Economy
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PHOTO NEWS: Nigeria Industrial Policy 2025 officially unveiled by Vice-President Shettima
Vice-President Kashim Shettima on Tuesday officially launched the Nigeria Industrial Policy 2025 on behalf of President Bola Ahmed Tinubu, with a charge to relevant ministries, departments and agencies (MDAs) to ensure its speedy implementation. Speaking at the event, Shettima described the policy as a strategic roadmap aimed at re-engineering Nigeria’s industrial base, unlocking value across key sectors and placing production,…
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Nigeria Customs clarifies exchange rate application, reassures traders on valuation accuracy
The Nigeria Customs Service (NCS) has clarified recent concerns over foreign exchange rates applied in Customs valuation, emphasized that all rates are sourced directly from the Central Bank of Nigeria (CBN) and automatically integrated into its digital clearance system, B’Odogwu. In a statement issued by the NCS National Public Relations Officer, Dr. Abdullahi Maiwada, the Service explained that it does…
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Nigeria’s inflation drops to 15.10% in January 2026, says NBS
The National Bureau of Statistics (NBS) has disclosed that Nigeria’s headline inflation rate moderated slightly to 15.10per cent in January 2026, down from 15.15per cent recorded in December 2025. According to the latest Consumer Price Index report, the marginal decline of 0.05 percentage points suggests a continued slowdown in price pressures at the start of the year, following several months…
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Tinubu hails Nigeria–UAE industrial deal as BUA signs MoU with AD Ports, MAIR group
President Bola Tinubu has described the newly signed Memorandum of Understanding between BUA Group and UAE-based AD Ports Group and MAIR Group as a major milestone in Nigeria–United Arab Emirates economic relations, saying the agreement signals deepening industrial and trade cooperation between both countries. The agreement, signed in Abu Dhabi, is a Memorandum of Understanding (MoU) between BUA Group, AD…
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Capital importation into Nigeria grows by 380% to $6bn in Q3 2025
The capital importation into Nigeria increased by 380 per cent to $6.01 billion in the third quarter (Q3) of 2025 from $1.25 billion recorded in the corresponding period of 2024. This is according to the latest report by the National Bureau of Statistics (NBS). According to NBS in its Q3 2025 capital importation report also shows a 17.46 per cent…
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FG rolls out industrial policy, plans N3trn BOI recapitalisation
The Federal Government has launched a new industrial policy aimed at reviving dormant factories, strengthening local manufacturing, and repositioning Nigeria as a competitive industrial hub. Minister of State for Industry, John Owan Enoh, unveiled the framework during an engagement with members of the Nigerian Guild of Editors, stressing that sustainable economic transformation depends on productive industries capable of competing globally.…
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Tax Act 2025: No 25% levy on building materials or bank funds, committee clarifies
The Presidential Fiscal Policy and Tax Reforms Committee has debunked claims that the Nigeria Tax Act introduces a 25 per cent tax on building materials, construction funds or money held in bank accounts. The committee said this in response to a viral video in which former Rivers State governor Rotimi Amaechi, during a visit to some markets in Abuja, told…
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CBN to impose N20m fine on cheque violators, accreditation withdrawal
The Central Bank of Nigeria (CBN) says banks and accredited cheque printers that repeatedly breach cheque standards will be penalised with fines of up to N20 million. The CBN disclosed the penalty fee in a circular to all deposit money banks (DMBs) and cheque printers on Thursday, signed by Hamisu Abdullahi, director of its banking services department. The circular, dated…
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Leo Ekeh lauds Tinubu’s investment-friendly reforms
The Chairman of Zinox Group, Mr. Leo Stan Ekeh has described President Bola Tinubu’s investment-friendly reforms as a major boost for investor confidence and a repositioning Nigeria’s economy. Ekeh, in a statement on Friday in Lagos, said the President demonstrated boldness by implementing reforms immediately upon assuming office, warning that any delay could have further contracted the economy and eroded…
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Forex crisis now behind us, says Elumelu
Chairman of United Bank of Africa, Tony Elumelu, has declared that Nigeria’s foreign exchange challenges are now a thing of the past, stating that businesses can access dollars without the hurdles that once defined the market. Speaking with journalists after a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Friday, Elumelu credited recent reforms by the…
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