Economy
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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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15 takeaways from the 3rd edition of the 2025 Ministerial Press Briefing series with Jumoke Oduwole, Minister Of Industry, Trade and Investment
The Federal Ministry of Industry, Trade and Investment (FMITI) has signed a Memorandum of Understanding with the Aig Imoukhuede Foundation to digitize the processes and operations of the Ministry and drive effectiveness and efficiency in the delivery of Ministerial mandates and services. The Ministry is embarking on National Industrial Tours across the 6 geo-political zones, conducting on-the-ground assessments of Nigeria’s…
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Nigeria, South Africa among Africa’s top debtors, says report
A report by African Export-Import Bank (Afreximbank) has revealed that Nigeria, South Africa and eight other African countries, accounts for 69 per cent of the continent’s total external debt stock. The report, African Debt Outlook: A Ray of Optimism, highlights Nigeria’s significant debt burden, placing it among the top three most indebted countries, with eight per cent of Africa’s total…
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Nigeria, China sign 7.6b Euros deal transitioning from fossil fuels to clean energy
Nigeria and China have signed a €7.6 billion green hydrogen energy agreement aimed at gradually transitioning from fossil fuels to clean energy in line with global best practices. The landmark deal was formalized over the weekend in Uyo, Akwa Ibom State, between the Federal Government, APPL Hydrogen Limited (AHL), and LONGi Green Energy Technology Company Limited (LGETCL), a Chinese firm.…
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G20 summit: Nigeria engages global financial leaders in Cape Town
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has participated in the G20 Finance Ministers and Central Bank Governors Meeting in Cape Town, reaffirming Nigeria’s commitment to global economic stability, sustainable development, and financial resilience. During the meeting, Minister engaged in dialogue with global financial leaders, contributing to discussions on strengthening macroeconomic cooperation, mobilizing investments…
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Why Nigeria’s 2024 GDP growth outperformed global institution, experts’ projections – IMPI
The Independent Media and Policy Initiative (IMPI) has described Nigeria’s 2024 Gross Domestic Product (GDP) growth as a fair reflection of the success of President Bola Tinubu’s economic policies. In a statement signed by its Chairman, Dr. Niyi Akinsiju, IMPI noted that the 3.40% full-year growth rate was not surprising, as it exceeded the projections of global institutions and financial…
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Manufacturers laud FG’s tax reforms, urge crackdown on illegal levies
The Manufacturers Association of Nigeria (MAN) has commended the Federal Government for introducing four executive bills aimed at reforming tax administration in the country while calling for an end to the unlawful activities of non-state actors. MAN made the call on Thursday during the second day of the public hearing on the tax bills in Abuja, organised by the House…
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NNPCL remits N264b into Federation Account
Fed, States, councils share N1.7tr January allocation The Nigerian National Petroleum Company Limited (NNPCL) has remitted N264 billion to the Federation Account Allocation Committee (FAAC) to reduce its outstanding debt to the federation. Chairman of the Finance Commissioners Forum, Akin Oyebode, confirmed this in an interview yesterday. Speaking against the background of the FAAC meeting held in Abuja on Monday,…
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