Economy
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Nigeria joins European Bank for Reconstruction & Development as 77th member
Nigeria has officially become the 77th member of the European Bank for Reconstruction and Development (EBRD), marking a significant step toward fostering economic growth and attracting foreign investments. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, received Nigeria’s membership certificate from a delegation of the EBRD led by Heike Harmgart, in Abuja. According to the…
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Standard Chartered Bank lauds Tinubu’s economic reforms, explores investment opportunities
A delegation from Standard Chartered Bank has commended President Bola Tinubu led administration bold economic reforms, describing them as “extraordinary”. They stated this during a meeting with Minister of Finance and Coordinating Minister of the Economy, Wale Edun in Abuja. The delegation acknowledged key measures such as the removal of fuel subsidies and market liberalization—once deemed unlikely—while expressing keen interest…
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FG reiterates commitment to climate action, urges global support
The Federal Government has reiterated its commitment to addressing climate change and enhancing climate action for sustainable development. Minister of Budget and Economic Planning, Senator Abubakar Bagudu, disclosed this during the courtesy visit of the United Nations Executive Secretary on Climate Change, Mr Simon Stiell, to the ministry on Wednesday. Bagudu thanked the UNFCCC and other development partners for their…
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TCN expands transmission capacity, targets 10,000MW evacuation
By Kunle Sanni The Transmission Company of Nigeria (TCN) has announced a significant boost in its transmission capacity, with plans to efficiently evacuate 10,000 megawatts (MW) of electricity within the next two years. Speaking at the State House Weekly Briefing, TCN’s Managing Director, Sule Abdulaziz, attributed the progress to sustained government support through the Ministry of Power and the Renewed…
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Nigeria’s power generation crosses 5,800 MW, says TCN
The Transmission Company of Nigeria (TCN) has confirmed that Nigeria’s electricity sector has recorded a new milestone, reaching a peak power generation of 5,801.84 megawatts (MW) and a maximum daily energy generation of 128,370.75 megawatt-hours (MWh)—the highest ever attained in the country’s history. TCN stated that this feat was achieved on March 4, 2025, at 21:15 hours, with a stable…
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Foreign investors participation lifts Nigerian Eurobonds’ February rally
Nigeria’s Eurobond market closed the month of February 2025 in positive territory, signalling sustained foreign investor confidence. According to data from the Debt Management Office (DMO), the average yield on Nigeria’s Eurobonds closed at 8.80 per cent, 41 basis points down from 9.21 per cent at the beginning of February, a signal of strong investor appetite. In the Sub-Saharan African…
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FG has not discarded Remita, OAGF clarifies
The Office of the Accountant General of the Federation (OAGF), on Wednesday clarified that Remitta remains the Central Bank of Nigeria’s (CBN) approved payment gateway, adding that the federal government had not discarded the platform. The clarification came the same day President Bola Tinubu announced the appointment of Shamsedeen Babatunde Ogunjimi as the new Accountant General of the Federation after…
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FCCPC files charges against MultiChoice for violating regulatory directives
The Federal Competition and Consumer Protection Commission (FCCPC) stated that it has instituted legal proceedings against MultiChoice Nigeria Limited and its Chief Executive Officer, John Ugbe, for violating regulatory directives, obstructing an ongoing inquiry and engaging in conduct deemed violations of the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018. Director, Corporate Affairs, FCCPC, Ondaje Ijagwu in…
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Nigeria’s external reserves drop by $2.46bn in two months
As the Central Bank of Nigeria (CBN) continued to defend the naira at the foreign exchange market, Nigeria’s external reserves dropped by $2.46billion between January and February 2025. The external reserves that closed 2024 at $40.88 billion, dropped by $2.46 billion to $38.42 billion as of February 28, 2025. According to CBN data, the external reserves had dropped by $1.15…
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Tinubu pledges support for banks, highlights plans for globally competitive economy
By Kunle Sanni President Bola Tinubu has reiterated his administration’s commitment to fostering a sustainable and globally competitive economic system that enables Nigerian banks and financial institutions to thrive. Speaking at the groundbreaking ceremony for the new headquarters of First Bank of Nigeria at Eko Atlantic City in Lagos, Tinubu—represented by Vice President Kashim Shettima—emphasized that banks can only prosper…
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