Economy
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AfDB, ECOWAS sign $11.18m agreement to boost rice production
African Development Bank (AfDB) and Economic Community of West African States (ECOWAS) have signed an agreement worth $11.18 million to enhance rice production across the region. ECOWAS made the announcement in a video posted on its social media platforms on Tuesday. Speaking after the signing ceremony in Abuja, Omar Touray, president of the ECOWAS commission, highlighted the significance of the…
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Nigeria’s passenger car imports drop by 14.3% in 2024, says NBS
The latest foreign trade report from the National Bureau of Statistics (NBS) showed that the total value of passenger car imports fell by 14.3 per cent to N1.26 trillion in 2024, down from N1.47 trillion in 2023. The decline followed a surge in imports the previous year when vehicle importation more than doubled compared to 2022. However, harsh economic realities…
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Naira-for-crude policy remains in place, says chairman, Technical sub-committee
Chairman, Technical Sub-Committee, Zacch Adedeji, on Monday expressed that Naira-for-crude policy remains in place, stressing that local refineries have not been excluded from domestic crude supply. READ ALSO:Naira-for-crude was structured as a six-month agreement with private refineries, NNPCL clarifies Recall that it was in the news that NNPCL has suspended the naira-for-crude oil swap deal with domestic refiners, including Dangote…
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KPMG budget summit: FG projects GDP growth of 4.6% for 2025, Wale Edun insists
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on Monday reiterated that the Federal Government is projecting a Gross Domestic Product (GDP) growth of 4.6 per cent for 2025 with a long-term ambition of seven per cent annually, a crucial target for poverty reduction and sustainable development. The Minister, who unveiled a comprehensive economic plan…
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Boosting maritime growth: Wale Edun, NIMASA push for CVFF deployment
The minister of finance and coordinating minister of the economy, Mr. Wale Edun met with Nigerian Maritime Administration and Safety Agency (NIMASA), DG Dr. Dayo Mobereola, to fast-track the deployment of the Cabotage Vessel Financing Fund. A tweet on X stated that the meeting is a crucial step toward supporting the growth of indigenous shipping companies. With a sharp focus…
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Unpaid royalty: 45 Oil & gas companies owe FG N2.5trn, says report
A total of 45 Oil & Gas companies are owing the Federal Government N2.5 trillion or $1.7 billion unpaid royalty payments as of December 31, 2024. The firms were indicted in the 2021 report of the Office of the Auditor-General of the Federation (AG-F) as failing to pay royalties to the government, House spokesman Akintunde Rotimi said in a statement…
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Nigeria’s exports to ECOWAS countries stood at N1.18trn in Q4 2024, says NBS
The National Bureau of Statistics (NBS) has disclosed that Nigeria exports to Economic Community of West African States (ECOWAS) member states totalled N1.18 trillion while imports amounted to N77.10 billion. According to NBS report Nigeria’s main trading export partner in Q4, 2024 was Ivory Coast with N756.37 billion worth of goods, followed by exports to Senegal Republic (N236.87 billion), Togo…
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Nigeria signs 3 million tonnes per annum Kebbi cement plant deal, boosts jobs, export
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has described MSM Cement Ltd’s new Kebbi Cement Plant as a significant boost to Nigeria’s industrialization and job creation agenda. Speaking at the signing ceremony for the 3-million-tonne-per-annum facility, Edun emphasized the project’s alignment with President Bola Ahmed Tinubu’s economic vision, highlighting its role in driving private-sector investment,…
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Nigeria’s import grew by 83.24% to N16.59trn in Q4 2024, says NBS
The National Bureau of Statistics (NBS) on Friday disclosed that value of total imports stood at N16.59 trillion in the fourth quarter of 2024, representing a rise of 83.24per cent from N9.05 trillion recorded in the corresponding quarter of 2023. The NBS in its “Foreign Trade in Goods Statistics” (Q4 2024) report noted that China remains Nigeria’s highest trading partner…
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Africa’s economic trajectory in 2025 will depend on strategic policy decisions, says Afreximbank
With global trade tensions, shifting commodity prices, and inflationary dynamics, Afreximbank in a report said Africa’s economic trajectory in 2025 would depend on strategic policy decisions. Afreximbank in its latest research, however, called on governments to focus on stabilizing inflation, ensuring exchange rate stability, and fostering investment-friendly environments to navigate economic uncertainties. The key insights from the February 2025 Afreximbank…
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