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By Seun Ibiyemi Guaranty Trust Bank Ltd has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions. This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving ...
By Seun Ibiyemi Solewant Group, a leader in steel pipe manufacturing, pipe coating solutions, metal fabrication, and energy training, has reinforced its commitment to innovation, sustainability, and long-term solutions for Africa’s energy transition at the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC 2025). The prestigious event, held at the Eko Hotel Conference Hall in ...
By Seun Ibiyemi The Centre for the Promotion of Private Enterprise (CPPE) has said that Nigeria’s 2025 budget faces uncertainty as global oil price fluctuations threaten revenue projections. The budget, anchored on a $75 per barrel oil price benchmark, may be difficult to sustain due to the impact of U.S. President Donald Trump’s energy policies, ...
By Seun Ibiyemi The Federal Government, through the Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that President Bola Tinubu has decided to suspend the proposed merger between the Nigeria Civil Aviation Authority (NCAA) and the Nigerian Airspace Management Agency (NAMA), as recommended in the Steve Oronsaye report. Keyamo also disclosed that the ...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant reduction in crude oil theft, which has now decreased to 5,000 barrels per day (bopd) due to both kinetic and non-kinetic interventions. The Commission’s Chief Executive, Engr Gbenga Komolafe, highlighted these reforms and achievements in Nigeria’s oil and gas sector during his presentation at ...
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 ...
First Bank of Nigeria Ltd. has pledged to support the country’s non-oil export sector with innovative products, partnerships, and platforms to drive sustainable growth in 2025. The Managing Director of FirstBank, Mr Olusegun Alebiosu, made the commitment on Thursday at the first edition of the bank’s quarterly Export Webinar. The webinar was themed ‘From Nigeria ...
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 ...
