Economy
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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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Recapitalisation: GTCO, Fidelity Bank, others seek N2trn fresh capital in Q2 2025
Guaranty Trust Holding Company (GTCO), Fidelity Bank Plc and five other Nigerian banks are seeking to raise nearly N2 trillion in a new round of capital raising as the banking sector’s recapitalisation heads into its final year. Wema Bank Plc, FCMB Group, Abbey Mortgage Bank Plc, FBN Holdco and Greenwich Merchant Bank among others fresh capital hurdle is expected to…
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Rewane doubts new inflation figure, says FG spent $8bn to defend Naira
Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company Limited, has raised concerns over the federal government’s economic policies, stating that approximately $8 billion has been spent to stabilize the naira amid persistent inflationary pressures. Speaking on Channels Television’s News at 10 on Friday, Rewane highlighted the government’s financial interventions, including borrowing an additional $4 billion through bond issues, to…
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Nigeria needs oil revenue to drive economic diversification – Elumelu
Tony Elumelu, founder of Heirs Energies, has emphasized the need for increased oil production to generate revenue for Nigeria’s economic diversification. Speaking at the 2025 Heirs Energies Petroleum Industry Leadership Forum on Thursday in Abuja, Elumelu highlighted the importance of massive investments in oil and gas to sustain industrialization and ensure energy security. “We cannot industrialize Africa, especially Nigeria, without…
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MPC members to likely hold interest rate at 27.50%, says analysts
A group of analysts at Cordros Research have hinted that the Monetary Policy Committee (MPC) members of the Central Bank of Nigeria (CBN) to hold its Monetary Policy Rate (MPR) or interest rate at 27.50 per cent. The Committee is scheduled to hold its first meeting of the year on February 19th and 20th and they are expected to assess…
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After Rebasing, NBS pegs inflation at 24.48% in January
Following its rebasing, the Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities declined to 24.48 per cent year on year in January, the National Bureau of Statistics (NBS) has disclosed. This implied that the general prices of goods and services in the country declined compared to 34.80 per cent in December, which…
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Trump’s tariff policy may reduce investment inflows to Nigeria, other countries in Africa, says SAMTL
Analysts at SAMTL research have said that President Donald Trump’s tariff policy may lead to reduced investment inflows to Nigeria and among other African economies. The firm added that the tariff may also lead to higher import costs, and volatility in commodity prices, among African economies SAMTL in a report titled, “the return of President Trump: implication for global economy…
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2025 budget: National Assembly passes N54.9trn into law
The Senate and House of Representatives have passed the N54.9 trillion 2025 Appropriation Bill presented by President Bola Tinubu into law At the House of Representatives, the bill was passed after a clause-by-clause consideration by the Committee of the Whole on Thursday. It was presented earlier by the Chairman, House Committee on Appropriations, Rep. Abubakar Kabir Abubakar Bichi, at the…
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Tax reform bills pass second reading in House of Rep.
The House of Representatives has advanced tax reform bills to the next stage after they successfully passed the second reading. The tax reform bills proposed by President Bola Tinubu have passed the second reading in the House of Representatives. The four bills—the Nigeria Tax Bill, the Tax Administration Bill, the Joint Revenue Board Establishment Bill, and the Nigeria Revenue Service…
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