Economy
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FG’s subsidy removal, other reforms lift Nigeria’s 3.84% economic growth in 2024, says NESG
The Nigerian Economic Summit Group (NESG) has attributed Nigeria’s 3.8 per cent growth in Gross Domestic Product (GDP) in the fourth quarter of (Q4) 2024 to the gains from the Federal Government’s subsidy removal, among other reforms. The latest GDP data released by the National Bureau of Statistics (NBS) shows a 3.84per cent year-on-year GDP growth in Q4 2024. The…
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Komolafe: Nigeria’s crude oil production potential now 2.24m barrels per day
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s technical potential for crude oil production stands at 2.24 million barrels per day. Gbenga Komolafe, chief executive officer (CEO) of NUPRC, spoke on Wednesday in Abuja at the ongoing 2025 Nigeria International Energy Summit (NIES). Speaking on optimizing production and bridging the gap, the NUPRC boss said Nigeria’s vast oil…
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Customs, stakeholders strategise to combat money laundering
The Federal Capital Territory (FCT) Command of the Nigeria Customs Service has intensified efforts to tackle money laundering at Nnamdi Azikiwe International Airport, Abuja, by bringing together key government agencies in a high-level stakeholders’ meeting. The meeting, chaired by the Customs Area Controller, Comptroller Olumide Adebisi, recently aimed at developing a coordinated approach to mitigate illicit financial flows through the…
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MAN’s confidence index reflects a steadily recovering economy – TSF
The Tinubu Stakeholders Forum (TSF) welcomes the recent release of the Manufacturers Association of Nigeria (MAN) Confidence Index for Q4 2024, which rose to 50.7 points, reflecting a moderate improvement in the confidence of CEOs in the manufacturing sector. In a statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah, it argued that this signifies the resilience of…
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3.84% GDP growth in Q4 2024 is a testament to Nigeria’s economy resilience, says Wale Edun
The Minister of finance and coordinating minister of the economy, Mr. Wale Edun stated that Nigeria’s latest gross domestic product (GDP) growth figures are a testament to the resilience of the economy and the success of President Bola Tinubu’s Renewed Hope Agenda. The National Bureau of Statistics (NBS) said Nigeria’s GDP rate expanded by 3.84 per cent in the fourth…
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OPEC chief urges Africa to unlock 120 billion barrels of oil reserves and disregard ‘misguided policies’
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, has urged African countries to unlock the continent’s oil reserves of over 120 billion barrels through increased investment. Al-Ghais made the call on Tuesday while speaking at the ongoing Nigeria International Energy Summit (NIES) 2025 in Abuja, where he delivered a keynote address and participated in a…
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BREAKING: Nigeria’s real GDP grew by 3.84% in Q4 2024, says NBS
The National Bureau of Statistics (NBS) on Tuesday disclosed that Nigeria’s economy maintained its growth momentum in Q42024, with real Gross Domestic Product (GDP) growing by 3.84 per cent from 3.46 per cent in Q3 2024. According to NBS, based on the GDP breakdown provided, the oil sector grew by 1.48per cent in Q4 2024 (Q3 2024: +5.17per cent). According…
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Nigeria’s energy reforms to shape Africa’s industrial future – Verheijen
Nigeria’s ongoing energy reforms will play a crucial role in shaping Africa’s industrial and economic landscape, according to Olu Verheijen, Special Adviser to President Bola Tinubu on Energy. Speaking at the Nigeria International Energy Summit 2025 in Abuja, Verheijen highlighted the country’s strides in securing investments, boosting refining capacity, and improving electrification. She emphasized that Nigeria’s progress in these areas…
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Ministries set up joint committee to tackle Fiber Cuts during road construction
The Federal Ministry of Works (FMoW) and the Federal Ministry of Communications, Innovation, and Digital Economy (FMoCIDE) have established a Joint Standing Committee on the Protection of Fiber Optic Cables to address the persistent issue of fiber optic cuts and damages caused by road construction and rehabilitation activities. These disruptions have had a significant negative impact on telecommunications services across…
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FG inventions have stabilised FX market, Naira, says expert
Mr. Ayobami Oyalowo, the Executive Director of the Osun River Basin, has said that some interventions by the Federal Government have stabilised the Foreign Exchange (FX) market and the naira. In a statement by Oyalowo on Monday, he said rather than defending the naira as claimed by some Nigerians, the Central Bank of Nigeria (CBN) took specific measures to support…
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