Economy
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BUA Chairman: Cement at ₦9,000 not expensive because it costs about $110 and $120 per ton
…says food prices dropping due to policy, intervention By Kunle Sanni Chairman of BUA Group, Samad Rabiu, has defended the current market price of cement in Nigeria, arguing that at ₦9,000 per bag, the commodity is still competitively priced when converted to international market rates. Speaking during a briefing at the State House after a meeting with President Bola Tinubu…
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Shettima urges EU, Africa to maximize potential for shared prosperity
Vice President Kashim Shettima has called on the European Union (EU) and African nations to evolve their relationship beyond donor aid into a mutually beneficial partnership capable of unlocking the continent’s full economic potential. Speaking in Abuja on Thursday during a meeting with a delegation led by the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, Shettima emphasized the importance…
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Inflation rate drops to 23.71% in Apriil, says NBS
The National Bureau of Statistics (NBS) on Thursday disclosed that the headline inflation rate eased to 23.71 per cent in April 2025, relative to the March 2025 headline inflation rate of 24.23per cent. NBS in its Consumer Price Index (CPI) report noted that the April 2025 Headline inflation rate showed a decrease of 0.52per cent compared to the March 2025…
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Verheijen to African leaders: Compete smartly or miss out on global energy capital
At the 2025 Africa CEO Forum, Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, delivered a clear message to African policymakers and business leaders: Africa must compete intentionally for global investment or risk being left behind. “Capital has no passport,” she said. “Sentimental appeals to ‘African capital’ are a distraction. Capital is opportunistic, not patriotic—it flows where risk-adjusted…
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Petrobras eyes return to Nigeria, targets deepwater oil investment
By Kunle Sanni Brazil’s state-owned oil giant, Petrobras, is set to re-enter Nigeria’s oil sector with a focus on frontier deepwater blocks, signaling a renewed push in Nigeria-Brazil energy relations. The move comes as Nigeria prepares for the second session of the Nigeria-Brazil Strategic Dialogue Mechanism (SDM), scheduled for June 2025. Vice President Kashim Shettima disclosed Petrobras’ interest during an…
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Bagudu: Tinubu’s reforms fueling economic recovery, investor confidence
By Kunle Sanni Nigeria’s economy is on a steady path to recovery, buoyed by President Bola Ahmed Tinubu’s economic reforms, according to the Minister of Budget and Economic Planning, Abubakar Bagudu. Speaking in a special feature interview for an upcoming TV documentary marking the President’s second year in office, Bagudu said the administration’s “Renewed Hope Agenda” is driving investor confidence…
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‘There’s no better time to invest in Nigeria’ — Shettima tells Islamic Development Bank
By Kunle Sanni Vice President Kashim Shettima has declared that Nigeria is ripe for investment, pointing to sweeping economic reforms under President Bola Ahmed Tinubu’s administration as a catalyst for a more investor-friendly climate. Speaking on Tuesday during a courtesy visit by a delegation from the Islamic Development Bank (IsDB) at the Presidential Villa, Shettima said key disincentives that previously…
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NNPC withholding half of fuel subsidy savings – World Bank
The World Bank has expressed concern that Nigeria is not reaping the full financial benefits of fuel subsidy removal, as the Nigerian National Petroleum Company (NNPC) Limited is reportedly remitting only half of the expected revenue to the federation account. Alex Sienaert, the bank’s lead economist for Nigeria, revealed this during the launch of the May 2025 Nigeria Development Update…
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FG to finance key infrastructural projects with N300bn Sukuk bond
The Debt Management Office (DMO) through the Federal Government has opened a seven-year N300 billion forward Ijarah (lease) Sukuk at a “rental rate” of 19.75 per cent per annum, with the aim to finance key infrastructural projects in the country. Sukuk is part of the federal government’s debt instruments used to finance infrastructure, promote financial inclusion and deepen Nigeria’s domestic…
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Bagudu reiterates on Tinubu’s economic reforms delivering positive outcomes
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has reiterated on Monday that President Bola Tinubu economic reforms are delivering positive outcomes, stating that the present administration is determined to bring development to the grassroots by transforming local government areas into centres of economic growth. The minister, optimistic about the incremental and positive outcome of the administration’s…
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