The Nigeria Customs Service (NCS) has announced a new initiative aimed at streamlining import charges, in what officials describe as a crucial step toward improving efficiency, reducing business costs, and enhancing transparency in the country’s import and export system. The move comes in response to sustained concerns from key stakeholders in the private sector, including manufacturers, importers, and freight forwarders, many of whom have complained about the complexity, duplication, and cost burden of the current tariff structure. At the core of the new reform effort is a plan to simplify Nigeria’s customs charges into a more manageable and legally consistent…
Author: Temitope N.
The Chairman of BUA Group, Abdul Samad Rabiu, has said that the recent foreign exchange (FX) reforms introduced in Nigeria have brought an end to the long-standing practice of businesses lobbying the Central Bank of Nigeria (CBN) for access to dollars. Speaking in a recent interview, Rabiu applauded the federal government’s move to unify the FX system, noting that it has created a more equitable environment for all players in the economy, especially the private sector. According to Rabiu, the reforms represent one of the most significant steps in addressing the inefficiencies that have long plagued Nigeria’s foreign exchange regime.…
Businesses across Nigeria are expressing optimism that the upcoming Monetary Policy Committee (MPC) meeting, scheduled for today, will bring about a reduction in interest rates. This sentiment echoes growing expectations that the Central Bank of Nigeria (CBN) may ease borrowing costs in response to improved inflation dynamics and mounting pressure from the private sector. A rate cut, proponents argue, could help stimulate economic activity, reduce financing costs for firms, and support Nigeria’s fragile recovery. Over the past two months, consumer price inflation has shown signs of deceleration, creating space for monetary policymakers to consider easing. Inflationary pressures, which had soared…
Power generation companies (GenCos) in Nigeria are sounding the alarm over a rapidly escalating debt crisis, warning that failure to address a debt burden now estimated at up to N5.2 trillion could trigger widespread shutdowns and plunge the country into prolonged blackouts. Industry sources say the figure combines roughly N4.7 trillion owed directly to GenCos by market players—federal agencies, Bulk Electricity Trading bodies, and distribution companies—and an additional N500 billion in late payments and legacy obligations. GenCos claim they currently receive less than 30 percent of their monthly invoices for electricity delivered to the national grid, saddling them with severe liquidity constraints that…
Nigeria is currently channeling approximately 50 percent of its national revenue into debt servicing, according to a recent report by a government-appointed presidential advisory panel. The revelation has raised serious concerns about the country’s fiscal sustainability and the implications for development funding and public services. The panel, composed of fiscal policy experts and senior economic advisers, was tasked with evaluating the nation’s financial health and proposing reforms to improve revenue collection and spending efficiency. Their findings indicate a troubling trend: as debt obligations rise and revenue growth stagnates, Nigeria’s ability to fund infrastructure, education, healthcare, and security becomes increasingly constrained.…
The implementation of Nigeria’s Electricity Act 2023 has begun to create significant friction within the power sector, as state governments increasingly take charge of regulating electricity markets within their jurisdictions. The result has been a wave of new policies, including reductions in electricity tariffs by some states, which are being met with resistance from power generation (GenCos) and distribution companies (DisCos). Under the new law signed in 2023, states are empowered to independently regulate their electricity supply, including setting tariffs, licensing operators, and overseeing consumer protection measures. This reform is aimed at decentralizing control from the federal government and allowing…
Dangote Petroleum Refinery has announced that it reached a remarkable milestone by exporting one million tonnes of petrol within just fifty days of ramping up its production. This achievement, the refinery stated, highlights its rapid ascent from a national supplier to a formidable player in the global refined fuels market—signaling Nigeria’s evolving energy independence and export capability. Situated in the Lekki Free Trade Zone, Dangote’s refinery boasts a nameplate capacity of 650,000 barrels per day, making it the largest single-train oil refinery in the world. Shortly after commencing operations, the facility didn’t just begin meeting domestic demand—it began exporting. According…
The Director General of the Securities and Exchange Commission (SEC) has been confirmed as the keynote speaker at the upcoming Comercio Economic Outlook conference, signaling the event’s importance and the regulator’s support for forward-looking economic discourse in Nigeria. The announcement underscores the SEC’s commitment to engaging with the broader financial and investment community at a critical moment in the nation’s economic trajectory. Scheduled for mid‑August in Lagos, the Comercio Economic Outlook brings together top-tier experts from government, regulatory agencies, institutional investors, private equity, international finance, and development institutions. The inclusion of the SEC DG among the keynote presenters highlights the…
Wema Bank’s digital banking platform, ALAT, has achieved a significant milestone by being named the Best Digital Bank in Nigeria at the recently concluded Euromoney Awards. This recognition underscores the growing impact of digital finance in the country and highlights Wema Bank’s role in redefining how banking services are accessed and utilized by millions of Nigerians. ALAT, launched in 2017, was Nigeria’s first fully digital bank, a groundbreaking innovation that allowed users to open accounts, save, make payments, and access loans entirely online without visiting a physical branch. Its unique offerings and seamless user experience have contributed to its rapid…
Lagos and Ogun states, two of Nigeria’s busiest real estate markets, are grappling with an alarming number of land scam cases annually, as a new report reveals that over 500,000 incidents are recorded between them each year. This staggering figure has stirred concern among property stakeholders and residents, further highlighting the urgent need for reform in Nigeria’s real estate and land administration systems. The surge in land-related fraud is attributed to a combination of systemic weaknesses, regulatory lapses, and growing demand for property, especially in these two southwestern states that continue to experience urban sprawl. Unsuspecting buyers, often lured by…
The Federal Government has unveiled an ambitious reform agenda in partnership with sector regulators to overhaul Nigeria’s construction industry. Through coordinated actions by ministries, regulatory bodies, and professional associations, the initiative seeks to enhance safety standards, streamline regulation, promote local content, and spur responsible investment—ultimately boosting efficiency, reducing project failures, and fostering long-term growth. Speaking at a public policy forum in Abuja, the Minister of Works and Housing emphasized that the current regulatory architecture suffers from fragmentation, overlapping jurisdictions, and outdated standards. Tackling these challenges head-on, the government has commissioned a task force comprising representatives from the Standards Organisation of…
The Federal Government has unveiled a comprehensive training initiative aimed at equipping 10,000 artisans across Nigeria with practical skills in support of its national housing intervention programme. With the goal of boosting local capacity, improving housing delivery, and generating inclusive economic opportunities, this programme represents a deliberate move to integrate skilled labour into the government’s affordable housing strategy. During a launch ceremony in Abuja, the Minister of Works and Housing outlined the rationale behind the initiative: to close the gap between housing demand and construction capacity, while creating sustainable livelihoods in the informal sector. The minister explained that the scheme…
Briclinks Africa Plc has reported a total revenue of N135.6 million for the second quarter of 2025, marking a modest but significant improvement in its financial performance compared to the same period last year. This development highlights the company’s resilience and ability to maintain operational stability in Nigeria’s competitive telecommunications industry. The company, which operates as an indigenous telecommunications and Internet service provider, has consistently focused on delivering broadband and data services to corporate and individual clients. Its second-quarter financial statement shows a revenue rise from N131.7 million in Q2 2024 to N135.6 million in Q2 2025, representing a 3…
Bitget, one of the world’s leading cryptocurrency exchanges, has unveiled a new edition of its highly anticipated King’s Cup Global Invitational (KCGI), a trading competition that offers up to $6 million in total prizes. This move further cements Bitget’s status as a dominant player in the crypto market, aiming to strengthen user engagement, promote innovation, and reward top traders globally. The 2025 edition of the KCGI competition is the most expansive yet, featuring several new trading categories designed to appeal to a broader audience. From team battles and copy trading to bot trading and on-chain challenges, participants now have a…
Heirs Insurance Group has announced a significant milestone, reporting a gross written premium (GWP) of N61 billion for the financial year ended December 31, 2024. This figure reflects a robust 70% year-on-year increase from the previous year’s N35.8 billion, positioning the group among the fastest-growing players in Nigeria’s insurance industry. The performance underscores Heirs Insurance’s expanding market share and growing trust among policyholders. The group’s profit before tax surged to N11.2 billion, representing a 133% increase from the N4.8 billion posted in the preceding year. This growth, according to company insiders, was driven by improved underwriting processes, expanded retail offerings,…
The Nigerian naira experienced another dip against the United States dollar at the official foreign exchange window, closing the week at ₦1,532.34/$ despite continued intervention efforts by the Central Bank of Nigeria (CBN). This slight depreciation underscores the persistent volatility facing the nation’s currency amid efforts by the monetary authority to stabilize the foreign exchange market. At the beginning of the trading week, the naira briefly strengthened, buoyed by reduced demand and improved liquidity. However, that trend was short-lived, as mounting pressures resurfaced, pushing the currency lower against the dollar. Market analysts noted that this decline reflects ongoing structural challenges…
The Enugu State Government has approved a substantial reduction in electricity tariffs for Band A consumers, setting a new rate of ₦160 per kilowatt-hour (kWh) effective from August 1, 2025. This development comes under the administration of the Enugu State Electricity Regulatory Commission (EERC), which has begun to exercise its mandate under the state’s new electricity law. Previously, Band A customers were charged ₦209/kWh, a rate considered unaffordable by many residents and small business operators in the state. The new tariff, which represents a 23.4% decrease, is part of a broader initiative by the state government to provide affordable, sustainable,…
The Federal Government, in collaboration with the Federal Inland Revenue Service (FIRS), has launched a nationwide tax education campaign, starting in Ibadan, Oyo State. The initiative is designed to educate and engage Nigerians at the grassroots level, particularly traders, artisans, and other informal sector operators, on the benefits and obligations of tax reforms recently introduced under the current administration. The outreach programme, held across major markets and public areas in Ibadan, aims to simplify tax-related information for the general public. Officials engaged directly with local business owners and residents, distributing educational materials, offering clarifications, and encouraging voluntary compliance with national…
FIRST Exploration & Petroleum Development Company (FIRST E&P), a Nigerian indigenous oil exploration and production firm, has successfully signed a Memorandum of Understanding (MoU) with the Tanzania Petroleum Development Corporation (TPDC) to assess and potentially develop the Mnazi Bay North gas-rich block in southern Tanzania. The agreement signals the first major upstream partnership of its kind between the two African nations. The MoU, formalized in Dodoma at TPDC’s headquarters, positions FIRST E&P to fully fund the technical assessment phase. This strategic move reflects FIRST E&P’s confidence both in the block’s prospects and Tanzania’s broader energy expansion ambitions. The gas-rich concession fits within Tanzania’s…
The Federation Account Allocation Committee (FAAC) has disbursed a substantial sum of ₦1.818 trillion to the federal government, states, and local government councils across Nigeria, following a striking increase of ₦1.39 trillion in available revenue during the latest distribution cycle. This upward shift represents one of the largest revenue inflows recorded in recent times and reflects improved collections across multiple revenue streams. Sources within FAAC confirm that the distribution reflects consolidated revenues from all federally collected sources, including the Federation Account, Value Added Tax (VAT), mining royalties, gas revenues, and exchange rate adjustments. The total is shared according to constitutionally mandated ratios:…