The Pension Transitional Arrangement Directorate (PTAD) has reaffirmed its commitment to implementing the N32,000 pension increment for retirees under the Defined Benefit Scheme (DBS). However, the executive secretary, Tolulope Odunaiya, stated that the increase was not included in the January 2025 pension payments due to pending budgetary provisions. The increment will take effect once the […]
Year: 2025
Nigerian Immigration to launch contactless passport solution in Europe on February 7
The Nigerian Immigration Service (NIS) is set to introduce a contactless passport application solution in Europe, with the United Kingdom as the primary hub. The new service, which will launch on February 7, aims to streamline the passport renewal process for Nigerians living abroad. This initiative is part of the government’s efforts to improve efficiency […]
Nigeria’s Debt Financing Strategy Raises Concerns Over Sustainability and Economic Stability
Nigeria’s growing reliance on asset sales and multilateral loans to finance its public debt is sparking concerns about the sustainability of its debt strategy. The country’s current debt stands at approximately N135 trillion, with projections suggesting it could increase to N150 trillion by the end of the year. Experts warn that this rising debt burden, […]
Eurocham Nigeria Hosts 2025 Stakeholder Conference, Strengthens EU-Nigeria Economic Ties
Eurocham Nigeria recently hosted its 2025 Annual Stakeholder Conference in Lagos, bringing together European businesses, policymakers, and private-sector leaders to discuss Nigeria’s economic reforms and investment climate. With the theme “Achieving Growth Post-Reforms,” the event emphasized the role of public-private partnerships in driving sustainable economic transformation. Key discussions focused on trade, aviation, tourism, energy, finance, […]
Marketing and growth strategies for cross-border payment solutions in 2025
As cross-border payments continue to evolve, businesses are leveraging multiple strategies to scale and expand their operations. A major driver of growth has been integrating existing payment channels like mobile money, local fintechs, and banks, allowing for a faster go-to-market (GTM) approach. Additionally, companies are turning to local and pan-African fintech influencers to enhance brand […]
Nigerian Banks Earn N2.6 Trillion from Loans as Interest Rates Surge
Amid rising interest rates, five Nigerian banks FBN Holdings, FCMB Group, Wema Bank, Stanbic IBTC Holdings, and Sterling Financial Holdings generated a combined N2.6 trillion in interest income from loans and advances in 2024. This represents a 91.5% increase from N1.36 trillion in 2023, as revealed in their unaudited financial statements. The surge in income […]
Blockchain will aid market regulation — SEC
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized the transformative potential of blockchain technology in regulating and enhancing efficiency in Nigeria’s capital markets. During a meeting with the Algorand Foundation in Abuja, Agama highlighted blockchain’s ability to improve transparency, security, and trust in financial transactions without relying on […]
Stock Market Stays Upbeat, Gains N98bn
The Nigerian stock market maintained its bullish momentum, with overall market capitalization increasing by N98 billion. The All Share Index (ASI) climbed by 158.05 points, representing a 0.15 percent growth, closing at 104,788.35 points. Market capitalization also rose to N64.890 trillion, reflecting continued investor confidence. Gains in medium and large-cap stocks such as Presco, Beta […]
Top-performing Nigerian equity funds in January 2025
The Nigerian stock market started 2025 on a positive trajectory, with the All-Share Index (ASI) gaining 1.53% in January. This growth has set the tone for equity-based collective investment funds, whose performance is closely tied to the stock market. Investors looking to diversify their portfolios have increasingly turned to these funds, benefiting from professional management […]
FG to raise broadband investments by 500% – Minister
The Federal Government of Nigeria is launching a new initiative, the National Broadband Alliance for Nigeria (NBAN), with the aim of increasing broadband investments by 300-500%. This initiative is designed to improve internet connectivity across the country, especially in underserved areas, by creating a collaborative platform involving public institutions, telecom operators, technology firms, and international […]
SEC DG Highlights Blockchain’s Role in Enhancing Capital Market Regulation
The Director General of Nigeria’s Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized the crucial role of blockchain technology in improving the efficiency and regulation of the capital market. Speaking during a session with a delegation from the Algorand Foundation in Abuja, Agama highlighted how blockchain’s decentralized system can enhance trust and security […]
Naira sustains gains, appreciates to N1,595/$
The Naira strengthened to N1,595 per dollar in the parallel market yesterday, showing a significant improvement from N1,610 per dollar on Monday. This marks a N45 week-on-week (WoW) appreciation from N1,640 per dollar last Tuesday. Despite remaining stable at N1,499 per dollar in the official Nigerian Foreign Exchange Market (NFEM), the Naira also recorded a […]
Naira Holds Steady as CBN Extends Dollar Access to Bureau De Change Operators
The naira remained stable across Nigeria’s foreign exchange (FX) markets on Tuesday, as reduced dollar demand and improved liquidity followed the Central Bank of Nigeria’s (CBN) decision to extend dollar access to Bureau De Change (BDC) operators. At the official Nigerian Foreign Exchange Market (NFEM), the naira closed at N1,499 per dollar, with market dealers […]
FG to Issue N758bn Bonds to Clear Pension Debts, Boost Economy
The Federal Government of Nigeria has announced plans to issue bonds worth N758bn to clear outstanding pension debts under the old Defined Benefit Scheme. This was disclosed by the Minister of Finance, Wale Edun, after the Federal Executive Council meeting in Abuja. The bond issuance aims to address pension liabilities accumulated due to periodic wage […]
Trump Proposes U.S. Takeover of Gaza, Sparking Global Controversy
Former U.S. President Donald Trump has proposed a controversial plan for the Gaza Strip, suggesting that the United States should take control of the territory while relocating its Palestinian residents to other countries. Trump presented this idea during a press conference with Israeli Prime Minister Benjamin Netanyahu, describing Gaza as a “demolition site” and envisioning […]
Ghana Faces Revenue Dilemma Amid Proposed Tax Cuts
The Ghanaian government is considering removing key taxes, including the e-levy, betting tax, and emission levy, in response to concerns that they burden businesses and individuals. However, these taxes contribute significantly to government revenue, raising concerns about how the state will compensate for the potential shortfall. Experts suggest that the government may either introduce alternative […]
Ghana fuel prices increase for third consecutive time in 2025
Fuel prices in Ghana have increased for the third consecutive time in 2025, with Oil Marketing Companies (OMCs) adjusting their prices upward in the first pricing window of February. Shell has raised the price of petrol from GH₵15.59 to GH₵16.23 per litre and increased diesel from GH₵15.79 to GH₵16.20 per litre. Meanwhile, Star Oil kept […]
NPA goes tough on use of NXP for export cargos
The Nigerian Ports Authority (NPA) has mandated the enforcement of the Nigeria Export Proceed (NXP) as a key requirement for processing export cargoes. This directive requires export trucks to comply with NXP procedures before accessing the ports starting February 2025, in a move to streamline operations and boost efficiency at Nigeria’s ports. Truck Transit Parks […]
NUPRC cracks down on IOCs, others over crude oil diversion
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a stern warning to International Oil Companies (IOCs) and independent producers diverting crude oil meant for domestic refining. At a recent industry meeting with over 50 key stakeholders, including IOCs, refiners, and independent producers, NUPRC emphasized its commitment to ensuring compliance with the Domestic Crude Supply […]
FG Approves N4.2 Trillion for Major Infrastructure Projects, Unveils Plan to Boost Creative Economy
The Nigerian federal government has approved road infrastructure projects totaling N4.2 trillion, including key highways, bridges, and the second phase of the Lagos-Calabar Coastal Road. The road projects aim to improve connectivity, road safety, and support economic growth. The Lagos-Calabar Coastal Road, the largest allocation, will receive N1.334 trillion for the construction of a 130-kilometre […]
CBN extends $25,000 weekly forex sales to BDCs
The Central Bank of Nigeria (CBN) has announced an extension of the temporary arrangement that allows Bureau de Change (BDC) operators to purchase foreign exchange (forex) from authorized dealers. This decision, which extends until May 30, 2025, was communicated through a circular issued on February 3, 2025, maintaining the weekly cap of $25,000 for forex […]
Oil firms must supply local refineries or lose export permits – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a directive compelling oil exploration and production companies to strictly adhere to the Crude Oil Supply Obligations for domestic refineries. This policy aims to ensure that local refineries receive a steady supply of crude oil for processing. Failure to meet these obligations could lead to the […]
Insurers given six months to perfect annuity irregularities
The National Insurance Commission (NAICOM) has given life insurance operators six months to fully comply with new annuity guidelines introduced to ensure the sector’s stability. Effective from February 1, 2025, the new regulations require insurance companies to appoint at least one qualified actuary to oversee assets-liability matching (ALM) and submit quarterly reports to NAICOM. The […]
OPEC to monitor oil production compliance as Nigeria eyes 2.7mbpd
Nigeria has set an ambitious goal to increase its oil production to 2.7 million barrels per day (bpd) by 2027, including both crude oil and condensate. This goal was outlined by President Bola Tinubu’s Special Adviser on Energy, Olu Verheijen, who emphasized that improved security around oil production and transportation sites is key to achieving […]
Meta says it may stop development of AI systems it deems too risky
Meta’s CEO, Mark Zuckerberg, has committed to one day making artificial general intelligence (AGI) accessible to the public. However, the company recently introduced its “Frontier AI Framework,” which outlines certain conditions under which it may withhold or restrict the release of powerful AI systems. The document highlights the potential risks of releasing AI systems with […]
Telecom tariff hike: NLC suspends planned nationwide protest
The Nigeria Labour Congress (NLC) has suspended its planned nationwide protest, which was set for February 4, 2025, in response to the proposed 50% increase in telecommunications tariffs. This decision followed a high-level meeting with the Federal Government, where both sides agreed to set up a Joint Committee to address the concerns raised by the […]
Africa’s Climate Crisis: A Struggle It Didn’t Cause but Can’t Escape
Despite contributing just 4% of global carbon emissions, Africa faces the worst consequences of climate change. The continent is already dealing with severe droughts, floods, and extreme heat, costing African economies 2-5% of their GDP annually. The UN warns that African nations, particularly in Sub-Saharan Africa, will suffer the most from climate-induced disasters. Yet, the […]
FG Clarifies Position on Electricity Tariff Hike, Says N200bn Paid on Subsidy Monthly
The Federal Government has denied reports suggesting a 65% increase in electricity tariffs, calling them a misrepresentation. According to the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, the government continues to subsidize electricity costs despite an increase in Band ‘A’ tariffs, covering only 65% of the actual supply cost. The government currently […]
EU to Disburse €150bn to Nigeria, Africa Under Global Gateway Initiative
The European Union (EU), through its Global Gateway initiative, has committed €150 billion to be disbursed by 2027 to Nigeria and other African nations. This investment aims to enhance infrastructure, economic growth, and sustainable development across the region, with Nigeria expected to play a significant role in the initiative. The initiative will support digital infrastructure, […]
Nigeria’s business confidence rises as PMI hits 52.0 in January 2025
Nigerian businesses have shown resilience in the face of economic challenges, as reflected by the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI), which recorded a slight decrease to 52.0 in January from 52.7 in December. Despite this moderation, the PMI remains above the crucial 50.0 mark, signaling continued expansion within the private sector for […]