Economy
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Tinubu’s economic reforms attracting global investors, says Idris
The Minister of Information and National Orientation, Mohammed Idris, has said Nigeria’s ongoing economic and governance reforms under the administration of President Bola Tinubu are strengthening global confidence in the country and creating new opportunities for trade, investment and international cooperation. Idris made the remarks in London during a world press conference held ahead of Tinubu’s official visit to the…
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Chinese tariff removal: Manufacturers in Nigeria, others African countries to save $1.4bn yearly
Manufacturers have welcomed Chinese President Xi Jinping’s decision to remove tariffs on imports from 53 African countries starting May 1, 2026, noting that the zero-tariff policy will open one of the world’s largest consumer markets to African producers and manufacturers. Nigeria and other African manufacturers under their umbrella body, Pan-African Manufacturers Association (PAMA), expressed optimism that with bilateral trade already…
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AMCON wins Supreme Court case over N22bn sale of Lagos Continental Hotel
The Supreme Court has affirmed the powers of the Asset Management Corporation of Nigeria (AMCON) in the sale of the Lagos Continental Hotel in Victoria Island, Lagos, for N22 billion. According to a report by The Nations newspaper on Monday, the apex court delivered its judgment on February 20, 2026, in favour of AMCON, bringing to an end a protracted…
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Five companies migrate from loss to N2.13trn profit before tax in 2025
A total of five companies on the Nigerian Exchange Limited (NGX) have migrated from N764.35 billion loss before tax in 2024 to N2.13 trillion profit before tax in 2025, coming on the backdrop of stability in the foreign exchange market, operational efficiency, among other improving economy indicators. The five companies are: MTN Nigeria Communications Plc, Nestle Nigeria Plc, Cadbury Nigeria…
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Foreign reserves cross $50bn as Naira appreciates by N27.03/dollar WoW
Nigeria’s foreign reserves continued its upward trajectory during the week, crossing the $50 billion threshold, according to figures published on the website of the Central Bank of Nigeria (CBN). The reserves rose to $50.45 billion, representing a 0.24 percent increase compared with the $49.90 billion recorded in the previous week, The rising reserve level has strengthened the country’s foreign exchange…
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CBN issues new rules on BVN registration, mobile transfers
The Central Bank of Nigeria (CBN) has introduced new directives for banks, financial institutions and payment service providers aimed at strengthening electronic payment security, tightening oversight of the Bank Verification Number (BVN) system and improving the management of dormant bank accounts and unclaimed funds. The directives were contained in three separate circulars issued on March 12, 2026 and distributed to…
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FG, states, LGs receive ₦1.894trn February allocation from FAAC
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.894 trillion as revenue for February 2026 to the Federal Government, the 36 state governments and the 774 local government councils across the country. The distribution was made at the March 2026 FAAC meeting held in Abuja on Friday, according to a communiqué issued at the end of the…
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Middle East unrest: NESG projects N30.2trn oil windfall for Nigeria
The Nigerian Economic Summit Group (NESG) has projected that escalating geopolitical tensions in the Middle East could deliver a massive oil revenue windfall to Nigeria, potentially reaching as high as N30.2 trillion if the conflict between Iran and Israel becomes prolonged. This was disclosed in a report titled “Boom Not Gloom: Nigeria’s Optimal Policy Response to the US/Israel-Iran War,” released…
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CBN sets N20,000 limit on newly activated banking apps for first 24 hours
The Central Bank of Nigeria (CBN) has released updated guidelines for mobile financial services, limiting the amount customers can transfer in the first 24 hours of activating a new banking app. The measure is part of the central bank’s broader effort to enhance security and prevent fraud in instant payment operations. “For new accounts, transaction limits (inflow and outflow) shall…
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FG to revive cotton, textile sector with plan for integrated industrial parks
The Federal Government has unveiled plans to revitalise Nigeria’s cotton, textile and garment (CTG) industry through the establishment of integrated industrial parks aimed at strengthening the entire value chain and stimulating large-scale industrial growth. The initiative was discussed at a high-level meeting convened by the Minister of State for Industry, Senator John Owan Enoh, on Thursday in Abuja. The meeting…
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