The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions in the country, mandating them to complete the upgrade of their payment systems by October 31, 2025. The apex bank emphasized that this move is crucial to enhance the resilience, security, and efficiency of the nation’s financial infrastructure as part of ongoing reforms to modernize Nigeria’s banking sector. According to senior officials of the CBN, the upgrade will cover a range of critical areas including cybersecurity enhancements, infrastructure modernization, fraud prevention measures, and improved customer service delivery. The directive affects all deposit money banks, payment service…
Author: Temitope Nlewemchi
President Bola Tinubu has commended the remarkable growth and resilience of Nigeria’s capital market, highlighting its pivotal role in driving economic expansion and attracting investments into the country. The President made the remarks during a high-level meeting with key stakeholders of the Nigerian capital market, including leaders of the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC), on the sidelines of his visit to Brazil for an international economic summit. Tinubu applauded the NGX and SEC chiefs for their contributions to the market’s recent gains, stating that their efforts have bolstered investor confidence and strengthened the country’s…
The Nigeria Customs Service (NCS), Federal Operations Unit Zone A, Ikeja, has handed over three truckloads of expired pharmaceutical products valued at N3.7 billion to the National Agency for Food and Drug Administration and Control (NAFDAC) for proper disposal. The event, which took place at the NCS office in Ikeja, Lagos, underscores the growing collaboration between regulatory agencies in tackling the circulation of harmful and substandard medicines in the country. Comptroller Mohammed Shu’aibu, Controller of the Federal Operations Unit Zone A, while handing over the items, said the seizures were made following intelligence-led operations carried out by his officers. He…
The United Nations Development Programme (UNDP) has partnered with the Rural Electrification Agency (REA) to accelerate Nigeria’s shift toward clean energy, a move aimed at boosting sustainable development, reducing energy poverty, and strengthening the country’s climate resilience. The partnership, formally announced in Abuja, represents a major step in aligning global development support with Nigeria’s ambitious energy and environmental goals. Nigeria, Africa’s largest economy and most populous nation, faces significant energy challenges. More than 85 million people lack access to reliable electricity, according to World Bank data, while many others rely on costly and polluting alternatives such as diesel and petrol…
The Federal Government has unveiled plans to phase out the reliance on diesel-powered generators across military formations in the country, replacing them with solar-powered systems. This move, government officials explained, is part of ongoing efforts to cut costs, reduce carbon emissions, and enhance energy security for critical national defense infrastructure. The initiative, which is being anchored by the Ministry of Defence and Chief of Defence Staff in collaboration with the Rural Electrification Agency (REA) and the Federal Ministry of Power, seeks to provide clean and reliable energy solutions for military operations. According to the government, transitioning to renewable energy in…
The Nigeria Customs Service (NCS), Kirikiri Lighter Terminal (KLT) Command, has announced that it generated a total revenue of ₦89.2 billion in the first half of 2025, marking a significant increase compared to the same period in the previous year. The impressive revenue growth underscores the command’s ongoing reforms, enhanced operational efficiency, and commitment to supporting the Federal Government’s non-oil revenue drive. According to the Command’s Area Controller, Comptroller Eghosa Edelduok, the surge in revenue was driven by tighter compliance enforcement, improved cargo clearance processes, and the deployment of advanced technologies that have reduced leakages and ensured greater transparency in…
The Federal Government has deducted a total of ₦256.5 billion from the Federation Account during the first half of 2025 to fund critical gas infrastructure projects across the country. The deductions were made under the statutory Gas Infrastructure Fund (GIF), which was created to support the development, expansion, and maintenance of gas pipelines, processing plants, and related infrastructure aimed at boosting Nigeria’s energy transition and industrial growth. According to official data obtained from the Federation Accounts Allocation Committee (FAAC) reports, the deductions were carried out between January and June 2025. Analysts note that these withdrawals highlight the government’s increasing focus…
The Nigerian Communications Commission (NCC) has disclosed plans to roll out fresh measures aimed at protecting telecommunications infrastructure across the country, as part of efforts to strengthen service quality, ensure network resilience, and safeguard billions of naira worth of investments in the sector. The development comes against a backdrop of recurring vandalism, theft, and community interference, which continue to undermine the smooth operation of telecom services nationwide. According to the Commission, telecom facilities such as base transceiver stations, optic fibre cables, power generators, and transmission equipment remain critical to Nigeria’s communication backbone. However, persistent challenges including sabotage, fibre cuts, theft…
Nigeria’s former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Ade Dosunmu, has reiterated that the blue economy represents one of the most powerful and sustainable pathways for Nigeria’s economic diversification. Speaking at a maritime stakeholders’ forum in Lagos, Dosunmu urged the government to intensify its commitment to harnessing the vast opportunities embedded in the country’s coastal and marine resources to boost revenue, create jobs, and strengthen long-term economic stability. He explained that Nigeria, with a coastline of over 850 kilometres and an exclusive economic zone measuring about 200 nautical miles, possesses enormous potential to build a…
JMG, a leading energy solutions provider in Nigeria, has announced that its recent deployment of solar power has enabled the company to save an estimated N40 million in diesel costs. The development highlights the growing shift among businesses towards renewable energy as firms continue to grapple with high fuel costs and unreliable power supply across the country. According to the company, the move to integrate solar energy into its operations was driven by both economic and environmental considerations. Nigeria’s prolonged reliance on diesel generators has placed heavy financial burdens on businesses, with volatile fuel prices and rising operational costs making…
Nigeria’s debt obligations to the International Development Association (IDA), a subsidiary of the World Bank Group that provides concessional loans and grants to the world’s poorest countries, have climbed to $18.2 billion, according to the latest financial report. The figure underscores the country’s growing reliance on external borrowing to finance its development agenda amid pressing fiscal challenges. The IDA, often described as the World Bank’s concessional arm, supports developing nations with loans carrying low-interest rates and extended repayment periods, as well as grants for projects in critical sectors such as health, education, agriculture, and infrastructure. Nigeria, Africa’s largest economy, has…
Inflation can put a strain on finances, making it essential to find ways to cut costs while maintaining financial stability. Here are 14 practical strategies to help you navigate rising prices and stay ahead. Track Your Expenses – Monitor your spending to identify areas where you can cut back. Small savings add up over time. Create a Budget – Set clear spending limits for essentials and discretionary expenses. Sticking to a budget helps prevent unnecessary purchases. Reduce Energy Consumption – Save on electricity by turning off unused appliances, using energy-efficient bulbs, and opting for natural ventilation. Buy in Bulk –…
Fidelity Bank has announced plans to raise additional capital through a private placement as part of its strategy to meet the new regulatory requirements for bank recapitalization. The move aligns with the Central Bank of Nigeria’s (CBN) directive for banks to strengthen their capital base to enhance financial stability and resilience. The private placement will involve the issuance of new shares to select investors, allowing the bank to generate fresh funds without going through a public offering. Fidelity Bank aims to use the capital to reinforce its financial position, support expansion plans, and improve its ability to fund large-scale transactions.…
The Ministry of Finance Incorporated (MOFI) has unveiled a N100 billion real estate fund aimed at addressing Nigeria’s housing deficit and boosting infrastructure development. The initiative seeks to provide affordable housing solutions while attracting private sector investment into the real estate market. According to MOFI, the fund will be used to finance large-scale housing projects, particularly in urban centers where demand for affordable housing remains high. The initiative aligns with the government’s broader strategy to bridge the housing gap, estimated at over 20 million units, and improve living conditions for Nigerians. MOFI’s Managing Director emphasized that the real estate fund…
The Nigerian Association of Petroleum Explorationists (NAPE) has urged stakeholders to ramp up investments in the country’s energy sector to ensure sustainability and growth. Speaking at a recent industry forum, NAPE President emphasized the need for increased funding in exploration, infrastructure, and renewable energy to maintain Nigeria’s competitive edge in the global market. He noted that dwindling investments in oil and gas exploration could impact energy security and economic stability. According to NAPE, attracting both local and foreign investors requires policies that encourage ease of doing business, tax incentives, and improved regulatory frameworks. Beyond fossil fuels, NAPE also highlighted the…
Global beverage giant Diageo and consumer goods conglomerate Tolaram have announced the appointment of new executives to spearhead their expansion strategies across key markets. The leadership changes come as both companies seek to strengthen their presence in Africa and other emerging economies through increased investments, product innovation, and market penetration. Diageo, known for its premium alcoholic beverage brands, has appointed a new regional executive to oversee its operations in Africa, a market that has shown strong demand for its products. The new leadership is expected to focus on accelerating growth through local production, strategic partnerships, and an enhanced distribution network.…
Eko Electricity Distribution Company (EKEDC) has announced a new initiative to provide free prepaid meters to its customers, aiming to improve billing transparency and reduce estimated billing complaints. The rollout is part of the federal government’s mass metering program designed to enhance electricity distribution and customer satisfaction. The initiative will cover thousands of households and businesses within EKEDC’s coverage areas, including parts of Lagos and Ogun states. By distributing free meters, the company hopes to eliminate the long-standing issue of estimated billing, which has been a major source of frustration for customers. According to EKEDC, the deployment process will be…
The Federal Government has announced plans to review the Bilateral Air Services Agreement (BASA) between Nigeria and Jamaica, aiming to enhance air connectivity and boost economic relations between the two countries. The review is expected to address key areas such as flight frequency, operational guidelines, and potential expansion of routes to improve travel and trade opportunities. Officials from Nigeria’s Ministry of Aviation and Aerospace Development confirmed that the review is part of broader efforts to strengthen international air transport agreements and create a more favorable environment for airlines operating between both nations. They emphasized the need to modernize existing provisions…
The Nigerian Railway Corporation (NRC) and APM Terminals have officially commenced freight services between Lagos and Ibadan, marking a significant boost for cargo transportation in the country. The new rail service is expected to ease congestion at the Apapa port and improve the movement of goods between the two major cities. The initiative aims to provide businesses with a faster and more efficient alternative to road transport, which has long been plagued by gridlock and delays. With the Lagos-Ibadan rail corridor now operational for freight, importers and exporters can move cargo more seamlessly, reducing both transit time and logistics costs.…
The government is set to revive the struggling textile industry while intensifying efforts to curb smuggling, according to Minister of Industry, Trade, and Investment, Enoh. Speaking at a stakeholders’ meeting, he emphasized that revamping the textile sector is crucial for job creation and economic growth. Enoh outlined plans to provide financial incentives, modernize factories, and implement policies that promote local production. He also stressed that smuggling remains a significant threat to the industry, undercutting local manufacturers and discouraging investment. To combat this, the government will strengthen border security, enforce stricter trade regulations, and work closely with law enforcement agencies to…