Economy
-
Tinubu says N4tn bond will revive Nigeria’s struggling power sector
President Bola Tinubu has outlined steps taken by his administration to reform Nigeria’s electricity sector, revealing that the Presidential Power Sector Task Force has been authorised to raise a N4 trillion bond to settle verified legacy debts in the industry. Speaking in his Democracy Day address on Friday, Tinubu said the power sector he inherited in 2023 was plagued by…
Read More » -
Minister Tijani unveils NITDA Innovation Hub, challenges youth to build solutions
The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, has challenged Nigerian students to become active drivers of innovation and technological development, urging them to leverage emerging technologies to build solutions that can transform the nation’s economy. The Minister made the call during the official commissioning and handover of the Renewed Hope–NITDA Innovation Hub at Obafemi Awolowo University…
Read More » -
Nigerian banks quick to raise lending rate, but slow to reduce it, says IMF
The International Monetary Fund (IMF) has said Nigerian banks raise lending rates rapidly when monetary policy is tightened but are slower to reduce borrowing costs or increase returns to savers. At its last monetary policy committee (MPC) meeting, the Central Bank of Nigeria (CBN) retained the monetary policy rate (MPR), which benchmarks interest rates in the country, at 26.5 per…
Read More » -
Standard Bank Group backs Dangote IPO listing, expansion drive
Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to support the growth of Dangote Industries Limited, pledging backing for the planned listing of the Dangote Petroleum Refinery while expressing readiness to finance future expansion projects across the continent. The commitment came during a strategic visit by Standard Bank Group Chief Executive, Sim Tshabalala, and senior executives to…
Read More » -
Family Homes Fund to deliver 500,000 homes, create 1.5 million jobs for vulnerable Nigerians — Tinubu
President Bola Tinubu has said his administration is expanding access to affordable housing for vulnerable Nigerians through the Family Homes Funds programme, with a target of delivering 500,000 homes and creating 1.5 million jobs nationwide. In a post on his X account on Tuesday, President Bola Tinubu who highlighted the implementation of his administration’s housing agenda, said the initiative is…
Read More » -
Nigeria secures US$1 billion AfCFTA financing window to boost exports — FG
The federal government says Nigerian businesses now have access to a US$1 billion financing facility under the African Continental Free Trade Area (AfCFTA), designed to strengthen exports, expand production, and improve competitiveness across African markets. Speaking at the 2nd Quarter 2026 meeting of the AfCFTA Central Coordination Committee in Abuja, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole,…
Read More » -
Lagos pushes for FDI, plans International Financial Centre
By Adeola Ogunrinde The Lagos State Government on Tuesday intensified efforts to position the state as Africa’s preferred destination for investment, innovation and enterprise, unveiling fresh opportunities across infrastructure, tourism, the creative economy and financial services at the Invest Lagos Summit. Speaking on the second day of the summit, Governor Babajide Sanwo-Olu said the true measure of the event’s success…
Read More » -
IMF raises concern over Nigeria’s $5bn Abu Dhabi swap deal
The International Monetary Fund (IMF) on Tuesday has warned Nigeria to tread carefully in pursuing a proposed $5billion Total Return Swap financing arrangement with First Abu Dhabi Bank, describing such structures as opaque and potentially risky, despite the country’s improved access to international capital markets. IMF in its 2026 Article IV consultation report said the transaction would require the government…
Read More » -
BPP unveils 23 major reforms to transform Nigeria’s public procurement system
The Bureau of Public Procurement (BPP) has unveiled 23 major reforms aimed at overhauling Nigeria’s public procurement system, with a renewed focus on transparency, accountability, and efficiency. Speaking at the inaugural Public Procurement Day in Abuja, the Director-General of the BPP, Dr. Adebowale Abraham Adedokun, said the reforms are designed to reposition procurement as a key driver of national development…
Read More » -
At $50.12bn,Nigeria’s foreign reserves hit 17-year high
Nigeria’s foreign reserves have risen to $50.12 billion, marking their highest level in more than 17 years and highlighting a significant improvement in the country’s external position over the past year. Latest data by Central Bank of Nigeria (CBN) showed that gross foreign reserves stood at $50.12 billion as of June 5, 2026, compared with $38.28 billion recorded on June…
Read More »
Follow our WhatsApp Channel