Economy
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President Tinubu sets $1trn economy target by 2030
By Kunle Sanni – President Bola Tinubu has reaffirmed his commitment to building a $1 trillion economy by 2030, directing the Economic Management Team to overhaul Nigeria’s public savings and revenue practices to sustain investment-led growth. Speaking at Wednesday’s Federal Executive Council (FEC) meeting in Abuja, Tinubu said achieving a minimum GDP growth rate of 7% by 2027 is both…
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Tinubu orders revenue review to improve savings, target 7% growth by 2027
By Kunle Sanni – President Bola Tinubu has directed a comprehensive review of deductions and revenue retention practices by Nigeria’s major revenue-generating agencies to boost public savings, improve spending efficiency, and free up funds for economic growth. The directive, issued during Wednesday’s Federal Executive Council (FEC) meeting in Abuja, affects the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian…
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Africa Energy Bank: Afreximbank Warns against delay in transferring equity subscription funds by APPO
The African Export-Import Bank has warned that continued delay by the African Petroleum Producers Organisation in transferring equity subscription funds could stall the project indefinitely. Afreximbank in a letter to APPO Secretary-General, Dr Omar Farouk Ibrahim, said APPO’s position that funds would only be moved after a launch date, headquarters selection, and appointment of a President risked derailing the bank’s…
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Tinubu administration takes credit for 300% growth in stock market
The Federal Government said the Nigerian stock market is experiencing an unprecedented boom, with 300 per cent growth in key indicator since President Bola Ahmed Tinubu assumed office on May 29, 2023. Nigerian Exchange Limited (NGX) has seen its All-Share Index (ASI) and market capitalisation more than triple, reflecting investor confidence and the impact of sweeping economic reforms. Special Adviser…
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Tinubu unveils plan for Nigeria’s first National Industrial Manpower Development Policy
By Kunle Sanni – President Bola Tinubu has announced plans to introduce Nigeria’s first National Industrial Manpower Development Policy to bridge the gap between educational output and industry needs, while preparing the workforce for the demands of a changing global economy. Speaking at the opening of the 2025 National Industrial Manpower Summit in Abuja, Tinubu—represented by Vice President Kashim Shettima—stressed…
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Nigeria hits 1.5mbpd crude oil production in July 2025, says OPEC
Nigeria’s average daily crude oil production rose to 1.507 million barrels per day (bpd) in July 2025, surpassing the Organization of the Petroleum Exporting Countries’ (OPEC) target for the second month in a row. This is according to OPEC’s Monthly Oil Market Report, released on Tuesday, which reviewed Nigeria’s drilling performance. According to the report, the production figures were obtained…
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Minister hails NASENI’s Made-in-Nigeria innovations, urges stronger collaboration
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has lauded the National Agency for Science and Engineering Infrastructure (NASENI) for its transformational achievements under the leadership of Executive Vice Chairman, Mr. Khalil Suleiman Halilu. Oduwole gave the commendation on Monday, August 11, 2025, after inspecting key NASENI facilities in Abuja, including the NASENI Innovation Hub, the NASENI Technology…
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Nigeria’s non-oil exports up by 19.6% to $3.225bn in H1 2025, says NEPC
The Nigerian Export Promotion Council (NEPC) on Sunday disclosed that the country’s non-oil exports climbed to $3.225billion in the first half (H1) of 2025, marking a 19.59 per cent increase over the $2.696billion recorded in first half (H1) of 2024. The Executive Director/Chief Executive Officer of the NEPC, Nonye Ayeni, disclosed this in Abuja, while presenting the council’s First Half-Year…
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Report says Nigeria’s manufacturing sector now on path to recovery after N1.2trn loss in four years
Nigeria’s manufacturing sector suffered losses amounting to about N1.2 trillion between 2019 and 2023, according to a new report by Quartus Economics. The research, titled Inside Nigeria’s Quiet Recovery, attributes the decline to the combined impact of the COVID-19 pandemic and the naira redesign policy. The study analysed the economy using data from the National Bureau of Statistics’ (NBS) recent…
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Nigeria’s aviation sector lost $3.5bn revenue in two years, says Rewane
The Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, has said Nigeria’s aviation sector lost $3.5 billion in revenue between 2020 and 2022, expressing worries that while the country continued to spend billions of naira on airport operations, the traffic had continued to decline, which was not commensurate with the airport operations expenditures. He said this on Thursday in…
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