The New Partnership for Africa’s Development (NEPAD) Nigeria has called on Nigerians, particularly entrepreneurs, business leaders, and policymakers, to strengthen their capacity to fully participate in the African Continental Free Trade Area (AfCFTA) agreement. The organisation said this is crucial for Nigeria to maximise the vast opportunities presented by the continent’s single market, which aims to enhance intra-African trade, industrialisation, and sustainable economic growth. Speaking at a national sensitisation forum held in Abuja, the Chief Executive Officer of NEPAD Nigeria, Princess Gloria Akobundu, said the AfCFTA is a game-changer for Africa’s economic development but requires strategic readiness and capacity building…
Author: Temitope N.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that Nigeria’s ongoing tax reforms are designed to eliminate multiple levies and create a more efficient, transparent, and business-friendly tax system. He explained that the reforms aim to streamline the country’s complex tax structure, boost revenue generation, and reduce the burden on citizens and businesses. Speaking in Abuja at a policy dialogue on the state of Nigeria’s fiscal framework, Oyedele emphasised that the government’s priority is to simplify tax compliance and eliminate overlapping taxes that have stifled economic growth and discouraged investment for years. According…
The Nigerian stock market closed on a bearish note on Monday as sustained sell pressure in blue-chip and banking stocks wiped off about N371 billion from investors’ wealth. The downturn came after several weeks of mixed trading, reflecting growing investor caution amid macroeconomic uncertainties and profit-taking in key equities. According to data from the Nigerian Exchange Limited (NGX), the All-Share Index (ASI) declined by 0.26% to close at 99,320.45 points, down from 99,578.38 points recorded in the previous session. Consequently, the market capitalisation fell from ₦142.12 trillion to ₦141.75 trillion, representing a loss of ₦371 billion in a single trading…
Africa’s richest man and President of Dangote Industries Limited, Alhaji Aliko Dangote, has categorically dismissed suggestions that he is interested in purchasing or taking over any of the Nigerian National Petroleum Company Limited (NNPCL) refineries, describing such reports as false and misleading. He also took a swipe at the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) over recent remarks concerning operations at the Dangote Refinery, calling them “uninformed and unnecessary provocations”. Dangote, while speaking at a media parley in Lagos, said he has no plans to acquire any of the state-owned refineries, noting that his company’s focus remains…
The Corporate Affairs Commission (CAC) has reiterated its unwavering commitment to transparency, accountability, and due process in the execution of its regulatory duties, while warning individuals and groups against orchestrating smear campaigns aimed at undermining its integrity and reform agenda. Registrar-General and Chief Executive Officer of the Commission, Hussaini Ishaq Magaji (SAN), made the declaration in Abuja while addressing journalists following recent allegations and online misinformation targeting the CAC’s operations. Magaji stated that the Commission remains focused on promoting corporate compliance and improving Nigeria’s ease of doing business, stressing that false narratives would not derail its mandate. He explained that…
Nigeria’s Minister of Power, Chief Adebayo Adelabu, has announced that state governors in collaboration with local and international investors have jointly mobilised over $500 million to boost solar panel manufacturing and renewable energy production across the country. The initiative, he said, is part of the Federal Government’s drive to achieve energy security, reduce dependence on fossil fuels, and promote sustainable industrial growth. Speaking in Abuja at the Nigeria Energy Transition and Investment Summit, Adelabu disclosed that the fund would support the establishment and expansion of solar component manufacturing plants in various parts of the country, particularly in states with strong…
The House of Representatives has commenced a comprehensive probe into what it described as excessive and unregulated tax deductions, illegal bank charges, and multiple levies imposed on customers by commercial banks across Nigeria. This move follows growing complaints from individuals, small businesses, and corporate bodies over what they consider exploitative financial practices by banks. Lawmakers expressed concern that despite the Central Bank of Nigeria’s (CBN) guidelines on permissible bank charges, many financial institutions continue to impose multiple, unexplained deductions on customers’ accounts. These deductions, they said, often occur under the guise of Value Added Tax (VAT), stamp duties, electronic money…
Calls have intensified for the Central Bank of Nigeria (CBN) to introduce higher denominations — specifically N10,000 and N20,000 single notes — as part of efforts to address the rising cost of living, inflationary pressures, and transactional inefficiencies in the country’s cash-based economy. Economists, financial analysts, and business operators have argued that the value of the naira has depreciated significantly in recent years, making existing denominations, particularly the N1,000 note, increasingly inadequate for large transactions. They said the introduction of higher-value notes would reflect the true state of the economy and reduce the strain on cash circulation. Dr. Muda Yusuf,…
The World Bank has projected that global commodity prices will decline sharply in 2025, reaching their lowest levels in six years, driven largely by an oversupply in the oil market and weakening demand across major economies. In its latest Commodity Markets Outlook report, the Bank warned that oil prices could fall below $70 per barrel as global production outpaces consumption, while other commodities such as natural gas, metals, and agricultural products are also expected to face downward pressure. According to the report, the anticipated oil surplus stems from increased production by key exporters, including the United States, Brazil, and Canada,…
The Nigerian Exchange Group (NGX Group) has recorded a remarkable surge in its market capitalisation, which rose by 37.7% to reach ₦141.75 trillion, reflecting renewed investor confidence and sustained momentum across key sectors of the equities market. The impressive growth underscores the resilience of Nigeria’s capital market amid global economic challenges and policy shifts in the domestic financial landscape. According to market data released by the NGX, the growth in market capitalisation was driven by strong performances in the financial, energy, industrial, and consumer goods sectors, as well as increased participation from institutional and retail investors. Analysts attribute the surge…
The Kano Electricity Distribution Company (KEDCO) has announced plans to commence a large-scale metering initiative aimed at bridging the metering gap across its franchise areas in Kano, Katsina, and Jigawa States. The company said the mass metering rollout is part of its strategic efforts to eliminate estimated billing, enhance transparency, and improve customer satisfaction within its operational network. KEDCO’s Managing Director and Chief Executive Officer, Dr. Jamil Gwamna, disclosed this in a statement issued over the weekend, explaining that the metering project will align with the Federal Government’s National Mass Metering Programme (NMMP). He said the initiative will significantly reduce…
The Federal Government has issued a stern warning to electricity distribution companies (DisCos) that have failed to meet operational and financial obligations, stating that it will no longer tolerate inefficiency, indebtedness, or poor service delivery within the power sector. The government said that it is ready to revoke the licenses of non-performing DisCos and replace them with capable investors who can drive stable electricity distribution across the country. Minister of Power, Chief Adebayo Adelabu, made this known during a stakeholders’ meeting in Abuja, where he lamented the persistent liquidity crisis, poor metering coverage, and mounting debts owed to the Nigerian…
The National Inland Waterways Authority (NIWA) has expressed concern over the poor utilisation of Nigeria’s waterways, despite the significant financial investments made to develop and modernise the sector. The agency said that the country’s inland water transport system remains largely untapped, even though billions of naira have been committed to dredging, infrastructure development, and safety enhancement projects over the years. Speaking during a press briefing in Abuja, NIWA’s Managing Director, Bola Oyebamiji, lamented that Nigeria continues to rely excessively on road transport for the movement of goods and passengers, while the waterways — which offer a cheaper and more environmentally…
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has emphasised that integrated logistics systems remain essential to unlocking Nigeria’s full potential in the blue economy sector. According to him, the nation’s maritime industry cannot achieve sustainable growth or global competitiveness without seamless coordination among ports, transport infrastructure, and logistics operations. Speaking during a stakeholders’ engagement session in Lagos, Oyetola said that the ministry is focused on building a holistic framework that connects all maritime value chains — from port operations to hinterland transportation — to enhance efficiency and profitability. He noted that integrated logistics would not only boost trade…
Nigeria’s Minister of Power, Chief Adebayo Adelabu, has expressed deep concern over the lack of qualified local technicians to install about 400,000 imported electricity meters currently lying idle across the country. The minister said the situation reflects a major bottleneck in the implementation of the federal government’s National Mass Metering Programme (NMMP), which aims to bridge the nation’s huge metering gap and reduce estimated billing for electricity consumers. Adelabu, who disclosed this during a recent power sector stakeholders’ meeting in Abuja, lamented that despite the government’s effort to import and distribute prepaid meters to electricity consumers, progress has been hindered…
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have announced a new strategic collaboration aimed at improving compliance and enforcement of third-party motor insurance across Nigeria. The partnership, which was formally unveiled in Abuja, seeks to curb the rising cases of uninsured vehicles on Nigerian roads, enhance road safety, and promote financial protection for motorists and accident victims. Speaking during the official launch of the initiative, the Commissioner for Insurance, Mr. Olusegun Omosehin, said the move marks a significant milestone in the country’s effort to integrate technology and regulatory enforcement in the motor insurance ecosystem. He…
Nigeria’s manufacturing sector has continued to face mounting challenges as credit to manufacturers dropped sharply by N7.72 trillion between January and September 2025, resulting in fragile growth across key industrial segments. Despite government efforts to stimulate local production and ease credit conditions, rising interest rates, exchange rate volatility, and persistent inflation have combined to strain the financial health of manufacturers nationwide. According to data obtained from the Central Bank of Nigeria (CBN) and insights from the Manufacturers Association of Nigeria (MAN), credit to the manufacturing sector fell from N14.62 trillion in December 2024 to N6.9 trillion by the third quarter…
Dangote Cement Plc, Africa’s leading cement producer, has reaffirmed its commitment to youth empowerment in Nigeria through a series of community-driven initiatives focusing on sports development, education, and skills acquisition. The company said the initiatives are part of its broader corporate social responsibility (CSR) agenda aimed at fostering sustainable development, creating opportunities for young people, and promoting social inclusion across its host communities. In a statement released by the company, Dangote Cement emphasized that empowering Nigerian youths remains central to its mission of contributing to national growth beyond industrial operations. The company disclosed that it has continued to invest significantly…
Dangote Cement Plc, Africa’s largest cement producer, has announced an impressive profit of N743.3 billion for the nine-month period ending September 2025, representing one of its strongest financial performances in recent years. The company’s sustained revenue growth, operational efficiency, and strategic expansion across key African markets have positioned it as a dominant force in the continent’s construction and building materials sector. According to the firm’s unaudited financial statements released on the Nigerian Exchange (NGX), Dangote Cement’s profit after tax rose significantly compared to N553.4 billion recorded in the corresponding period of 2024, showing a 34% year-on-year growth. This remarkable improvement…
Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria and other subsidiaries across Africa, has reported a significant 43% year-on-year surge in profit, hitting N702.4 billion for the financial year ended September 2025. The impressive performance underscores the bank’s robust operational efficiency, effective cost management, and steady revenue growth across its diversified markets. According to the group’s unaudited financial results released to the Nigerian Exchange (NGX), Ecobank’s profit before tax rose sharply from N491.1 billion in the corresponding period of 2024, reflecting the group’s resilience amid a volatile macroeconomic environment and fluctuating foreign exchange conditions across African markets. The…