Economy
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BREAKING: ‘Infrastructure key to Nigeria’s future’ – Tinubu vows increased funding
By Kunle Sanni President Bola Tinubu has reaffirmed his administration’s commitment to delivering world-class infrastructure across Nigeria. The president declared that his government would “find more money” to fund infrastructure projects, which he described as the backbone of industrialisation, job creation, and economic growth. Speaking during the inauguration of the Lekki Deep Sea Port access roads—designed to unlock vital routes…
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FG deepens engagement with strategic indigenous player in energy sector
The Federal government on Tuesday said it continue to deepen engagement with Renaissance Africa Energy Company Limited (RAEC), a strategic indigenous player in energy sector with the aim to increase participation of Nigerian-owned companies in key sectors. Specifically, a delegation from RAEC paid a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun,…
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Tinubu’s foreign trips attract over $50 billion in investments — Presidency
By Kunle Sanni The Presidency says President Bola Tinubu’s international engagements over the past two years have attracted more than $50 billion in Foreign Direct Investment (FDI) commitments to Nigeria. The disclosure was made on Monday by Ambassador Sola Enikanolaye, Senior Special Assistant to the President on Foreign Affairs and International Relations, during a mid-term review of the administration’s foreign…
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Nigeria eyes cocoa processing boost, $25bn gas pipeline investment to Europe
By Kunle Sanni Vice President Kashim Shettima has reaffirmed the federal government’s commitment to transforming Nigeria’s cocoa industry from raw commodity production to full-scale processing, as part of efforts to boost value addition and create jobs across the agricultural sector. Speaking during a meeting with the World Cocoa Foundation (WCF) at the Presidential Villa on Monday, the Vice President said…
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Average retail price for 5kg Gas rose by 7.69% to N7,885.60, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 7.69 per cent on a month-on-month basis from N7,322.49 recorded in March 2025 to N7,885.60 in April 2025. The latest report by NBS revealed that on a year-on-year basis, this increased by 20.92per cent…
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Local refining slashes petrol prices by nearly half in Nigeria – Dangote
Aliko Dangote, president of the Dangote Group, says Nigerians are paying only 55 percent of what citizens in other West African countries spend on petrol, thanks to local refining. Dangote made the statement during a visit to his refinery by Omar Touray, president of the Economic Community of West African States (ECOWAS) Commission. “In neighbouring countries, the average price of…
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Nigeria prepared to tackle illegal migration, says Bagudu
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has stated that Nigeria is keen to collaborate with any country and tackle the issue of illegal migration “We, more than anyone else, wish to halt illegal migration because it distorts legal migration,” he told the Austrian Ambassador to Nigeria, Mr Peter Guschelbauer, during a high-level meeting during the weekend…
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Moody’s upgrades Nigeria’s rating to ‘B3’ on better external and fiscal positions
Credit ratings agency Moody’s upgraded Nigeria’s rating by a notch to “B3” from “Caa1” on Friday, citing significant improvements in the country’s external and fiscal positions. Earlier this month, the World Bank said that Nigeria’s economy achieved its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position. However, it warned…
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Nigeria to deepen ties with AfDB under new leadership — Edun
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has expressed the Federal Government’s commitment to strengthening its partnership with the African Development Bank (AfDB) under the leadership of President-Elect Dr. Sidi Ould Tah. Speaking during a meeting with Dr. Tah on the sidelines of the AfDB’s Annual Meetings in Abidjan, Edun stated, “Nigeria is ready…
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FG signs agreement with AfDB to replenish $500m trust fund
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has signed a landmark agreement with the African Development Bank (AfDB) to replenish the Nigeria Trust Fund (NTF) with $500m and extend its operation through to 2040. The signing ceremony took place in Abidjan on the sidelines of the AfDB Annual Meetings, with outgoing AfDB President Dr…
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