Economy
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PETROAN backs Tinubu’s order stripping NNPC of oil revenue deductions
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has endorsed President Bola Tinubu’s executive order mandating the direct remittance of oil and gas revenues into the federation account, describing the move as a major reform to curb leakages in the sector. President Tinubu signed the order on February 18, removing the Nigerian National Petroleum Company (NNPC) Limited’s authority…
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Executive Order 9: Oil and gas revenues must serve Nigerians first — Tinubu says
President Bola Tinubu says his newly signed Executive Order on safeguarding oil and gas revenues is aimed at ensuring that the nation’s resources serve Nigerians first, describing the reform as one rooted in fairness and fiscal responsibility. The directive, officially titled Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026, was signed on February…
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Tinubu signs executive order for direct remittance of oil and gas revenues to FAAC
President Bola Tinubu has signed an executive order mandating the direct remittance of oil and gas revenues to the Federation Account, in a move aimed at safeguarding national resources, eliminating duplicative deductions, and redirecting funds for the benefit of Nigerians. The Executive Order, issued under Section 5 and Section 44(3) of the Constitution, addresses revenue leakages arising from the Petroleum…
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Non-oil exports up by 105.4% to $6.1bn in 12years, Ministry of industry reveals
The Ministry of Industry, Trade and Investment has revealed that Nigeria’s non-oil exports jumped by 105.4 per cent from $2.97 billion in 2013 to $6.1 billion in 2025, making it the highest value in its history. An online post had tackled the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole of celebrating only $500million in exports and compares this…
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Lagos initiates Sovereign Wealth Fund, aims at securing financial future
By Adeola Ogunrinde The Lagos State Government has announced plans to secure the state’s financial future and support long-term development through the establishment of a Sovereign Wealth Fund. This was disclosed by the Commissioner for Finance, Abayomi Oluyomi, during a harmonisation session of the Wealth Fund Bill held in Lagos. He said the initiative will serve as a structured investment…
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FG to review MTN’s $6.2 billion acquisition of IHS Towers to avert sector risk
The Federal Ministry of Communications, Innovation and Digital Economy has announced plans to review the proposed $6.2 billion acquisition of IHS Towers by MTN Group, citing the need to safeguard the stability and long-term sustainability of Nigeria’s telecommunications sector. In a statement signed by the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, the Ministry said it is closely…
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MSME clinics, shared hubs generate 250,000 jobs — Shettima
Vice President, Kashim Shettima, on Tuesday said Micro, Small and Medium Enterprises (MSMEs) initiatives under the President Bola Tinubu led-administration have generated over 250,000 jobs nationwide through MSME Clinics and shared industrial hubs. Shettima made the appeal at the Presidential Villa in Abuja while receiving the 2025–2026 MSME Report during a stakeholders’ meeting. He said Nigeria must harness opportunities in…
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Nigerian equities market recovers $21bn following naira’s devaluation in 2024, says Report
A report by Bloomberg on Tuesday revealed that the Nigerian equities market has recovered by $21 billion in market value it lost amid a sharp naira devaluation in 2024. The report also revealed that the equities market section of the Nigerian Exchange Limited (NGX) has delivered the world’s second-best dollar returns this year, climbing 31per cent in 2026. According to…
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UBA UK’s CEO unveils strategy to bridge Africa’s $100bn trade finance gap
The Chief Executive Officer of UBA UK, Loknath Mishra, has unveiled a strategy to position the bank at the forefront of efforts to bridge Africa’s estimated $100 billion trade finance gap and strengthen cross-border trade flows between the continent and global markets. The newly appointed CEO, who spoke in an interview on Arise TV’s Global Business Report on Monday, outlined a clear vision…
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President Tinubu launches Nigeria industrial policy 2025, calls for rapid implementation
President Bola Tinubu on Tuesday officially unveiled the Nigeria Industrial Policy 2025, urging relevant ministries, departments, and agencies to ensure its swift execution. The policy is designed to transform Nigeria’s industrial base, enhance competitiveness, create jobs, and boost exports. Speaking at the launch held at the Bola Tinubu International Conference Centre, the President, represented by Vice President Kashim Shettima, highlighted…
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