association, NECA, has rejected the recent introduction of the 4 percent Customs Administration ...
Nigeria and the Kingdom of Bahrain on Sunday signed a Joint Communiqué to officially establish diplomatic relations between the two countries. The Minister of Foreign Affairs, Amb. Yusuf Tuggar, disclosed this in a statement on Sunday by Alkasim Abdulkadir, Special Assistant on Media and Communications Strategy to the Minister. Tuggar said the understanding was reached ...
By Seun Ibiyemi In a bid to boost the economy, the Lagos State Government has signed a Memorandum of Understanding (MoU) with the internationally renowned construction company, Summa Group, for the development and construction of the Lekki-Epe International Airport. Governor Babajide Sanwo-Olu announced the agreement during the weekend via his official X (formerly Twitter) account. ...
The International Monetary Fund reports that Nigeria’s GDP per capita fell from $877.07 in 2024 to $835.49 in 2025, marking a 4.74% decline. This continues a downward trend since 2014, when it stood at $3,220, according to data from the IMF website on Thursday. However, the IMF projects a rebound in 2026 and 2027, with ...
By Seun Ibiyemi The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government and Nigeria Customs Service (NCS) to suspend enforcement of the newly introduced four per cent processing charge. The Director General, LCCI, Dr Chinyere Almona made the call on Thursday in Lagos, via a statement. Almona expressed concerns over the ...
Heirs Holdings, a leading business conglomerate has announced the appointment of Chidi Okpala as Executive Director, Payments, Group Integration & Strategy (PGIS). In this new role, the Group revealed in a statement that Chidi will oversee Heirs Holdings’ technology and healthcare business sectors and will also be responsible for driving synergies across the Group. He ...
...2013 Power sector privatisation yet to yield results — MAN By Seun Ibiyemi The Trade Union Congress of Nigeria (TUC) has rejected the proposed 65 per cent increase in electricity tariffs. This is even as Manufacturers Association of Nigeria (MAN) cautioned the federal government against any fresh increase in electricity tariffs, warning that such a ...
By Seun Ibiyemi The Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi has ordered all Customs Area Controllers (CAC) to sensitise importers and stakeholders about the recently introduced 4% Free On Board (FoB) levy. The CG in a circular NCS/FATS/ABJ/S.797, signed by Deputy Comptroller-General Finance, Admin and Technical Services, B.M Jibo, said the ...
...Nigeria must turn debt into economic asset — Shettima By Seun Ibiyemi The 2025 budget was increased from N49.7 trillion to N54.2 trillion to strengthen key economic sectors and infrastructure projects, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, has revealed. Speaking to journalists at the Presidential Wing of the Nnamdi Azikiwe International Airport, ...
A member of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), Murtala Sabo Sagagi, has identified excessive government spending as a major obstacle to effective monetary policy implementation in Nigeria According to Sagagi in the newly released personal statements of MPC members after the 298th meeting, the inability to control fiscal expenditures continues ...
