Economy
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24/7 power remains goal, but sector reforms will take Years — Tegbe
The newly inaugurated Minister of Power, Joseph Tegbe, has restated the federal government’s long-term objective of delivering “reliable and affordable electricity for every Nigerian home, business, and industry, around the clock,” while cautioning that Nigerians should not expect rapid improvements in power supply. Speaking on Monday after his swearing-in by President Bola Tinubu at the State House in Abuja, Tegbe…
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PHOTO NEWS: Investments, enterprise will drive Nigeria’s $1trn economy – VP Shettima
Vice President Kashim Shettima has said Nigeria’s ambition of building a $1 trillion economy will be driven by enterprise, investment, and coordinated reforms across all levels of government. He made the statement on Monday while declaring open the Invest Lagos 3.0 Summit held at Eko Hotel and Suites, noting that sustainable economic transformation depends on creating an enabling environment for…
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MTN Nigeria,31 others lift equities market by N515bn
The Nigerian equities market sustained its positive momentum to commence trading for the week, with MTN Nigeria Communications (MTNN) and 31 others pushing the market capitalisation up by N515 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 802.94 basis points or 0.33 per cent, to close at 243,396.25 basis points. Similarly, the overall market capitalisation value gained…
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Nigeria’s foreign trade surplus increases by 341% to N7.6trn in Q1 2026, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s merchandise trade surplus surged to N7.6 trillion in the first quarter (Q1) of 2026, representing a 341per cent increase from the N1.71 trillion recorded in the preceding quarter, driven by stronger crude oil exports and a sharp decline in import spending. The report by NBS showed that total merchandise…
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Lagos emerging as Africa’s gateway to global wealth — VP Shettima
By Adeola Ogunrinde The Vice President of Nigeria, Kashim Shettima, on Monday described Lagos as Africa’s emerging gateway to global wealth, saying the state is playing a pivotal role in the continent’s drive to attract greater international investment and trade opportunities. Shettima made the remark at the opening of the third edition of the Invest Lagos 2026 Conference held in…
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FG approves payments to 1,240 contractors to clear verified liabilities
The Federal Ministry of Finance has approved payments to more than 1,240 local contractors in a move aimed at reducing outstanding verified obligations and improving liquidity for businesses across the country. According to the Ministry, the approval followed a rigorous verification and reconciliation process to ensure that only duly validated claims are settled. In a statement issued on Monday by…
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FCCPC denies reports of approval to open airtime credit market
The Federal Competition and Consumer Protection Commission (Federal Competition and Consumer Protection Commission) has rejected reports alleging that it received presidential approval to open Nigeria’s airtime credit market to nine additional operators. The clarification follows widespread media reports claiming that President Bola Tinubu (Bola Tinubu) had approved a restructuring of the airtime credit sector under the government’s “Nigeria First” policy.…
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CBN to impose N100m on banks for inadequate FX documents
The Central Bank of Nigeria (CBN) has introduced a N100 million penalty for banks that process foreign exchange transactions with inadequate documentation, as part of a sweeping revision of its foreign exchange regulatory framework aimed at tightening compliance and improving market transparency. The sanction is contained in the newly released fourth edition of the Foreign Exchange Manual, which serves as…
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Equities market down by N581bn, extends losses to fourth consecutive trading session
The Nigerian equities market closed on Thursday session in negative territory, extending losses to the fourth consecutive trading session as the overall capitalization declined by N581 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 905.30 per cent, representing a loss of 0.37 per cent, to close at 242,227.31 points. Similarly, the overall market capitalisation value shed N581…
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Africa can unlock over $469bn annually without increasing tax rates, says AfDB
African Development Bank (AfDB) said African countries can unlock more than $469 billion in additional annual revenue without increasing statutory tax rates through improved tax administration and stronger compliance measures. This was disclosed by Chief economist at the AfDB, Mr. Kevin Urama. He is also AfDB’s vice-president for economic governance and knowledge management. In an interview with the NAN, he…
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