Economy
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Naira gains 3.46% to close at N1,478.00/$ in September 2025
Amid Central Bank of Nigeria (CBN) intensive policies at the foreign exchange market, the Naira at the official rate in September 2025 appreciated by 3.46 per cent to close at N1,478.00 against the dollar It closed Augusut 2025 at N1,531.00 against the dollar. According to the daily Nigerian Foreign Exchange Market (NFEM) rates of the CBN, the local currency has…
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New tax laws not targeted at informal sector workers, says Oyedele
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has clarified that Nigeria’s new tax laws are not aimed at burdening informal sector workers, most of whom lack the capacity to pay taxes. Speaking on Friday during an interactive session with journalists, influencers, and analysts on the recently introduced tax reforms, Oyedele said over 90 percent of…
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FG, Meta agree to settle $32.8m data privacy sanction out of court
The Federal government, through Nigeria Data Protection Commission (NDPC) , and Meta Platforms Inc., parent company of Facebook and Instagram, have agreed on an out-of-court resolution over the $32.8 million fine imposed on the tech giant for alleged data privacy violations involving Nigerian users. Both parties, through their lawyers, disclosed the development on Friday before the judge, James Omotosho, of…
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IMO Secretary-General hails Nigeria’s maritime security success, Deep Blue Project
The Secretary-General of the International Maritime Organization (IMO), Mr. Arsenio Domínguez, has commended Nigeria for achieving zero piracy incidents in its waters for more than three years and for the successful implementation of the Deep Blue Project, describing it as a model for regional cooperation in the Gulf of Guinea. Following his arrival in Nigeria on Thursday, Mr. Domínguez, gave…
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Blue economy to overtake oil as Nigeria’s top revenue source- Oyetola
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared that Nigeria’s marine and blue economy is being strategically repositioned to replace crude oil as the nation’s dominant revenue earner. Oyetola made this known on Friday during the official visit of the Secretary-General of the International Maritime Organisation (IMO), Arsenio Domínguez, to the Institute of Maritime Studies, University of…
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Credit to private sector drops to N75.8trn in August 2025, says CBN
The Central Bank of Nigeria (CBN) has disclosed that credit to private sector fell to N75.8 trillion in August 2025 from N76.12 trillion in June 2025. The decline in credit to the private sector coincides with the CBN’s hawkish monetary stance and its stringent attempt to curb inflation and stabilise the naira. According to the CBN, this marks the fifth…
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External debt servicing dipped by 6.5% YoY to $2.86 bn in eight months, says CBN
Central Bank of Nigeria (CBN) has disclosed that Nigeria external debt servicing dropped by 6.5 per cent Year-on-Year (YoY) to $2.86 billion in eight months of 2025, from $3.06 billion in eight months of 2024. This accounted for 69.1 per cent of total foreign payments of $4.14 billion during the period. The $3.06 billion on debt in the same…
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We stopped NNPCL tax credit road contracts over delays, poor work — Umahi
By Kunle Sanni – The Federal Government says it terminated the tax credit incentives granted to companies under the Nigerian National Petroleum Company Limited (NNPCL) scheme for road construction due to delays and poor performance. According to The Nation newspaper, the Minister of Works, David Umahi, disclosed this on Thursday during an inspection of the Benin–Warri dual carriageway bypass in…
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Only 4 women became directors throughout bank’s first 50 years of existence, Sanusi reveals
The emir of Kano and former governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi on Thursday disclosed that only four women became directors at different times throughout the bank’s first 50 years of existence, from its establishment in 1959 until he became the CBN governor in 2009. Sanusi who spoke at the launch of the ‘Gender Equity and…
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PHOTO NEWS: NNPCL joins other stakeholders at 2025 African Energy Week in South Africa
At the ongoing African Energy Week (AEW) taking place in Cape Town, the Executive Vice President, Upstream, Nigerian National Petroleum Company Limited (NNPCl)., Mr. Udy Ntia, joined energy leaders, investors and policymakers on the “Invest in Nigeria” Panel. The session explored opportunities in Nigeria’s upstream sector, including strategies for attracting capital, unlocking new reserves, and driving sustainable growth under the…
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