Economy
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S&P upgrades Nigeria’s outlook to ‘positive’
Standard & Poor’s (S&P) Global Ratings on Friday revised its outlook on Nigeria to “positive” from “stable” backing the country’s ongoing economic reforms. The New York-based financial information and analytics company, also affirmed the country’s rating at “B-/B”. “The monetary, economic, and fiscal reforms being implemented by Nigerian authorities will yield positive benefits over the medium term,” S&P said in…
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Nigeria, Morocco deepen partnership on veterinary vaccines, agro-industry
By Kunle Sanni – Nigeria is set to broaden its cooperation with Morocco on veterinary vaccine production and agro-industrial development following a high-level study tour of key Moroccan facilities by a Nigerian government delegation. The delegation, led by the Minister of Livestock Development, Idi Mukhtar Maiha, visited the MCI Animal Health and Vaccine Production Facility in Casablanca on the final…
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FG backs Ondo’s gas revolution, lauds methanol production breakthrough
By Folashade Olorunfemi The Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, has congratulated Ondo State Governor, Dr. Lucky Aiyedatiwa, for hosting the country’s first methanol production facility, noting that the Nigerian National Petroleum Company Limited (NNPC) is expected to leverage such investments to strengthen upstream operations and enhance value addition in the gas sector. The minister…
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Air Peace counts $15m loss after SmartLynx Airlines pulls out three aircraft
Air Peace, has attributed sudden disruptions in its domestic operations to the “unlawful” withdrawal of three aircraft by its wet lessor, SmartLynx Airlines, resulting in a $15 million financial loss. According to a report by NAN, the chief commercial officer (CCO), Air Peace , Nowel Ngala who spoke on Friday at a press conference in Lagos, explaining that the withdrawals…
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Edo govt begins MTSS planning cycle, targets inclusive growth, smarter budgeting
By Folashade Olorunfemi The Edo State Ministry of Budget and Economic Planning (MBEP) has reaffirmed its commitment to transforming planning into a dynamic tool for inclusive growth, rather than a routine bureaucratic exercise, with the commencement of a two-day sectoral engagement on the development of the Medium-Term Sector Strategy (MTSS) for 2026–2028. The Commissioner for Budget and Economic Planning, Dr.…
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Stanbic IBTC advised customer against buying locally-made vehicles, Nord CEO alleges
Chief executive officer (CEO) of Nord Motion, Mr. Oluwatobi Ajayi has accused Stanbic IBTC Bank of advising a potential customer of the automaker against purchasing its vehicle. In a post on X, Ajayi said the potential client, an entrepreneur in the oil and gas industry, approached Stanbic IBTC regarding buying a vehicle from the firm. However, he said the unnamed…
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FCCPC sets 2026 deadline for Cardon,others to comply with lending regulations
The Federal Competition and Consumer Protection Commission (FCCPC) has set January 5, 2026, as the deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025. This is disclosed by a statement signed by Director, Corporate Affairs, FCCPC , Ondaje Ijagwu. According to his statement, the regulations came into effect on July 21, 2025 under the…
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Nigeria crude oil production hits 1.401mbpd in October, fails OPEC quota for third month
Nigeria’s crude oil production climbed marginally to 1.401 million barrels per day (bpd) in October, up from 1.39 million bpd recorded in September. This is according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) released on Wednesday. Despite the modest increase, the report shows that Nigeria fell short of meeting its OPEC-assigned quota for the…
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N2trn equities market decline: Senate urges Edun to review 30% Capital Gains Tax policy
The Senate has called on the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to urgently review the new 30 per cent Capital Gains Tax (CGT) on large share sales, following a massive N2 trillion market loss that rocked the Nigerian Stock Exchange last week. The tax hike, contained in the recently passed Nigerian Tax Act 2025,…
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FG suspends implementation of 15% on petrol, diesel import duty
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed implementation of a 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) is no longer being considered. President Bola Tinubu, on October 21, approved the 15 per cent import duty on petrol and diesel. In a statement on Thursday…
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