Economy
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VAT collection rises to N1.95trn in Q4 2024, records 62% YoY surge, says NBS
The National Bureau of Statistics (NBS) on Thursday said Nigeria’s Value Added Tax (VAT) collection reached a record N1.95 trillion in the fourth quarter (Q4) of 2024. This marks a 9.23pe cent increase from the N1.78 trillion recorded in Q3 2024, reflecting improved tax compliance, economic activity, and possibly the effects of inflation on prices. NBS in its report titled…
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Africa is a profitable investment destination with vast opportunities for investors, says Adesina
The outgoing President of the African Development Bank Group, Dr Akinwunmi Adesina has expressed that Africa is a profitable investment destination with vast opportunities for investors amid its population and natural resources. Adesina stated this in his keynote address at the just concluded Africa Summit held in Lagos with titled, “Global Capital for Unlocking Investment Opportunities in Africa.” The summit…
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FG, China seal $2bn deal to enhance Nigeria’s maritime sector
By Kunle Sanni – The Federal Government, through the Ministry of Marine and Blue Economy, is set to unlock over $2 billion in maritime investments under the newly launched Nigeria–China Strategic Partnership (NCSP) initiative. The initiative was formally presented to the Minister of Marine and Blue Economy, Adegboyega Oyetola, during a courtesy visit by the NCSP delegation led by its…
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In two years, FCT overtakes Lagos as Nigeria’s top foreign investment destination
At $3.05 billion in first quarter (Q1) of 2025, the Federal Capital Territory (FCT) has surpassed Lagos state ($2.56 billion in Q1 2025) as Nigeria’s top foreign investment destination. This is according to the latest report by National Bureau of Statistics (NBS) report titled, ““Nigeria Capital Importation Q1 2025”. The bureau stated that capital inflows into Nigeria surged to $5.6…
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Nigeria’s capital importation jumps 67% to $5.64bn in Q1 2025, says NBS
National Bureau of Statistics (NBS) on Tuesday disclosed that capital inflows into Nigeria surged to $5.6 billion in the first quarter of 2025, representing a 67.12per cent increase compared to $3.4 billion recorded in the same period of 2024. NBS in a report titled “Nigeria Capital Importation Q1 2025” revealed that the figure also reflects a 10.86per cent rise from…
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Mukhtar advocates access to finance for livestock farmers
By Kunle Sanni – The Minister of Livestock Development, Idi Mukhtar Maiha, has called for deeper stakeholder collaboration to improve access to finance for youth and women engaged in livestock agribusiness across Nigeria. Maiha made the remarks while delivering a goodwill message at a high-level policy dialogue convened by the African Development Bank (AfDB) in Abuja on Monday, 4 August…
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Olaopa outlines strategies to enhance youth, women participation in agribusiness
The Chairman of the Federal Civil Service Commission (FCSC), Prof. Tunji Olaopa, has outlined measures to remove barriers hindering the participation of youths, women, and other groups in agribusiness. Speaking in Abuja at the High-Level Dialogue of the African Development Bank (AfDB) on Bridging the Gap: Access to Finance & Empowering Youth and Women for Agribusiness Success, Olaopa commended the…
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FG to move 5m homes to clean cooking by 2030
The Federal Government has declared that it would move about five million homes to clean cooking by 2030. The Minister for State, Petroleum Resources (Gas), Ekperikpe Ekpo, made the declaration while delivering the ministerial address and remarks on Monday at the opening ceremony of the 48th Nigeria Annual International Conference & Exhibition (NAICE) 2025. This year’s conference is themed ‘Building…
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Banks shun lending to real sector, deposit N79.8trn with CBN
With the excess liquidity in the financial sector, Banks’ and merchant banks deposit with the Central Bank of Nigeria (CBN) grew by 783.7 per cent, year-on-year (YoY) to N79.8 trillion in the first seven months of the year from N9.03 trillion in the corresponding period of 2024. CBN has two short term lending windows for banks, namely, the Standing Lending Facility (SLF)…
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Tinubu’s economic reform has created stable macroeconomic environment for investment,says Bagudu
…says revenue to GDP has grown by 15% Minister of Budget and Economic Planning, Senator Abubakar Bagudu, on Friday highlighted the high absorptive capacity of the Nigerian economy, explaining that President Bola Tinubu’s economic reform has created a stable macroeconomic environment for investment. The minister spoke in Abuja during a courtesy visit from a delegation of the Wharton University of…
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