Economy
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Peter Obi misguided on N3.3trn GenCos debt, says TMSG
Political support group, the Tinubu Media Support Group (TMSG) has criticised former Labour Party presidential candidate Peter Obi, describing his comments on President Bola Tinubu’s N3.3 trillion debt settlement to electricity power-generating companies (GenCos) as misguided. In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group questioned how a former governor could confuse debts owed…
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Nigeria’s company income tax collections slip to 49.8% in Q4 2025, says NBS
National Bureau of Statistics (NBS). has said Nigeria’s Company Income Tax (CIT) collections fell sharply in the fourth quarter of 2025, dropping to N1.49 trillion from N2.96 trillion in the preceding quarter. The decline represents a 49.81per cent quarter-on-quarter contraction, reflecting a slowdown in corporate tax inflows during the period. The drop comes amid evolving macroeconomic conditions and possible seasonal…
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FTSE Russell restores Nigeria’s frontier market status, reflecting NGX market infrastructure gains
Nigeria has been restored to Frontier Market status by FTSE Russell, marking a significant milestone in the country’s reintegration into global investment indices and signalling renewed opportunity for international investors. The reclassification, from “Unclassified” to “Frontier Market,” was approved by the FTSE Russell Index Governance Board following recommendations from its Equity Country Classification Advisory Committee and Policy Advisory Board. It…
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Nigeria positioned to lead Africa in AI development – Shettima
Vice President Kashim Shettima says Nigeria is strategically positioned to lead Africa in the use of Artificial Intelligence (AI) to drive economic growth and innovation. Shettima made this known on Monday in Lagos during the launch of the AI University Innovation Pod (UniPod) at the University of Lagos, where he described AI as one of the most transformative technologies shaping…
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Tinubu to attend 2026 Africa CEO forum in Kigali
President Bola Tinubu is expected to participate in the 2026 Africa CEO Forum scheduled to take place in Kigali, Rwanda, on May 14 and 15. The annual event is organised by Jeune Afrique Media Group in partnership with the International Finance Corporation (IFC). This year’s forum will focus on the theme, “The Scale Imperative: Why Africa Must Embrace Shared Ownership.”…
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2025FY: Zenith Bank declares 5% drop in profit to N1.26trn
Zenith Bank plc has released its audited group financial results for the full year ended December 31, 2025 with about five per cent drop in profit before tax to N1.26 trillion from N1.33 trillion reported in 2024. The audited result and accounts on the Nigerian Exchange Limited (NGX) also revealed one per cent increase in profit after tax to N1.04…
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Nigeria, Indonesia reaffirm commitment to strategic economic cooperation
Nigeria and Indonesia have taken a significant step towards strengthening bilateral relations, as the Ambassador of the Republic of Indonesia to Nigeria, Mr Bambang Suharto, paid a courtesy visit to the Federal Ministry of Budget and Economic Planning to further discussions on economic cooperation, institutional partnerships, and sustainable development. The high-level meeting was chaired by the Minister of Budget and…
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Afreximbank to avail US$10 billion under its Gulf Crisis Response Programme (GCRP)
To counter the severe economic shocks triggered by the escalating conflict in the Middle East, the Board of Directors of African Export-Import Bank (Afreximbank) has approved a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing Gulf crisis. The conflict, which escalated on 28 February 2026,…
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Nigeria earned N62.3trn from taxes in 3 years, says report
As Nigeria broke its decades-long fiscal dependence on oil revenue, a report by Quartus Economics has revealed that between 2023-2025, an estimated N62.3 trillion was earned from taxes alone, with the non-oil sector contributing the highest proportion. The report titled , “Nigeria Unshackled: Inside the Steady Rise of a Fiscal State, ” stated that oil sector contributed just 27per…
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SEC, others engage African Exchanges on cross-border listings
The Securities & Exchange Commission ((SEC), NGX Group Plc and other capital market stakeholders in Africa recently convened in Lagos to advance cross-border listings and deepen integration across the continent’s capital markets. The engagement brought together stakeholders within the African Securities Exchanges Association, including representatives from the Johannesburg Stock Exchange (JSE), Ghana Stock Exchange (GSE), Ethiopian Securities Exchange (ESX), Bourse…
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