Economy
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Nigerian banks can drive GDP growth by 7%, says World Bank
The World Bank Country Director for Nigeria, Mr Mathew Verghis, has said Nigerian banking sector has the capacity to drive more than seven per cent growth in Gross Domestic Product (GDP) if properly leveraged Verghis spoke on Thursday at the Agusto & Co 2026 Economic Roundtable held in Lagos in honour of the firm’s late founder, Mr Olabode Agusto. He…
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NNPCL grows profit by 6.7% to N5.76trn profit in 2025
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it recorded a profit of N5.76 trillion in the 2025 financial year, an increase of 6.7 per cent against N5.4 trillion profit reported in 2024. . It also declared a total revenue of N60.517 trillion from N45.1 trillion in 2024 and remitted N14.706 trillion to the Federation in…
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AU Summit: Nigeria secures permanent seat on African Central Bank board
Nigeria has secured a permanent seat on the Board of the African Central Bank following deliberations at the 39th Session of the Executive Council of the African Union. The development was disclosed in a statement issued on Friday, by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar. According to the statement, the decision marks a significant diplomatic milestone for Nigeria…
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Otedola predicts stronger naira as Dangote Refinery reaches full output
Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has expressed optimism that the naira could appreciate to below N1,000 against the US dollar before the end of 2026, following the Dangote Petroleum Refinery’s attainment of full operational capacity. In a post shared on X on Thursday, Otedola described the refinery’s milestone as a major turning point for Nigeria’s…
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Kyari pushes youth and women empowerment in agriculture at IFAD session in Rome
Minister of Agriculture and Food Security, Abubakar Kyari, has emphasised the need for strategic investment in youth and women in agriculture, describing it as critical to unlocking economic opportunities, driving innovation and fostering inclusive growth globally. Kyari made the call at the 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council, which concluded in Rome under the…
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Tinubu hails BOI’s N636bn disbursement to businesses in 2025
President Bola Tinubu has praised the Bank of Industry (BOI) for disbursing N636 billion to businesses in 2025, describing it as the highest annual financing volume in the bank’s history and a validation of his administration’s economic reform agenda. The funding, which reached more than 7,000 enterprises nationwide, was channelled into key sectors of the economy. Agro-allied enterprises received N202…
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Ministry of Trade & Investment to focus on sustaining reform momentum in 2026
The Ministry of Trade, Trade & Investment revealed its 2026 outlook with the focus to sustain its reform momentum while tightening execution, with emphasis on disciplined implementation, sub-national delivery, and closer integration of trade, investment. Other part of the Ministry’s focus this year is based on industrial policy to translate consolidation into sustained growth, exports, and jobs. The Ministry headed…
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Bank of Industry disburses N636bn to businesses in 2025
The Bank of Industry (BOI) revealed that it disbursed a N636 billion to about 7,000 businesses in 2025. Disbursement, according to BOI , is one of the highest annual funding interventions in the institution’s history. , The development underscores the bank’s expanding role in supporting key sectors of Nigeria’s economy and driving job creation. According to details released on the…
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Siemens’ $2.3bn power deal stalled under Buhari, revived by Tinubu — German Envoy
The $2.3 billion Siemens power agreement signed under former President Muhammadu Buhari failed to gain momentum and remained largely dormant until President Bola Tinubu revived it upon assuming office, Germany’s Deputy Head of Mission in Nigeria, Johannes Lehne, has disclosed. Speaking on the second day of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos, Lehne said the…
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Capital inflows jump to $21bn in 10 months, says trade minister
Nigeria recorded about $21 billion in capital importation in the first 10 months of 2025, a sharp rise from the $12 billion posted in 2024 and less than $4 billion in 2023. The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this on Wednesday while defending the ministry’s 2026 budget proposal before the House of Representatives joint committee on…
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