Fuel, FX subsidies gone – Finance Minister, Edun shares update on Nigerian Economy
The Nigerian government has officially ended its fuel and foreign exchange (FX) subsidies, according to Finance Minister Wale Edun. During…
Category: Local
FG plans N1.1bn private sector funding in power sector
The Nigerian government, through the Rural Electrification Agency (REA), plans to leverage N1.1 billion in private sector funding to enhance…
Seven Oil Companies Set Up Facilities For Aviation Fuel At Lagos
A consortium of seven oil companies, including Eterna Plc and Techno Oil, has commissioned the Joint User Hydrant Installation 2…
Maritime Workers Union Threatens Strike Over Unpaid Salaries
The Maritime Workers Union of Nigeria (MWUN) has issued a stern warning to the Council for the Regulation of Freight…
$1trn Economy: Analyst advises FG to create structures to meet expected target
As Nigeria strives to achieve a $1 trillion economy by 2030, financial analyst Dr. Afolabi Olowookere emphasized the need for…
Low Pension Fund Investment in Infrastructure Reflects Unattractive Market and Regulatory Constraints
Despite Nigeria’s significant infrastructure deficit, pension fund investments in the sector remain around one percent, far below the 15 percent…
CBN verifying disputed $2.4bn FX claims – Cardoso
The Central Bank of Nigeria (CBN) has launched a re-validation process to address complaints from manufacturers and importers regarding foreign…
Federal High Court Extends Freeze on 818 Bank Accounts Linked to N10 Billion Cyberattack
The Federal High Court in Abuja has extended the freezing of 818 bank accounts connected to a N10 billion cyberattack…
Banks refund N7.05bn, $714,569 to customers – CBN
The Central Bank of Nigeria (CBN) has announced that, through its intervention, Nigerian banks refunded approximately N7.05 billion and $714,569…
High petrol price pushes inflation to 32.70% – Report
Nigeria’s headline inflation rate rose to 32.7% in September 2024, marking a marginal increase of 0.55% from August, as reported…
Forex crisis grounds four inland dry ports projects
Maritime operators have cited Nigeria’s foreign exchange crisis as a key factor in the delayed completion of four out of…
Employers remit N692bn pension contribution – PenCom
In the first half of 2024, employers across Nigeria’s public and private sectors contributed a total of N692 billion to…
Stanbic IBTC Holdings appoints Kunle Adedeji as Acting Chief Executive
Stanbic IBTC Holdings has appointed Dr. Kunle Adedeji as Acting Chief Executive Officer, following regulatory approval. This comes as Dr.…
FG removes VAT on diesel, CNG, electric vehicles, others to crash prices
The Federal Government of Nigeria has announced value-added tax (VAT) exemptions for several energy products, including diesel, Liquefied Natural Gas…
Nigeria’s FX crisis fuels crypto usage as transactions hit $59bn
Cryptocurrency usage in Nigeria continues to grow rapidly, fueled by a weakening national currency and high inflation, according to a…
Court hears Barbican, FBN N5.4bn shares dispute Oct 21
A Federal High Court in Lagos has scheduled October 21, 2024, for the hearing of pending applications in a lawsuit…
BOI disburses N77.56bn loans to MSMEs
The Bank of Industry (BOI) has disbursed N77.65 billion in loans to nearly 1,000 medium, small, and micro-enterprises (MSMEs) across…
‘CNG initiative unlocks $175m in private investment’
The Federal Government’s Compressed Natural Gas (CNG) initiative has attracted $175 million in private sector investments over the past year,…
PenCom Approves Merger Between Access, ARM Pensions
The National Pension Commission (PenCom) has approved the merger between ARM Pension Managers and Access Pensions Limited, creating a new…
Why FG is yet to approved fixed FX rate for Custom import duties — Taiwo Oyedele
The Nigerian government has explained why it cannot use a fixed exchange rate for import taxes, which are the fees…
Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’
Nigeria has experienced a significant decrease in petrol imports following President Bola Tinubu’s removal of the fuel subsidy in May…
CBN Says Currency In Circulation Now N4.1trillion With Only 6% In Banks
Data from the Central Bank of Nigeria (CBN) reveals that the total currency in circulation has reached an all-time high…
Oando Emerges First Nigerian IOC, Valuation Hits $4 Billion
Oando Plc, a leading Nigerian oil and gas company, has become Nigeria’s first indigenous International Oil Company (IOC) after expanding…
BREAKING: World Bank approves $1.57 billion for Nigeria for three projects
The World Bank has approved $1.57 billion to help Nigeria with important projects. This money will be used to fix…
Nigeria’s Used Car Imports Drop by 83% Due to New Tax
Nigeria’s spending on used vehiclears, fell significantly by 83% in the first half of 2024 compared to the same period…
Cardoso, World Bank, IMF Brainstorm to Craft New Strategies for Inclusion Growth in Africa
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, participated in the prestigious Bretton Woods at 80…
Nigeria’s Bank reserves with CBN surge to N26.8 trillion amid aggressive CRR policy
Nigeria’s banking reserves grew significantly to N26.8 trillion in August 2024, up from N19.4 trillion the previous year. This increase…
Bank, Fintech Must Partner To Activate Nigeria’s $1trn Economic Target’
To help Nigeria reach a $1 trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC) and…
FG plans tax incentives for MSMEs
The Federal Government of Nigeria has reiterated its commitment to helping micro, small, and medium enterprises (MSMEs) grow by offering…
Sugar Masterplan Attracted $1 Billion Investments, 15,000 Jobs, Says NSDC Boss
The National Sugar Development Council in Nigeria has announced exciting news about the country’s sugar industry. They shared that a…