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By Omobolaji Adekunle The Ogun State Governor, Prince Dapo Abiodun, on Monday has signed the N1.054 trillion 2025 State Appropriation Bill into law. The signing, which took place at the Governor’s Office in Oke-Mosan, Abeokuta, was witnessed by the Speaker of the House of Assembly, Rt. Hon. Oludaisi Elemide, principal officers of the House, the ...
By Seun Ibiyemi Despite facing significant macroeconomic challenges in 2024, Nigeria demonstrated resilience with a 3.6% growth in Gross Domestic Product (GDP), aligning with the International Monetary Fund’s (IMF) forecast for Sub-Saharan Africa and surpassing the global average of 3.2%. However, structural and sectoral disparities continue to impede broad-based economic progress. The services sector led ...
By Matthew Denis Under the leadership of President Bola Ahmed Tinubu, Nigeria’s economic landscape in 2024 has been shaped by bold and, at times, controversial policy decisions. From fuel subsidy removals to significant fiscal and monetary reforms, the administration has taken decisive steps to address long-standing economic challenges. However, these moves have sparked mixed reactions, ...
The Federal Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has reassured manufacturers that Nigeria’s free trade zones are aimed at boosting exports and will not undermine local industries. Speaking at a press briefing in Lagos, she emphasized that the zones are designed to operate within guidelines that promote economic growth and address stakeholders’ ...
In 2024, Nigeria solidified its position as one of Africa’s top crude oil exporters, with its high-quality crude continuing to attract buyers globally despite fluctuating oil prices and evolving energy policies. According to recent data from the National Bureau of Statistics (NBS), these were the top 10 buyers of Nigerian crude oil: United States (₦3.64 trillion)The US became the ...
The African Development Bank has revealed that the continent loses about $1.6bn every day to illicit financial flows and profit shifting on the part of multinationals operating in Africa. This was disclosed by the Chief Economist of AfDB, Kevin Urama, in an exclusive interview with newsmen. According to the International Monetary Fund, illicit financial flows refer ...
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have issued a final directive to Deposit Money Banks (DMBs) and Mobile Network Operators (MNOs) to resolve the long-standing N250 billion Unstructured Supplementary Service Data (USSD) debt dispute. The directive, released in a joint circular dated 20 December 2024, was signed by the ...
The Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI), is set to partner with financial giant Bloomberg in a two-year initiative aimed at showcasing the country’s economic potential and attracting foreign investment. During a meeting with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at his ...
The Chairman of the Technical Sub-Committee on the implementation of the Federal Government’s policy on domestic sales of crude oil and refined products in Naira, Zacch Adedeji, has commended the One-Stop-Shop (OSS) team, led by the Nigerian Ports Authority (NPA), for ensuring smooth operations. Speaking during a visit to the NPA Headquarters in Lagos, Adedeji, ...
The Bureau of Public Procurement has introduced a Beneficiary Ownership Scheme to detect and eliminate fraudulent activities within the procurement process. The Director-General of BPP, Adebowale Adedokun, announced this on Monday during a world press conference themed “Renewed Hope Through Strategic Procurement.” Adedokun emphasised that the scheme would enable the agency to identify civil servants ...
The National Pension Commission (PenCom) has announced that it is working closely with the Ministry of Finance to ensure the timely payment of retirees’ benefits. This update was shared by the Director-General of PenCom, Omolola Oloworaran, during an interactive session with the media in Lagos. In response to concerns about accrued rights and the delay ...
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Fri revealed that Nigeria requires an annual investment of $20 billion to achieve a 7% economic growth rate by 2027. Edun made this disclosure while speaking on ARISE News Channel. He also noted that the recently passed Medium Term Expenditure Framework ...
The Organised Private Sector (OPS) on Wednesday expressed strong opposition to the Central Bank of Nigeria’s (CBN) decision to impose limits on withdrawals from Point-of-Sale (PoS) agents, claiming the bank is out of touch with the reality on the ground. The CBN recently introduced a daily cash-out transaction limit of N100,000 per individual customer for ...
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Bank of Industry (BOI) have formalised a partnership to disburse a N75 billion intervention fund aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. The Memorandum of Understanding (MoU) was signed on Thursday at the BOI’s office in Lagos, ...
The Federal Ministry of Finance has proposed a N75 million allocation in its 2025 budget to monitor the activities of banks and financial institutions through its Home Finance Division. This funding is aimed at strengthening oversight and ensuring regulatory compliance within the financial sector. The proposed budget indicates that the N75 million allocation will be ...
Airtel Nigeria has once again been recognised for its unwavering commitment to sustainable development, securing the Partnership of the Year award at the 18th edition of the Sustainability, Enterprise, and Responsibility Awards (SERAS) held at the Oriental Hotel, Victoria Island, Lagos, on Saturday, 14th December 2024. The award highlights Airtel’s ongoing success with its Re-imagine Education ...
The Lagos Chamber of Commerce and Industry (LCCI) has expressed support for the ongoing economic reforms introduced by the administration of President Bola Ahmed Tinubu. The LCCI also emphasised the need for robust regulations to ensure the sustainability of new investments flowing into Nigeria’s oil sector. In a statement issued on Tuesday in response to ...
The federal government has announced that the N13 trillion deficit in the N48 trillion 2025 budget proposal will be financed through borrowing. The Minister of Finance and Coordinating Minister for the Economy, Wale Edun made this disclosure shared on Monday after the Federal Executive Council meeting, which was presided over by President Bola Tinubu at ...
The Federal Government, in collaboration with the World Bank, has allocated $600 million to rehabilitate 200,000 kilometres of rural roads under the Rural Access and Agricultural Marketing Project (RAAMP). This was disclosed by Ogbuagu Chika, Principal Information Officer at the Federal Ministry of Agriculture and Food Security, in a statement on Monday. Speaking during a ...
The African Development Bank (AfDB) Board of Directors has approved a $30 million equity investment in the Africa Finance Corporation (AFC) to support the rollout of innovative “green shares” aimed at mobilising resources for climate action projects across Africa. This investment will enable AFC to establish a sustainable financing ecosystem that will bridge the infrastructure ...
The Dangote Refinery and Petrochemicals complex has been lauded as an extraordinary achievement, showcasing Nigeria’s technological advancements on the global stage. This praise was shared by a delegation from the Japanese business community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo. The Dangote Group also highlighted the growing global demand for its petroleum ...
...As Niger, Mali, Burkina Faso say ECOWAS exit is irreversible By Seun Ibiyemi and Sodiq Adelakun In a historic move, Nigeria has made its first full payment to the Economic Community of West African States (ECOWAS) in 19 years, contributing N85.54 billion and $54 million for the 2023 levy and part of 2024. This payment ...
By Seun Ibiyemi Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed that an oil spill occurred at the Shell Petroleum Development Company (SPDC) loading terminal, SMI, in Bonny, Rivers State on Saturday, December 14, 2024. The incident resulted from a ruptured pipeline. SPDC has promptly shut down the affected pipeline and deployed containment booms ...
